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ISLAMABAD: Ambassador of Saudi Arabia Nawaf Saeed Al-Malkiy has said that Saudi Arabia wants to further deepen and strengthen its trade ties with Pakistan as both countries have great scope to promote trade in many areas.
While addressing the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI) on Friday, he said Saudi Arabia wanted to see Pakistan as a growing economy.
The envoy said Saudi Arabia intended to further expand its commercial and investment cooperation with Pakistan. He said Pakistan has a lot of potential for economic growth that should be highlighted more effectively to attract foreign investors.
He urged the media to focus on projecting the positive things of Pakistan to change the wrong perception about it. He assured that he would continue to work to further promoting trade cooperation between Pakistan and Saudi Arabia.
Speaking at the occasion, ICCI President Sardar Yasir Ilyas Khan said that Pakistan and Saudi Arabia enjoyed very cordial relations, but the bilateral trade of around $3.5 billion was much below the real potential of both countries, therefore, strenuous efforts from both sides were needed to improve it. He said that Pakistan and Saudi Arabia were doing trade in limited items and they should focus on diversification of trade to achieve better results.
He said that many high quality and cost effective Pakistani products including Halal food products, pharmaceuticals, textiles, surgical instruments, rice, fruits, dairy products, sports wears, leather products, financial services, insurance & IT services and entertainment products could find good market in Saudi Arabia and Saudi Arabia should focus on importing these products from Pakistan.
He emphasized that both the countries should focus on strengthening B2B contacts, exchange of trade delegations and participation in trade fairs on a reciprocal basis to improve trade volume. He said that Pakistan was establishing many special economic zones (SEZs) under CPEC and investors of Saudi Arabia should explore Joint Ventures (JVs) and investment in these SEZs.
He said that Pakistan was working for a One Window for investors that would facilitate Saudi investors to invest in Pakistan. He said ICCI would try to take a delegation to Saudi Arabia to meet with trade bodies there in order to explore mutual business collaboration. He said ICCI would like to host a trade delegation of Saudi Arabia in Pakistan and would help them in exploring JVs and investment in Pakistani SEZs.
On this occasion, ICCI President Sardar Yasir Ilyas Khan and Ambassador of Saudi Arabia Nawaf Saeed Al-Malkiy signed an MoU of cooperation to work jointly for promoting business relations between Pakistan and Saudi Arabia.
