Prime Minister Shehbaz Sharif and Saudi Arabia’s Crown Prince Mohammed bin Salman agreed to launch a comprehensive Economic Cooperation Framework designed to enhance Pakistan-Saudi Arabia relations and foster a new era of strategic economic partnership.
The announcement followed a high-level meeting between the two leaders, highlighting their shared commitment to expanding bilateral trade, investment, and cooperation in sectors of mutual interest.Â
The framework aims to strengthen public and private sector collaboration in areas such as energy, industry, mining, information technology, tourism, agriculture, and food security.
Key initiatives under the framework include the review of agreements, including a Memorandum of Understanding (MoU) on an electricity interconnection project and energy sector cooperation, marking significant progress in regional energy integration.
Both leaders reaffirmed their vision of a sustainable economic partnership that aligns with the aspirations of their nations. They also expressed anticipation for the upcoming session of the Saudi-Pakistani Supreme Coordination Council, which will further institutionalize cooperation and ensure the successful implementation of joint projects.
In a related event, Prime Minister Sharif spoke at the 9th Future Investment Initiative Conference, urging the global north to collaborate with the global south to share resources and technology to address climate change. He called for collective action to support climate-vulnerable countries like Pakistan, warning against relying solely on loans for recovery.
The prime minister also praised Crown Prince Mohammed bin Salman’s leadership in Saudi Arabia’s transformation and discussed ongoing reforms in Pakistan, including the digitization of the Federal Board of Revenue and efforts to combat corruption.
