The Kingdom of Saudi Arabia and the Islamic Republic of Pakistan have agreed to establish an Economic Cooperation Framework aimed at enhancing trade, investment, and development ties.
During the meeting in Riyadh, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, and Prime Minister of the Islamic Republic of Pakistan Muhammad Shehbaz Sharif endorsed the launch of the framework, reaffirming their intent to expand cooperation across priority sectors including energy, industry, mining, information technology, tourism, agriculture, and food security.
The Economic Cooperation Framework reflects both shared economic interests of both nations and their commitment to advancing mutually beneficial partnerships. As part of the initiative, both sides will explore several strategic and high-impact projects in the fields of trade, investment, and development.
These include the signing of a memorandum of understanding for the electricity interconnection project between the two countries, and another memorandum of understanding for broader cooperation in the energy sector.
Building on a partnership that spans nearly eight decades, the new framework underscores the enduring historical ties between the two nations, founded on deep-rooted bonds of brotherhood and Islamic solidarity.
The Economic Cooperation Framework represents an extension of both countries’ efforts to strengthen their fraternal relations and reaffirms their shared vision toward building a sustainable partnership across various economic, trade, and investment fields, in a manner that fulfills the aspirations of their leaderships and the brotherly peoples of both nations, and serves their mutual interests, the nations stated.
The leaders of both countries also expressed their anticipation of the upcoming meeting of the Saudi-Pakistani Supreme Coordination Council, which will further advance joint initiatives under the new framework.
