Pakistan, KSA agree to strengthen cooperation in diverse sectors

ISLAMABAD, May 1: Pakistan and Saudi Arabia have agreed to strengthen cooperation in investment, industrial and mining sectors. This was stated in a joint declaration at the conclusion of three-day official visit of Prime Minister Shehbaz Sharif to Saudi Arabia. As per details both the countries have affirmed their stance to consolidate security and stability, renounce violence, extremism and terrorism, support the unity and independence of the countries of the region and their territorial integrity, as well as to give priority to political solutions that bring prosperity & progress to the region and its people. In the political context, the two sides exchanged views on issues of mutual concern in the regional and international levels, and agreed on the importance to continue coordinating their positions in a way that serves their interests, the joint statement said. The prime minister along with a delegation visited the KSA at the invitation of Saudi Crown Prince Muhammad bin Salman. The two sides agreed to continue exchanging support and coordination in international organizations and forums and stressed the importance of all countries’ commitment to the United Nations Charter and the principles of international law, adherence to the principles of good neighborliness, respect for the unity and sovereignty of states, non-interference in internal affairs, and striving to resolve disputes by peaceful means. The Kingdom of Saudi Arabia welcomed the statements of Pakistan mentioning keenness to find a solution to all disputes with India, including the Jammu and Kashmir dispute. The two sides stressed the importance of dialogue between Pakistan and India in order to resolve the issues between the two countries, especially the Jammu and Kashmir dispute, to ensure peace and stability in the region. During an official meeting between the prime minister and the Saudi crown prince, they reviewed the historical relations between the two countries & the close cooperation in various fields, as well as discussed ways to strengthen relations in all areas. In the bilateral context, the two sides stressed the importance of strengthening work through the Saudi-Pakistani Supreme Coordination Council, diversifying trade exchange between the two brotherly countries and intensifying communication between the private sector in the two countries in order to discuss trade and investment opportunities and turn them into tangible partnerships. The KSA affirmed its continuous support to Pakistan and its economy including the discussion of augmenting the three billion USD deposit with the central bank through term extension or otherwise, and exploring options to further enhance the financing of petroleum products and supporting the economic structural reforms for the benefit of Pakistan and its people. “Pakistan greatly appreciates the continued strong support of the Kingdom of Saudi Arabia to Pakistan,” the statement said. The two sides also agreed to deepen the investment cooperation between the two countries, stimulate partnerships and enable investment integration opportunities between the private sector of the two countries. They also agreed to join efforts to develop the investment environment in the two countries and support a number of investment sectors of common interest. The two sides expressed their intention to hold investment forums in order to introduce the available opportunities to the business sectors of both sides, urge them to establish partnerships in various investment fields, and work jointly to solve the challenges faced by the investors through holding meetings of the Saudi-Pakistani Business Council.-NNI