RIYADH: Remittances from Pakistani workers in Saudi Arabia reached around $9 billion last year, representing 25 percent of the total global financial remittances received by the country, according to Islamabad’s Ambassador to Riyadh. 

Ahmed Farooq told Al-Eqtisadiah that remittances are witnessing continuous growth and constitute an important part of Pakistan’s economic stability. 

Pakistan has signed 27 memoranda of understanding worth close to $2.8 billion, covering diverse sectors from agriculture to manpower export, through technology and food products, according to Farooq.  

Among these MoUs, 17 worth $1 billion have been activated, with numerous opportunities available for Saudi investors in Pakistan in the mining, information technology, agriculture, and petrochemicals sectors. 

According to Farooq, Pakistan imports around $4 billion worth of goods from Saudi Arabia, with its main imports being oil and its derivatives.  

He added: “When we look at the volume of trade exchange between Pakistan and Saudi Arabia, we find that Pakistan’s exports are about $700 million, including rice, meat, and textiles, and these are the main products.” 

There are currently 100 Pakistani technology companies operating in Saudi Arabia, offering diverse services and products to the Saudi market, the Ambassador mentioned, confirming that work is ongoing to enhance cooperation in the information technology sector. 

He affirmed that over the past two years, several Saudi trade delegations have visited Pakistan, and their visits resulted in the signing of a number of MoUs and agreements. We have been able to convert approximately $1 billion worth of these MoUs into agreements, he explained. 

He clarified that the leadership’s focus is currently on enhancing the economic partnership between the two countries, which includes trade, investment, and technology. 

Pakistani workers in Saudi Arabia, who send their earnings to Pakistan, are considered a fundamental pillar of this partnership.