As Saudi Arabia shifts towards bold economic reforms under the leadership of King Salman and his heir Crown Prince Mohammed bin Salman, countries such as Pakistan stand to benefit from the impending changes in the Kingdom.

Saudi Arabia and Pakistan are long-time allies that have enjoyed historically strong and enduring relations. Both countries are active members of the Organization of Islamic Cooperation and their strategic interests have been aligned and appear likely to remain strong for the foreseeable period.

With Vision 2030, Crown Prince Mohammed is moving his country towards modernization as he seeks to equip the Kingdom for the challenges of the 21st century. The Kingdom’s ideological realignments to return to the original roots of moderate Islam are also in the right direction and will provide immense support for developing a tolerant and just society.

Even as MBS seeks to wean the economy away from its heavy reliance on oil exports, his bold political, social and economic reforms will likely bring Saudi Arabia towards stability and economic prosperity.

Vision 2030 — the national transformation program with a robust long-term economic blueprint — not only offers multiple entrepreneurial opportunities within the Kingdom but also has the potential to encourage economic ventures with other countries like Pakistan.

Pakistan is strategically located in one of the world’s fastest-growing global trade sections, with China taking the central lead.

It has a population of 207 million — with more than 50 percent of them under the age of 30 — and a growing middle-class population of 47 million people, which continues to drive economic growth.

Contrary to common misconceptions, Pakistan possesses immense potential for growth. The World Bank’s biannual development update on Pakistan said its “economic performance remained robust during the fiscal year 2017 as growth continued to accelerate,” with the economy expanding to 5.3 percent in the 2017 financial year — the highest level in a decade.

Now is the time to strengthen bilateral ties and bring diversity into their relationship, particularly by enhancing investment, trade and social exchange programs.

Currently, annual bilateral trade between the two countries is approximately $2.5 billion, with further potential to grow. Pakistan’s exports to Saudi Arabia are around $0.5bn. Besides being the largest oil import partner of Pakistan, Saudi Arabia is also a major source of foreign remittance sent by Pakistani expatriates there.

From trade to arts and culture to the empowerment of women, both countries stand to benefit as they tap into each other’s growth potential

Faraz Chaudhry

Both countries can encourage their private sectors to establish an "executive joint business council" in which top businessmen from both sides can explore and promote mutual commercial interests.

Under Vision 2030, Saudi Arabia’s growing sectors — such as mining, entertainment, tourism, education, energy and information and communications technology — provide ideal opportunities for Pakistani entrepreneurs.

Similarly, Pakistan has invested heavily in various successful sectors, such as agriculture, tourism and leisure, defense production, energy, real estate, education, construction, and e-commerce. Investors from both countries can interact and visit frequently to explore untapped resources in the aforementioned sectors.

Saudi Arabia has spent around $1 trillion on importing goods in last 10 years. Due to its close geographical proximity to the Kingdom, Pakistan can be an ideal low-cost import market for the Kingdom to reduce its mammoth import bill. Pakistan can export qualitative food items, textiles, leather goods, sports equipment and surgical instruments to Saudi Arabia.

The crown prince's initiative to empower Saudi women to actively participate and play a positive role in the Kingdom’s development is indeed a commendable step, and another area both countries can cooperate in.

In Pakistan, women are not only thriving in small businesses but also in professions largely dominated by men. Women constitute half of Pakistan’s population and in spite of numerous challenges, their contribution to every aspect of life has been remarkable.

Saudi and Pakistani women entrepreneurs can interact in order to learn from one another and grow into an active and constructive economic role in their respective nations.

The opening up of the art and culture sectors in the Kingdom also provides an ideal window of opportunity for the Pakistani arts and cultural industry, as well as for experienced entrepreneurs.

The majority of the population in both countries consists of a young people below the age of 30, offering tremendous opportunities for the public and private sector in the education industry for both countries.

Moreover, regular interaction between students will provide a better understanding and play an important role in strengthening bilateral relations between the two countries.

• Faraz Chaudhry is an entrepreneur and freelance op-ed writer. Twitter: @faraz999