ISLAMABAD: Prime Minister Shehbaz Sharif on Monday said Pakistan and Saudi Arabia would be taking “concrete measures” to boost the volume of bilateral trade between the two countries, Pakistani state media reported.
The statement came after PM Sharif’s meeting with Saudi Minister of Commerce Majid Al-Qasabi on the sidelines of a special meeting of the World Economic Forum in Riyadh.
Sharif informed the Saudi minister about the role of the Special Investment Facilitation Council (SIFC), set up in June, in promoting and facilitating the foreign investment.
“The Saudi minister told the prime minister that on the directives of Saudi Crown Prince and Prime Minister Mohammed bin Salman, the Kingdom was prioritizing trade and investment in Pakistan,” the state-run APP news agency reported.
“The Saudi minister said that the targets were being set to take the bilateral ties to a new height within one or one-and-half years.”
On the occasion, PM Sharif noted that Pakistani nationals had played a significant role in the progress and prosperity of Saudi Arabia, according to the report.
The Saudi commerce minister stressed the need to further promote Pakistan-Saudi Arabia ties among the youth.
Sharif arrived in Riyadh on Saturday to attend the WEF summit on global collaboration, growth and energy on April 28-29. The conference has convened more than 700 participants, including key stakeholders from governments and international organizations, business leaders from the WEF partner companies as well as young global leaders, experts and innovators.
After being on a number of panels at the WEF event on Sunday and holding several sideline meetings, the prime minister will address the closing plenary of the summit today, Monday, and also meet a number of top Saudi officials.
On Sunday, Sharif attended a Special Dialogue and Gala Dinner hosted by Crown Prince Mohammed bin Salman where they discussed bilateral ties as well as regional issues including the war in Gaza.
Sharif’s meeting with the crown prince took place less than a week after a high-powered delegation, headed by Saudi Foreign Minister Faisal bin Farhan, visited Pakistan to discuss investments.
“To continue the discussion, the Prime Minister said that he has brought with him a high-powered delegation to Riyadh, including key ministers responsible for investment, so that follow-up meetings could take place between relevant officials,” the Pakistani Prime Minister’s Office said.
Sharif reiterated his invitation to the Saudi crown prince for an official visit to Pakistan at his earliest convenience, the PMO added.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Both Pakistan and Saudi Arabia have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.