Saudi crown prince’s visit to Pakistan raises hopes for trade boost

Gwadar Port is expected to widen Pakistan’s trade routes. (File/Getty Images)
Updated 17 February 2019
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Saudi crown prince’s visit to Pakistan raises hopes for trade boost

  • Experts say the strong strategic and defense relationship needs to be extended to trade cooperation

ISLAMABAD: The Saudi crown prince’s visit to Pakistan must be utilized to open new avenues of cooperation between the staunch allies, Pakistani analysts said.

Mohammed bin Salman is expected to bring with him a record investment package, including a $10 billion refinery and oil complex in the deepwater Gwadar Port on the Arabian Sea.

Former Pakistani diplomat Javed Hafeez said bilateral relations have so far mostly revolved around defense and strategic cooperation, but there is a need to “diversify” and focus on trade and economic cooperation.

“Trade between both Islamic countries is minimal, and this needs to be enhanced to the fullest,” Hafeez told Arab News. 

There is huge potential for Pakistan to increase its exports of food items, garments, medicines and sports goods to the Kingdom, he said.

“The crown prince’s visit is good news for Pakistan, as this shows Saudi Arabia’s close association and love for our people,” Hafeez added. 

The crown prince has emerged as “one of the most influential figures in the Muslim world,” and his visit to Pakistan will “definitely open new avenues of cooperation between both countries,” Hafeez said. 

Last year, Saudi Arabia agreed to give Pakistan $3 billion in foreign currency support for a year, and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis. Pakistan has so far received $3 billion in cash.

Rasul Bukhsh Rais, professor of political science, said the crown prince’s visit is a “welcome move at a time when Pakistan is struggling to improve its image as a peaceful country in the international community.”

Rais added that Islamabad should include Saudi Arabia as a third partner in the $60 billion China-Pakistan Economic Corridor, which aims to turn Pakistan into a major route linking western China to the world.

“Saudi Arabia can easily connect to China and Central Asian states by using Pakistan’s strategic location in the region,” he said. “Wider economic cooperation between these countries will help the whole region prosper.”

International affairs analyst Zafar Nawaz Jaspal said the crown prince’s visit will help expand bilateral relations and accelerate much-needed trade and economic cooperation.

“The crown prince’s visit … will help materialize numerous investment projects in Pakistan,” Jaspal added. “In today’s world, mutual economic association and bilateral trade … are considered to be a yardstick to determine the depth of the (Saudi-Pakistani) relationship.”


Mike Pompeo urges Russia to cease ‘unconstructive behavior’ in Venezuela

Updated 43 min 49 sec ago
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Mike Pompeo urges Russia to cease ‘unconstructive behavior’ in Venezuela

WASHINGTON: US Secretary of State Mike Pompeo warned Russia on Monday the US will not "stand idly by" as Moscow inserts military personnel into Venezuela to support the regime of President Nicolas Maduro.
In a phone call with Foreign Minister Sergei Lavrov, Pompeo denounced the growing Russian military reinforcements as prolonging the political crisis in the South American country.
Pompeo told Lavrov that "the United States and regional countries will not stand idly by as Russia exacerbates tensions in Venezuela," the State Department said in a statement.
"The continued insertion of Russian military personnel to support the illegitimate regime of Nicolas Maduro in Venezuela risks prolonging the suffering of the Venezuelan people who overwhelmingly support interim President Juan Guaido," he said.
Guaido is supported by the United States and most Latin American and European nations but he retains the support of Russia and China, US rivals who have offered political and economic support to him.
Pompeo urged Russia to "cease its unconstructive behavior" and support Guaido.