RIYADH: Trade ties between Islamic Corp. for the Insurance of Investment and Export Credit and Saudi Pak Industrial and Agricultural Investment Co., or Saudi Pak, will soon be enhanced thanks to a new agreement.
This association comes as Saudi Arabia’s ICIEC, a member of the Islamic Development Bank, has signed a memorandum of understanding with Saudi Pak, including broad areas of potential collaboration, reported the state-run news agency.
The MoU cements the Kingdom’s commitment to enhance food security and expand the scope of intervention and direct support toward investments that fuel the creation of a climate-resilient renewable energy infrastructure in the country.
Under the terms of the new agreement, both parties will regularly exchange important information. They will also work to enhance efficiency in promoting trade and investment, in addition to organizing educational seminars and workshops.
The CEO of ICIEC, Osama Al-Qaisi, confirmed that the new agreement paves the way for enhancing trade and investment means with the possibility of bringing about significant positive transformations.
This aligns well with the common vision of both parties to boost international trade and economic development while enhancing cooperation between the two countries, Al-Qaisi explained.
Earlier this month, Pakistan’s former Prime Minister Shehbaz Sharif invited Saudi Arabia to avail investment opportunities in the country’s agriculture, mining, and other sectors, as he met Waleed bin Abdulkarim Al-Khuraiji, the Kingdom’s vice-minister of foreign affairs, in Islamabad.
At the time, Al-Khuraiji led a high-level Saudi delegation to Pakistan, with members from the Saudi ministries of foreign affairs, energy, and health.
Saudi ministers of environment and agriculture, industry, and mineral resources, as well as investment were also present at the time.
During the visit, the Pakistan prime minister welcomed the delegation and expressed satisfaction with the positive trajectory of bilateral relations with the Kingdom.
Pakistan and Saudi Arabia have strong cultural, defense, and economic ties. The Kingdom is home to over 2 million Pakistanis, making it the largest contributor to remittance inflows in the South Asian country.