SIFC Can Transform Pak-Saudi Economic Collaborations

Pakistan and Saudi Arabia have deep-rooted diplomatic relations since 1947, since Pakistan’s independence; these have been full of cultural, religious, and historical affinity between the two nations. Financial aid from Saudi Arabia has been crucial during economic crunch and natural disasters. Other key milestones include co-founding the OIC in 1969, strengthening their strategic partnership and mutual support. In this context, Saudi Arabia, historically being one of the most reliable allies of Pakistan, provides substantial financial support and investment.

According to the State Bank of Pakistan (SBP), the volume of bilateral trade between the two countries remained about $ 5.01 billion in 2023, which still has a high potential for further growth. Similarly, the nature of Saudi investments in Pakistan also varies from energy, agriculture, and infrastructure. Among them, prospective investments are the $10 billion proposed Saudi Aramco oil refinery to be established in Gwadar under the China-Pakistan Economic Corridor. The project underscores Saudi Arabia’s interest in broadening the economic relations between itself and Pakistan — hence maximizing the advantages of Gwadar Port’s strategic location. … Read Full Article 

SIFC Can Transform Pak-Saudi Economic Collaborations
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