Pakistan and Saudi Arabia Agree to Boost Investment in Key Sectors

Pakistan and Saudi Arabia agree to strengthen economic cooperation and boost investment in key sectors, following high-level meetings at the IMF and World Bank annual gatherings.

Watts News
23 October 2024 | Reporter: Saadia Abbasi | Posted by: The largest English Digital News Network

Washington: Federal Finance Minister Muhammad Aurangzeb and his Saudi counterpart, Mohammed Al-Jadaan, have agreed to enhance economic cooperation between Pakistan and Saudi Arabia through increased investment in key sectors. In a statement on the social media platform X, the Ministry of Finance confirmed the meeting between the two ministers during the annual meetings of the International Monetary Fund (IMF) and the World Bank in Washington.

Muhammad Aurangzeb is leading the Pakistani delegation in the United States, which includes the Secretary of Finance, Secretary of Economic Affairs, Governor of the State Bank, and other key officials from the financial sector. The delegation is set to hold high-level talks with IMF and World Bank leaders over the course of the week. The agenda also includes bilateral meetings with officials from China, Saudi Arabia, Turkey, and other allies.

According to the Ministry of Finance, both ministers agreed during their meeting to further strengthen mutually beneficial economic relations, expand bilateral trade, and increase investment in important sectors. The Saudi finance minister shared his country’s experiences with energy sector reforms, while both sides expressed their commitment to expanding cooperation in areas of mutual interest.

Separately, Muhammad Aurangzeb held talks with Turkey's Finance Minister Mehmet Şimşek, during which he emphasized that the current trade volume between Pakistan and Turkey has the potential to grow further. Aurangzeb praised the long-standing, brotherly relations between Pakistan and Turkey, as well as the multilateral cooperation between the two nations.

During his meeting with Mehmet Şimşek, Aurangzeb also highlighted that Pakistan could learn from Turkey’s experiences with energy sector reforms and invited Turkish companies to partner with their Pakistani counterparts in mutually beneficial ventures.

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Keywords: Pakistan, Saudi Arabia, investment, economic cooperation, Muhammad Aurangzeb, Mohammed Al-Jadaan, IMF, World Bank, bilateral trade, Turkey.