Saudi Arabia to triple its rice imports from Pakistan
Published on: April 25, 2024.
Filed under:
Pakistan Rice Exporters to Triple Rice Exports to Saudi Arabia
Pakistan has announced that it has secured a deal with Saudi Arabia to significantly increase its rice exports to the Kingdom. The agreement aims to fulfill 20 percent of Saudi Arabia’s total rice requirements and marks a major milestone for Pakistan, which is striving to achieve $3 billion in rice exports.
In recent weeks, Pakistan and Saudi Arabia have been actively working to strengthen their bilateral trade and investment. This commitment was further solidified with a pledge of approximately $5 billion to boost Pakistan’s economy.
Muhammad Zubair Motiwala, head of Pakistan’s Trade Development Authority (TDAP), revealed that Saudi Arabia is eager to support Pakistan by increasing its rice imports from the country. At an event organized by the Rice Exporters Association of Pakistan (REAP) in Karachi, Motiwala stated, “Saudi Arabia is very eager to invest in Pakistan and intends to boost imports from our country.”
Currently, Pakistan only supplies 7 percent of Saudi Arabia’s rice requirements. However, under the new agreement, this is set to rise to 20 percent, almost tripling the current export volume.
According to officials from REAP, Pakistan has already exported rice worth $2.9 billion from July 2023 to March 2024, indicating a strong trajectory towards reaching the $3 billion mark by the end of the fiscal year.
Chela Ram Kewlani, Chairman of REAP, expressed confidence in surpassing the $3 billion export target within the remaining four months of the fiscal year.
These developments closely follow Saudi Foreign Minister Prince Faisal bin Farhan’s visit to Pakistan, which aimed to strengthen economic ties and advance previously agreed investment arrangements. Prince Faisal’s visit came shortly after Crown Prince Mohammed bin Salman’s meeting with Pakistani Prime Minister Shehbaz Sharif in Makkah, where the Kingdom reiterated its commitment to expedite investments totaling $5 billion.
With this new agreement, Pakistan’s rice exporters are set to play a crucial role in meeting Saudi Arabia’s rice demands. The increased exports will not only boost Pakistan’s economy but also further strengthen the trade relationship between the two countries.
Source: [mmnews.tv](https://mmnews.tv/?utm_source=bot&utm_medium=assistant&utm_campaign=bot)
