ISLAMABAD: Representatives from Pakistan and Saudi Arabia’s business communities signed an agreement on Thursday to explore new opportunities for trade and economic ties between the two countries, a statement issued on late Thursday night read.
The MoU signed between the Karachi Chamber of Commerce and Industry (KCCI) and Jeddah Chamber of Commerce and Industry (JCCI) — by President KCCI, Junaid Esmail Makda, and Vice Chairman JCCI, Mazen Mohammed Batterjee — also aims to promote closer ties between the two organizations.
The agreement was inked during the KCCI delegation’s visit to Jeddah Chamber this week.
Commercial Counselor of Pakistan in Jeddah, Shahzad Ahmed Khan, Secretary General Jeddah Chamber, Hasan Ibrahim Dahlan, and other officials were present at the signing ceremony.
“Under the MoU, both chambers shall discuss their cooperation plans once a year and inform each other of ...projects in time,” Makda said in a statement.
He added that the two organizations will also facilitate the exchange of information on economy and trade cooperation, share supply and demand information, and update each other about the economic and trade policies, and laws and regulations of their respective countries.
“Both chambers have also agreed to organize delegations’ visits for participation in exhibitions and international fairs, organize symposiums and seminars of various kinds for creating more opportunities for the enterprises in both countries,” the statement added.
There has been a hike in trade and business talks between Pakistan and Saudi Arabia recently.
Business delegation from Pakistan inks deal with Jeddah Chamber
Business delegation from Pakistan inks deal with Jeddah Chamber
- Under the MoU, both parties need to discuss their cooperation plans once a year
- Move to facilitate exchange of information on the economy
Pakistan says economy stabilizing as it looks to 2026 growth
- Inflation averages 5 percent, remittances hit $16.1 billion as government cites signs of recovery
- IT exports, industry and development spending highlighted as focus shifts to next year’s targets
ISLAMABAD: Pakistan’s economy has shown signs of stabilization in the first half of the current fiscal year, Planning Minister Ahsan Iqbal said on Thursday, as the government looks ahead to sustaining growth momentum into 2026 after several years of economic volatility.
Briefing the media on economic performance through November, Iqbal said key indicators including inflation, industrial output, exports, remittances and fiscal revenues had improved, creating what he described as a more stable base for forward planning.
Pakistan has spent much of the past two years navigating high inflation, external financing pressures and fiscal tightening under an IMF-backed reform program. While growth remains modest, officials say recent data suggests the economy has moved out of crisis mode and into a consolidation phase.
“During July to November of fiscal year 2025–26, stability has returned to Pakistan’s economy,” Iqbal said, adding that average inflation during the period stood at around 5 percent, compared with 7.9% last year, easing pressure on households and businesses.
Large-scale manufacturing posted growth of 4.1 percent, which Iqbal described as “clear evidence of recovery in industrial activity.”
The planning minister said government revenues also improved, with Federal Board of Revenue collections reaching Rs4,733 billion ($16.9 billion) during July–November, reflecting a 10.2% increase.
External inflows remained resilient, with workers’ remittances rising 9.3% to $16.1 billion, while IT services exports increased 19% to $1.8 billion over the same period, he said.
On the public investment side, Iqbal said Rs196 billion ($700 million) were released under the development budget during the quarter, of which Rs92 billion ($329 million) had already been spent. He added that cost rationalization in development projects between July and October saved Rs3.3 billion ($11.8 million) billion in public funds.
In November, the planning minister said, the Central Development Working Party approved 10 development projects, while six major schemes were referred to the Executive Committee of the National Economic Council.
Iqbal said the approved projects were expected to create 994 immediate jobs, with nearly 24,859 direct and 40,873 indirect employment opportunities projected overall.
Looking ahead, he said all future development schemes would be required to comply with green building codes to ensure environmental protection and sustainable growth.
He also highlighted skills and innovation initiatives, saying that under the “Uraan Pakistan” program, partnerships with Oxford and Cambridge universities were being pursued to promote research, technology and innovation.
Under an IT industry revival plan, he said more than 20,000 young people were being trained in advanced technologies, with over 14,000 new jobs expected to be created.
The government has said maintaining macroeconomic stability while gradually lifting growth remains its central challenge as Pakistan moves into 2026, with officials emphasising disciplined spending, export growth and job creation as key priorities.
