saudi arabia boosts rice imports from pakistan by 20%, confirms pakistani official
Published on: April 25, 2024.
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Saudi Arabia has announced plans to increase its imports of rice from Pakistan to meet 20% of the Kingdom’s total rice requirement. This move comes as Pakistan strives to achieve $3 billion in rice exports for the first time ever. The commitment to increase bilateral trade and investment between Pakistan and Saudi Arabia was made during a recent visit by the Saudi foreign minister to enhance economic cooperation. The Trade Development Authority of Pakistan (TDAP) has been working diligently to facilitate and promote Pakistan’s international trade.
According to Muhammad Zubair Motiwala, head of the TDAP, Saudi Arabia is eager to invest in Pakistan and help the country by importing more rice. Currently, Pakistan exports rice worth 7% of the Kingdom’s requirement, but this is set to increase to 20%. This significant increase in rice exports is expected to boost Pakistan’s overall exports and contribute to the country’s goal of reaching $3 billion in rice exports by the end of the current fiscal year.
Chela Ram Kewlani, Chairman of the Rice Exporters Association of Pakistan (REAP), expressed confidence that Pakistan will easily surpass the $3 billion mark for rice exports in the remaining four months of the fiscal year. This positive outlook is fueled by the recent diplomatic engagements and commitments to investment between the Saudi and Pakistani governments.
Motiwala revealed that a high-powered Saudi delegation is scheduled to visit Pakistan, further strengthening trade and investment ties. Saudi Arabia has expressed interest in various privatization projects and investment opportunities in sectors such as aviation, steel, and the stock exchange. The TDAP chief believes that with the right support from the government to reduce the cost of doing business and manufacturing in Pakistan, the country can achieve even greater export potential, surpassing $100 billion.
In an effort to showcase the diverse range of “Made-in Pakistan” products, Pakistan will be organizing a single country exhibition in Riyadh within the next two months. This exhibition aims to highlight the high-quality products and capabilities of Pakistani industries.
Overall, the enhanced trade and investment cooperation between Saudi Arabia and Pakistan is expected to open up new avenues for economic growth and development in both countries. With Saudi Arabia increasing its rice imports from Pakistan, the Pakistani economy will benefit from increased revenue and export opportunities.
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