Pakistan-Saudi Arabia Sign Mutual Defense Pact, Aiming to Boost Bilateral Trade

Islamabad: Zubair Tufail, President of the United Business Group (UBG) and former President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), lauded Prime Minister Mian Shehbaz Sharif’s visit to Saudi Arabia and the signing of a mutual defense agreement, calling it a landmark achievement in the nations’ bilateral relations. The pact designates an attack on one nation as an attack on both.

Tufail believes the visit and subsequent agreements will bolster mutual trust and create avenues for increased bilateral trade, economic collaboration, investment, and joint ventures.

Currently, Saudi Arabia’s net foreign direct investment (FDI) in Pakistan is $74.5 million. Pakistan’s imports from Saudi Arabia are $4.5 billion, against exports of $710 million.

To elevate trade, Tufail suggests strengthening connections between the two nations’ business sectors through their respective federations and organizing single-country exhibitions in each other’s marketplaces. He anticipates significant growth in commerce and investment in the coming years, promoting regional stability and shared prosperity.

Tufail highlighted the unity of Pakistan’s military and political leadership in their commitment to national progress, with the business sector playing a vital supporting role. He confirmed UBG and FPCCI’s commitment to support and partner with the government in enhancing private-sector connections and deepening business collaboration between the two countries.