Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman agreed to launch an "Economic Cooperation Framework" based on the two countries' shared economic interests between Pakistan and Saudi Arabia.
The leaders reaffirmed their mutual desire to strengthen trade and investment relations to serve their common interests, according to a joint statement issued today following their meeting on the sidelines of the Future Investment Initiative (FII9) conference in Riyadh.
As part of the framework, several strategic and high-impact projects will be discussed in the economic, trade, investment, and development fields.
The projects will contribute to strengthening cooperation between the two governments, enhancing the pivotal role of the private sector, and increasing trade exchange between the two countries. Priority sectors include energy, industry, mining, information technology, tourism, agriculture, and food security.
It also stated that Islamabad and Riyadh "are currently studying several joint economic projects, including signing a Memorandum of Understanding for the electricity interconnection project between the Kingdom and Pakistan, in addition to the signing of an MoU for cooperation in the field of energy between the two nations".
The economic model "represents an extension of both countries' efforts to strengthen their fraternal relations."
It also reaffirmed Pakistan and Saudi Arabia's shared vision toward building a sustainable partnership across various economic, trade, and investment fields in a manner that fulfils the aspirations of their leadership and the brotherly peoples of both nations and serves their mutual interests.
PM Shehbaz and MBS also looked forward to convening the meeting of the Saudi Pakistani Supreme Coordination Council.
After meeting MBS at Al Yamamah Palace a day ago, PM Shehbaz wrote on X, "It was a great pleasure and honour to meet my brother, His Royal Highness Crown Prince Mohammed bin Salman, in Riyadh today."
"We reaffirmed the enduring strength of the Pakistan–Saudi Arabia brotherly bonds and discussed ways to further expand this historic and time-tested partnership in trade, investment, and economic cooperation."
The premier added that he "remains deeply grateful for His Royal Highness's personal commitment and resolute support in advancing our shared vision for deeper collaboration and prosperity for our two nations and peoples."
The premier is visiting Riyadh at the invitation of the Saudi crown prince to attend the ninth edition of the FII9 conference.
PM Shehbaz is leading a high-level delegation to the FII9, which includes Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Finance Minister Muhammad Aurangzeb, Information Minister Attaullah Tarar, and special assistants Tariq Fatemi and Bilal bin Saqib.
The high-profile delegation will represent Pakistan at the global forum, which gathers world leaders, investors, policymakers, and innovators under the theme: "The Key to Prosperity: Unlocking New Frontiers of Growth."
On the sidelines of FII9, the prime minister will also interact with leaders from other participating countries and heads of international organisations.
Pakistan and Saudi Arabia have moved to further deepen their longstanding relationship by expanding cooperation beyond traditional areas of engagement, following a series of agreements signed over the past year.
During PM Shehbaz's visit to Riyadh on September 18, both countries signed a landmark defence pact. As per the agreement, an attack on one nation will be considered an attack against both.