Pakistan delegation in Riyadh to draft economic roadmap after landmark defense pact
ISLAMABAD: A high-level Pakistani delegation is currently visiting Saudi Arabia to advance Islamabad-Riyadh economic ties in a “structured and result-oriented manner,” Pakistan’s Ambassador to Saudi Arabia Ahmad Farooq said on Monday.
The delegation, led by Commerce Minister Jam Kamal Khan and National Food Security Minister Rana Tanveer Hussain along with officials from Pakistan’s Special Investment Facilitation Council (SIFC), arrived on Sept. 25 and is reportedly working on a two-month plan to shape bilateral cooperation. Formed in 2023, the SIFC is a civil-military body that aims to attract foreign investment, especially from Gulf countries.
Pakistan has tried to strengthen its business-to-business (B2B) relations with the Kingdom in recent years, with both sides signing 34 memorandums of understanding and agreements worth $2.8 billion during Prime Minister Shehbaz Sharif’s visit to Riyadh last October. The agreements aimed to enhance private sector collaboration and commercial partnerships.
The visit of the Pakistani delegation comes after Pakistan and Saudi Arabia signed a landmark defense pact during Sharif’s state visit to Riyadh this month. While the pact is meant to enhance joint deterrence and deepen decades of military and security cooperation, many analysts believe the agreement will likely open new avenues of economic cooperation between the two nations.
