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JEDDAH: ��������Ƶ's Deputy Minister for Foreign Trade Abdulrahman Al-Harbi has declared Pakistan one of ��������Ƶ’s “top destinations for making investments,” according to Pakistan’s Ministry of Commerce.
Al-Harbi made his comment at the first meeting of the two countries' Joint Working Group on Trade and Investment in Riyadh on Tuesday, the ministry said.
Commerce Secretary Mohammed Younus Dagha led the Pakistani delegation, which also included Additional Secretary for the Board of Investment (BOI), Saleem Ranjha, and Pakistan's Ambassador to ��������Ƶ Khan Hasham Bin Saddique. The Saudi Ambassador to Pakistan, Nawaf Saeed Ahmad Al-Maliki, also attended the talks.
“The Saudi side acknowledged and appreciated the attraction of Pakistan as an investment destination, in view of its macroeconomic indicators, growth projects, strategic location and overall investment regime,” the statement read.
The ministry said that the Saudi officials showed interest in investing in Pakistan in a number of sectors including petrochemicals, dairy, livestock, and mining.
“It was agreed that ��������Ƶ will send a technical team to Pakistan to review sector-specific opportunities and projects,” the statement added.
In major leap forward in bilateral economic cooperation, it was agreed that the two sides would activate a Pakistan-Saudi Joint Business Council within two months. Pakistan will also stage its single-country exhibition in ��������Ƶ in 2018.
“In order to give further impetus to trade relations, it was agreed to mutually facilitate trade by removing obstacles related to visa fees, company registration, shipment delays and mutual recognition of standards,” the statement explained.
Dr. Vaqar Ahmed, joint executive director at Islamabad-based think tank Sustainable Development Policy Institute (SDPI), told Arab News that ��������Ƶ and Saudi investors see Pakistan as a very lucrative destination.
“Several investors already working in the country are scaling up their business operations and entering into new joint ventures,” he said. “They see the current wave of economic growth as a significant opportunity.”
Ahmed added that the pace of growth in Pakistan is projected to pick up once the projects related to the China-Pakistan Economic Corridor (CPEC) are complete and the new infrastructure brings down the cost of doing business in the country.
“Saudi investors also recognize the vast economic potential emanating from the large domestic demand of the sixth-largest population in the world,” Ahmed pointed out.