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ISLAMABAD: Deputy Prime Minister Ishaq Dar met ������Ƶ’s Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, on Wednesday to discuss promoting bilateral investments and expanding cooperation in key economic sectors, Pakistan’s foreign ministry said. 

Pakistan and ������Ƶ enjoy cordial relations and strong ties in defense, military, tourism and various other sectors. The two countries have eyed closer cooperation in mines and minerals, agriculture, tourism, IT and other sectors in recent years. 

Islamabad and Riyadh last year signed 34 business-to-business deals worth $2.8 billion amid Islamabad’s increasing focus to shore up its foreign reserves and bolster its economic revival with the help of its Gulf allies. 

Dar, who is in the United States till July 28 to lead “high-level signature events” under Pakistan’s presidency of the UN Security Council, met Alibrahim on the sidelines of the events. 

“Discussions focused on expanding cooperation across key sectors, including food security, manufacturing, and mines & minerals,” the Pakistani foreign ministry said. 

“They also agreed to advance investments and technical collaboration for mutual benefit of the two nations,” it added. 

The two reaffirmed brotherly ties between Pakistan and ������Ƶ and their shared vision for lasting peace, prosperity and regional harmony, the foreign ministry said.

Apart from being a key regional ally and close business partner, ������Ƶ also happens to be the largest source of foreign remittances for Pakistan. 

These remittances are a lifeline for Pakistan’s cash-strapped economy, playing a critical role in stabilizing foreign exchange reserves and supporting balance of payments. 

ISLAMABAD: Deputy Prime Minister Ishaq Dar on Wednesday urged investors in New York to leverage Pakistan’s young population and large consumer base for diverse investment opportunities, Pakistan’s foreign ministry said.

Pakistan has increasingly eyed foreign investment from regional allies and partners, particularly since it formed the Special Investment Facilitation Council (SIFC) in 2023, to escape a prolonged macroeconomic crisis. The SIFC aims to attract investment in key economic sectors such as minerals, IT, tourism, agriculture and livestock.

Dar, who also serves as Pakistan’s foreign minister, arrived in the United States on July 21 and is scheduled to lead high-level signature events at the UN headquarters till July 28. The deputy premier met a group of businessmen and investors in New York to share his perspective on Pakistan’s improving economic landscape, the foreign ministry said.

“He encouraged the participants to explore diverse investment opportunities in Pakistan with a view to leveraging the large consumer base, young population, growing digital economy, and advantageous geographic positioning toward mutually rewarding outcomes,” the statement said.

Pakistan has a sizable population of over 240 million people, where nearly 64 percent are under the age of 30. Islamabad has recently taken several measures to adopt digital financial assets to ensure economic growth as the world embraces new forms of currency.

Dar stressed the critical role of the Pakistani diaspora toward realizing the trade, investment and economic ties between Pakistan and the US, the statement added.

He informed investors about the SIFC’s streamlined processes for investors across priority sectors such as agriculture, IT, minerals, energy and tourism.

“The participants expressed their commitment to fostering deeper economic collaboration and long-term investment engagement between the two countries,” the ministry concluded.

Pakistan considers the US an important trade ally as it is the South Asian country’s top export destination. Pakistan’s exports to the US totaled $5.44 billion in FY2024, as per official data.

Prime Minister Shehbaz Sharif’s government has linked Pakistan’s economic revival to an export-driven growth and partnerships based on what the premier describes as “mutually beneficial” with allies.