Riyadh looks for trade avenues
Pakistan’s export volume must be enhanced to bridge the trade deficit with Saudi Arabia. PHOTO: FILE
Saudi businessmen are willing to find trade and investment opportunities in Pakistan as they enjoy huge support from both governments and need to work together, said Fahad bin Mohammed Al-Bash, Chairman Saudi-Pak Business Council.
A high-level delegation of Saudi businessmen and investors, led by Al-Bash, visited the Lahore Chamber of Commerce and Industry (LCCI) to explore the avenues of joint ventures and investment opportunities in Pakistan.
The delegation members were representing the construction, infrastructure, energy, tourism and pharmaceuticals sectors, and held B2B meetings with the LCCI members.
“We are looking for good joint ventures with Pakistani counterparts and hopefully this visit will be very fruitful and result-oriented, Al-Bash added.
He said Pakistan had a diverse capacity to increase exports of rice, fruits and vegetables, halal meat, mangoes, pharmaceuticals, and different kinds of marble and granites to Saudi Arabia.
A day ago, while speaking at the Islamabad Chamber of Commerce and Industry, Al-Bash said “20% of the workforce in Saudi Arabia is from Pakistan and it wants to import more trained workers from the South Asian nation”.
The delegation head pointed out that many sectors of the Saudi economy including chemical, real estate and tourism offered good opportunities to Pakistani investors.
He said they had seen a lot of business opportunities in Pakistan as well and were working with the embassies of both countries to leverage them to the maximum level.
He announced that exhibitions of Saudi products in Pakistan and Pakistani products in Saudi Arabia would be organised to introduce the export potential of both countries.
Talking to the Saudi delegation, LCCI President Mian Nauman Kabir stressed that Saudi Arabia was the largest economy of the Arab world and Pakistan must find ways to further enhance its trade and economic ties with the Middle Eastern nation.
“We are glad to know that Saudi delegates are willing to find prospective business partners in Pakistan,” he said. “LCCI will certainly play its role in connecting with the bona fide companies.”
In 2021, Pakistan’s imports from Saudi Arabia stood at $3.78 billion, while its exports to Saudi Arabia were around $404 million.
“Exports must be enhanced to minimise the trade deficit. I expect that this visit of Saudi delegation will add new trading avenues for Pakistan’s exports.”
He emphasised that Pakistan had trained manpower and sufficient land for industrial as well as agricultural projects. “There can be a win-win situation for both countries, if Saudi investors team up with our local industrialists and the embassy provides support in this connection.”
LCCI Senior Vice President Mian Rehman Aziz Chan said that Saudi Arabia had been an important trading partner of Pakistan since long.
It comes at the fifth and 14th place among the top importing and exporting countries for Pakistan respectively. “We welcome the Saudi gesture and believe that Islamic countries should assist each other for attaining economic benefits,” Chan said.
Published in The Express Tribune, June 22nd, 2022.
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