Riyadh, February 22, 2024, The Saudi-Pakistani Business Forum commenced in Riyadh with the patronage of Minister of Commerce Dr. Majid Al-Qasabi. Facilitated by the Federation of Saudi Chambers and attended by key stakeholders from both nations, the forum emphasized the increasing importance of private-sector collaboration in unlocking additional trade potential.
Acting Deputy Governor of the General Authority of Foreign Trade's Deputyship of Private Sector Affairs and Global Presence, Fawaz bin Rafaah, representing the commerce minister, highlighted the pivotal role of private businesses in expanding trade ties. He acknowledged the Kingdom's position as Pakistan's fourth-largest trading partner and commended efforts to approve the Free Trade Agreement between the GCC states and Pakistan, emphasizing its potential to strengthen economic ties.
Pakistani Federal Minister for Commerce, Industries & Investment, Dr. Gohar Ejaz, emphasized the Free Trade Agreement's capacity to generate new opportunities for investors, safeguard Saudi and Gulf investments, and leverage Vision 2030 projects for deeper collaboration. Dr. Ejaz outlined Pakistan's ambitious goal of reaching $20 billion in trade exchange with Saudi Arabia and stressed the need for improved business environments and enhanced private sector engagement, positioning Pakistan as a major market for Saudi investors.
Hassan Al-Huwaizi, Chairman of the Federation of Saudi Chambers, underscored the forum's focus on boosting investment and trade partnerships between the two countries. He highlighted the positive trajectory of bilateral trade, exceeding $5.7 billion, and Pakistan's growing role as a key trading partner for the Kingdom. Al-Huwaizi envisioned broader collaboration opportunities within the framework of Vision 2030 projects.
Chairman of the Saudi-Pakistani Business Council, Eng. Fahd Al-Bash, outlined ongoing joint initiatives developed by investors from both nations. These initiatives include a dedicated portal for Pakistani rice importers, a technology center in Riyadh, a halal meat center in Makkah, a market for Pakistani products within the Kingdom, and joint petrochemical ventures catering to the Pakistani market.
