Prime Minister Shehbaz Sharif on Monday said that the economic ties between Pakistan and Saudi Arabia had entered a new era as both countries were set to take concrete measures to boost the volume of bilateral trade in the coming days.

The prime minister, in a meeting with Saudi Minister of Commerce Dr Majid bin Abdullah Al-Qasabi on the sidelines of the Special Meeting of World Economic Forum in Riyadh, said the Special Investment Facilitation Council (SIFC) was playing an active role in promoting and facilitating the foreign investment in the country.

The Saudi minister told the prime minister that on the directives of Saudi Crown Prince and Prime Minister Mohammed bin Salman, the Kingdom was prioritising trade and investment in Pakistan. A delegation of Saudi businessmen, traders and investors would soon visit Pakistan, he added.

The Saudi minister said that the targets were being set to take the bilateral ties to a new height within one or one-and-half years.

Shehbaz said that the Pakistani nationals had played a significant role in the progress and prosperity of Saudi Arabia.

Saudi Minister Al-Qasabi stressed the need to further promote the sentiments about the Pak-Saudi ties among the youth and new generation.

Finance Minister Muhammad Aurangzeb, Commerce Minister Jam Kamal Khan, Information and Broadcasting Minister Attaullah Tarar, Petroleum Minister Dr Musaddik Malik and Special Assistant to PM Tariq Fatemi also attended the meeting.

Pakistan, Malaysia to hold JMC this year

Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar on Monday met with Malaysian Foreign Minister Dato Seri Utama Haji Mohamad Bin Haji Hasan in which they reviewed the broad range of relations with a special focus on enhancing trade and investment ties.

In the meeting held on the sidelines of the Special Meeting of the World Economic Forum (WEF) being held in Riyadh, two sides agreed to hold the next round of Joint Ministerial Commission meeting in Islamabad during the year.

In the Joint Ministerial Commission meeting, the two sides will study the markets and take full advantage of the opportunities offered in various sectors for tangible economic outcomes, according to a press release.

Regular high-level contacts provide a leadership-driven impetus to bilateral trade and investment relations. In this backdrop, the Deputy Prime Minister and Foreign Minister Dar invited the Malaysian foreign minister to undertake a visit to Pakistan, which he accepted.

Discussing the ongoing humanitarian crisis in Gaza, the two sides emphasized the immediate cessation of hostilities and called for providing urgent humanitarian relief to Palestinians.

They also underscored closer cooperation within the framework of OIC for finding a peaceful and durable solution to the Palestinian question.