Pakistan, Saudi Arabia announce to launch new 'Economic Cooperation Framework'

Riyadh (Web Desk): Pakistan and Saudi Arabia have reached an understanding to introduce a new Economic Cooperation Framework designed to bolster collaboration in multiple sectors, including trade, investment, and development

A joint statement issued on Tuesday confirmed that the agreement was finalized during a meeting in Riyadh between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud.

Joint Statement by the Kingdom of Saudi Arabia and the Islamic Republic of Pakistan. pic.twitter.com/ewTtdln99q

— Foreign Ministry ???????? (@KSAmofaEN) October 28, 2025

The initiative is viewed as an extension of the long-standing brotherly ties between the two nations and demonstrates their shared commitment to building a durable and mutually beneficial economic partnership.

It reflects the determination of both governments to translate their collective vision into tangible progress that aligns with the aspirations of their leaderships and peoples.

Under this framework, Pakistan and Saudi Arabia will deliberate on a series of strategic and high-value projects focused on enhancing cooperation between the two states and boosting the role of the private sector.

The plan also aims to expand trade exchanges and promote joint ventures across a range of key areas such as energy, industry, mining, information technology, tourism, agriculture, and food security.

Both sides are currently assessing several potential collaborations, including the signing of a Memorandum of Understanding (MoU) for an electricity interconnection project between the Kingdom and Pakistan, alongside another MoU concerning cooperation in the energy domain.

The two leaders also expressed eagerness to hold the next session of the Saudi-Pakistani Supreme Coordination Council, which is expected to further advance the newly established framework and strengthen bilateral economic relations.

Following the meeting with MBS at Al Yamamah Palace on Monday, PM Shehbaz wrote on X, "It was a great pleasure and honour to meet my brother, His Royal Highness Crown Prince Mohammed bin Salman, in Riyadh today."

 “We reaffirmed the enduring strength of the Pakistan–Saudi Arabia brotherly bonds and discussed ways to further expand this historic and time-tested partnership in trade, investment, and economic cooperation.”

He went on to express appreciation for the crown prince’s consistent support, saying he “remains deeply grateful for His Royal Highness's personal commitment and resolute support in advancing our shared vision for deeper collaboration and prosperity for our two nations and peoples.”

PM Shehbaz is in Riyadh at the invitation of Crown Prince Mohammed bin Salman to participate in the ninth edition of the Future Investment Initiative (FII9) conference.

Accompanying him is a high-powered delegation that includes Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Finance Minister Muhammad Aurangzeb, Information Minister Attaullah Tarar, and special assistants Tariq Fatemi and Bilal bin Saqib.

The Pakistani delegation will take part in the global investment forum, which convenes international leaders, investors, and innovators under the theme “The Key to Prosperity: Unlocking New Frontiers of Growth.” During the conference, the prime minister is also scheduled to engage with heads of international organisations and dignitaries from other nations.

In recent months, Pakistan and Saudi Arabia have intensified their collaboration, aiming to expand their relationship beyond conventional sectors.

During PM Shehbaz’s previous visit to Riyadh on September 18, the two countries inked a landmark defence agreement stipulating that any aggression against one would be regarded as an attack on both — a development seen as a major step forward in bilateral defence cooperation.