Saudi Arabia aims for stronger trade ties with Pakistan

Saudi Arabia’s Ambassador to Pakistan, Nawaf Saeed Al-Malkiy informed that the Kingdom wanted to further improve its trade relations with Pakistan as both the countries have a great scope to facilitate trade in many areas.

Saudi Arabia wants to view Pakistan as a developing economy as it is an important country for the entire Muslim community, he added.

The statements were made while addressing the business community during his visit to the Islamabad Chamber of Commerce and Industry (ICCI), a leading trade organization in the country adopting best international practices for the promotion of trade and industry.

The ambassador said that the Kingdom planned to further extend its cooperation with Pakistan in the field of trade and investment. Further, the country has a lot of potential for economic growth and it should be highlighted more effectively to attract foreign investors, he said.

At the event, the President of the ICCI, Sardar Yasir Ilyas Khan, and the Ambassador of Saudi Arabia signed an MoU (Memorandum of Understanding) of cooperation, to work and jointly foster business ties between Pakistan and Saudi Arabia.

“Pakistan and Saudi Arabia enjoyed very cordial relations, but the bilateral trade of around $3.5 billion was much below the real potential of both countries, therefore, strenuous efforts from both sides were needed to improve it. Much high quality and cost-effective Pakistani products including, Halal food products, pharmaceuticals, textiles, surgical instruments, rice, fruits, dairy products, sports wears, leather products, financial services, insurance & IT services, and entertainment products could find a good market in Saudi Arabia and Saudi Arabia should focus on importing these products from Pakistan.”

He further stressed that to increase trade volumes, both countries should concentrate on improving B2B (Business to Business) relations, exchange of trade delegations, and participation in trade fairs on a reciprocal basis.