Pakistan-Saudi Arabia Investment Conference Begins Tomorrow
Published on: May 7, 2024.
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Pakistan-Saudi Arabia Investment Conference to Boost Bilateral Trade and Investment
In an effort to promote bilateral trade and investment between Pakistan and Saudi Arabia, a two-day investment conference will kick off on Monday. This conference aims to foster a new era of growth and prosperity for both nations.
A 50-member high-level business delegation from Saudi Arabia will also be visiting Pakistan from May 5. The delegation will explore investment opportunities in various sectors and build strong connections with local entrepreneurs.
The delegation includes representatives from around 30 Saudi companies spanning sectors such as energy, aviation, construction, mining exploration, information technology, telecoms, agriculture, and human resource development. The delegation will be led by the Assistant Minister of Investment.
During the conference, Pakistani companies from the corresponding sectors will have business-to-business meetings with their Saudi counterparts. The goal is for these meetings to result in fruitful business and investment agreements.
Saudi Arabia, known for its oil-based economy, is currently working towards reducing its oil dependence, diversifying income sources, and enhancing competitiveness as part of its Vision 2030 plan. The country’s major exports currently include mineral oils, mineral fuels, plastics, and organic chemicals, while its imports consist of vehicles, machinery, and agricultural products.
In terms of bilateral trade between Pakistan and Saudi Arabia, the first half of the current fiscal year saw a trade volume of 2,482.37 million dollars. Pakistan’s exports to Saudi Arabia amounted to 262.58 million dollars, while Saudi Arabia’s exports to Pakistan reached 2.219 billion dollars.
Pakistan’s major exports to Saudi Arabia include rice, fruits and vegetables, meat of bovine animals, tents, and camping goods. On the other hand, Pakistan imports petroleum products, as well as polymers of propylene and ethylene from Saudi Arabia.
This investment conference presents a significant opportunity for both countries to enhance their economic ties and explore new avenues for growth. By strengthening trade and investment relations, Pakistan and Saudi Arabia can bring about mutual benefits and contribute to the development of each other’s economies.
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