Pakistan is looking to expand its exports to Saudi Arabia, particularly in the skilled labor sector, as the Kingdom’s Vision 2030 drives up demand for a highly trained workforce, Finance Minister Muhammad Aurangzeb said on Monday.
Speaking to Arab media oulet on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb emphasized that Pakistan sees Saudi Arabia’s economic transformation as a valuable model for its own structural reforms.
"Pakistan and the Kingdom of Saudi Arabia have been long-standing partners—one of the strongest partnerships that we have," Aurangzeb said. "As we go through our own structural reforms on the back of the macroeconomic stability we have achieved, there is a lot to learn from Vision 2030."
The finance minister highlighted Saudi Arabia’s growing regional influence, noting that the Kingdom has exceeded several targets under its reform agenda. “Saudi Arabia is well ahead of its Vision 2030 targets, and there is so much that Pakistan can learn from our partners there,” he added.
Growing Saudi investments
Aurangzeb pointed to the increasing Saudi investment in Pakistan, particularly in the business-to-business (B2B) sector. He cited Saudi Aramco’s entry into Pakistan’s downstream petroleum industry as a key example.
"We have already seen a few investments from Saudi Arabia in the B2B space, and now Aramco has entered the downstream sector. These are all very significant investments," he said.
The minister also revealed that several government-to-government (G2G) agreements between Pakistan and Saudi Arabia are in the pipeline and expected to be announced later this year.
“Meanwhile, we remain grateful for the support received from Saudi Arabia, especially concerning our IMF program,” he said, adding that the AlUla Conference serves as an important multilateral platform for emerging economies to discuss economic resilience and cooperation.
Regional cooperation
Aurangzeb also participated in a group discussion with finance and economic ministers from the UAE, Egypt, Jordan, Morocco, and other Gulf Cooperation Council (GCC) countries on the sidelines of the conference.
The meeting focused on regional economic cooperation and strategies to strengthen trade and investment among emerging economies.
Pakistan has been actively seeking increased economic engagement with Gulf nations, particularly Saudi Arabia, as part of efforts to bolster foreign investment and stabilize its economy.
