Makkah Agreement: ‘Pakistan’s strategic relevance should be used to secure economic dividend’
KARACHI: Mian Zahid Hussain, president of the Pakistan Businessmen and Intellectuals Forum as well as the All Karachi Industrial Alliance, has said that the real success of the Makkah Pact will be measured not only by the security it provides but also by the investment, exports, industrialization, technology and employment it generates.
Pakistan should use its growing strategic relevance to secure a larger and lasting economic dividend for its businesses and people, and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is ready to play its role in strengthening the economic ties between the three brotherly countries.
Hewelcomed the historic Makkah Joint Defence Agreement, terming it a major step towards collective security, regional stability and deeper economic cooperation among the important Muslim countries.
Mian Zahid Hussain,who is also the chairman of the Policy Advisory Board of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said the agreement signed in Makkah provided that an armed attack on any one of the three countries would be regarded as an attack on all the three countries.
He said the pact was defensive in nature.
The president of the Pakistan Businessmen and Intellectuals Forum noted that recent statements from Turkish leadership indicated that the vision was not intended to remain confined to the three countries, and that other regional countries seeking peace, prosperity and stability would eventually become part of the framework.
Mian Zahid Hussain said that the economic, demographic and defence dimensions of the Makkah Pact highlighted its exceptional significance.
Türkiye has an economy of approximately $1.6 trillion, Saudi Arabia $1.3 trillion, while Pakistan’s economy reached $452 billion in FY2025-26, bringing the combined economic strength of the three brotherly countries to around $3.33 trillion.
Pakistan has a population of about 250 million, Türkiye around 85 million, and Saudi Arabia nearly 37.5 million, taking their combined population to more than 370 million.
He said that Saudi Arabia’s annual defence budget was approximately $83.2 billion, Türkiye’s around $30 billion, and Pakistan’s about $12 billion, bringing the combined annual defence budget of the three countries to nearly $125 billion. Through this alliance, Pakistan’s nuclear capability, Saudi Arabia’s economic strength and Türkiye’s expertise in defence technology had merged together.
These economic, demographic and defence capabilities had elevated the Makkah Pact into an extremely important regional strategic alliance.
He further added that the three countries also represented a vast market, substantial purchasing power, strategically important geography and a large pool of human resources.
He said that if more countries join this framework in the future, its overall economic strength, market size and geographical reach could expand significantly, creating greater opportunities for Pakistani industry, exports and investment to secure a central position within the emerging regional framework.
Mian Zahid Hussain said the pact carries major economic opportunities for Pakistani businesses. Pakistani companies can expand joint ventures and exports in defence engineering, information technology, pharmaceuticals, surgical instruments, textiles, food processing, agriculture, construction materials, logistics, minerals and energy-related industries.
He added that Pakistani manufacturers and exporters should be integrated into emerging defence and industrial supply chains, while Saudi investment and Turkish technology should be channelled into export-oriented industries in Pakistan.
Mian Zahid Hussain said Pakistan’s success during Marka-e-Haq and Operation Bunyan-ul-Marsoos demonstrated the professionalism, technological capability and preparedness of Pakistan’s Armed Forces and considerably strengthened the country’s deterrence and strategic credibility.
He paid rich tribute to Field Marshal Syed Asim Munir for his courageous leadership and strategic vision, saying his role has strengthened Pakistan’s defence credentials and international standing.
He appreciated Prime Minister Muhammad Shehbaz Sharif, Field Marshal Syed Asim Munir and Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar for their leadership and sustained efforts in bringing the historic agreement to fruition. Prime Minister Shehbaz Sharif has publicly acknowledged the untiring efforts of Field Marshal Syed Asim Munir and Senator Ishaq Dar in finalising the agreement, while the Foreign Office has described the leadership of the Prime Minister, Field Marshal and Foreign Office as pivotal in bringing the Makkah Accord to fruition.
Mian Zahid Hussain said it is encouraging that the agreement is already moving towards institutionalization, with plans for a ministerial-level mechanism and a permanent general secretariat in Saudi Arabia.
Such institutional arrangements will provide continuity to cooperation and should ultimately be complemented by equally strong economic and private-sector institutions.
Copyright Business Recorder, 2026