Pakistan PM calls recent diplomatic, trade engagements with Saudi Arabia ‘great progress’

ISLAMABAD: Prime Minister Shehbaz Sharif has described the recent diplomatic and trade engagements between Pakistan and Saudi Arabia as “great progress,” saying both countries now have a way forward for mutual cooperation in several fields.

Sharif said this in an interview with Al-Arabiya News Channel, days after Saudi Arabia’s Assistant Minister of Investment Ibrahim Al-Mubarak led a delegation to Pakistan that comprised representatives of some 30 Saudi companies from the fields of IT, telecom, energy, aviation, construction, mining exploration, agriculture and human resource development. The Saudi delegates held business-to-business (B2B) with Pakistani counterparts to explore various trade and investment opportunities in the South Asian country.

The visit by the Saudi business delegation came on the heels of one by Sharif to Riyadh on Apr. 27-30, where he met the Saudi Crown Prince and discussed with him bilateral economic partnership. This was Sharif’s second meeting with the crown prince in a month. Before that, he also met him when he traveled to the Kingdom on April 6-8. The Saudi foreign minister was also in Pakistan last month, a trip during which Pakistan pitched projects worth at least $20 billion to Riyadh.

During the interview, Sharif said both countries had achieved “great progress” from the recent engagements and talks were being held between both sides with regard to certain fields.

“So far, we have achieved great progress. We have identified areas of mutual cooperation, both at the level of G2G, government-to-government, and B2B, business-to-business,” the prime minister said. “And we have now a clear-cut way forward, mutual cooperation, investments in the fields of mines and minerals, renewable energy.”

Sharif said Saudi Arabia had acquired great expertise in solar energy and a Pakistani delegation was in Riyadh for talks with Saudi Arabia’s ACWA Power, which has a portfolio of power generation and desalinated water production plants in the Kingdom as well as several countries.

Pakistan and Saudi Arabia have lately been working to increase bilateral trade and investment deals, with Crown Prince Mohammed bin Salman last month reaffirming the Kingdom’s commitment to expedite an investment package of $5 billion.

The two countries enjoy strong trade, defense, and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as a top source of remittances to the cash-strapped South Asian country.