New working relationship blooming between Saudi Arabia and Pakistan. During his visit to Islamabad Chamber of Commerce and Industry (ICCI), Nawaf Saeed Al-Malkiy, Ambassador of Saudi Arabia in Pakistan disclosed that that they are interested in exploring trade opportunities in Pakistan and automatically strengthening the business ties which will benefit both the countries as there is good trading and investment opportunities in several sectors. Not only that but Pakistan holds prominence as an important Muslim country therefore, Saudi Arabia wants to help Pakistan’s economy grow.
However, a great deal of efforts is required if we want to make this work because looking at the figures, the bilateral trade of around US$ 3.5 billion was not what was expected and was lesser than what was anticipated by both governments. We can do better because both countries have a great deal of potential, said Sardar Yasir Ilyas Khan, the ICCI President.
Saudi Arabia should consider targeting Halal food products, pharmaceuticals, textiles, surgical instruments, rice, fruits, dairy products, sports wears, leather products, financial services, insurance & IT services and entertainment as these are cost effective for Pakistan and the high quality can be guaranteed for these.
Moreover, Sardar Yasir Ilyas Khan shed light on the prominence of having strong B2B contacts, exchange of trade delegations and participation in trade fairs on reciprocal basis to improve trade volume between both the countries.
For the establishment of business relations between Pakistan and Saudi Arabia, An MoU of cooperation was also signed by the ICCI President Sardar Yasir Ilyas Khan and Ambassador of Saudi Arabia Nawaf Saeed Al-Malkiy to work together.
