ISLAMABAD: Pakistan will organize a single-country trade exhibition in Jeddah from Feb. 5-7 next year, an official of the Trade Development Authority of Pakistan (TDAP) said on Sunday, in which products from around 100 companies will be showcased as Islamabad eyes the Saudi market to boost its exports.
Islamabad and Riyadh have been working in recent months to increase bilateral trade and investment, and the Kingdom this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.
Pakistani and Saudi businesses had signed 27 agreements and memorandums of understanding (MoUs) worth $2.2 billion in October. During Prime Minister Shehbaz Sharif’s visit to the Kingdom last month, the two countries agreed to enhance that figure to $2.8 billion.
“Pakistan will organize a single-country exhibition from Feb. 5-7, 2025, in Jeddah, Saudi Arabia, with the aim of increasing exports to the Kingdom,” Faisal Awan, TDAP’s deputy manager, told Arab News.
The TDAP will organize the exhibition, which Awan said would feature 100 Pakistani companies so they can “showcase their products directly to Saudi buyers in their own country.”
The official said TDAP has already published advertisements inviting Pakistani companies to showcase their products, setting Nov. 25 as the deadline to apply.
“We have invited companies from all sectors including engineering, agro products, textile and garments and services,” Awan added.
TDAP has also invited manufacturers from various sectors such as engineering, home appliances, machinery, pharmaceuticals, surgical instruments, cables and agro products such as fruits, vegetables, rice, meat, seafood, spices and processed foods, according to the advertisement seen by Arab News.
The invitation also extends to the textile and garments sector that offers knitwear, ready-made garments, home textiles, yarns, linen and fabrics, as well as the services sector which covers telecom, computer and information services.
“So far, we have received an excellent response with over 50 applications submitted in just over a week,” Awan said.
The TDAP is providing a subsidy of around 80 percent on the rates for stalls at the exhibition, Awan shared. He said the authority is charging only Rs 200,000 ($720) for each stall while the actual cost is around Rs 1.2 million ($4,319).
“Other arrangements such as visa, air tickets and accommodation must be handled by the company itself,” he said.
Awan said that while every market has its dynamics, Pakistan has a lot of expectations from the Saudi market due to the increasing business collaborations between the two countries in recent months.
“Since we have had a lot of delegations coming and going from Saudi Arabia in recent months, our expectations are very high,” Awan said. “And we aim to secure orders in the millions of dollars.”
The TDAP official said leads generated during the exhibition would be expected to materialize in the next five to six months.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.
Islamabad has eyed increasing collaboration in economic and trade sectors as it grapples with a prolonged economic crisis that drained its resources, triggered double-digit inflation in the country and weakened its currency over the past two years.
In 2023, Pakistan formed the Special Investment Facilitation Council (SIFC), a hybrid civil-military body tasked with fast-tracking decisions related to foreign investment.
The SIFC aims to attract investment in minerals, agriculture, livestock, energy, tourism and other vital sectors of Pakistan’s economy, mostly from Gulf countries.