Pakistan, Saudi Arabia launch Economic Cooperation
We suffered economic losses worth $130bn from climate disasters, says PM at FII9 meet
ISLAMABAD/RIYADH: Pakistan and Saudi Arabia on Tuesday launched the Economic Cooperation Framework, which is based on their shared economic interests and reaffirms their desire to strengthen trade and investment relations.
The decision to launch the framework was taken during a Monday meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on the sidelines of the Ninth Edition of the Future Investment Initiative (FII9) in Riyadh, according to a statement from the Foreign Office (FO).
The FII9 convened global leaders, investors, policymakers, and innovators to explore the theme, ‘The Key to Prosperity: Unlocking New Frontiers of Growth’ and discuss key topics such as innovation, sustainability, economic inclusion, and geopolitical shifts.
“As part of the framework, several strategic and high-impact projects will be discussed in the economic, trade, investment and development fields that will contribute to strengthening cooperation between the two governments, enhancing the pivotal role of the private sector, and increasing trade exchange between the two countries,” the statement read.
Participating in a discussion at the Ninth Edition of the Future Investment Initiative, PM Shehbaz said Pakistan was rich in resources. He said “very honest mistakes” were made in the country’s history but it had learnt from them.
“Important thing is to learn from your mistakes and that is what we are doing. At this point in time, we are undertaking most robust changes and deep rooted reforms which are deeply required,” the premier said, pointing to the digitisation of the Federal Board of Revenue to tackle corruption.
The prime minister said Pakistan was among the countries that were most exposed to the effects of climate change through no fault of theirs, adding that the country’s carbon emissions were “less than a fraction of one per cent”.
Speaking during a panel discussion at the ninth edition of the Future Investment Initiative (FII9) conference in Riyadh,Prime Minister Shehbaz Sharif on Tuesday said Pakistan had sustained economic losses worth $130 billion due to climate-induced disasters, despite contributing less than a fraction of 1% to global carbon emissions.
The prime minister said Pakistan remained among the world’s most climate-affected nations “through no fault of its own.”
“Our emission is less than a fraction of 1% and yet in 2022 we faced devastating [cloudbursts], floods and storms,” he said.
He recalled that the 2022 floods had submerged vast areas of land and destroyed crops, forcing the country to rely on external borrowing for reconstruction.
“It is like going up the ladder and then coming back down,” he said, lamenting that the gains made by the nation were reversed by repeated natural calamities. Staff Report
