Global Rice News

ISLAMABAD – President of Islamabad Chamber of Commerce and Industry, Ahsan Zafar Bakhtawari, has expressed his appreciation for Saudi Arabia’s decision to fast track an initial investment of $5 billion in Pakistan. This decision was made during a meeting between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammad Bin Salman in Makkah. Last year, Saudi Arabia had pledged to invest $25 billion within the next 5 years under the Special Investment Facilitation Council (SIFC) to promote investment in energy, IT, minerals, defense, and agriculture sectors from Arab countries.

Bakhtawari stated that the visits of Prime Minister Shehbaz Sharif, COAS General Asim Munir, Caretaker Prime Minister Anwaar-ul-Haq Kakar, and Caretaker Finance Minister Dr. Gohar Ejaz were instrumental in finalizing the deal. He emphasized that Saudi Arabia has always been supportive in strengthening Pakistan’s economy and improving the welfare of its people. It is crucial for Pakistani and Saudi businessmen to identify areas of complementarity and comparative advantage. The chambers of commerce in both countries should have more frequent interaction and establish a framework for necessary legal reforms to ensure a seamless return on investments.

Moreover, Bakhtawari suggested organizing Pakistan-Saudi traders’ exhibitions in major cities to showcase resources and attract foreign direct investment. He also mentioned the possibility of a free trade agreement between the two countries. The business community of Pakistan, particularly the Islamabad Chamber of Commerce and Industry, is committed to promoting business and commercial activities in the country in collaboration with international partners, aiming to establish Pakistan as an attractive destination for foreign investors.

Bakhtawari highlighted the vast trade opportunities between Pakistan and Saudi Arabia. The current economic and political environment has made Saudi Arabia an important economic partner and a lucrative market for Pakistan’s exports. There are significant potentials for Pakistan to enhance its trade and investment ties with Saudi Arabia, particularly in the textile, pharmaceutical, rice, leather, seafood, and dairy farming sectors. These sectors need to be explored further to boost Pakistan’s exports to Saudi Arabia. Bakhtawari concluded by acknowledging Saudi Arabia’s consistent support to Pakistan in challenging times, and he believes that this investment will play a crucial role in addressing Pakistan’s current economic challenges.

Source: [Nation.com.pk](https://www.nation.com.pk){:target=”_blank” rel=”nofollow”}