Business & Money | Wednesday 17 January, 2018 3:22 am |

The Saudi-Pakistan Joint Ministerial Commission (JMC) met in Islamabad on Tuesday to boost economic, investment and trade cooperation.

Attendees included senior officials from ministries of both countries, and the Saudi delegation was led by Commerce and Investment Minister Majid Al-Qassabi, Pakistan’s Foreign Ministry spokesman Mohammed Faisal said.

Pakistan’s ambassador in Riyadh, Khan Hasham bin Saddique, told Arab News: “The meeting of the Joint Ministerial Commission signifies the continued and close ties of Pakistan and Saudi Arabia.”

The JMC was an important platform to review, deepen and diversify bilateral relations, in particular trade, investment and cultural relations, he said. It provided an overarching framework for progress on a short- and long-term basis.

“As Saudi Arabia successfully implements its Vision 2030 and Pakistan is set to accrue a huge developmental boost as a result of the China-Pakistan Economic Corridor (CPEC), both countries have much to gain from their close collaboration,” he said.

Bin Saddique said that while the 11th session of the JMC was a continuation of close ties over decades, its timing, context and potential could turn it into a milestone event.

“We hope that through this forum, the two countries will be able to synergize their efforts to address their developmental needs,” he said. “The political will to do so already exists, as is evident from the high-level visits that have taken place in the recent past. Now it is up to the senior officials of the two countries to carry forward the vision of our leadership.”
Both sides agreed to simplify business-to-business interaction. Some 90 percent of Pakistan’s imports from Saudi Arabia are oil and petroleum products. Annual bilateral trade is around $2.5 billion, the Pakistani embassy in Riyadh said last year.