ISLAMABAD: Pakistan and Saudi Arabia have agreed to explore new avenues for investment as such cooperation always play a central role in bringing nations closer and help build a long lasting and mutually beneficial relationship at all levels.

In this regard, Chairman Senate Muhammad Sadiq Sanjrani held meeting with Prince Fahad Bin Sultan Bin Abdul Aziz Governor of Tabuk in Islamabad and exchanged views of matter of mutual interests besides strengthening trade and economic relations, Press Information Department (PID) reported.

Chairman Senate Muhammad Sadiq Sanjrani said that Pakistan desires to further strengthen bilateral multi-sector cooperation with Saudi Arabia. He said that Pakistan highly values it bilateral cordial relations with Saudi Arabia. “We want to further strengthen cooperation through frequent exchanges” Sanjrani said. Chairman Senate said that Pakistan wants peace in the region as durable peace is direly needed for sustainable development. The Senate Chairman also recalled his recent visit to Saudi Arabia and y that high level interactions provided an opportunity to discuss important issues including ways and means to further boost bilateral cooperation through investment. He also thanked the Saudi side for warm welcome and hospitality during his visit and termed it a manifestation of cordial and brotherly bond between Pakistan and Saudi Arabia. He said that the visit would further pave the way for enhanced institutional linkages and deepen cooperation in different sectors.

Pakistan wants to attract investment and other financial support to tackle a soaring current account deficit caused partly by rising oil prices. Last year, Saudi Arabia offered Pakistan a $6 billion package that included help to finance crude imports.

“Saudi Arabia wants to make Pakistan’s economic development stable through establishing an oil refinery and partnership with Pakistan in the China Pakistan Economic Corridor (CPEC),” Saudi Energy Khalid al-Falih told reporters in Gwadar a day earlier.