ISLAMABAD: Caretaker Commerce Minister Dr. Gohar Ejaz said on Thursday that Pakistan and Saudi Arabia can increase bilateral trade to $20 billion, inviting Saudi investors to invest in the country’s mines, minerals, and agricultural commodities.
Ejaz is in Saudi Arabia with a prominent Pakistani business delegation to promote bilateral trade and investment between the two countries. On Thursday, he met the chairman of the Federation of Saudi Chambers, Hassan Al-Huwaizi and chairman of the Saudi-Pakistani Business Council, Fahd bin Mohammed Al-Bash, Pakistan’s commerce ministry said.
“Saudi Arabia can increase trade with Pakistan to $10 billion,” Pakistan’s commerce ministry quoted Ejaz as saying. “Pakistan can increase trade volume with Saudi Arabia to 10 billion dollars.”
He said Saudi investors could avail “vast opportunities” for investment in Pakistan.
“Saudi investors can invest in mines, minerals and agricultural commodities in Pakistan,” Ejaz was quoted as saying by the ministry.
Speaking separately at the Saudi-Pakistani Business Forum event in Riyadh earlier on Thursday, Ejaz highlighted the role of the Free Trade Agreement between the Gulf Cooperation Council countries and his nation in increasing opportunities for investors from both regions.
He reiterated his desire to increase the trade volume between Pakistan and Saudi Arabia to $20 billion by improving the business environment between the two countries and encouraging the private sector.
Pakistan enjoys strong economic and trade relations with Saudi Arabia. The kingdom is home to over 2.5 million Pakistani expatriates, serving as the top source of remittances for the cash-strapped South Asian country.
Saudi Arabia has also frequently bailed Pakistan out of its economic crisis over the years, serving as an important strategic partner for the South Asian country.
Last year a delegation of 15 top Pakistani IT companies led by IT Minister Dr. Umar Saif visited Saudi Arabia and signed deals to accelerate digital transformation, foster innovation and advance digital infrastructure.
The agreements will also boost the ecosystems for small and medium-sized enterprises and startups and encourage the transfer of businesses and the exchange of information on accelerators and incubators.
