Finance minister, Saudi envoy explore economic cooperation

Look for investment opportunities in agriculture, minerals and mining

ISLAMABAD:

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Dr Rajeh Tami Albugamy, Ambassador of Saudi Arabia to Pakistan, who called on him to discuss bilateral economic cooperation, trade, investment and shared priorities.

The finance minister reaffirmed the longstanding bonds of friendship and brotherhood between Pakistan and Saudi Arabia. He appreciated Saudi Arabia's continued support for Pakistan and emphasised the importance of further strengthening the economic relationship between the two countries.

The Saudi ambassador underscored the historic relationship between the two countries, rooted in shared faith, history, mutual trust and respect. He emphasised that stronger business-to-business engagement could further deepen people-to-people connections and create mutually beneficial economic opportunities.

Aurangzeb highlighted Pakistan's progress in restoring macroeconomic stability, noting improvements in foreign exchange reserves and inflation, as well as recent upgrades by international credit rating agencies.

He also referred to Pakistan's return to international capital markets through its recent $3 billion Eurobond issuance and its access to China's capital market. He highlighted the importance of building on recent economic gains to strengthen investor confidence and support sustainable, investment-led growth.

The two sides discussed opportunities for cooperation in agriculture, minerals and mining, and other sectors with investment potential. They emphasised the need for translating shared priorities into tangible outcomes and strengthening commercial engagement between the two countries.

The meeting also included an exchange of views on the prevailing regional situation and ongoing conflict, with emphasis on the importance of peace, stability and continued cooperation to address emerging challenges and safeguard regional economic prospects.

The discussion highlighted Pakistan's strategic geographical location and its potential to serve as a regional trade and transit hub, facilitating connectivity and creating opportunities for wider economic cooperation.

The finance minister reiterated the government's commitment to staying the course on structural reforms and maintaining a stable, predictable investment environment to support domestic and foreign investment.

The meeting reaffirmed the commitment from Pakistan and Saudi Arabia to strengthening their strategic partnership and expanding cooperation in trade and investment. Both sides underscored the importance of continued engagement to advance shared economic priorities.