KARACHI: Pakistan Ambassador to Saudi Arabia Ahmad Farooq on Wednesday identified textiles, agriculture and red meat as key sectors for Pakistani businesses to focus on in order to increase the country’s exports to the Kingdom.
Farooq identified the key sectors during his visit to the Karachi Chambers of Commerce and Industry (KCCI) on Wednesday, where he met with leading Pakistani businesspersons and industrialists, according to the KCCI.
The ambassador highlighted that Pakistan’s exports to the Kingdom had registered a 40 percent increase during 2023-24, with the information technology (IT) sector witnessing an impressive 50 percent growth.
Pakistan and Saudi Arabia last year signed 34 agreements worth nearly $3 billion, of which, memorandums of understanding (MoUs) worth $700 million have already entered the implementation stage, according to Farooq.
“We want large businesses to connect with local distributors in Saudi Arabia to facilitate exports,” he was quoted as saying by the KCCI. “A list of key exporters in these sectors should be shared with the [Pakistani] embassy so we can work together to strengthen trade relations.”
Farooq said Pakistani textile, agriculture and meat (beef and mutton) products had already seen a “remarkable growth” in the Saudi market, adding that the Kingdom offers vast opportunities for Pakistani businesses.
“The purpose of my visit is to discuss business opportunities with the Karachi business community and update them on how Pakistan’s embassy can support them in accessing the Saudi market,” he added.
Speaking about the rising demand for skilled manpower, the Pakistani envoy said more than 3 million Pakistanis were currently living in the Kingdom, however, 97 percent of them were “blue-collar workers.”
Saudi Arabia is currently developing its public service sectors such as health, education, infrastructure, recreation and tourism as part of a strategic framework, Vision 2030, which aims to diversify the Kingdom’s economy beyond oil. The
Kingdom’s ambitious plan coincides with Pakistan’s efforts to boost trade and foreign investment to revive its fragile economy.
“Saudi authorities have advised us to improve vocational training for Pakistani workers to meet the standards required for upcoming projects,” Ambassador Farooq said, stressing the need to enhance training programs to equip these workers with modern technical skills.
Pakistan and Saudi Arabia are close regional partners, and the Kingdom remains the largest source of remittances to the South Asian country, contributing $7.5 billion in the last fiscal year (July 2023-June 2024), according to KCCI President Jawed Bilwani.
Saudi Arabia has also regularly provided Pakistan oil on deferred payments and offered direct financial support to help shore up Pakistan’s forex reserves.
KCCI Senior Vice President Zia-ul-Arfeen stressed the need to enhance joint ventures between the two countries, urging Islamabad to further improve the ease of doing business for foreign investors.
“Saudi investors should consider Pakistan for investments, particularly in the food sector,” he added.
