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
Pakistan forecasts inflation to remain in moderate 5.5-6.5 percent range
- Finance Division report says robust remittance inflows, steady performance of IT, service sectors to cushion external pressures
- Consumer inflation in Pakistan has significantly reduced over the years when it surged to a record high of 38 percent in May 2023
ISLAMABAD: Inflation is expected to remain in the moderate range of 5.5 to 6.5 percent for December, the Finance Division said in its Monthly Economic Outlook report on Wednesday.
Pakistan reported inflation at 6.1 percent on a year-on-year basis in November as compared to 6.2 percent in October. Pakistan’s inflation rate rose to a record high of 38 percent in May 2023 on account of surging food and fuel costs as Islamabad scrapped subsidies as part of a financial deal agreed with the International Monetary Fund (IMF).
“Inflation is projected to remain moderate, in the range of 5.5-6.5 percent in December, primarily reflecting base effect,” the report said.
The Finance Division’s report said Pakistan’s economic outlook remains “positive,” driven by sustained growth in industrial activity due to continued momentum in textiles, automobiles, cement and food processing sectors.
“Robust remittance inflows and steady performance in IT and services exports are likely to cushion external pressures,” the report said.
The report said Pakistan’s current account recorded a surplus of $100 million while it posted a deficit of $812 million during the July-November period.
It said remittances increased by 9.3 percent to $16.1 billion in November, led by inflows from Saudi Arabia (24.2 percent) and the UAE (20.8 percent), while the net foreign direct investment inflows were recorded at $927.4 million during the same July to November period.
It said Pakistan’s fiscal consolidation is expected to continue supporting macroeconomic stability, with government efforts in expenditure management, enhanced tax collection and structural reforms contributing to sustainable growth.
“Overall, Pakistan’s economy is projected to maintain its positive momentum in the coming months, driven by industrial growth, improved governance, digitalization, and prudent macroeconomic management,” the report said.
