Pakistan and Saudi Arabia have expressed resolve to boost bilateral economic and investment relations between the two countries, Radio Pakistan reported.

The resolve was expressed during a meeting between Prime Minister Shehbaz Sharif and a Saudi delegation led by Advisor at the Royal Court and General Secretary of Saudi-Pak Supreme Coordination Council Mohammed bin Mazyad Al-Tuwaijri in Riyadh on Saturday.

“The two sides focused on matters of mutual interest and explored avenues for enhancing economic relations. They discussed ways to further promote and facilitate Saudi investment in Pakistan,” stated the state-run broadcaster website.

During the meeting, officials gave a detailed briefing to the prime minister on the Saudi government’s reform agenda.

PM Shehbaz expressed Pakistan’s desire to benefit from the successful reform policies of Saudi Arabia to strengthen Pakistan’s governance structure on modern lines.

Pakistan and Saudi Arabia share longstanding fraternal relations, which are strengthening with time, he said and expressed the confidence that bilateral economic relations have entered into a new phase.

He added that significant progress has been made on investment in various sectors in Pakistan during the visit of the Saudi foreign minister’s delegation to Pakistan.

Mohammed bin Mazyad Al-Tuwaijri and his delegation expressed deep interest on behalf of the Saudi government and companies in enhancing investment in Pakistan. He said that following the visit of the Saudi foreign minister’s delegation to Pakistan, work has begun on a priority basis on Saudi investment in Pakistan.

Al-Tuwaijri, who is also associated with Saudi Vision 2030, briefed PM Shehbaz Sharif on the vision and said every possible assistance will be provided to train the Pakistani workforce and government officials under Vision 2023.

PM Shehbaz lands in Saudi Arabia

Prime Minister Shehbaz Sharif laned in Riyadh, Saudi Arabia on Saturday to participate in a special meeting of the World Economic Forum (WEF) on ‘Global Collaboration, Growth, and Energy for Development’, being held from April 28 to 29.

Riyadh Deputy Governor Prince Mohammed bin Abdulrahman received the premier in the city. Pakistan’s Ambassador to Saudi Arabia Ahmed Farooq and other diplomatic staff were also present.

Kingdom’s Crown Prince Mohammed bin Salman and WEF Executive Chairman Professor Klaus Schwab invited the prime minister to attend the meeting.

“The prime minister will be accompanied by a high-level delegation including Foreign Minister Mohammad Ishaq Dar and Finance Minister Muhammad Aurangzeb. The PM and the ministers will participate in WEF discussions on issues related to trade and investment measures, new investment frameworks, restructuring of supply chains, sustainable growth, and the energy landscape,” the Foreign Office spokesperson said in a press release.

The high-level participation in the forum will allow presenting Pakistan’s priorities specifically in global health architecture, inclusive growth, revitalizing regional collaboration and the need for striking a balance between promoting growth and energy consumption.

On the margins of the main event, the prime minister and his delegation will hold bilateral meetings with world leaders, including the Saudi leadership, heads of international organizations, and other prominent figures participating in the event.

About 1,000 leaders from business, government, and academia will participate in the Special Meeting on Global Collaboration, Growth, and Energy for Development, WEF said in a press statement.

The meeting, from April 28 to 29, will focus on new pathways to reinvigorate growth globally amid the challenges posed by an increasingly fragmented geopolitical and economic environment.

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It will revolve around three themes: revitalising global collaboration; a compact for inclusive growth; and catalysing action on energy for development, it was added.

The event bridges the growing North-South divide, which has further widened on issues such as emerging economic policies, the energy transition, and geopolitical shocks.

(With input from APP)