ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar and Saudi Arabia’s Ambassador Nawaf bin Said-Al Malki expressed their resolve to strengthen existing ties between the two countries, particularly in trade and investment, state broadcaster reported this week amid Islamabad’s efforts to attract investment from Gulf countries in its priority sectors. 

Pakistan has pushed in recent months to strengthen trade and investment ties with friendly nations, particularly the Kingdom, which last year promised a $5 billion investment package that cash-strapped Islamabad desperately needs to shore up foreign reserves and fight a chronic balance of payment crisis.

Pakistani and Saudi businesses signed several agreements and memoranda of understanding (MoUs) in October 2024 worth $2.8 billion. Islamabad is also looking to attract Saudi investment in key sectors such as oil and gas, renewable energy, mining and minerals, infrastructure and others to keep its fragile $350 billion economy afloat.

“Saudi Ambassador Nawaf bin Said Al-Malki called on Deputy Prime Minister Ishaq Dar in Islamabad,” state broadcaster Radio Pakistan reported on Monday. “Both expressed their commitment to further strengthen the existing deep-rooted ties between the two countries, particularly in the areas of trade and investment.”

The state media said Malki conveyed Ramadan greetings for Dar and the people of Pakistan. The deputy prime minister wished the same to the Saudi leadership and the Kingdom’s people. 

Apart from strong trade and investment ties, Pakistan and Saudi Arabia also share deep cultural, defense and economic relations. The Kingdom is home to over two million Pakistanis and for years has remained the largest contributor to the country’s workers’ remittance inflows.

These remittances play a major role in supporting Pakistan’s external account, especially at a time when the country is recording small gains after a prolonged economic crisis that diminished its foreign exchange reserves and weakened its national currency.