by: TN Media News Riyadh:
Pakistan is aiming to significantly increase its trade with Saudi Arabia to $20 billion, up from the current $5.7 billion, through improved business conditions and enhanced cooperation, according to a top official.
The Saudi-Pakistani Business Forum, which commenced in Riyadh on Feb. 22 under the patronage of Minister of Commerce Majid bin Abdullah Al-Qasabi, organized by the Federation of Saudi Chambers, aims to strengthen economic ties between the two nations.
During the event, Pakistan’s Minister of Commerce Gohar Ejaz emphasized the role of the Free Trade Agreement between the Gulf Corporation Council countries and Pakistan in creating opportunities for investors from both regions. He expressed his ambition to boost trade volume to $20 billion by enhancing the business environment and encouraging private sector involvement, highlighting Pakistan as a significant market and opportunity for Saudi investors.
Chairman of the Federation of Saudi Chambers Hassan Al-Huwaizi highlighted the growth in trade exchange between the two countries, which reached $5.7 billion. He noted that Pakistan now ranks 20th in the list of Saudi trading partners, with prospects for broader partnership and Pakistani investors in Vision 2030 projects.
With over 2.7 million Pakistani expatriates in Saudi Arabia, the country serves as the top source of remittances for Pakistan, providing vital financial support. Remittance inflows from Saudi Arabia continue to be substantial, as reported by the State Bank of Pakistan.
The forum also discussed initiatives and projects being developed by the Saudi-Pakistani Business Council, including launching a portal for rice importers from Pakistan and establishing a technology center in Riyadh. The council is also working on a halal meat center in Makkah, a market for Pakistani products in the Kingdom, and joint petrochemical industries to meet market needs.
Participants at the forum explored investment opportunities and initiatives under Vision 2030 for Pakistani investors, as well as investment options available to Saudi businessmen in Pakistan across various economic sectors. The ministry of investment presented a detailed overview of the financial environment and opportunities in Saudi Arabia, while the Agricultural Development Fund and Saudi Export-Import Bank showcased their efforts in sector development and export support.
Saudi Arabia’s Crown Prince Mohammed bin Salman has directed efforts to increase the Kingdom’s investments in Pakistan to $10 billion and explore opportunities to enhance the Saudi deposit to the Central Bank of Pakistan to $5 billion, signaling a strong commitment to strengthen economic ties between the two nations.
