Prime Minister Shehbaz Sharif arrived in Djeddah 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 vice-government of Mecca, upon arrival.
During his visit, Sharif should meet the Saudi crown prince and Prime Minister Mohammed Bin Salman to discuss strategies to improve trade, promote partnerships in the key sectors and broaden global economic collaboration.
The visit follows the signing of 34 comprehension memorandums (MOUS) worth $ 2.8 billion last October, aimed at strengthening the cooperation of the private sector and the business links between the two nations.
These agreements highlight Pakistan’s efforts to strengthen business relations with business with Saudi Arabia, a key trading partner and an economic ally.
The two countries have long maintained solid defense, diplomatic and cultural ties, which have become even more important when Pakistan has sailed in an economic crisis and asked for support from the kingdom.
Discussions between Sharif and Prince Mohammed will also cover the regional problems, including the situation in Gaza, the changing dynamics of the Middle East and the wider concerns for the Muslim world.
The economic reforms of the 2030 vision of Saudi Arabia, which prioritize diversification and foreign investments, offer important opportunities to Pakistani companies, in particular given the high demand of consumers of the Kingdom.
The important diaspora of Pakistan in Saudi Arabia, 2.7 million, also plays a crucial role in the country’s economy, sending funds which are a vital financial buoy.
Prime Minister Sharif’s delegation includes the Foreign Minister and Minister of Foreign Affairs Ishaq Dar, the Chief Minister of Punjab, Maryam Nawaz, and other key ministers and officials.
They should engage with their Saudi counterparts to explore new investment opportunities and avenues to improve economic cooperation.
The PMO stressed that the visit underlines the deep historical links between Pakistan and Saudi Arabia, and it should further strengthen diplomatic relations, improve trade and facilitate greater cooperation on investments.
