ISLAMABAD; Pakistan and Saudi Arabia have jointly launched the Economic Cooperation Framework, reaffirming their shared commitment to expand trade, investment, and economic collaboration, according to a statement issued by the Foreign Office (FO) on Tuesday.
The framework was formally agreed upon during a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on Monday, held on the sidelines of the Ninth Edition of the Future Investment Initiative (FII9) in Riyadh.
The global forum brought together world leaders, investors, and policymakers under the theme âThe Key to Prosperity: Unlocking New Frontiers of Growthâ, focusing on innovation, sustainability, economic inclusion, and geopolitical developments.
According to the FO statement, âUnder the new framework, several strategic and high-impact projects in trade, investment, and development will be discussed to strengthen bilateral cooperation, enhance the private sectorâs role, and boost trade between the two nations.â
The initiative prioritises sectors such as energy, industry, mining, information technology, tourism, agriculture, and food security. Both countries are also considering joint projects, including an electricity interconnection project and enhanced cooperation in the energy sector.
The statement added, âThis framework marks a continuation of the two nationsâ longstanding efforts to build a sustainable and mutually beneficial partnership that reflects the shared aspirations of their leadership and peoples.â
Pakistan and Saudi Arabia have long maintained a close partnership rooted in strategic, economic, and religious ties. Riyadh remains a key ally, providing vital energy resources and financial assistance to Islamabad.
In a significant development last month, both nations signed a Strategic Mutual Defence Agreement in Riyadh, pledging that any attack on either state would be regarded as aggression against both.
According to the Prime Ministerâs Office, the agreement aims to strengthen defence collaboration, enhance security, and promote peace in the region.
In 2024, Pakistan and Saudi Arabia also signed 34 Memoranda of Understanding (MoUs) worth $2.8 billion, in addition to 27 earlier MoUs valued at $2.2 billion, further deepening their economic partnership.
