Pakistan and Saudi Arabia Agree to Deepen Trade and Investment Cooperation; Finance Minister Muhammad Aurangzeb and Saudi Ambassador Discuss Economic Stabilization, Eurobonds, and Regional Connectivity
ISLAMABAD: The two countries have officially agreed to drastically broaden bilateral ties in trade, investment and strategic economic areas.
The agreement was reached at a high level meeting between the two Ministers, Finance and Revenue Muhammad Aurangzeb and Saudi Ambassador Dr. Rajeh bin Miteb Al-Baqami, during detailed discussions held between them on further strengthening multifaceted economic relations between the two brotherly countries.
At the meeting of the Minister of Finance with the Saudi Ambassador, the following points were highlighted:
Saudi Support: Finance Minister Muhammad Aurangzeb has shown great appreciation for the consistent and unwavering support of the Saudi Kingdom for Pakistan, and said steady progress is being made to maintain macroeconomic stability, build foreign exchange reserves and control inflation.
The Finance Minister noted that the global credit rating agencies have upgraded Pakistan’s rating on the sovereign level.The Finance Minister noted that international credit rating agencies have upgraded Pakistan’s sovereign rating. He added that Pakistan has successfully made itself a part of the global capital markets with the issuance of $3 billion in Eurobonds and reiterated the need to further build investor confidence in the country.
Joint efforts to boost cooperation in high-potential sectors (agriculture, minerals and mining) and Pakistan’s current efforts to gain access to China’s capital markets were also discussed during the meeting. Both countries discussed future possibilities of becoming a key regional trade and transit corridor.
Renewing the commitment to Regional Peace: Pakistan and Saudi Arabia agreed that the importance of regional peace and stability is paramount and sustained cooperation is critical to effectively address common regional challenges and reiterated their strong commitment to fostering conducive domestic and foreign investment environment in Pakistan.