Shehbaz, MBS agree to launch economic cooperation framework

RIYADH: Prime Minister Muhammad Shehbaz Sharif and Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, on Tuesday agreed to launch a comprehensive Economic Cooperation Framework aimed at elevating Pakistan-Saudi Arabia relations into a new era of strategic economic partnership.

The announcement came following a high-level meeting between the two leaders, underscoring their shared commitment to expand bilateral trade, investment and development cooperation in key sectors of mutual interest. The new framework builds on nearly eight decades of historic brotherhood, anchored in Islamic solidarity and mutual trust. It seeks to strengthen the role of both public and private sectors in promoting joint ventures and enhancing trade exchange between the two countries.

Under the framework, several strategic and high-impact initiatives are being explored in sectors including energy, industry, mining, information technology, tourism, agriculture and food security. Both sides are also reviewing key agreements, including Memoranda of Understanding (MoUs) for an electricity interconnection project and cooperation in the energy sector, marking a significant step towards regional energy integration.

Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman reaffirmed their shared vision of building a sustainable economic partnership that reflects the aspirations of their leadership and the people of both brotherly nations. They also expressed their anticipation for the upcoming session of the Saudi-Pakistani Supreme Coordination Council, which will further institutionalize cooperation and ensure the effective implementation of joint projects under the new framework.

While addressing a high-level roundtable discussion titled “Is Humanity Heading in the Right Direction?” at the 9th Future Investment Initiative Conference 2025 in Riyadh, Prime Minister Muhammad Shehbaz Sharif urged the global north to develop synergy and unity with the global south for the transfer of technology and resource sharing, to ensure humanity’s shared prosperity in the face of climate change and environmental degradation.

The prime minister called for mutual cooperation to support climate-vulnerable countries like Pakistan, warning that reliance on loans alone for recovery would erode economic resilience and stall development. He emphasized that to move forward, humanity must act in unison, share both resources and challenges, and transfer modern technologies to help countries boost production in agriculture, industry and employment.

He also congratulated Crown Prince Mohammed bin Salman for the successful event and praised his visionary leadership in transforming Saudi society. He outlined wide-ranging reforms underway in Pakistan, describing them as deep-rooted and robust. He shared that Pakistan’s Federal Board of Revenue has been fully digitised and that the government is strongly combating corruption.

Separately, Prime Minister Shehbaz met with World Economic Forum President and CEO Børge Brende here on the sidelines of the FII conference. It was held at the WEF leadership’s request to formally invite the prime minister to the WEF Annual Meeting in Davos in January 2026.