Pakistan and Saudi Arabia on Tuesday launched the Economic Cooperation Framework, which is based on their shared economic interests and reaffirms their desire to strengthen trade and investment relations.

The decision to launch the framework was taken during a Monday meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on the sidelines of the Ninth Edition of the Future Investment Initiative (FII9) in Riyadh, according to a statement from the Foreign Office (FO).

The FII9 convened global leaders, investors, policymakers, and innovators to explore the theme, ‘The Key to Prosperity: Unlocking New Frontiers of Growth’ and discuss key topics such as innovation, sustainability, economic inclusion, and geopolitical shifts.

“As part of the framework, several strategic and high-impact projects will be discussed in the economic, trade, investment and development fields that will contribute to strengthening cooperation between the two governments, enhancing the pivotal role of the private sector, and increasing trade exchange between the two countries,” the statement read.

It added that the deal would prioritise sectors including energy, industry, mining, information technology, tourism, agriculture and food security. Additionally, Islamabad and Riyadh are studying several joint economic projects, including signing memoranda of understanding (MoU) for an electricity interconnection........

© Dawn Business