Daily Times

The Kingdom of Saudi Arabia holds a revered place in the Muslim world, and Pakistan has cultivated deep connections with this nation through religious, defence, economic, and cultural relations. Historically, Saudi Arabia has recognized Pakistan as a brotherly independent country since its formation, and the two nations have enjoyed a close relationship since the latter emerged as a sovereign state.

The exchange of visits between the leadership of both countries has further strengthened their ties. On March 23, President Asif Ali Zardari hosted Saudi Defense Minister Prince Khalid bin Salman at the President’s House, accompanied by Pakistan’s Defense Minister Khawaja Asif and Chief of Army Staff General Asim Munir. This meeting aimed to reaffirm the cordial relations both countries have enjoyed. At the forefront of their discussions was a commendable commitment to increasing bilateral cooperation across various fields.

Such a multi-dimensional partnership is poised to lead to significant progress and development for both nations. In a recent meeting, Saudi Arabia and Pakistan agreed to sign 27 memoranda of understanding (MoUs) to enhance collaboration in agriculture, mining, and energy. This ceremony, held in Islamabad, marked a pivotal moment in their relationship. Among the signed agreements was a $2.2 billion investment aimed at mutually beneficial initiatives in the agricultural sector, the establishment of a textile industry, and the development of a white oil pipeline project.

With a clear focus on mutual benefits and a commitment to fostering economic growth, the future of the Pak-Saudi partnership appears promising.

Additionally, the agreements include efforts to boost the export of vegetables and spices from Pakistan to Saudi Arabia, as well as the transformation of development programs in both countries. Importantly, they also encompass measures for enhancing cybersecurity for consumers and businesses in both nations. The delegation led by Saudi Investment Minister Sheikh Khalid bin Abdul Aziz Al Faleh was warmly received by the Prime Minister of Pakistan, who described the visit as a “true manifestation of great sincerity and affection.”

The Prime Minister further stated, “Our Saudi brothers, led by Khalid bin Abdul Aziz Al Faleh, have done a remarkable job of promoting the Saudi economy. With his presence here, we will have his full cooperation to promote bilateral investments and business opportunities.”

This optimistic outlook suggests that both countries are committed to expediting economic growth, particularly for Pakistan, which has recently secured assistance from the International Monetary Fund (IMF). Prime Minister Shehbaz Sharif anticipates that this will be the last IMF program tied to relations with Saudi Arabia, emphasizing the necessity for Pakistan to stabilize its precarious economy.

The Prime Minister reiterated that lasting economic stability can only be achieved through the “no limits” economic cooperation between Pakistan and Saudi Arabia. Al Faleh credited the historic ties between the two nations, stating, “I think there are essentially no limits to what Saudi Arabia and Pakistan can achieve in the economic sphere, just as there are no limits to our friendship, our bonds, and our historical relations.”

Minister Faleh also expressed satisfaction with the current state of trade between the two countries, which has surged by 80 percent, increasing from $3 billion to $5.4 billion. He highlighted Saudi Arabia’s extended moral and financial support for Pakistan during critical times and emphasized the importance of transparent investments.

“First and foremost, we need to support Pakistan in continuing its economic stabilization. Without Pakistan reaching its economic stability, it is very difficult to achieve our mutual goals,” he stated.

The leadership in Pakistan and Saudi Arabia appreciates the steadfast support and efforts made by both nations. However, there is a pressing need to ensure positive outcomes for both countries through genuine investments in the discussed sectors. The commitment to these investments is crucial, especially given Pakistan’s current economic situation. The country cannot afford to lose its last hope for stability, and both nations must work collaboratively to fulfil their commitments and responsibilities.

The strengthening ties between Saudi Arabia and Pakistan represent a beacon of hope for both nations. With a clear focus on mutual benefits and a commitment to fostering economic growth, the future of this partnership appears promising. As both countries continue to navigate the complexities of their relationship, they must uphold their commitments and work diligently towards shared prosperity.

The writer is a freelance columnist.