Finance Minister Muhammad Aurangzeb and his Saudi counterpart Mohammed Al-Jadaan on Wednesday expressed their resolve to deepen economic ties between Islamabad and Riyadh by facilitating investment in key sectors.

In a post on X, the finance ministry confirmed that Aurangzeb met the Saudi minister of finance on the sidelines of the International Monetary Fund (IMF) and World Bank annual meetings in Washington DC.

Aurangzeb is leading a delegation that includes the finance secretary, economic affairs secretary, State Bank of Pakistan governor, and other key officials from the financial sector.

During their week-long visit, the Pakistani delegation is scheduled to engage in high-level discussions with IMF and World Bank leaders. Bilateral meetings are also on the agenda, with discussions planned between Pakistani officials and their counterparts from China, Saudi Arabia, Turkiye, and other allied nations.

“[The] two ministers resolved to further deepen mutually beneficial economic ties, enhance bilateral trade, & facilitate invest[meant] in key sectors,” the statement read.

“Saudi minister shared his experience of reforms in the energy sector. Both sides agreed to advance cooperation in areas of mutual interest.”

‘Great potential’ to increase bilateral trade with Turkiye

Meanwhile, in a separate meeting with Turkiye’s finance ministry, Aurangzeb stated that there was “great potential to enhance the current volume of bilateral trade.”

The finance ministry said that in a meeting with Turkish Economy Minister Mehmet Simsek, the finance minister recalled “historical, fraternal bonds and multi-faceted cooperation between Pakistan and Turkiye”.

The finance minister also added that “Pakistan could learn from Türkiye’s experience of power sector reforms”, inviting Turkish firms to enter “mutually beneficial” joint ventures with their Pakistani counterparts.