Prime Minister Shehbaz Sharif met with Saudi Crown Prince Mohammed bin Salman on Thursday, discussing strengthening bilateral cooperation across several sectors, including financial, trade, investment, energy and defense.

The meeting, part of Shehbaz Sharif’s four-day visit to Saudi Arabia, comes as Pakistan tries to strengthen its trade and investment relationships with global partners, especially in the light of its ongoing financial challenges.

Saudi Arabia has committed an investment package of $ 5 billion to Pakistan, aiming to stabilize its foreign reserves and tackle its balance of payments.

This follows a number of agreements and memorandums for understanding (Mous), including 34 agreements worth $ 2.8 billion signed last year to improve the private sector and commercial cooperation.

Both nations are also in advanced discussions about investing in Reco Diq Copper and Gold Mine, one of the world’s largest undeveloped coke wool areas.

In addition, Pakistan signed an agreement with the Saudi Fund on Development Last Month on the postponement of a $ 1.2 billion payment on oil imports for one year.

During the meeting today, Prime Minister Shehbaz Sharif expressed his appreciation of Saudi -Arabia’s obligation to increase investment, which will contribute to Pakistan’s economic stability.

Both sides confirmed their historical ties and emphasized the importance of improving cooperation in defense and security to tackle regional challenges.

They also discussed regional and geopolitical development and agreed to work closely to promote peace, stability and prosperity.

The two leaders emphasized the need for stronger people-to-people-tapes, cultural exchanges and educational collaboration.

Meanwhile, Prime Minister Shehbaz also held discussions with Saudi Investment Minister Khalid Al-Falih and Mohammad Al-Tuwaijri, head of the joint Task Force for Economic Engagement, during his four-day official visit to Saudi Arabia.

Negotiations focused on strengthening economic cooperation, attracting Saudi investments and accelerating joint initiatives in key sectors. Prime Minister Sharif expressed Pakistan’s obligation to facilitate Saudi investors and emphasized the country’s strategic location and its investment -friendly policy.

Sharif highlighted Pakistan’s potential in sectors such as energy, infrastructure, agriculture and technology and encouraged Saudi companies to explore opportunities under Special Investment Facilitation Council (SIFC).

In response, Minister Al-Falih and Al-Tuwaijri Saudi Arabia conveyed the interest in elaborating on economic ties with Pakistan. The discussions also included improving institutional collaboration to accelerate investment projects and ensure their effective implementation.

The meeting confirmed both of the countries’ obligation to develop a long -term and mutually advantageous financial relationship.

Prime Minister Shehbaz Sharif was accompanied by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Chief Minister of Punjab Maryam Nawaz Sharif, Minister of Climate Change Musadik Malik Malik and the National Coordinator of SIFC Lt. -General Sarfraz Ahmed.

The Saudi delegation included representatives from the Saudi Ministry of Investment and the joint task force for financial commitment between Saudi Arabia and Pakistan.

It should be noted here that Pakistan and Saudi Arabia maintain strong trade conditions, where oil products from Saudi Arabia constitute a significant part of Pakistan’s imports. In addition, Saudi Arabia is home to over two million Pakistani expatriates and is an important source of transfers to Pakistan.