Pakistan, Saudi Arabia vow to enhance economic cooperation at AlUla Conference

ISLAMABAD: Pakistan and Saudi Arabia convened on Saturday to explore avenues for bolstering their collaborative efforts in areas of commerce, investment, and finance.

The discussion took place between Pakistan’s Finance Minister, Mohammad Aurangzeb, and his Saudi Arabian counterpart, Muhammad bin Abdullah Al-Jadaan, on the sidelines of the inaugural two-day AlUla Conference for Emerging Market Economies, held from February 16th to 17th. The meeting underscored a mutual commitment to further strengthening their strategic partnership, reported Dawn.

Dr Hamad Mohammed Al Sheikh, Minister of State and Member of the Council of Ministers from Saudi Arabia, and Khurram Shehzad, advisor to the finance minister also attended the meeting.  

A statement released by the finance ministry indicated that the meeting reaffirmed the two nations’ dedication to fostering economic cooperation and shared prosperity. The agenda encompassed opportunities to enhance collaboration in bilateral trade, investment, and financial sectors, with both parties expressing their commitment to solidify their strategic partnership.

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The meeting highlighted potential for enhancing bilateral trade, investments, and financial collaboration, with both ministers affirming their dedication to harnessing the full potential of their countries’ strategic alliance. The explored avenues for collaboration included infrastructure, energy, technology, and finance.

This meeting served to reinforce the longstanding friendship and strategic partnership between Saudi Arabia and Pakistan, paving the way for increased economic cooperation and collaboration in the years ahead.

The AlUla Conference, organized in partnership with the International Monetary Fund (IMF) and the Saudi Ministry of Finance, brought together representatives from 48 countries. The event featured nine sessions, with 200 participants and 36 speakers.

The AlUla conference is an annual economic policy summit, designed to bring together finance ministers, central bank governors, policymakers, public and private sector leaders, international institutions, and academics from emerging markets and offers a valuable platform for exchanging perspectives on domestic, regional, and global economic developments, discussing policies and reforms aimed at stimulating inclusive prosperity, and building resilience through strong international cooperation.