PM Shehbaz, Saudi Crown Prince agree to launch economic cooperation framework

ISLAMABAD: Pakistan and Saudi Arabia have agreed to launch a new framework for economic cooperation, according to a joint statement issued after a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz.

The development reflects the strengthening of a historic partnership spanning nearly eight decades and highlights the strong bonds of brotherhood and Islamic solidarity that unite the leaderships of both nations.

According to the statement, the new framework is based on shared economic interests and reaffirms the mutual desire to enhance trade and investment relations.

Under the framework, both sides will discuss several strategic and high-impact projects in economic, trade, investment, and development sectors. These initiatives aim to strengthen bilateral cooperation, expand the role of the private sector, and boost trade exchange between the two countries.

The priority sectors identified under the framework include energy, industry, mining, information technology, tourism, agriculture, and food security.

The statement added that Pakistan and Saudi Arabia are already collaborating on several joint economic initiatives, including a memorandum of understanding on power transmission projects and cooperation in the energy sector.

The framework reflects the two countries’ shared vision of building a sustainable partnership in economic, trade, and investment domains while reinforcing their deep-rooted fraternal ties.

It also embodies the aspirations of both nations’ leadership and people to strengthen mutual interests. The leaders of Pakistan and Saudi Arabia are also looking forward to convening the next session of the Saudi-Pakistan Supreme Coordination Council.

Meanwhile, Prime Minister Shehbaz Sharif has lauded Saudi Crown Prince Mohammed bin Salman’s vision for progress and development, expressing Pakistan’s commitment to strengthening cooperation with the Kingdom across multiple sectors.

In a speech to business leaders in Riyadh, the prime minister said Pakistan was a country rich in natural resources and was learning from past mistakes to move forward with determination. “We are implementing reforms in various sectors to ensure transparency and efficiency,” he said, adding that the Federal Board of Revenue (FBR) had been fully digitised, resulting in a significant reduction in corruption.

Highlighting Pakistan’s demographic advantage, Shehbaz said nearly 60 per cent of the country’s population comprised young people, who were the driving force behind national development.

The premier also drew attention to the devastating effects of climate change, noting that Pakistan was among the ten most affected countries in the world. “We face recurring natural disasters such as floods and cloudbursts, which have caused billions of dollars in losses,” he said, adding that the country needed substantial funds for recovery and rehabilitation efforts.

Shehbaz stressed that repeated borrowing had weakened the economy and called for equitable cooperation among nations to guide humanity in the right direction. “Progress can only be achieved through collaboration across different sectors,” he remarked.

He said Pakistan was rapidly advancing in acquiring modern technologies, including artificial intelligence (AI). “We are mobilising all resources to harness the potential of AI,” he said, adding that the technology was being used to modernise the agricultural sector.

The prime minister said young Pakistanis were being trained in China to bring innovation to agriculture. “We are equipping our youth with modern technology to transform farming practices and boost productivity,” he added.