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 office of the Prime Minister (PMO), Sharif was received by Prince Saud Bin Mishaal Bin Abdulaziz, the vice governor of Makkah, upon his arrival.
During his visit, Sharif will meet with the Saudi heir prince and Prime Minister Mohammed Bin Salman to discuss strategies to improve trade, promote associations in key sectors and expand general economic collaboration.
The visit follows the signing of 34 comprehension memorandum (MOU) worth $ 2.8 billion last October, with the aim of strengthening the cooperation of the private sector and commercial ties between the two nations.
These agreements underline Pakistan’s efforts to strengthen company to company with Saudi Arabia, a key commercial 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 sailed an economic crisis and has sought the support of the kingdom.
The discussions between Sharif and Prince Mohammed will also cover regional problems, including the situation in Gaza, the changing dynamics of the Middle East and broader concerns for the Muslim world.
The Vision 2030 Economic Reforms of Saudi Arabia, which prioritize foreign diversification and investment, offer significant opportunities for Pakistani companies, particularly given the strong demand of the consumer of the kingdom.
The considerable diaspora of Pakistan in Saudi Arabia, which total around 2.7 million, also plays a crucial role in the country’s economy, sending remittances that are a vital financial life line.
The delegation of Prime Minister Sharif includes the Vice Prime Minister and Minister of Foreign Affairs, Ishaq Dar, Punjab Prime Minister Maryam Nawaz, and other key federal ministers and officials.
They are expected to get involved with their Saudi counterparts to explore new investment opportunities and roads to improve economic cooperation.
The PMO emphasized that the visit underlines the deep historical ties between Pakistan and Saudi Arabia, and it is expected to strengthen diplomatic relations, improve trade and facilitate greater investment cooperation.
