saudi business delegation from high-level set to arrive on May 5
Published on: May 7, 2024.
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A high-level business delegation of 50 members from the Kingdom of Saudi Arabia (KSA) is set to arrive in Pakistan on May 5. This delegation aims to explore investment opportunities in various sectors and strengthen ties with local entrepreneurs.
The delegation will consist of representatives from 30 Saudi companies in sectors such as information technology, telecoms, energy, aviation, construction, mining exploration, agriculture, and human resource development. The Assistant Minister of Investment will lead the delegation, as confirmed by a Ministry of Commerce official.
To facilitate business-to-business interactions, Pakistani companies in the respective sectors have been selected to meet with their Saudi counterparts. These meetings are expected to lead to potential business and investment agreements.
In addition, the delegation will take part in the Pak-Saudi Investment Conference, further promoting investment between the two countries.
Saudi Arabia, known for its oil-based economy, is currently undergoing a transformation to reduce dependency on oil, diversify income sources, and enhance competitiveness under the Vision 2030 plan, which the delegation aims to explore during their visit.
At present, the main exports from Saudi Arabia include mineral fuels, mineral oils, plastics, and organic chemicals, while key imports include machinery, vehicles, and agricultural products.
During the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia amounted to $2,482.37 million. Pakistan’s exports accounted for $262.58 million, while Saudi exports stood at $2.219 billion.
Major Pakistani exports to Saudi Arabia consist of rice, bovine meat, fruits and vegetables, tents, and camping goods. On the other hand, Pakistan imports petroleum products, propylene, and ethylene polymers from Saudi Arabia.
Furthermore, Pakistan and the Gulf Cooperation Council (GCC) have agreed on a Free Trade Agreement. Pakistan also plans to organize a Single Country Exhibition and Lifestyle Show in Saudi Arabia to further enhance trade between the two nations.
Pakistan welcomes and will provide full support for investments and partnerships from Saudi Arabia in sectors such as information technology, minerals, textiles, food security, engineering, and energy.
Source: [App.com.pk](https://www.app.com.pk)
