Dr Shaikh and Saudi Finance Minister Dr Ibrahim Bin Abdulaziz al -Assaf discussed investment opportunities that Pakistan holds out for Saudi businesses at a meeting on the occasion of semi annual IMF-World Bank gathering.

"We have very close and longstanding relationship with Saudi Arabia and Ibrahim al-Assaf is a longtime friend of Pakistan. We explored ways to further expand bilateral economic cooperation," Hafeez Shaikh said. He also reaffirmed Islamabad's policy to facilitate foreign investment in various sectors of the economy including energy as the country seeks to overcome electricity shortages and spur industrial output.

The Pakistani finance minister also discussed economic cooperation with his counterparts from neighbouring Iran and Afghanistan.

With Iranian Finance Minister Dr Seyed Shamsuddin Hosseini, Shaikh discussed how the two countries could strengthen cooperation in trade and transport areas, particularly toward materializing the proposed launch of a cargo train from Iran to Turkey via Tehran.

Dr Shaikh also held talks with Afghan Finance Minister Omar Zakhilwal on expanding bilateral commerce. At the invitation of Zakhilwal, a delegation of Pakistani entrepreneurs will visit Afghanistan to look at investment opportunities in fields like minerals development and communication.

"Yesterday, I also met with Chinese finance minister these meetings with leaders of neighbouring countries are part of our effort to focus on regional development cooperation," Shaikh said.

The finance minister was accomapnied at the meetings by Secretary Finance Waqar Masood Khan, Chairman Federal Board of Revenue Salman Siddique, Governor State Bank Shahid Hafeez Kardar, Deputy Chairman Planning Commission Nadeem ul Haq, Secretary Economic Affairs Division Abdul Wajid Rana and Counsellor Economic Affairs at the Pakistani embassy in Washington Zahid Hafeez.