المملكة: Saudi Arabia and Pakistan… economic cooperation that culminates eight decades of solid relations
The Kingdom and the Islamic Republic of Pakistan have well-established historical relations extending for more than eight decades, during which they have developed to the level of… "Strategic partnership"The two countries are keen to develop cooperation between them in Various fields, in a way that serves their common interests.
Mutual visits between the leaderships of the two countries over the past decades have contributed to strengthening and strengthening bilateral relations, and the visit of His Highness the Crown Prince – may God protect him – to Pakistan in February 2019, inaugurated a new phase in relations between the two countries, during which it was announced the establishment of the Saudi-Pakistani Supreme Coordination Council, and the signing of agreements worth more than Its investment opportunities are 20 billion dollars.
Consolidating economic relations between the Kingdom and Pakistan
The Kingdom of Saudi Arabia and the Islamic Republic of Pakistan seek, through signing a framework agreement Economic cooperation, to advance the economic partnership between the two countries to broader horizons, and to benefit from Promising investment opportunities in both countries, by focusing on priority sectors in the two countries; Including energy, industry, mining, information technology, tourism, agriculture, and food security, in addition to completing the electrical connection between the Kingdom and Pakistan.
The economic cooperation framework agreement between the Kingdom and Pakistan is an important step to consolidate and strengthen economic and trade relations between the two countries, by exploring investment areas and opportunities available in light of the Kingdom’s Vision 2030, and development priorities in Pakistan, especially since Riyadh and Islam Abad has huge and diverse economic potentials, and two strategic and vital geographical locations for the global economy.
Nine decades of cooperation and exchange of experiences
Bilateral relations between the Kingdom and Pakistan have developed over the past nine decades, and were strengthened by the establishment of the Saudi-Pakistani Supreme Coordination Council, based on the governments of the two countries’ awareness of the importance of expanding and intensifying the horizons of bilateral cooperation and coordination. Enhancing it in various fields, and exchanging views on questions and issues of concern to the two countries on the regional and international arenas, in a way that contributes to supporting and strengthening security and stability.
The volume of Saudi-Pakistani trade exchange amounted to about $21.3 billion during the past five years, and the two countries have made great progress in their trade and investment relations, witnessing a significant growth of 80 percent from 2016 to The end of the year 2024 AD.
Saudi investors are looking forward to taking advantage of the investment opportunities available in Pakistan, especially in the sectors of agriculture, livestock, food security, energy, infrastructure, finance, health, and education. In contrast, the number of licensed Pakistani companies in the Kingdom has reached about two thousand Pakistani companies.
The efforts of the Crown Prince and the Kingdom’s support for the economy The Pakistani Prime Minister, Shehbaz Sharif, expressed his admiration for the achievements of His Highness the Crown Prince – may God protect him – during the past years, and the transformation that he led – may God support him – which has qualitatively moved the Kingdom and contributed to its advancement and development in various fields. He attributed this to the dynamic and wise leadership of His Highness – may God protect him – as well as Vision 2030, which he considered a model to be emulated at the level. International.
The Islamic Republic of Pakistan appreciates the Kingdom’s permanent support for the Pakistani economy and the two countries are keen to discuss cooperation opportunities provided by the economic transformation programs that the Kingdom is witnessing in light of the mutual desire to enhance trade and investment relations, as the two countries affirmed their commitment to implementing investment packages worth up to ten billion dollars.
As an extension of development support for Pakistan, The Saudi Fund for Development provided Pakistan with financing for oil derivatives worth more than one billion dollars. The two countries also signed an agreement to implement more than (18) development projects and programmes, in addition to the grants provided by the Kingdom to Pakistan through the Fund, whose value exceeds (533) million dollars, to contribute to supporting social development and stimulating economic activities.
More than 2.7 million Pakistanis reside in the Kingdom and work in various fields. areas, and their remittances constitute a major source of support for the Pakistani economy, and the members of the Pakistani community are linked to the Kingdom and its honorable people through close cultural and religious ties.
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