Pakistan and Saudi Arabia will discuss boosting their $3 billion economic aid package.

Pakistan and Saudi Arabia will discuss boosting their $3 billion economic aid

Following Prime Minister Shehbaz Sharif’s three-day official visit to Saudi Arabia, Pakistan and Saudi Arabia issued a joint statement.

At the invitation of Saudi Crown Prince Muhammad bin Salman, the prime minister and a delegation paid a visit. In a political context, the two sides discussed issues of mutual concern at the regional and international levels, and agreed that continuing to coordinate their positions in a way that serves their interests was critical.

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Both sides have stated their commitment to consolidate security and stability, to reject violence, extremism, and terrorism, to support the region’s unity and independence, as well as territorial integrity, and to prioritise political solutions that bring prosperity and progress to the region’s people.

The Kingdom of Saudi Arabia reaffirmed its unwavering support for Pakistan and its economy, including discussions about extending the term of a $3 billion deposit with the central bank, exploring options to improve petroleum product financing, and supporting economic structural reforms for the benefit of Pakistan’s people.

According to the statement, “Pakistan greatly appreciates the Kingdom of Saudi Arabia’s continued strong support for Pakistan.”

The two sides agreed to continue exchanging support and coordination in international organisations and forums, emphasising the importance of all countries’ commitment to the United Nations Charter and the principles of international law, as well as adherence to the principles of good neighbourliness, respect for state unity and sovereignty, non-interference in internal affairs, and a desire to settle disputes through peaceful means.

According to Saudi Arabia, Pakistan’s statements expressing a desire to resolve all disputes with India, including the Jammu and Kashmir conflict, were warmly received. The two sides emphasised the importance of dialogue between Pakistan and India in resolving bilateral issues and ensuring regional peace and stability.

During an official meeting, the prime minister and the Saudi crown prince reviewed the two countries’ historical relations and close cooperation in various fields, as well as ways to improve relations in all areas.

The two sides emphasised the importance of bolstering cooperation through the Saudi-Pakistani Supreme Coordination Council, diversifying trade, and increasing private sector communication in order to discuss trade and investment opportunities and turn them into concrete partnerships.

The two sides also agreed to strengthen bilateral investment cooperation, foster partnerships, and facilitate investment integration opportunities between the two countries’ private sectors.

They also agreed to work together to improve the investment climate in both countries and to support a number of investment sectors that are mutually beneficial.

Through meetings of the Saudi-Pakistani Business Council, the two sides expressed their intent to hold investment forums in order to introduce available opportunities to both sides’ business sectors, encourage them to form partnerships in various investment fields, and work together to solve investor challenges.

The private sectors of both countries have entered into investment partnerships in the agricultural and food industries, which has been welcomed by both sides. They expressed their hope that the Russian and Ukrainian sides could reach an agreement on a political solution that would end the crisis, restore security and stability, and limit negative regional and international consequences.

The two sides discussed the latest developments in Afghanistan and agreed on the importance of achieving security and stability, preventing terrorist groups from using Afghan lands as a safe haven, and continuing concerted efforts to assist Afghans.

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