JEDDAH, 2 November 2007 — The Kingdom is very keen to enhance the volume of trade with Pakistan, said Jeddah Chamber of Commerce and Industry (JCCI) Chairman Saleh Al-Turki on Wednesday in a joint press conference with Pakistani Ambassador to Saudi Arabia Shahid Karimullah in a prelude to the “2nd Pakistani Specific Week Catalogue Show” on Nov. 3-7 at JCCI.
“Last year we held a successful joint program and we encouraged Saudi businessmen to meet and interact with their Pakistani co-partners,” Al-Turki said, adding that “I am extremely pleased with the initiative taken by the Pakistani side in making it an annual occasion as we are interested in developing the bilateral trade between both countries.”
Saudi-Pak relations in the field of trade and investment goes back to decades and both of them have consistently tried their utmost to increase the volume of bilateral trade, Karimullah said in a statement. Saudi Arabia is one of the major export destinations for Pakistan, he said. Pak-Saudi annual bilateral trade is above $3.5 billion. Major items of export from Pakistan to Saudi Arabia includes, raw cotton, cotton yarn, cotton cloth, readymade garments, knitwear (hosiery), made-ups, bed linen, towels, tents & canvas, art silk & synthetic textiles, leather garments, furniture, carpets & rugs, footwear, sports and surgical goods, among others.
Rice, Fish, fruits, vegetables, Spices, Biscuits, Jams, Juices etc.
Pakistan imports its major requirement of petroleum from Saudi Arabia.
The ambassador further said that the investment policy in Pakistan is liberal and business friendly as it has been designed in consultation with businessmen, investors and representative firms as well as the multinational corporations.
“Our investment policy provides equal opportunities for both domestic and foreign investors and there is no restriction on the extent to which foreign equity can be held in any business venture,” he said.
All economic sectors are open for foreign direct investment including telecommunications, automobiles, pharmaceuticals, mining, oil and gas exploration and marketing, electricity generation and transmission, banking and finance, infrastructure development, ports and shipping, aviation, manufacturing, housing and construction, the statement added.
