Pakistan and Saudi Arabia on Tuesday launched the Economic Cooperation Framework, which is based on their shared economic interests and reaffirms their desire to strengthen trade and investment relations.
The decision to launch the framework was taken during a Monday meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on the sidelines of the Ninth Edition of the Future Investment Initiative (FII9) in Riyadh, according to a statement from the Foreign Office (FO). The FII9 convened global leaders, investors, policymakers, and innovators to explore the theme, ‘The Key to Prosperity: Unlocking New Frontiers of Growth’ and discuss key topics such as innovation, sustainability, economic inclusion, and geopolitical shifts.
“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,” the statement read.
It added that the deal would prioritise sectors including energy, industry, mining, information technology, tourism, agriculture and food security. Additionally, Islamabad and Riyadh are studying several joint economic projects, including signing memoranda of understanding (MoU) for an electricity interconnection project between the two countries and cooperation in the energy field.
“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 fulfils the aspirations of their leaderships and the brotherly peoples of both nations and serves their mutual interests,” the statement read.
PM Shehbaz Sharif and Crown Prince Mohammed bin Salman reaffirmed their shared vision of building a sustainable economic partnership that reflects the aspirations of their leaderships and the people of both brotherly nations. The two leaders also expressed their anticipation for the upcoming session of the Saudi-Pakistani Supreme Coordination Council, which will further institutionalize cooperation and ensure effective implementation of joint projects under the new framework.
Celebrating the announcement, Information Minister Attaullah Tarar said: “Another historic chapter unfolds in Pakistan-Saudi relations.” He said the developed marked a “high point” in the partnership between the two countries, strengthening trade, energy and investment ties.