By Commerce Reporter
LAHORE – Pakistan’s Ambassador to Saudi Arabia Ahmad Farooq has identified key sectors offering significant potential for economic collaboration between Pakistan and Saudi Arabia.
While speaking at the Lahore Chamber of Commerce and Industry, the Ambassador pointed out the sectors such as information technology, pharmaceuticals, textiles, rice, seafood, meat, sports goods, healthcare, hospitality and construction as areas where Pakistan can capitalize on existing opportunities in the Saudi market.
Read also: LCCI terms UAE President Sheikh Mohammed’s visit a turning point for bilateral relations
LCCI President Mian Abuzar Shad and Vice President Shahid Nazir Chaudhry also spoke on the occasion while Executive Committee members Amna Randhawa, Waqas Aslam, Syed Salman Ali, Ahsan Shahid, Irfan Ahmed Qureshi, Aamir Ali, Syed Hasnain Raza, Muhammad Muneeb Munno and Rana Muhammad Nisar were also present.
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Ambassador Ahmad Farooq highlighted Saudi Arabia’s ongoing preparations for major global events such as the FIFA World Cup driving demand for stadiums and hotels. He described this as a unique opportunity for Pakistan’s construction and hospitality sectors, given the Saudi construction industry’s high demand for building materials, contractors, engineers, project designers and skilled labor.
The ambassador said that Pakistan has a key strength in information technology sector saying that over 90 Pakistani companies have established offices in Saudi Arabia. He called for further exploration of IT opportunities in the Saudi market.
He also mentioned the declining market share of Pakistani rice exports to Saudi Arabia, which has dropped from 60-70% to just 5-6% despite the popularity of Pakistani rice among Saudi consumers. Similarly, he pointed out the significant demand for red meat in Saudi Arabia offering another avenue for Pakistan’s exporters to explore.
LCCI President Mian Abuzar Shad spoke about the long-standing diplomatic and economic ties between the two nations saying that Saudi Arabia has always been a key ally of Pakistan, offering unwavering support during critical times. Its role as a leading nation among Arab states gives it immense influence in the region.
He expressed gratitude for Saudi Arabia’s decision to extend the $3 billion deposit term, which has bolstered Pakistan’s foreign reserves. He also acknowledged the critical role of Pakistani expatriates in Saudi Arabia whose remittances significantly contribute to Pakistan’s economy. During the first six months of the current fiscal year, remittances reached $17.8 billion, with $4.4 billion coming from Saudi Arabia.
He said that Saudi Arabia’s Vision 2030 and its ambitious developmental projects present a golden opportunity for Pakistani businesses to contribute and benefit mutually. Through joint ventures in sectors like construction, IT, and pharmaceuticals, we can not only enhance our exports but also strengthen the bond between our nations. LCCI is fully committed to facilitating and supporting initiatives that drive economic growth and create opportunities for our business community in Saudi Arabia.
The LCCI President said that Pakistan’s exports to Saudi Arabia amounted to $710 million in 2023-24, while imports, primarily petroleum products, stood at $4.5 billion. He emphasized the untapped potential in the sports goods industry, as Saudi Arabia expands its football leagues with international players.
He also highlighted over 30 MOUs signed with Saudi companies through the Special Investment Facilitation Council (SIFC) and called for greater engagement of the private sector to maximize the benefits of these agreements.
To address Pakistan’s energy challenges, Mian Abuzar Sha durged Saudi investors to consider renewable energy projects, which are crucial for enhancing industrial competitiveness and economic growth.
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