PM Shehbaz Sharif begins four-day visit to Saudi Arabia to boost economic cooperation

Prime Minister Shehbaz Sharif arrived in Jeddah on Wednesday for a four-day visit to Saudi Arabia aimed at deepening bilateral trade and strengthening economic cooperation. According to a statement from the Prime Minister’s Office (PMO), Sharif was welcomed by Prince Saud bin Mishaal bin Abdulaziz, the deputy governor of Makkah, upon his arrival. During his visit, Sharif is set to meet with Saudi Crown Prince and Prime Minister Mohammed bin Salman to discuss strategies for enhancing trade, fostering partnerships in key sectors, and expanding overall economic collaboration. The visit follows the signing of 34 memorandums of understanding (MoUs) worth $2.8 billion last October, aimed at bolstering private sector cooperation and commercial ties between the two nations. These agreements underscore Pakistan’s efforts to strengthen business-to-business relations with Saudi Arabia, a key trade partner and economic ally. The two countries have long maintained strong defense, diplomatic, and cultural ties, which have grown even more significant as Pakistan has navigated an economic crisis and sought support from the Kingdom. The discussions between Sharif and Prince Mohammed will also cover regional issues, including the situation in Gaza, the shifting dynamics of the Middle East, and broader concerns for the Muslim world. Saudi Arabia’s Vision 2030 economic reforms, which prioritize diversification and foreign investment, offer significant opportunities for Pakistani businesses, particularly given the Kingdom's strong consumer demand. Pakistan’s sizable diaspora in Saudi Arabia, numbering around 2.7 million, also plays a crucial role in the country’s economy, sending remittances that are a vital financial lifeline. Prime Minister Sharif’s delegation includes Deputy Prime Minister and Foreign Minister Ishaq Dar, Punjab Chief Minister Maryam Nawaz, and other key federal ministers and officials. They are expected to engage with their Saudi counterparts to explore new investment opportunities and avenues for enhancing economic cooperation. The PMO emphasized that the visit underscores the deep historical ties between Pakistan and Saudi Arabia, and it is expected to further strengthen diplomatic relations, enhance trade, and facilitate greater investment cooperation.

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