Saudi Arabia and Pakistan agreed to launch an Economic Cooperation Framework based on their shared economic interests, underlining their mutual desire to strengthen trade and investment relations to serve their common interests.
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince and Prime Minister, met with Pakistani Prime Minister Muhammad Shehbaz Sharif in Riyadh on Monday.
In a joint statement on Tuesday, Saudi Arabia and Pakistan announced the launch of the framework “based on the depth of the historic partnership” between them, “which has spanned nearly eight decades, and based on the strong bonds of brotherhood and Islamic solidarity that unite the leadership of both nations.”
“As part of the framework, several strategic and high-impact projects will be discussed in the economic, trade, investment, and development fields that will contribute to strengthening cooperation between the two governments, enhancing the pivotal role of the private sector, and increasing trade exchange between the two countries,” read the statement.
“Priority sectors include energy, industry, mining, information technology, tourism, agriculture, and food security.”
“Both sides are currently studying several joint economic projects, including signing a memorandum of understanding for the electricity interconnection project between the Kingdom and Pakistan, in addition to signing a memorandum of understanding for cooperation in the field of energy between the two nations,” it added.
“This framework represents an extension of both countries’ efforts to strengthen their fraternal relations and reaffirms their shared vision toward building a sustainable partnership across various economic, trade, and investment fields in a manner that fulfills the aspirations of their leaderships and the brotherly peoples of both nations, and serves their mutual interests,” it said.
The leaders of the two countries also look forward to convening the meeting of the Saudi-Pakistani Supreme Coordination Council.
