- Reuters
- 2 Hours ago

Pakistan, Saudi Arabia vow to strengthen economic ties in Washington meeting
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- Web Desk
- Oct 23, 2024

WASHINGTON: Finance Minister, Muhammad Aurangzeb, met with his Saudi counterpart to discuss ways of boosting bilateral trade and attracting investment in key sectors between Pakistan and Saudi Arabia on Tuesday.
The meeting was held in Washington DC, United States. The conservative kingdom has shown a huge interest recently in investing in Pakistan; particularly, in the real estate sector.
Read more: Saudi food chain AlBaik to make debut in Pakistan
During the discussion, the Saudi minister shared insights from his experience with the energy sector reforms. He stated that modernisation and efficiency in energy production and distrubtion was paramount to economically prosper, as it forms the backbone of ecnomy in modern times.
The ministers agreed to increase cooperation in areas of mutual interest, with a particular focus on energy, trade and investment opportunities.
The meeting follows a series of big economic deals between Pakistan and Saudi Arabia. Earlier in 2024, a delegation led by the Saudi Investment Minister visited Pakistan to explore investment opportunities across different sectors. Real estate, energy and technology were in particular targeted.
The visit resulted in several memorandums of understanding (MoU) aimed at attracting Saudi investments in cash-strapped Pakistan.
Saudi Arabia is among Pakistan’s largest trade partners in the Middle East, with bilateral trade reaching $4.5 billion in recent years.
The two countries have also engaged in several joint ventures, especially in the energy sector.
Remittances from Pakistani workers in Saudi Arabia is also another major source of income for the country. In 2023 alone, remittances from Saudi Arabia accounted for nearly $3 billion, making it one of the top sources of foreign remittances.
WASHINGTON: Finance Minister, Muhammad Aurangzeb, met with his Saudi counterpart to discuss ways of boosting bilateral trade and attracting investment in key sectors on Tuesday.
The meeting was held in Washington DC, United States. The conservative kingdom has shown a huge interest recently in investing in Pakistan, particularly, in the real estate sector.
Read more:
During the discussion, the Saudi minister shared insights from his experience with the energy sector reforms. He stated that modernization and efficiency in energy production and distrubtion was paramount to economically prosper, as it forms the backbone of ecnomy in modern times.
The ministers agreed to increase cooperation in areas of mutual interest, with a particular focus on energy, trade and investment opportunities.
The meeting follows a series of big economic deals between Pakistan and Saudi Arabia. Earlier in 2024, a delegation led by the Saudi Investment Minister visited Pakistan to explore investment opportunities across different sectors. Real estate, energy and technology were in particular targeted.
The visit resulted in several memorandums of understanding (MoU) aimed at attracting Saudi investments in cash-strapped Pakistan.
Saudi Arabia is among Pakistan’s largest trade partners in the Middle East, with bilateral trade reaching $4.5 billion in recent years.
Read more: Pakistan and Saudi Arabia sign key agreements in pharma, energy sectors
The two countries have also engaged in several joint ventures, especially in the energy sector.
Remittances from Pakistani workers in Saudi Arabia is also another major source of income for the country. In 2023 alone, remittances from Saudi Arabia accounted for nearly $3 billion, making it one of the top sources of foreign remittances.
