By Recorder Report
Copyright brecorder
KARACHI: Saqib Fayyaz Magoon, Acting President, FPCCI said that the bilateral defense agreement between Pakistan and Saudi Arabia is a symbol of the strength of brotherhood and friendly relations between the two countries.
Addressing a press conference, he said that the agreement will ensure peace and stability in the region. He further said that this agreement will also give a new dimension to Pakistan-Saudi Arabia economic cooperation.
By enhancing the joint defense capabilities of the two brotherly countries any aggression against both countries will be a deterrent to any aggression against them. Attack will be considered, said Saqib Fayyaz Mago.
Nasir Khan, Vice President, FPCCI, said that the defense agreement between Pakistan and Saudi Arabia is a testament to the further strengthening of the historical ties between the two brotherly countries,Pakistan’s economic development and bilateral trade will be boosted, he said.
He expressed his grateful to the government and SIFC for the approval of Balochistan Bank. FPCCI’s struggle for the approval of Balochistan Bank has been successfull.
This agreement, based on friendly relations between Saudi Arabia and Pakistan, will increase investment and business opportunities between the two countries, said Aman Paracha, Vice President, FPCCI. He was of the view that economic benefits will ensure mutual prosperity.
Dewan Fakhruddin, Chairman, Pak-UAE Business Council, FPCCI, remarks that Pakistan-Saudi Arabia defense agreement is a foundation of trust between the two countries. The agreement will take economic partnership with defense to new heights, he added. He expressed hope that their agreement will open new doors for employment and development.
Meanwhile, Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, praising the recently signed Strategic Mutual Defense Agreement between Pakistan and Saudi Arabia.
He is a respected leader in the Pakistani business community and a former Minister of IT for the Government of Sindh, described the pact as a “defining moment” for both nations.
“This landmark agreement, endorsed by Prime Minister Muhammad Shehbaz Sharif and Crown Prince Mohammed bin Salman, not only solidifies our long-standing partnership but also marks the dawn of a new era for our shared future,” said Hussain.
He highlighted the agreement’s core provision that “any aggression against one country shall be considered an aggression against both” as a powerful deterrent. He also noted that this move has strategic implications for Pakistan’s security and influence on the international stage, particularly in light of recent geopolitical shifts in the Middle East.
Hussain emphasized the economic benefits of the pact, calling it a “security-for-economic stability model” that will ensure continued financial support for Pakistan. He pointed out that Saudi Arabia is Pakistan’s largest source of remittances, with the Pakistani expatriate community of 2.5 million playing a vital role in both economies.
The agreement will likely pave the way for increased military modernization, technology transfer, and deeper trade ties, offering Pakistan new opportunities to diversify its exports and achieve a trade surplus.
“The business community is ready to leverage this historic alliance to drive economic growth and stability,” he concluded.
“This pact is a testament to our enduring relationship, founded on shared values and mutual respect.” The FPCCI is committed to working with the government to ensure this strategic partnership translates into tangible economic prosperity for the people of Pakistan.
Copyright Business Recorder, 2025
