ISLAMABAD: Pakistan and Saudi Arabia have agreed to launch a new framework for economic cooperation, according to a joint statement issued after a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz.
The development reflects the strengthening of a historic partnership spanning nearly eight decades and highlights the strong bonds of brotherhood and Islamic solidarity that unite the leaderships of both nations.
According to the statement, the new framework is based on shared economic interests and reaffirms the mutual desire to enhance trade and investment relations.
Under the framework, both sides will discuss several strategic and high-impact projects in economic, trade, investment, and development sectors. These initiatives aim to strengthen bilateral cooperation, expand the role of the private sector, and boost trade exchange between the two countries.
The priority sectors identified under the framework include energy, industry, mining, information technology, tourism, agriculture, and food security.
The statement added that Pakistan and Saudi Arabia are already collaborating on several joint economic initiatives, including a memorandum of understanding on power transmission projects and cooperation in the energy sector.
The framework reflects the two countries’ shared vision of building a sustainable partnership in economic, trade, and investment domains while reinforcing their deep-rooted fraternal ties.
It also embodies the aspirations of both nations’ leadership and people to strengthen mutual interests. The leaders of Pakistan and Saudi Arabia are also looking forward to convening the next session of the Saudi-Pakistan Supreme Coordination Council.