Saudi Arabia’s Vision 2030 offers immense opportunities to Pakistani construction, infrastructure development, engineering, food, information technology and various other sectors that must be availed of with intensive efforts.
These views were expressed by Pakistani Consulate Trade Development Officer in Jeddah Fahad Chaudhry while talking to acting Lahore Chamber of Commerce and Industry (LCCI) President Zafar Mahmood Chaudhry at the LCCI on Wednesday.
Fahad said that Saudi Arabia had started a vast range of development projects worth $3 trillion under Vision 2030 that would be completed by the year 2030.
“It is a unique opportunity for Pakistani entrepreneurs to become part of Saudi Arabia’s booming economy,” he remarked.
He asked the Lahore Chamber to arrange the visit of a delegation to Saudi Arabia to gain deep knowledge of the opportunities arising under Vision 2030. Speaking on the occasion, Acting LCCI President Zafar Mahmood Chaudhry agreed that the chamber would arrange soon a sector-specific delegation for a trip to Saudi Arabia.
Underlining the enormous scope of expanding bilateral economic relations, he stressed that Saudi businessmen should come and invest in Pakistan in various industries, which offered lucrative opportunities.
He called Saudi Arabia an important trading partner of Pakistan and said solid measures should be taken to find new avenues of expanding and promoting trade.
“We consider exchange of trade delegations as one of the most effective ways of enhancing commerce,” he underlined, adding “we have to identify areas of joint ventures. Pakistan has the manpower, land and technology. It can be a win-win situation for both countries if Saudi investors team up with our local industrialists.”
Zafar pointed out that workers’ remittances from the kingdom had played a substantial role in strengthening the balance of payments position of Pakistan.
In bilateral trade, Pakistan mainly imports oil and oil products from Saudi Arabia, which accounts for 90% of its total imports from the kingdom.
Published in The Express Tribune, August 17th, 2023.
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