Pakistan, Saudi Arabia reaffirm resolve to further enhance economic ties

ISLAMABAD: Deputy Prime Minister (PM) and Foreign Minister Ishaq Dar and Saudi Arabia counterpart Prince Faisal bin Farhan Al Saud reaffirmed the resolve to further enhance economic cooperation between the two countries.

The two leaders held a bilateral meeting with the Saudi counterpart Prince Faisal bin Farhan Al Saud on the sidelines of the 15th OIC Islamic Summit Conference, in Banjul, The Gambia.

Noting the importance of the long-standing strategic and economic relations between Pakistan and Saudi Arabia, the Deputy Prime Minister and the Saudi Foreign Minister reaffirmed the resolve further to enhance economic ties and Saudi investments in Pakistan.

The Deputy Prime Minister lauded the “Vision 2030”, which aimed at socio-economic transformation of the Kingdom in the 21st century.

He stated that the recently held visit of the Saudi Foreign Minister to Pakistan, who was leading a high-powered delegation, represented a new momentum in economic collaboration between Pakistan and the Kingdom, according to a press release.

Deputy PM Dar and the Saudi Foreign Minister expressed deep concern over the recent developments in the Middle East and called for an immediate ceasefire in Gaza.

They also noted the important role of the Organization of Islamic Cooperation (OIC) on issues concerning the Muslim Ummah including the situations in Palestine and Kashmir.

The meeting came as a high-level trade delegation from Saudi Arabia is scheduled to arrive in Pakistan on Sunday (tomorrow) to explore investment opportunities in different sectors as well as to forge strong bonds with local entrepreneurs.

According to Petroleum Minister Musadiq Malik, the 50-member delegation includes representatives of about 35 companies in the Kingdom representing various economic sectors.

The minister said 76 Pakistani business companies have been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.

The ministry had selected a large number of Pakistani companies in the respective sectors whose officials would have business-to-business meetings with their Saudi counterparts, and would hopefully enter into business and investment deals, he added.