ISLAMABAD, 15 April 2006 — Crown Prince Sultan arrives here today on the last leg of his Asian tour for talks with President Gen. Pervez Musharraf, Pakistani Prime Minister Shaukat Aziz and Defense Minister Rao Sikandar Iqbal. The talks are expected to address ways of reinforcing trade and investment ties and expanding cooperation in the fields of security and defense.
Musharraf has emphasized the significance of the royal visit and said it offers another opportunity to strengthen bilateral relations. “It will allow us to follow up on the decisions taken during the recent visit of Custodian of the Two Holy Mosques King Abdullah to Pakistan,” the president was quoted by the Saudi Press Agency as saying.
Diplomatic sources attach great importance to the visit as it comes soon after the visit of King Abdullah, who visited Pakistan on Feb. 1 and 2.
“Saudi Arabia and Pakistan have traditionally enjoyed very close relations. Religious affinity and historical ties have led to understanding on almost all regional and international issues. The relationship is based on mutual trust and confidence and draws its strength from a common cultural heritage and shared values,” one analyst said.
Musharraf said his talks with Sultan would cover a range of bilateral, regional and international issues, including military cooperation.
“Saudi-Pakistani relations have witnessed steady progress, especially at political and economic levels... the government of Pakistan wishes to bolster its strategic partnership with Saudi Arabia, considering its pioneering role in reinforcing peace and security and strengthening Islamic solidarity,” he said.
Musharraf also lauded the economic partnership launched by the two countries some years ago, adding that it has started yielding fruits.
This is Sultan’s first visit to Pakistan after becoming the crown prince in August. He visited Pakistan in 1981 and 1999 in his capacity as defense minister.
During King Abdullah’s February visit, Saudi Arabia and Pakistan signed five landmark agreements aimed at strengthening cooperation in the areas of economy, investment, science, technology and education. Informed sources expect that the two countries would sign more agreements during this visit by the crown prince.
Bilateral trade currently stands at $2.83 billion. Pakistan imports most of its oil from Saudi Arabia, amounting to about 110,000 barrels of crude oil per day and over $2 billion worth of Saudi oil a year. Pakistan’s total crude oil requirement is about 240,000 barrels per day; around 177,000 barrels are imported while the rest is domestically extracted.
Following the devastating earthquake that hit northwestern Pakistan in October, King Abdullah ordered the formation of an air bridge with Islamabad to ensure a steady supply of relief goods for the hundreds of thousands of people who were affected, many of whom endured a cold winter without solid shelter.
At a donors’ conference in Islamabad in November 2005, the Saudi government pledged $573 million for reconstruction and rehabilitation operations in the quake-hit areas.
More than a million Pakistanis work in the Kingdom. They remitted about $500 million to their country last year.
Al-Tuwairqi Group, a Saudi steel company, opened a steel plant in Karachi recently as a result of an agreement signed by the two countries during Abdullah’s visit.
Saudi Ambassador Ali Al-Asseri has urged Saudi businessmen to take advantage of the lucrative investment opportunities in Pakistan. Pakistan has been engaged in a trade liberalization program in recent years, which has, among other things, privatized much of the state’s telecommunications sector. The ambassador also spoke highly of the country’s educational institutions and said many Saudi students were pursuing their higher education there.
— Additional input from Azhar Masood
