ISLAMABAD: Pakistan and Saudi Arabia have agreed to launch several strategic and high-impact projects under a new Economic Cooperation Framework aimed at strengthening trade and investment relations.

The framework was announced in a joint statement after talks between Pakistan’s Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman in Riyadh on Tuesday.

According to the statement from the Prime Minister’s Office, the framework covers economic, trade, investment, and development projects. These projects are designed to improve cooperation between the governments, increase private sector involvement, and expand bilateral trade.

Priority sectors under the framework include energy, industry, mining, information technology, tourism, agriculture, and food security.

The two countries are studying several joint projects, including a Memorandum of Understanding (MoU) for an electricity interconnection project. It also includes an MoU for cooperation in the energy sector.

The statement said the framework extends both nations' efforts to strengthen fraternal ties. They aim to build a sustainable partnership that meets the goals of their leadership and the citizens.

The two leaders also look forward to holding a meeting of the Saudi-Pakistani Supreme Coordination Council to advance cooperation further.

Articles tagged with "Economic Cooperation Framework"

Pakistan, Saudi Arabia to launch strategic, high-impact projects