MIRPURKHAS: Pakistan and Saudi Arabia discussed investment opportunities in agriculture and mining on Thursday, Pakistan’s finance ministry said, as Islamabad seeks to strengthen commercial ties with a major financial backer and source of remittances.

Saudi Arabia has played a significant role in supporting Pakistan’s external finances. In July, Pakistani officials said the Kingdom had extended $5 billion in central bank deposits for three years, helping shore up foreign exchange reserves. officials

The countries are also seeking to expand trade and private investment. In August, they agreed to work toward raising Pakistan’s agricultural and food exports to Saudi Arabia to $3 billion, identifying rice, red meat, fruit products and green fodder among priority areas. The figure is a target, rather than current trade. MEWA

“The two sides discussed opportunities for cooperation in agriculture, minerals and mining, and other sectors with investment potential,” the Finance Division said after Finance Minister Muhammad Aurangzeb met Saudi Ambassador Dr. Rajeh Tami Albugamy.

“They emphasized the importance of translating shared priorities into tangible outcomes and strengthening commercial engagement between the two countries.”

Albugamy emphasized stronger business-to-business engagement, while Aurangzeb highlighted Pakistan’s efforts to restore economic stability and maintain a predictable environment for investors, according to the Pakistani statement.

The minister also cited Pakistan’s recent $3 billion Eurobond issuance and access to China’s capital market as part of its efforts to strengthen investor confidence.

The investment discussions build on earlier commercial outreach. Pakistani and Saudi businesses signed 34 memoranda of understanding worth $2.8 billion in 2024.

Saudi Arabia also hosts approximately 2.5 million Pakistanis, according to a Pakistani government statement, making employment and remittances another important component of the relationship. Central bank figures show workers in the Kingdom sent about $873 million to Pakistan in August alone.

Aurangzeb and Albugamy also discussed the regional conflict and its economic implications, the ministry said.

The war that began with US and Israeli strikes on Iran in February has disrupted shipping through the Strait of Hormuz and spread across the region, including intensified attacks by Yemen’s Iran-aligned Houthis on Saudi Arabia. For Pakistan, which relies heavily on imported Gulf energy, the disruption has increased fuel costs and complicated efforts to contain inflation.