Riyadh (TDI):Â Pakistan and Saudi Arabia have agreed to launch a landmark Economic Cooperation Framework aimed at deepening their longstanding bilateral ties and unlocking new opportunities for trade, investment, and development.
The announcement came following a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince and Prime Minister Mohammed bin Salman in Riyadh, on Monday.
The meeting, held on the sidelines of the 9th Future Investment Initiative (FII) Conference, marked a new phase in the nearly eight-decade-long partnership between the two countries.
According to a joint statement released afterwards, the framework which is rooted in shared faith, mutual respect, and strategic alignment seeks to transform the traditional friendship into a forward-looking economic alliance.
The statement also said that the Economic Cooperation Framework will serve as a comprehensive platform for collaboration across multiple sectors, including energy, industry, mining, information technology, tourism, agriculture, and food security.
Both sides underscored their commitment to promoting high-impact, strategic projects that will not only bolster government-to-government cooperation but also enhance the participation of the private sector in driving growth and innovation.
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Among the key initiatives under consideration are two major agreements –Â a Memorandum of Understanding (MoU) on electricity interconnection between Saudi Arabia and Pakistan, and another MoU for cooperation in the energy sector.
These agreements, the statement says, are expected to pave the way for closer energy integration, enhanced energy security, and sustainable economic growth for both countries.
The joint statement emphasized that the new framework represents an extension of the two nations’ continuous efforts to build a sustainable and diversified partnership.
It aligns with Saudi Arabia’s Vision 2030 goals of expanding global investment partnerships and Pakistan’s ambition to attract foreign capital to boost industrialization and infrastructure development.
Prime Minister Shehbaz Sharif lauded the Saudi leadership for its unwavering support to Pakistan and expressed optimism that the new cooperation mechanism would open a new chapter in bilateral relations.
Crown Prince Mohammed bin Salman, meanwhile, reaffirmed commitment to strengthening economic and strategic ties with Pakistan, emphasizing the importance of regional connectivity and shared prosperity.
Both leaders also expressed anticipation for the upcoming meeting of the Saudi-Pakistani Supreme Coordination Council, which will oversee the implementation of the new framework and identify further avenues for collaboration.
Established in December 2008, The Diplomatic Insight is Pakistan’s premier diplomacy and foreign affairs magazine, available in both digital and print formats.
