A prominent trade delegation from Saudi Arabia is set to touch down in Pakistan on Sunday, aiming to explore investment opportunities across diverse sectors and foster robust ties with local entrepreneurs.
Petroleum Minister Musadiq Malik disclosed that the delegation comprises approximately 50 members, representing around 35 companies from Saudi Arabia spanning various economic domains. Highlighting the significance of this visit, the minister indicated that 76 Pakistani business entities have been shortlisted for potential collaboration, signaling an intent to bolster cooperation between Islamabad and Riyadh at both governmental and private levels.
The ministry has meticulously curated a selection of Pakistani firms across pertinent sectors, poised to engage in productive business-to-business interactions with their Saudi counterparts. These engagements are anticipated to culminate in mutually beneficial business and investment agreements.
Notably, the Saudi economy, traditionally reliant on oil revenues, is undergoing a transformation envisioned in Vision 2030, aimed at reducing oil dependence, diversifying income streams, and enhancing competitiveness. This shift presents compelling opportunities for bilateral cooperation, especially as Saudi Arabia diversifies its export profile beyond mineral fuels and oils.
With bilateral trade between Pakistan and Saudi Arabia reaching $2,482.37 million during the first half of the current fiscal year, there is ample room for further expansion and diversification. Pakistan’s exports, encompassing rice, meat, fruits, vegetables, and camping goods, are complemented by Saudi imports of petroleum products and polymers, underscoring the complementary nature of trade relations.
Pakistan’s engagement with the Gulf Cooperation Council (GCC) through a Free-Trade Agreement underscores its commitment to enhancing economic collaboration with regional partners. Additionally, Pakistan plans to host a Single Country Exhibition and Lifestyle Show in Saudi Arabia, further bolstering bilateral trade and investment ties.
The Pakistani government extends a warm welcome and pledges full facilitation for investments and partnerships from Saudi Arabia across various sectors, including IT, minerals, textiles, food security, engineering, and energy.
The visit of the Saudi delegation coincides with Prime Minister Shehbaz Sharif’s participation in the World Economic Forum’s Special Meeting on Global Collaboration, Growth, and Energy in Saudi Arabia. During his visit, the premier engaged in discussions with Saudi Crown Prince Mohammed bin Salman and Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi, further cementing bilateral cooperation across multiple fronts.