A high-level Pakistani delegation led by two ministers is currently visiting Saudi Arabia to advance Islamabad-Riyadh economic ties in a “structured and result-oriented manner,” Pakistan’s Ambassador to Saudi Arabia Ahmad Farooq said. The delegation, led by Commerce Minister Jam Kamal Khan and National Food Security Minister Rana Tanveer Hussain along with officials from Pakistan’s Special Investment Facilitation Council (SIFC), landed in Riyadh on Sept 25 and is reportedly working on a two-month plan to shape bilateral cooperation. Formed in 2023, the SIFC is a civil-military body that aims to attract foreign investment, especially from Gulf countries.

Pakistan has tried to strengthen its business-to-business (B2B) relations with the Kingdom in recent years, with both sides signing 34 memorandums of understanding and agreements worth $2.8 billion during Prime Minister Shehbaz Sharif’s visit to Riyadh last October. The agreements aimed to enhance private sector collaboration and commercial partnerships. The visit of the Pakistani delegation comes after Pakistan and Saudi Arabia signed a landmark defence pact during Shehbaz Sharif’s state visit to Riyadh this month.

While the pact is meant to enhance joint deterrence and deepen decades of military and security cooperation, many analysts believe the agreement will likely open new avenues of economic cooperation between the two nations. “The visit comes within the framework of the High-Level Taskforce for Economic Cooperation between Pakistan and Saudi Arabia, which provides an institutional mechanism to advance bilateral economic ties in a structured and result-oriented manner,” Ambassador Farooq told Arab News.

“These meetings are part of the ongoing efforts to further deepen cooperation between the two countries across a wide spectrum of sectors, including trade, investment, energy, infrastructure, technology, and human resource development.”Pakistan and Saudi Arabia have close religious, cultural, diplomatic and strategic ties, particularly in trade and defence.

The Kingdom is home to over two million Pakistani expatriates, who are the largest source of remittances to the South Asian country. Saudi Arabia has also provided substantial support to Pakistan during its prolonged economic challenges in recent years, including oil cargoes on deferred payments as well as external financing and assistance with International Monetary Fund loan programmes.

Credit: Independent News Pakistan (INP)