Saudi-Pakistan Business Forum Sets $20 Billion Trade Goal
Published on: February 23, 2024.
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Saudi-Pakistani Business Forum Commences in Riyadh
The Saudi-Pakistani Business Forum kicked off in Riyadh on Wednesday, under the leadership of Minister of Commerce Dr. Majid Al-Qasabi. The event, organized by the Federation of Saudi Chambers, saw the participation of prominent officials from Saudi Arabia and Pakistan.
Addressing the audience on behalf of Dr. Al-Qasabi, Fawaz bin Rafaah, acting Deputy Governor of the General Authority of Foreign Trade for Private Sector Affairs and Global Presence, emphasized the vital role of the private sector in strengthening trade relations.
Dr. Gohar Ejaz, Pakistani Federal Minister for Commerce, Industries & Investment, highlighted the potential of the Free Trade Agreement in creating new opportunities for investors. He emphasized the agreement’s importance in safeguarding Saudi and Gulf investments and expressed Pakistan’s keenness to participate in Vision 2030 projects, aiming for increased collaboration. Dr. Ejaz also underscored Pakistan’s significant market potential for Saudi investments.
Hassan Al-Huwaizi, Chairman of the Federation of Saudi Chambers, shed light on the forum’s objective to promote investment and trade partnerships. He explained the notable progress in trade exchanges between Saudi Arabia and Pakistan, reaching a value of $5.7 billion. Al-Huwaizi stated that Pakistan currently stands as Saudi Arabia’s 20th largest trade partner, presenting ample opportunities for cooperation, particularly in Vision 2030 projects.
Eng. Fahad Al-Bash, Chairman of the Saudi-Pakistani Business Council, discussed ongoing collaborative initiatives by investors from both countries. These initiatives include the establishment of a dedicated portal for Pakistani rice importers, a technology center in Riyadh, a halal meat center in Makkah, a marketplace for Pakistani products within the Kingdom, and joint ventures in petrochemicals catering to the demands of the Pakistani market.
The forum also featured presentations by the Ministry of Investment titled “Invest in Saudi Arabia,” the Agricultural Development Fund on the development of the agricultural sector, and the Saudi EXIM Bank on bolstering Saudi exports and assisting exporters. Furthermore, the Investment Council showcased investment opportunities in Pakistan, aiming to further strengthen bilateral ties and achieve the ambitious trade target.
