Riyadh: Pakistan and Saudi Arabia have announced a new Economic Cooperation Framework following a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud. The agreement, revealed in a joint statement, aims to enhance the economic, trade, and investment relations between the two nations.
The framework, agreed upon during discussions in Riyadh, seeks to bolster the longstanding fraternal ties between Pakistan and Saudi Arabia. It underscores a shared vision to establish a sustainable partnership that aligns with the aspirations of both leaderships and benefits the citizens of the two countries.
Under the new framework, Pakistan and Saudi Arabia plan to explore several strategic projects across key sectors such as energy, industry, mining, information technology, tourism, agriculture, and food security. These initiatives are expected to increase cooperation between their governments and boost trade exchange.
In particular, both nations are considering joint economic projects, including a Memorandum of Understanding for an electricity interconnection project. There is also a planned agreement for cooperation in the energy sector, highlighting the mutual interest in strengthening ties.
The two leaders also expressed anticipation for the upcoming meeting of the Saudi Pakistani Supreme Coordination Council, which will further solidify the commitments made under this framework.