In a “structured and result oriented way,” Pakistan’s ambassador to Saudi Arabia Ahmad Farooq stated that a high-level delegation from Pakistan, comprising two members of the Cabinet, is now visiting Saudi Arabia to discuss transforming Islamabad-Riyadh economic relations.
The delegation arrived in Riyadh on September 25 and is reportedly finalizing a two-month timeline to curate bilateral cooperation. It includes Ministers of Commerce Jam Kamal Khan and National Food Security Rana Tanveer Hussain, as well as representatives from Pakistan’s Special Investment Facilitation Council (SIFC). The SIFC is a civil-military institution that was founded in 2023 with the goal of attracting foreign investment, especially from Gulf nations.
During Prime Minister Shehbaz Sharif’s visit to Riyadh last October, 34 memorandums of understanding and agreements totaling $2.8 billion were signed, marking the most significant of Pakistan’s recent efforts to diversify its business-to-business (B2B) relations. These agreements would facilitate private sector engagement and partnerships.
The Pakistani delegation’s visit comes after Prime Minister Shehbaz Sharif’s state visit to Riyadh this month included the signing of a historic defense agreement between the two countries. The agreement’s signing signifies the close religious, cultural, diplomatic, and geopolitical ties between Saudi Arabia and Pakistan, particularly in the areas of trade and defense. In addition to being the biggest source of remittances to the South Asian nation, the Kingdom is home to more than two million Pakistani expats. Saudi Arabia has also provided Pakistan with a lot of assistance amid its ongoing economic difficulties, including postponed payments for oil cargo, outside funding, and assistance with locations for loan programs from the International Monetary Fund.
