High-level Saudi trade delegation to reach Pakistan tomorrow

A high-level trade delegation from Saudi Arabia is scheduled to arrive in Pakistan on Sunday (tomorrow) to explore investment opportunities in different sectors as well as to forge strong bonds with local entrepreneurs.

According to Petroleum Minister Musadiq Malik, the 50-member delegation includes representatives of about 35 companies in the Kingdom representing various economic sectors.

The minister said 76 Pakistani business companies have been shortlisted in this regard, adding that cooperation between Islamabad and Riyadh will be increased at the government and private levels.

The ministry had selected a large number of Pakistani companies in the respective sectors whose officials would have business-to-business meetings with their Saudi counterparts, and would hopefully enter into business and investment deals,
he added.

Earlier, the Ministry of Commerce official had said the business delegation would also participate in the Pak-Saudi Investment Conference.

He said that Saudi Arabia was an oil-based economy with strong government controls over major economic activities, however, it was now undergoing a transformation to reduce oil dependence, diversify income sources and enhance competitiveness under the Vision 2030.

Currently, he said, the major exports of the Kingdom included mineral fuels, mineral oils, plastics and organic chemicals, whereas it was importing machinery, vehicles, and agricultural products.

The official said that during the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia was recorded at $2,482.37 million, with Pakistan’s exports of $262.58 million and Saudi exports of $2.219 billion.

He said Pakistan’s major to the KSA consisted of rice, meat of bovine animals, fruits and vegetables, and tents and camping goods, whereas imports were petroleum products, and polymers of propylene and ethylene.

The official said Pakistan and the Gulf Cooperation Council (GCC) had agreed on a Free-Trade Agreement. Pakistan, he added, was also planning to organize a Single Country Exhibition and Lifestyle Show in Saudi Arabia.

He said that Pakistan would welcome and fully facilitate investments and partnerships from Saudi Arabia in IT, minerals, textiles, food security, engineering and energy sectors.

The delegation’s arrival in Pakistan is followed by Prime Minister Shehbaz Sharif’s visit to Saudi Arabia to attend the World Economic Forum’s Special Meeting on Global Collaboration, Growth and Energy.

During his visit, the premier also met Saudi Crown Prince Mohammed bin Salman to discuss cooperation in various sectors and also held a meeting with Saudi Minister of Commerce Dr Majid bin Abdullah Al-Qasabi.