KARACHI: Saudi investors offered land and equity to Pakistani businesspersons to set up export-oriented industries in the Kingdom, a top official of the South Asian country’s apex business forum who was part of a prominent business delegation that went to Saudi Arabia last week, said on Wednesday.
A delegation of 20 Pakistani industrialists last week visited Saudi Arabia with Caretaker Commerce Minister Dr. Gohar Ejaz. The delegation held meetings with Saudi officials and trade representatives to promote bilateral trade and industrial cooperation in various sectors.
Pakistan constituted the Special Investment Facilitation Council (SIFC), a hybrid civil-military forum, in June 2023 to fast-track decision-making and promote investment from foreign nations, particularly Gulf states. The SIFC has identified five key sectors for investment, which include agriculture and livestock, IT and Telecom, mines and minerals, energy, and industry, among others.
Atif Ikram, president of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) said the delegation’s visit to the Kingdom was a “very productive one” as Saudi investors had taken “great interest” in investing in five key sectors identified by the SIFC.
“The Saudi investors were more interested in Pakistan’s agriculture to ensure future food security,” Ikram told Arab News, adding that they offered Pakistani businesspersons land and equity to set up industries in the Kingdom.
“The Saudis are also welcoming Pakistani businessmen to set up export-oriented industries in the Kingdom,” Ikram said. “They are very much focusing on industrialization.”
With 9.1 million hectares of land available for agriculture and 22.4 million hectares for livestock, Pakistan is set to transform its agriculture landscape by transitioning from the traditional micro-farming culture to high-tech, high-yield and low-cost community-based Modernized Corporate Farming, the SIFC has said.
The FPCCI official said Pakistani businessperson see Saudi Arabia as a significant market for investment and are prepared to play a larger role in the mutual growth of industries and economies in the two nations.
“Saudis are open for every industry that produces exportable goods be it textile, steel or any other product that could be exported from the Kingdom,” Ikram noted.
Arif Habib, founder and chairman of the Arif Habib Group— a leading Pakistani conglomerate in the services, real estate, and manufacturing sectors— said Saudi officials also expressed interest in establishing a cricket stadium in the Kingdom.
He said the group offered to develop the stadium as it has constructed one in Karachi’s Naya Nazimabad area.
“The Saudis were excited about the cricket facility because they think that it would interest Pakistanis, Bangladeshis and Sri Lankans living in the Kingdom and it would also help in creating interest for cricket among Saudis,” Habib explained. He added that the Saudi officials also expressed interest in setting up football clubs, gyms, and family clubs.
Habib said the visit was a “good start” but cautioned that Pakistan needed a strong follow-up with Saudi authorities to avail investment opportunities in both countries.
“Future outcome depends on how strongly the Pakistani sides follows, how they effectively share our economic research and future direction,” he said. “What we can offer to them and similarly what opportunities are available in the Kingdom.”
