Pakistani Ambassador to Saudi Arabia Ahmad Farooq announced that Saudi Crown Prince Muhammad bin Salman is set to visit Pakistan soon, a move that may significantly enhance Pak-Saudi trade and investment activities.
During a briefing to journalists in Riyadh, Ambassador Farooq highlighted a new vigour in Pakistan-Saudi bilateral relations over the past year. This renewed cooperation has already resulted in a remarkable 42% increase in trade volume between the two nations. The ambassador attributed this positive development to the proactive efforts of both countries' leadership.
Ambassador Farooq emphasized that the forthcoming visit of Crown Prince Muhammad bin Salman will usher in a new era of economic collaboration, investment, and trade between the two countries.
"The crown prince's visit will facilitate Saudi trade and investment in Pakistan, creating a positive impact on the Pakistani economy," he stated. He further mentioned that discussions during the visit would likely focus on enhancing bilateral cooperation and addressing key issues of mutual interest.
Prime Minister Shehbaz Sharif's recent visit to Saudi Arabia also played a crucial role in fortifying these ties. Agreements were reached on important matters and to further deepen bilateral cooperation on several fronts, paving the way for more robust economic engagement.
One of the significant outcomes anticipated from this visit is the approval of the Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) countries. Ambassador Farooq expressed optimism that the FTA would be finalized in the coming weeks, facilitating increased free trade between Pakistan and the GCC member states.
This agreement is expected to provide Pakistani goods greater access to Arab markets, thereby boosting Pakistan's exports.
The strengthening of Pak-Saudi relations and the anticipated FTA with the GCC underscore the strategic importance of these partnerships for Pakistan. The enhanced trade and investment activities are poised to contribute substantially to Pakistan's economic growth and development.
