Saudi-Pakistani Forum Tackles Opportunities; Includes MoUs Signing

18/2/2019

 The Council of Saudi Chambers (CSC) organized the Saudi-Pakistani Business Forum in New Delhi, in cooperation with the Saudi Ministry of Commerce & Investment and Pakistani Ministry of Commerce, coinciding with HRH Crown Prince Mohammed bin Salman’s visit to Pakistan.

During the opening session, Minister of Commerce & Investment Dr. Majed Al Qasabi commended the developments in Saudi-Pakistani relations, stating it is time to elevate these relations into a strategic partnership. He noted that despite capabilities, trade remained modest at USD 3.7 bn, which requires increased efforts from businesspeople on both sides.

Pakistan’s PM Adviser on Commerce, Abdul Razzaq Dawood, described bilateral relations between the two countries as ‘entering a new phase’, noting that announcing large Saudi investments in Pakistan are intrinsic to its economic growth, adding that Saudi investments in mining and mineral development will particularly be highly valued.

For his part, Head of the CSC delegation to Pakistan, Eng. Fahad Al Bash, praised the economic reforms and progress in Pakistan over the last decade, and shed light on the Saudi reforms in the last three years, following the launch of the Saudi Vision 2030. He invited Pakistani investors to explore the promising opportunities of the ambitious vision, and encouraged businesspeople on both sides to maintain dialogue to eradicate challenges that hinder the growth of bilateral relations. Al Bash emphasized the importance of organizing exhibitions in both countries to highlight their respective products, and entering into joint ventures in regards to exports.

The Saudi-Pakistani Investment Council took part of the forum via a presentation on the opportunities and incentives offered to Saudi investors. The forum additionally included singing two MoUs, estimated at USD 41 mn, which entail building an international Pakistani school for surgical equipment in KSA, along with B2B meetings on the sideline.

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