Two-Day Pakistan-Saudi Arabia Investment Conference Begins in Islamabad
Islamabad: The Saudi delegation, led by Deputy Investment Minister Ibrahim Almubarak, has landed in Islamabad for a three-day visit. The Commerce Minister, Jam Kamal, and Petroleum Minister, Musadik Malik, welcomed the delegation at Nur Khan airbase.
The delegation is here to explore investment opportunities and strengthen trade ties between Saudi Arabia and Pakistan. Pakistani companies will engage in B2B meetings with Saudi investors during this short period. Leading Pakistani firms will collaborate with around 30 Saudi companies across agriculture, mining, human resources, energy, chemicals, and maritime sectors. Discussions will also cover investment prospects in IT, religious tourism, telecom, aviation, construction, water, and power generation.
According to the Ministry of Commerce, this visit represents a crucial step in fostering economic cooperation between the two nations. He also said several companies could finalize business and investment deals during the B2B sessions, promoting greater financial collaboration between Saudi Arabia and Pakistan.
The report mentioned a commerce ministry official who said that Saudi Arabia was an oil-based economy with strong government controls over major economic activities; however, it was now experiencing a shift to reduce oil dependence, diversify income sources, and enhance competitiveness under Vision 2030.
Currently, the KSA’s central exports include mineral fuels, oils, plastics, and organic chemicals, while it imports machinery, vehicles, and agricultural products.
The official said that during the first half of the financial year, bilateral trade between Pakistan and Saudi Arabia was recorded at over $248 million, with Pakistan’s share of exports at $262.58 million and Saudi exports at $2.219 billion.
He said Pakistan’s significant exports to Saudi Arabia included rice, bovine animal meat, fruits and vegetables, tents, and camping goods.
The outcome of the conference is likely to accelerate economic cooperation and strengthen ties between both countries.
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