Pakistan Sets Up Body to Oversee Economic Cooperation with Saudi Arabia
Riyadh – Pakistan has formed a high-level committee to lead bilateral negotiations with Saudi Arabia on economic cooperation. The decision was announced by the Prime Minister’s Office and follows the recently signed mutual defense pact between the two countries.
The committee is co-chaired by Minister for Climate Change Musadik Masood Malik and Lt. Gen. Sarfraz Ahmad, National Coordinator of the Special Investment Facilitation Council (SIFC). It includes senior ministers from economic, power, commerce, food security, communications, IT, and industry portfolios. Members will provide fortnightly progress reports to the Prime Minister, with the SIFC Secretariat offering administrative and logistical support.
The committee will manage negotiations, oversee assigned projects, and prepare a potential economic agreement between Islamabad and Riyadh. Officials have indicated this agreement could be finalized within the month.
In 2023, Saudi exports to Pakistan were valued at around $4.65 billion, while Pakistan’s exports to the Kingdom, including rice, cereals, and meat, amounted to $138 million. By 2024, Pakistan’s exports rose to $734 million. Officials expect the upcoming agreement to address trade imbalances and create further opportunities for Pakistani exports.
Last year, a Saudi delegation signed 34 memorandums of understanding (MoUs) with Pakistan in energy, infrastructure, technology, and food security sectors, valued at approximately $2.8 billion. The new committee will monitor implementation of these agreements.
Saudi Arabia has also pledged a $5 billion investment package. According to officials, this package is intended to support Pakistan’s foreign reserves and contribute to industrial and energy sector growth.
Nearly 2.6 million Pakistanis live and work in Saudi Arabia, contributing significantly through remittances. The committee will also coordinate with Saudi counterparts to facilitate investments and enhance trade between the two countries.
