Pakistan PM Shehbaz Sharif Meets Saudi Commerce Minister to Boost Economic Ties

Prime Minister Shehbaz Sharif met with Saudi Minister for Commerce Majid al Kasabi in Riyadh on April 29, 2024, to discuss ways to enhance bilateral cooperation between Pakistan and Saudi Arabia, particularly in the areas of trade and commerce. The meeting took place on the sidelines of the World Economic Forum.

During the meeting, Shehbaz Sharif stated that the economic relations have progressed to a new stage, with the potential for a significant increase in trade volume due to recent steps taken. "Pak-Saudi economic relations have progressed to a new stage, with the potential for significant increase in trade volume due to recent steps taken," said Shehbaz Sharif.

The Saudi Commerce Minister said that Pakistan is a priority for Saudi investment and trade, as per the directives of the Saudi Crown Prince. He mentioned that targets are being set to strengthen bilateral economic and trade relations over the next one to one and a half years. Al Kasabi also announced that a delegation of the Saudi business community will visit Pakistan soon to explore investment and trade opportunities.

The Saudi Minister emphasized the need to instill sentiments of Saudi-Pakistan friendship among the youth and new generation of both countries. He acknowledged the role of Pakistanis in the growth and advancement of Saudi Arabia.

Why this matters: The meeting between Prime Minister Shehbaz Sharif and Saudi Commerce Minister Majid al Kasabi signifies the strengthening of economic ties between Pakistan and Saudi Arabia. The potential increase in bilateral trade and investment could provide a boost to Pakistan's economy and further solidify the strategic partnership between the two countries.

Prime Minister Shehbaz Sharif's visit to Saudi Arabia also included meetings with other Saudi officials, such as the Crown Prince, Minister for Investment, Minister for Finance, and Minister for Industry. The Saudi officials praised Shehbaz Sharif as a 'man of action' and expressed keen interest in collaborating with Pakistan in various sectors, including agriculture, IT, and energy. Shehbaz Sharif thanked the Saudi leadership for supporting Pakistan and described the two countries as strategic partners.

Key Takeaways

• PM Shehbaz Sharif met Saudi Commerce Minister to discuss enhancing trade and investment.
• Pak-Saudi economic ties have progressed, with potential for significant trade increase.
• Saudi Arabia considers Pakistan a priority for investment and trade, setting targets.
• Saudi business delegation to visit Pakistan soon to explore investment opportunities.
• Meetings highlighted strengthening strategic partnership and Saudi support for Pakistan.