Pakistan has ambitious goals of a $20bn trade partnership with Saudi Arabia, a major business event has heard.
The Saudi-Pakistani Business Forum is being held in Riyadh under the patronage of Minister of Commerce Dr. Majid Al Qasabi.
Organised by the Federation of Saudi Chambers and attended by key players from both countries, the forum highlighted the growing importance of private sector collaboration in unlocking further trade potential.
Saudi-Pakistan trade
On behalf of the commerce minister, Acting Deputy Governor of the General Authority of Foreign Trade’s Deputyship of Private Sector Affairs and Global Presence Fawaz bin Rafaah underscored the crucial role of private businesses in expanding trade ties.
He pointed to the Kingdom’s position as Pakistan’s fourth largest trading partner and lauded the efforts made to approve the signing of the Free Trade Agreement between the GCC states and Pakistan, emphasising its potential to strengthen economic bonds.
Pakistani Federal Minister for Commerce, Industries and Investment Dr. Gohar Ejaz highlighted the Free Trade Agreement’s ability to create new opportunities for investors.
He noted the agreement’s role in safeguarding Saudi and Gulf investments and expressed Pakistan’s keenness to leverage Vision 2030 projects as a catalyst for deeper collaboration.
Ejaz further outlined Pakistan’s ambitious goal of reaching $20bn in trade exchange with Saudi Arabia, emphasising the need for enhanced business environments and private sector engagement.
He underscored Pakistan’s potential as a major market for Saudi investors.
Federation of Saudi Chambers Chairman Hassan Al-Huwaizi affirmed the forum’s focus on boosting investment and trade partnerships between the two countries.
He showcased the positive trajectory of bilateral trade, exceeding $5.7bn, and Pakistan’s growing position as a key trading partner for the Kingdom.
He envisioned broader collaboration opportunities within the framework of Vision 2030 projects.
Chairman of the Saudi-Pakistani Business Council Eng. Fahd Al-Bash outlined ongoing initiatives that have been jointly developed by investors from both countries.
The initiatives include:
- A dedicated portal for Pakistani rice importers
- A technology centre in Riyadh
- A halal meat centre in Makkah
- A market for Pakistani products within the Kingdom
- Joint petrochemical ventures catering to the Pakistani market
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