High-level Saudi business delegation due on May 5

By Muhammad JuniadPublished On 04 May 2024

ISLAMABAD: A 50-member high-level business delegation from the Kingdom of Saudi Arabia (KSA) is due in Pakistan on May 5 to explore investment opportunities in different sectors as well as to forge strong bonds with local entrepreneurs.

Some 30 Saudi companies representing different economic sectors, including information technology, telecoms, energy, aviation, construction, mining exploration, agriculture and human resource development would be part of the delegation, which would be led by the Assistant Minister of Investment, a Ministry of Commerce official said.

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.

The official 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.