Saudi Arabia, Pakistan Launch Economic Cooperation Framework To Boost Trade And Investment

RIYADH, Oct 29 (Bernama-SPA) -- Saudi Arabia and Pakistan have agreed to launch an Economic Cooperation Framework based on their shared economic interests and mutual desire to strengthen trade and investment relations, Saudi Press Agency (SPA) reported.

The agreement was announced in a joint statement issued on Tuesday following a meeting between Saudi Crown Prince and Prime Minister, Prince Mohammed bin Salman and Pakistan’s Prime Minister Muhammad Shehbaz Sharif in Riyadh on Monday.

The framework aims to expand cooperation in economic, trade, investment and development fields, enhance the role of the private sector and increase trade exchange between both nations.

Priority sectors include energy, industry, mining, information technology, tourism, agriculture and food security.

Both sides are studying several joint economic projects, including memoranda of understanding for an electricity interconnection project between the two countries and cooperation in the energy sector.

The framework extends ongoing efforts to strengthen Saudi-Pakistani relations and reflects their shared vision of building a sustainable partnership across various economic, trade and investment areas.

The leaders of both countries also look forward to convening the next meeting of the Saudi-Pakistani Supreme Coordination Council.

-- BERNAMA-SPA