ISLAMABAD: Pakistan’s Minister for Finance and Revenue, Muhammad Aurangzeb, held a meeting with Saudi Minister of Investment Khalid Al-Falih in Davos and expressed his resolve to strengthen ongoing bilateral cooperation.
The meeting took place on the sidelines of the World Economic Forum Annual Meeting, Pakistan’s Finance Division said on Friday.
The Saudi Minister appreciated Pakistan’s significance and potential, especially its natural resources, strategic location, and emerging opportunities for investment.
“Both sides reiterated their strong resolve to expand bilateral collaboration by working closely together, strengthening institutional linkages and maintaining regular high-level contacts,” Pakistan’s Finance Division said.
“They agreed that sustained engagement and mutual understanding would help translate shared objectives into concrete and mutually beneficial initiatives.”
Pakistan and Saudi Arabia share long-standing, cordial relations spanning several decades, with cooperation across key sectors including defence, trade, economy, agriculture, livestock, and minerals.
In September last year, the two countries signed a mutual defence agreement under which any act of aggression against one state would be considered an attack on both.
Saudi Arabia remains Pakistan’s largest source of remittances and hosts more than 2.5 million Pakistani expatriates, highlighting the depth of economic and people-to-people ties between the two countries.
The two sides have also agreed to launch an Economic Cooperation Framework to strengthen trade and investment ties, following Prime Minister Shehbaz Sharif’s meeting with Saudi Crown Prince Mohammed bin Salman on the sidelines of the Future Investment Initiative summit in Riyadh in October last year.
Pakistan and Saudi Arabia have been expanding their bilateral trade, with trade volume rising from about $546 million to $700 million, reflecting stronger economic cooperation between the two countries.
Pakistan is actively pursuing stronger trade ties with Saudi Arabia by exploring investments in key areas such as oil and gas, renewable energy, and infrastructure to boost its export base.
