KARACHI: Pakistan is striving to benefit from Saudi Arabia’s Vision 2030 program which is expected to create millions of employment opportunities in the kingdom by helping its workforce build its professional capacity, a top Pakistani official told Arab News on Tuesday.
The program is a strategic transformation initiative to reduce the kingdom’s dependence on oil by diversifying its economy and turning it into a global industrial hub.
The plan requires the Saudi authorities to invest $320 billion to develop its non-oil sector by undertaking a string of mega projects, such as developing technologically smart cities that help their inhabitants with further innovation in their respective fields.
“I have already directed my ministry to identify the economic sectors at the heart of the Saudi initiative along with the skillsets required to capture the greatest number of emerging employment opportunities,” Special Assistant to Prime Minister on Overseas Pakistanis Sayed Zulfikar Abbas Bukhari said while talking to Arab News.
“The ministry has also been directed to coordinate along with Pakistan’s National Vocational and Technical Training Commission with relevant Saudi organizations for accreditation and mutual skill recognition to effectively utilize the future demand,” he added.
Bukhari said his ministry was working with relevant Saudi authorities to develop a standardized labor contract for Pakistani nationals.
Home to over two million Pakistani migrants, Saudi Arabia is already the single largest source of remittances to the South Asian state.
During July-March 2021 period, the Pakistani diaspora in the kingdom sent $5.7 billion to their homeland. Such inflows of remittances continue to support Pakistan’s balance of payment position and keep its foreign reserves stable.
In an interview with Pakistan’s state-owned news channel on Sunday, Saudi Foreign Minister Prince Faisal bin Farhan Al-Saud applauded the role of Pakistani expatriates in the development and progress of his country.
“We have a very ambitious plan, Vision 2030,” he said. “Under that plan, we expect to grow significantly the employment base in the kingdom. That means of course that there will be significant opportunities for additional employment for Pakistani nationals.”
The Saudi foreign minister also invited Pakistani business community to benefit from the emerging investment opportunities in the kingdom.
“We also hope that Pakistani businesses will continue to increase their investment in the kingdom because there are some very successful entrepreneurs who I think will find excellent and exciting opportunities,” he added.
The Saudi prince also mentioned new labor reforms, hoping that they would help foreign workers find flexible job opportunities.
“We have recently undergone significant labor reforms which have improved to a great extent the flexibility of third country labor within the Saudi labor market. They are now free to transfer their work from one employer to other,” he said.
Pakistani experts say their country needs to train its human resource to suit the market requirements of other countries.
“Apart from the construction sector, foreign countries are now demanding knowledge-based labor,” Haroon Sharif, member of the prime minister’s task force on economic diplomacy, told Arab News.
“It is imperative for us to provide new and specialized training to our workforce in view of the changing demand in international markets and our universities can play a pivotal role in that,” he continued. “We can also achieve the desired objective by involving the countries for which we are training our labor force.”
Pakistan to train workers for emerging job opportunities in Saudi Arabia
https://arab.news/5chtu
Pakistan to train workers for emerging job opportunities in Saudi Arabia
- PM Khan’s advisor on overseas Pakistanis says his ministry is working with relevant Saudi authorities to prepare a standardized labor contract for Pakistani nationals
- Pakistani workers in Saudi Arabia sent $5.7 billion to their country between July and March, making the kingdom the single largest source of remittances to the South Asian state
Pakistan capital market transitions to T+1 settlement cycle ahead of multiple advanced markets
- A T+1 settlement cycle means that securities transactions are finalized and settled one business day after trade date
- Effective from Feb. 9, all eligible trades at the PSX are now settled on a T+1 basis, replacing the previous T+2 cycle
KARACHI: Pakistan’s capital market has officially transitioned to the Trade plus one (T+1) settlement cycle, a landmark reform that strengthens efficiency, reduces risk and aligns the country with international best practices, the Pakistan Stock Exchange (PSX) said on Tuesday.
A T+1 settlement cycle means that securities transactions are finalized and settled one business day after the trade date, which reduces counterparty risk and improves capital efficiency in the exchange of funds and securities.
Effective from Feb. 9, all eligible trades at the PSX are now settled on a T+1 basis, replacing the previous T+2 cycle. The transition was implemented under the guidance of the Securities and Exchange Commission of Pakistan (SECP) through close collaboration among all stakeholders, according to the PSX.
It aligns Pakistan’s capital market with leading markets such as the United States, Canada, Mexico, Argentina, Jamaica and China, which have already adopted shorter settlement cycles. Europe, the UK and Switzerland are set to follow by 2027. By moving early, Pakistan has demonstrated its commitment to modernization and investor protection.
“The transition to the T+1 settlement cycle brings important advantages for Pakistan’s capital market. It enables faster access to funds and securities, improving liquidity, while reducing settlement and counterparty risk through shorter exposure periods,” the PSX said.
“Quicker trade finalization enhances efficiency and the reform strengthens investor confidence, particularly among institutional and foreign investors. Together, these benefits support a stronger and more resilient market aligned with global best practices.”
Pakistan’s stock market has touched historic highs in recent months as broad institutional buying boosted investor confidence amid ongoing economic reforms under international lending programs. Pakistani state media reported in Jan. around 135,000 new investors had joined the PSX over the last 18 months.
SECP Chairman Dr. Kabir Ahmed Sidhu commended the PSX, the Central Depository Company and the National Clearing Company of Pakistan for the successful implementation of the T+1 settlement system.
“The reform brings Pakistan’s capital market at par with modern jurisdictions by accelerating trade settlement, reducing counterparty and market risks, and enhancing liquidity,” he was quoted as saying by the PSX.
“The adoption of T+1 will strengthen investor confidence and align Pakistan’s capital market with evolving international standards and global best practices.”
