ISLAMABAD: Overseas Pakistani businessmen in Saudi Arabia expressed interest in investing in the tourism, agriculture, food processing and trading sectors of their country of origin on Sunday, as they arrived in Islamabad to attend the inaugural Overseas Pakistanis Convention.
Nearly 20 Pakistan-origin businessmen from the Kingdom are participating in the program that kicked off today and will conclude on April 15.
Organized by the Ministry of Overseas Pakistanis, the convention aims to recognize the contributions of expatriates to the national economy and address their concerns.
The government has accorded state guest status to all the attendees, with special arrangements made to welcome them at airports.
“We have keen interest in investing in Pakistan’s tourism infrastructure, including hotel development and facility upgrades, as well as in value-added agriculture, food processing and general trading sectors such as import-export,” Faisal Tahir Khan, a Saudi-born Pakistani businessman whose family has lived in the Kingdom for the past seven decades, told Arab News.
“At the moment our main platform, the Pakistan Investment Forum [PIF] in Saudi Arabia, is also working to build a Pakistan commercial hub in the Kingdom where we will be bringing the top 100 brands of Pakistan there,” he added.
Remittances sent by overseas Pakistanis are crucial for the country as the nation navigates a tricky path to recovery from a prolonged economic crisis that drained its revenues in recent years.
Pakistan expects to receive more than $35 billion in remittances until the end of this fiscal year in June, with its nationals in Saudi Arabia being top contributors to the country’s economy.
Khan maintained the Kingdom offered a robust investment ecosystem, driven by its Vision 2030 initiative to reduce its oil reliance and transform economy, saying the authorities in Riyadh are promoting equal opportunities for all investors.
Ali Khurshid Malik, another businessman from the Pakistani diaspora in Saudi Arabia, emphasized local companies should not miss the opportunities emerging in the construction sector in the Kingdom with the launch of projects like NEOM City.
NEOM City is a flagship project under Vision 2030, aimed at building a futuristic, sustainable urban hub driven by innovation and technology.
“The NEOM project offers a major opportunity for Pakistani investors in both construction, where Pakistan excels in materials and labor, and in smart city technologies, where its IT sector can play a key role,” he told Arab News.
Malik, who also serves as the finance secretary with PIF, said overseas Pakistanis with businesses in Saudi Arabia could help connect relevant companies in Pakistan, such as those providing construction materials like sanitary supplies, ceramics and marble with Saudi firms.
“There is also a demand for skilled workers, particularly in areas like smart electronics for smart homes,” he noted.
He also pointed out Pakistan needed to improve its certification systems to provide the Kingdom with certified skilled workers, including specialists in electronic modules, electronic systems, as well as electronic and software engineers.
Raja Shahid Raza, a Riyadh-based Pakistani entrepreneur, said the convention would provide a valuable opportunity for overseas Pakistani investors, businessmen and community members to engage directly with government institutions, while also boosting their pride as their contributions are being recognized by the country.
“As the top management of all key institutions that overseas Pakistanis interact with will be present, it will be a great opportunity to voice our concerns and receive direct responses from them,” he said, adding it would also connect different local businesses with the overseas community.
In a statement, Federal Minister for Overseas Pakistanis Chaudhry Salik Hussain said the convention aimed to address expatriates’ issues and recognize their contributions.
He informed the country’s top leadership, including the prime minister and the army chief, will also address the visiting business representatives.
Pakistani businessmen in Saudi Arabia eye investment in key sectors back home
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Pakistani businessmen in Saudi Arabia eye investment in key sectors back home
- These entrepreneurs are visiting Islamabad to attend the three-day Overseas Pakistanis Convention
- Pakistan Investors Forum plans commercial hub in Saudi Arabia to promote top 100 Pakistani brands
ADB, Pakistan sign over $300 million agreements to undertake climate resilience initiatives
- Pakistan ranks among nations most vulnerable to climate change and has seen erratic changes in weather patterns
- The projects in Sindh and Punjab will restore nature-based coastal defenses and enhance agricultural productivity
ISLAMABAD: The Pakistani government and the Asian Development Bank (ADB) have signed more than $300 million agreements to undertake two major climate resilience initiatives, Pakistan’s Press Information Department (PID) said on Tuesday.
The projects include the Sindh Coastal Resilience Sector Project (SCRP), valued at Rs50.5 billion ($180.5 million), and the Punjab Climate-Resilient and Low-Carbon Agriculture Mechanization Project (PCRLCAMP), totaling Rs34.7 billion ($124 million).
Pakistan ranks among nations most vulnerable to climate change and has seen erratic changes in its weather patterns. In 2022, monsoon floods killed over 1,700 people, displaced another 33 million and caused over $30 billion losses, while another 1,037 people were killed in floods this year.
The South Asian country is ramping up climate resilience efforts, with support from the ADB and World Bank, and investing in climate-resilient infrastructure, particularly in vulnerable areas.
“Both sides expressed their commitment to effectively utilize the financing for successful and timely completion of the two initiatives,” the PID said in a statement.
The Sindh Coastal Resilience Project (SCRP) will promote integrated water resources and flood risk management, restore nature-based coastal defenses, and strengthen institutional and community capacity for strategic action planning, directly benefiting over 3.8 million people in Thatta, Sujawal, and Badin districts, according to ADB.
The Punjab project will enhance agricultural productivity and climate resilience across 30 districts, improving small farmers’ access to climate-smart machinery, introducing circular agriculture practices to reduce residue burning, establishing testing and training facilities, and empowering 15,000 women through skills development and livelihood diversification.
Earlier this month, the ADB also approved $381 million in financing for Pakistan’s Punjab province to modernize agriculture and strengthen education and health services, including concessional loans and grants for farm mechanization, Science, Technology, Engineering and Mathematics (STEM) education, and nursing sector reforms.
