ISLAMABAD: Pakistan and Saudi Arabia on Saturday explored ways to enhance cooperation in bilateral commerce, investment and finance, reaffirming their commitment to further strengthening this strategic partnership.

Bilateral cooperation was discussed during a meeting between Finance Minister Mohammad Aurangzeb and his Saudi counterpart Muhammad bin Abdullah Al-Jadaan held on the sidelines of the two-day (Feb 16-17) first high-level AlUla Conference for Emerging Market Economies.

Minister of State and Member of the Council of Min­i­s­ters Dr Hamad Mohammed Al Sheikh of Saudi Arabia, and finance minister’s adviser Khurram Shehzad also at­­­tended the meeting. The Saudi finance minister had earlier extended a special welcome to Mr Aurangzeb upon his arrival in Saudi Arabia for the AlUla conference.

An official announcement from the finance ministry said the meeting reaffirmed both countries’ commitment to promoting economic cooperation and shared prosperity. The two sides discussed opportunities to enhance cooperation in bilateral trade, investment and financial sectors and expressed their commitment to further strengthening this strategic partnership.

Aurangzeb in Saudi Arabia to participate in AlUla conference

The meeting emphasised a shared commitment to building bridges of economic cooperation and advancing mutual prosperity. Discussions highlighted opportunities to enhance bilateral trade, investments and financial collaboration, with both ministers expressing their dedication to unlocking the full potential of their countries’ strategic partnership.

The two ministers also explored avenues for collaboration in key sectors, including infrastructure, energy, technology and finance. Both sides stressed the importance of continued dialogue and joint initiatives to facilitate investment flows and economic opportunities that would benefit not only the two nations but also the broader region.

The meeting further reinforced the longstanding fri­e­ndship and strategic partnership between Saudi Arabia and Pakistan, paving the way for increased economic cooperation and collaboration in the coming years.

The conference, organised in collaboration with the International Monetary Fund (IMF) and the Saudi Ministry of Finance, has invited representatives from 48 countries. It will consist of nine sessions, with 200 participants and 36 speakers.

During the conference, Finance Minister Aurangzeb will participate in a high-level panel discussion hosted by IMF Managing Director Kristalina Georgieva.

The AlUla conference is an annual economic policy summit. The conference brings together finance ministers, central bank governors, policymakers, public and private sector leaders, international institutions and academia from emerging markets.

It offers a unique platform to exchange views on domestic, regional and global economic developments, discuss policies and reforms to spur inclusive prosperity and build resilience supported by strong international cooperation.

Published in Dawn, February 16th, 2025