High-level Saudi business delegation set to arrive on May 5
Published on: May 7, 2024.
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A delegation of 50 business leaders from Saudi Arabia is set to arrive in Pakistan on May 5th with the aim of exploring investment opportunities and building relationships with local entrepreneurs. The delegation will consist of representatives from 30 Saudi companies across various sectors including IT, telecoms, energy, aviation, construction, mining exploration, agriculture, and human resource development. The Assistant Minister of Investment will lead the delegation, according to a Ministry of Commerce official.
During their visit, Pakistani companies in these sectors will have the opportunity to engage in business meetings with their Saudi counterparts, with the hope of establishing new business and investment deals. The delegation will also participate in the Pak-Saudi Investment Conference, further strengthening ties between the two nations.
Saudi Arabia, known for its oil-based economy, is currently undergoing a transformation to reduce its dependence on oil and diversify its income sources under its Vision 2030 plan. The Kingdom’s major exports currently include mineral fuels, oils, plastics, and organic chemicals, while it imports machinery, vehicles, and agricultural products.
In the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia reached $2,482.37 million. Pakistan exported goods worth $262.58 million, including rice, meat, fruits, vegetables, tents, and camping goods. Saudi Arabia, on the other hand, exported goods worth $2.219 billion, including petroleum products and polymers.
Pakistan and the Gulf Cooperation Council (GCC) have agreed on a Free-Trade Agreement, and Pakistan is also planning to organize a Single Country Exhibition and Lifestyle Show in Saudi Arabia. The country is actively seeking investments and partnerships from Saudi Arabia in various sectors such as IT, minerals, textiles, food security, engineering, and energy.
The upcoming visit of the Saudi business delegation highlights the growing economic ties between Saudi Arabia and Pakistan, with both countries eager to explore new investment opportunities and strengthen their business relationships.
Source: [ARY News](https://arynews.tv)
