A significant Saudi delegation, composed of numerous investors, has touched down in Islamabad for a three-day visit aimed at exploring potential investment avenues. Pakistan, keen on attracting foreign investors to bolster its exports, is partnering with Saudi entities in this endeavour.
The delegation, spearheaded by Saudi Deputy Investment Minister Ibrahim Almubarak, received a warm welcome from Commerce Minister Jam Kamal and Petroleum Minister Musadik Malik upon arrival at the Nur Khan airbase, as per a statement released by the Ministry of Commerce.
The primary objective of the visit, as highlighted by the commerce minister, is to fortify trade relations between investors from both nations while pinpointing trade and investment opportunities across various sectors of Pakistan’s economy.
To facilitate this exploration, the ministry has selected several Pakistani companies for business-to-business (B2B) meetings with the Saudi investors. It’s revealed that esteemed Pakistani firms are set to collaborate with a minimum of 30 Saudi companies spanning diverse sectors. These B2B engagements will feature discussions on sectors including agriculture, mining, human resources, energy, chemicals, and maritime, with potential investment prospects also being explored in IT, religious tourism, telecom, aviation, construction, water, and power generation.
There’s an optimistic outlook regarding the outcome of these meetings, with expectations that numerous companies will solidify business and investment agreements, thereby fostering deeper economic cooperation between Saudi Arabia and Pakistan.
Prime Minister Shehbaz Sharif’s recent visit to Saudi Arabia has been deemed highly successful, with significant developments anticipated in the coming months following his discussions with Saudi Crown Prince Mohammed bin Salman. The prime minister’s engagement underscores the historic ties between the two countries, as highlighted by the information minister.
Preceding Sharif’s visit, former caretaker Prime Minister Anwaarul Haq Kakar had also embarked on a trip to Saudi Arabia, where he disclosed plans for a substantial Saudi investment package worth up to $25 billion across various sectors within the next few years.
Additionally, a two-day Pakistan-Saudi Arabia investment summit is set to kick off today, aiming to bolster bilateral trade and investment endeavours, heralding a new phase of growth and prosperity for both nations.
In light of these developments, it’s crucial to note Saudi Arabia’s economic transformation as outlined in Vision 2030, which aims to reduce oil dependency, diversify income sources, and enhance competitiveness. This transformation underscores the importance of such bilateral engagements in fostering economic growth and sustainability.
Notably, bilateral trade between Pakistan and Saudi Arabia has already reached significant levels, with exports from Pakistan valued at $262.58 million and Saudi exports at $2.219 billion during the first half of the current financial year. Key exports from Pakistan to Saudi Arabia include rice, bovine meat, fruits and vegetables, and camping goods, highlighting the potential for further collaboration and trade expansion between the two nations.