- The Minister is optimistic that the business-to-business meetings will result in investment agreements, prompting prominent local companies to present their proposals to Saudi counterparts.
- A two-day investment conference between Pakistan and Saudi Arabia commences today, with Islamabad preparing to hold a trade exhibition in the Gulf nation.
A Saudi delegation led by Deputy Investment Minister Ibrahim Almubarak has arrived in Islamabad for a three-day visit to explore investment opportunities. The delegation was greeted by Commerce Minister Jam Kamal and Petroleum Minister Musadik Malik at the Nur Khan airbase. The purpose of the visit is to strengthen trade relations between the two countries and identify potential investment opportunities in various sectors of the economy. The Ministry of Commerce has selected several Pakistani companies for business-to-business meetings with the Saudi investors, with plans for collaboration between leading Pakistani companies and around 30 Saudi companies in different sectors. Local companies will have the opportunity to present their business and investment proposals during these meetings.
The B2B meetings will focus on industries such as agriculture, mining, human resources, energy, chemicals, and maritime. Additionally, talks will encompass investment opportunities in sectors like IT, religious tourism, telecom, aviation, construction, water, and power generation. The minister expressed confidence that numerous companies would successfully conclude business and investment agreements during the B2B sessions, enhancing economic collaboration between Saudi Arabia and Pakistan. Prime Minister Shehbaz Sharif recently met with Saudi Crown Prince Mohammed bin Salman, who agreed to accelerate the initial phase of a proposed $5 billion Saudi investment plan for Pakistan.
The APP has announced the commencement of a two-day Pakistan-Saudi Arabia investment conference today with the aim of boosting bilateral trade and investment, ushering in a new era of growth and prosperity.
As per a statement from a commerce ministry official, Saudi Arabia, previously reliant on oil, is now in the process of diversifying its income sources and enhancing competitiveness under the Vision 2030 plan, which aims to reduce oil dependence.
The Kingdom’s primary exports currently consist of mineral fuels, mineral oils, plastics, and organic chemicals, while it imports machinery, vehicles, and agricultural products. The official highlighted that in the first half of the ongoing financial year, bilateral trade between Pakistan and Saudi Arabia reached over $248 million, with Pakistan’s exports amounting to $262.58 million and Saudi exports totaling $2.219 billion.
Pakistan’s major exports to Saudi Arabia include rice, bovine meat, fruits, vegetables, as well as tents and camping goods.
