Arab News, Sat, Feb 24, 2024 | Shaban 14, 1445
Pakistan aiming to increase trade with Saudi Arabia to $20bn: minister
Saudi Arabia:
Pakistan wants to increase its trade with Saudi Arabia to $20 billion, up from
the current $5.7 billion, through enhancing business conditions, according to a
top official.
The Saudi-Pakistani Business Forum kicked off in
Riyadh on Feb. 22 under the patronage of Minister of Commerce Majid bin Abdullah
Al-Qasabi, organized by the Federation of Saudi Chambers, according to the
Kingdom’s official press agency.
During the event, Pakistan’s Minister of Commerce
Gohar Ejaz highlighted the role of the Free Trade Agreement between the Gulf
Corporation Council countries and his nation in opening up opportunities for
investors from both regions.
He expressed his ambition to increase trade volume
to $20 billion by improving the business environment between the two countries
and encouraging the private sector, especially since Pakistan represents a
significant market and opportunity for Saudi investors.
Chairman of the Federation of Saudi Chambers
Hassan Al-Huwaizi noted the leaps in trade exchange between the Kingdom and
Pakistan, which reached $5.7 billion, adding that Pakistan now ranks 20th in the
list of Saudi trading partners, with broader prospects for partnership and
Pakistani investors in Vision 2030 projects.
The Kingdom is home to over 2.7 million Pakistani
expatriates, serving as the top source of remittances for the cash-strapped
South Asian country.
“Remittance inflows during Jan. 24 were mainly
sourced from Saudi Arabia ($587.3 million), United Arab Emirates ($407.6
million), United Kingdom ($362.1 million) and United States of America ($283.4
million),” the State Bank of Pakistan said in a press release.
Ejaz pointed out that the agreement provides
protection and guarantees for Saudi and Gulf investments, explaining that the
forum comes within Pakistan’s interest in developing its relations with the
Kingdom and benefiting from Vision 2030 projects.
The minister of commerce emphasized in a speech,
conveyed by Acting Deputy Governor of the Foreign Trade Authority’s Deputyship
of Private Sector Affairs and Global Presence Fawaz bin Rafaah, the significant
role played by the private sectors of Saudi Arabia and Pakistan in developing
the volume of trade exchange, as reported by the Saudi Press Agency.
Fahd Al-Bash, president of the Saudi-Pakistani
Business Council, revealed several initiatives and projects the council is
working on in cooperation with investors from both countries.
These include launching a portal for rice
importers from Pakistan, establishing a technology center in Riyadh, a halal
meat center in Makkah, as well as a market for Pakistani products in the Kingdom
and joint petrochemical industries to meet the needs of the market.
Forum participants discussed the opportunities and
initiatives provided by Vision 2030 for Pakistani investors, as well as the
investment options available to Saudi businessmen in Pakistan across various
targeted economic sectors.
During the forum, the ministry of investment
screened a presentation titled “Invest in Saudi Arabia,” covering the financial
environment and opportunities in the Kingdom.
The Agricultural Development Fund also presented
its services and efforts in agricultural sector development.
Additionally, the Saudi Export-Import Bank
showcased its efforts and services in developing Saudi exports and serving
exporters, while the Pakistani Investment Council reviewed the investment
opportunities available in Pakistan.
Saudi Arabia’s Crown Prince Mohammed bin Salman
has directed a study to increase the Kingdom’s investments in Pakistan to $10
billion.
He also advised the Saudi Fund for Development to
explore opportunities for enhancing the Saudi deposit to the Central Bank of
Pakistan, aiming to reach $5 billion.