High-level Saudi trade representatives set to arrive in Pakistan tomorrow
Published on: May 7, 2024.
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A high-level trade delegation from Saudi Arabia is set to arrive in Pakistan on Sunday to explore investment opportunities in various sectors and build strong relationships with local entrepreneurs. The delegation, consisting of representatives from about 35 companies in Saudi Arabia, will be met with 76 Pakistani business companies that have been shortlisted for potential partnerships.
The Petroleum Minister, Musadiq Malik, expressed that the cooperation between Islamabad and Riyadh will be enhanced at both the government and private levels. The selected Pakistani companies will engage in business-to-business meetings with their Saudi counterparts, with the hope of establishing fruitful business and investment deals.
The Ministry of Commerce has also disclosed that the business delegation will participate in the Pak-Saudi Investment Conference. Saudi Arabia, which historically relies on its oil-based economy, aims to reduce its oil dependence, diversify its income sources, and enhance competitiveness under the Vision 2030 plan.
Currently, the main exports of Saudi Arabia include mineral fuels, mineral oils, plastics, and organic chemicals. On the other hand, the country imports 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, with Pakistan’s exports totaling $262.58 million and Saudi exports reaching $2.219 billion.
Pakistan’s major exports to Saudi Arabia consist of rice, meat, fruits and vegetables, and tents and camping goods, while its imports from the kingdom include petroleum products and polymers of propylene and ethylene.
Pakistan and the Gulf Cooperation Council (GCC) have agreed on a Free-Trade Agreement, and Pakistan plans to organize a Single Country Exhibition and Lifestyle Show in Saudi Arabia to further enhance trade relationships. Pakistan welcomes and encourages investments and partnerships from Saudi Arabia in various sectors such as IT, minerals, textiles, food security, engineering, and energy.
The arrival of the Saudi delegation in Pakistan coincides with Prime Minister Shehbaz Sharif’s visit to Saudi Arabia for the World Economic Forum’s Special Meeting on Global Collaboration, Growth, and Energy. During his visit, the Prime Minister met with Saudi Crown Prince Mohammed bin Salman and discussed cooperation in various sectors. He also had a meeting with Saudi Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi.
Source: [ARY News](https://arynews.tv)
