Pakistan is striving to elevate its trade ties with Saudi Arabia, aiming to achieve a trading volume of $20 Billion
By Staff Writer, Halal Incorp
Riyadh: Pakistan is setting its sights on a significant surge in trade with Saudi Arabia, aiming to escalate the current trade volume of $5.7 billion to a substantial $20 billion.
Pakistan Trade With Saudi Arabia
This ambitious goal was underscored by a high-ranking official during the commencement of the Saudi-Pakistani Business Forum in Riyadh on February 22, under the auspices of Minister of Commerce Majid bin Abdullah Al-Qasabi and organized by the Federation of Saudi Chambers, as per the Kingdom’s official press agency.
Pakistan Trade With Saudi Arabia
Pakistan’s Minister of Commerce, Gohar Ejaz, emphasized the pivotal role played by the Free Trade Agreement between the Gulf Corporation Council countries and Pakistan in fostering investment opportunities for both regions.
Expressing optimism, Ejaz outlined plans to bolster trade figures through ameliorating the business climate between the two nations and galvanizing the private sector. He accentuated Pakistan’s status as a lucrative market, ripe with opportunities for Saudi investors.
Hassan Al-Huwaizi, Chairman of the Federation of Saudi Chambers, acknowledged the significant strides in trade between the two nations, which currently stands at $5.7 billion, ranking Pakistan as the 20th trading partner of Saudi Arabia. Al-Huwaizi envisioned broader prospects for collaboration, including Pakistani investors’ participation in Vision 2030 projects.
With over 2.7 million Pakistani expatriates residing in Saudi Arabia, the country serves as a vital source of remittances for Pakistan.
The State Bank of Pakistan reported substantial remittance inflows, predominantly from Saudi Arabia, along with other key countries.
Ejaz highlighted the protective measures and assurances afforded to Saudi and Gulf investments under the agreement, reaffirming Pakistan’s commitment to fortify its ties with Saudi Arabia and leverage Vision 2030 initiatives.
Fahd Al-Bash, president of the Saudi-Pakistani Business Council, disclosed collaborative ventures aimed at facilitating trade, including the launch of a portal for rice importers from Pakistan and the establishment of various centers and markets within Saudi Arabia for Pakistani products.
The forum also deliberated on investment opportunities under Vision 2030 and showcased initiatives to bolster Saudi exports and support exporters, along with presentations on investment prospects in both countries.
Under the directive of Crown Prince Mohammed bin Salman, efforts are underway to augment Saudi investments in Pakistan to $10 billion, with the Saudi Fund for Development exploring avenues to bolster its deposits in the Central Bank of Pakistan to $5 billion.
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