Two-Day Pakistan-Saudi Arabia Investment Conference Kickstarts in Islamabad
Islamabad: A Saudi delegation led by Deputy Investment Minister Ibrahim Almubarak arrived in Islamabad for a three-day visit.
The delegation has come to investigate investment opportunities and enhance trade connections between Saudi Arabia and Pakistan. During this brief period, Pakistani enterprises will hold business-to-business discussions with Saudi investors.
Leading Pakistani corporations will partner with approximately 30 Saudi companies in agricultural, mining, human resources, energy, chemicals, and maritime sectors.
The discussions will also include investment opportunities in IT, religious tourism, telecommunications, aviation, building, water, and power generation.
According to the Ministry of Commerce, this visit is an important step in strengthening economic relations between the two countries.
He further stated that some companies could sign business and investment agreements at the B2B sessions, boosting increased financial cooperation between Saudi Arabia and Pakistan.
According to the report, a commerce ministry official stated that Saudi Arabia was an oil-based economy with strong government control over major economic activities; however, Vision 2030 is causing a shift to reduce oil dependence, diversify income sources, and increase competitiveness.
The Kingdom of Saudi Arabia now exports mineral fuels, oils, plastics, and organic chemicals, while importing machinery, automobiles, and agricultural products.
According to the official, bilateral commerce between Pakistan and Saudi Arabia totaled more than $248 million in the first half of the fiscal year, with Pakistan exporting $262.58 million and Saudi exporting $2.219 billion.
He stated that Pakistan’s major exports to Saudi Arabia comprised grains, bovine animal meat, fruits and vegetables, tents, and camping supplies.
The outcome of the summit is expected to accelerate economic cooperation and strengthen ties between the two countries.
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