Saudi Arabia seeks economic ties with Pakistan under ‘Vision 2030’

RIYADH: Pakistan and Kingdom of Saudi Arabia (KSA) discussed economic ties under “Vision 2030” during a high-level meeting in Riyadh on Saturday.

The meeting was led by the General Secretary of Saudi-Pakistan Supreme Coordination Council Mohammed bin al-Tuwaijri and the Prime Minister of Pakistan Shehbaz Sharif.

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The discussions focused on enhancing economic cooperation between the kingdom and Pakistan. Al-Tuwaijri talked about initiating investment projects in Pakistan with a “commitment” to increasing economic cooperation between the two countries.

Al-Tuwaijri said his country wants to align its economic ties with Pakistan along its “Vision 2030″ agenda. The Saudi delegation then briefed Shehbaz on the vision’s objectives.

Vision 2030 was initiated by Saudi Arabia in April 2016. It aims to diversify the kingdom’s economy heavily reliant on the oil industry currently. The vision aims to advance the social and cultural development of the kingdom.

The vision is being overseen under the Council of Economic and Development Affairs (CEDA). The vision seeks to reduce the kingdom’s reliance on oil by developing alternative revenue sources such as taxes, fees, and income from the sovereign wealth fund, while also boosting private sector contribution to the economy.

The vision also aims to position the country as a global investment hub connecting Africa, Asia and Europe. The vision has sets certain targets to diversify the kingdom’s economy across various sectors by 2030.

The Pakistan PM was also briefed on Saudi Arabia’s economic reform policies, aiming to replicate their success in Pakistan.

The Pakistan PM talked about the strong, “brotherly bond” between Saudi Arabia and Pakistan. He declared a “new era” of enhanced cooperation and mutual benefit in economic relations between the two nations. Shehbaz also expressed gratitude to Saudi Crown Prince Mohammed bin Salman for the warm hospitality during the visit.

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Key ministers from both Pakistan and Saudi Arabia participated in the meeting. Pakistani ministers present included Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, and Petroleum Minister Musadik Malik. From the Saudi Arabia side, Al-Tuwaijri attended the meeting along with a delegation from the business community and investors.

The Pakistani PM is visiting Riyadh to attend the World Economic Forum and meet with important Saudi personalities, including the Crown Prince Mohammed bin Salman.