PM, Saudi royal adviser discuss ways to boost economic ties

RIYADH: Advisor at the Royal Court and General Secretary of Saudi-Pakistan Supreme Coordination Council Mohammed bin Mazyad Al-Tuwaijri called on Prime Minister Shehbaz Sharif here on Saturday and discussed the ways to strengthen economic ties between the two countries.

Both sides expressed exceptional warmth for further promoting economic relations between the two countries. They reviewed the progress on the Saudi investment in Pakistan, during the visit of the delegation led by Saudi foreign minister to Pakistan.

Al-Tuwaijri and his delegation expressed deep interest in the Saudi investment by the Saudi government and companies in Pakistan. He said after the visit of Saudi Foreign Minister to Pakistan, work had started on priority basis on the Saudi investment in Pakistan. The work has started on war footing in investment in Pakistan, which includes investment from both the public and private sectors, he added. He said a delegation comprising Saudi business community and investors would soon visit Pakistan.

Al-Tuwaijri, who is In Charge of the Vision 2030 of Saudi Arabia, told the prime minister in detail about the said project. He said, “We want that the economic relations of Pakistan and Saudi Arabia should move forward in the backdrop of Saudi Vision 2030.”

According to the Vision 2030, Saudi Arabia would provide all kinds of assistance for providing training to the Pakistan workforce and government officials. A detailed briefing was given to the prime minister on the reforms agenda of Saudi Arabia.

Prime Minister Shehbaz Sharif said Pakistan wanted to benefit from the successful reforms policy of Saudi Arabia to modernise governance structure of Pakistan. He said Pakistan and Saudi Arabia had fraternal relations which were strengthening with the passage of time, adding economic relations of Pakistan and Saudi Arabia had entered a new phase.

He said notable progress was made regarding investment in different sectors in Pakistan by Saudi Arabia, during the visit of the delegation led by Saudi foreign minister. “We are moving with a lightning speed after the progress made during the visit of the Saudi delegation to Pakistan,” he added. The PM said the people of Pakistan had immense regard and respect for the Custodian of the Two Holy Mosques His Excellency King Salman Bin Abdul Aziz Al Saud.

He thanked the Saudi Crown Prince and the Prime Minister for their warm welcome and magnificent hosting. Foreign Minister Ishaq Dar, Finance Minister and Revenue Muhammad Aurangzeb, Minister for Petroleum Musadiq Malik, Information Minister Attaullah Tarar, Minister for Power Awais Ahmed Khan Leghari, Minister for Commerce Jam Kamal Khan, Deputy Chairman Planning Commission Jehanzeb Khan and high level officials were also present.

Earlier, Prime Minister Muhammad Shehbaz Sharif on Saturday arrived in Riyadh, Kingdom of Saudi Arabia, to participate in a special meeting of the World Economic Forum (WEF) on ‘Global Collaboration, Growth, and Energy for Development’, being held from April 28-29.

Deputy Foreign Minister of Saudi Arabia Waleed Al Khareeji, Pakistan’s ambassador to Saudi Arabia and embassy staff received the prime minister and his delegation at the Riyadh Royal airport.

The prime minister was invited to attend the WEF meeting by Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Mohammed bin Salman (MBS) bin Abdulaziz Al Saud and WEF Founder and Executive Chairman Professor Klaus Schwab.

“The prime minister will be accompanied by a high level delegation including Foreign Minister Mohammad Ishaq Dar and Finance Minister Muhammad Aurangzeb. The prime minister and the ministers will participate in WEF discussions on issues related to trade and investment measures, new investment frameworks, restructuring of supply chains, sustainable growth, and the energy landscape,” Foreign Office Spokesperson said in a press release.

The high level participation in the Forum will afford an important opportunity to present Pakistan’s priorities specifically in global health architecture, inclusive growth, revitalizing regional collaboration and the need for striking a balance between promoting growth and energy consumption.

On the margins of the main event, the prime minister and his delegation will hold bilateral meetings with world leaders, including the Saudi leadership, heads of international organizations, and other prominent figures participating in the event.

About 1,000 leaders from business, government, and academia will participate in the Special Meeting on Global Collaboration, Growth, and Energy for Development, WEF said in a press statement. The meeting, April 28–29, will focus on new pathways to reinvigorate growth globally amid the challenges posed by an increasingly fragmented geopolitical and economic environment.

It will revolve around three themes: revitalizing global collaboration; a compact for inclusive growth; and catalyzing action on energy for development, it was added. The event bridges the growing North-South divide, which has further widened on issues such as emerging economic policies, the energy transition, and geopolitical shocks.