KARACHI: Pakistan on Wednesday announced that Saudi Arabia has agreed to ramp up its rice imports from Pakistan, aiming to fulfill 20 percent of the Kingdom’s total rice needs. This move comes as Pakistan sets its sights on achieving a historic milestone: $3 billion in rice exports.
In recent weeks, Pakistan and Saudi Arabia have been intensifying their efforts to bolster bilateral trade and investment. This commitment was underscored by a recent pledge to inject approximately $5 billion into Pakistan’s economy.
Muhammad Zubair Motiwala, the head of Pakistan’s Trade Development Authority (TDAP), revealed that Saudi Arabia is keen to support Pakistan by increasing its imports from the country. Speaking at an event organized by the Rice Exporters Association of Pakistan (REAP) in Karachi, Motiwala stated, “Saudi Arabia is very eager to invest in Pakistan and intends to boost imports from our country.”
Motiwala highlighted that currently, Pakistan supplies only 7 percent of Saudi Arabia’s rice requirements. However, under the new agreement, this figure is set to rise to 20 percent, nearly tripling the current export volume.
According to officials from REAP, Pakistan has already exported rice worth $2.9 billion from July 2023 to March 2024, indicating a strong trajectory towards reaching the $3 billion mark by the end of the fiscal year.
Chela Ram Kewlani, Chairman of REAP, expressed confidence in surpassing the $3 billion export target within the remaining four months of the fiscal year.
These developments closely follow the visit of Saudi Foreign Minister Prince Faisal bin Farhan to Pakistan, aimed at strengthening economic ties and advancing previously agreed investment arrangements. Prince Faisal’s visit occurred shortly after Crown Prince Mohammed bin Salman’s meeting with Pakistani Prime Minister Shehbaz Sharif in Makkah, where the Kingdom reaffirmed its commitment to expedite investments totaling $5 billion.
