RIYADH: Pakistan and Saudi Arabia have reaffirmed their commitment to strengthening cooperation at both tactical and strategic levels to fulfil the aspirations of their leadership and people.
This came during a meeting in Riyadh between Pakistan’s Finance Minister Muhammad Aurangzeb and Saudi Vice Finance Minister Abdulmuhsen Al-Khalaf, Radio Pakistan reported on Thursday.
During the discussions, the two ministers exchanged views on Pakistan’s positive macroeconomic trends and emphasised their shared commitment to further strengthening economic collaboration.
Finance Minister Aurangzeb expressed appreciation for Saudi Arabia’s continued bilateral and multilateral support in bolstering Pakistan’s economic growth.
The Finance Minister is on a three-day official visit to Saudi Arabia to participate in the Global Development Finance Conference in Riyadh.
During the visit, he also held a meeting with Advisor Royal Court Mohammed Al-Tuwaijri and held various media engagements.
Economic Cooperation Framework
Meanwhile, Pakistan’s Foreign Office spokesperson stated that several initiatives under the Pakistan-Saudi Arabia Economic Cooperation Framework are now being implemented, describing the bilateral economic partnership as “solid and firmly rooted.”
The Economic Cooperation Framework was agreed upon in October during a meeting in Riyadh between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman, according to the Prime Minister’s Office (PMO). The initiative aims to expand trade and investment ties between the two countries.
Sharif’s office noted that the framework will prioritise sectors including energy, industry, mining, information technology, tourism, agriculture, and food security.
“Pakistan-Saudi economic partnership is solid, firmly rooted,” said Tahir Andrabi, the Foreign Office spokesperson, during a weekly briefing. “Several initiatives announced during our Prime Minister’s visit to the Kingdom are now being materialised.”
Pakistan and Saudi Arabia have historically maintained close ties, and in recent months, both countries have worked to further broaden their cooperation.
In September, they signed a security agreement stipulating that any aggression against one country would be considered an attack on both. The pact was widely seen as formalising longstanding military cooperation into a binding commitment to strengthen joint deterrence.
Saudi Arabia is also home to over 2.5 million Pakistani expatriates and remains the largest source of remittances for Pakistan’s $407 billion economy.
