Saudi-Pakistani Forum Seeks Stronger Economic Ties And Trade Growth

The Saudi-Pakistani Business Forum, under the patronage of Minister of Commerce Dr. Majid Al-Qasabi, commenced yesterday in Riyadh, marking a significant step towards enhancing trade relations between Saudi Arabia and Pakistan. The event, organized by the Federation of Saudi Chambers, saw the participation of influential figures from both nations, emphasizing the pivotal role of private sector collaboration in boosting trade.

Acting Deputy Governor of the General Authority of Foreign Trade's Deputyship of Private Sector Affairs and Global Presence, Fawaz bin Rafaah, represented Dr. Al-Qasabi at the forum. He highlighted Saudi Arabia's status as Pakistan's fourth-largest trading partner and praised the progress towards the Free Trade Agreement between the GCC states and Pakistan. This agreement is seen as a key driver for strengthening economic ties.

Dr. Gohar Ejaz, Pakistani Federal Minister for Commerce, Industries & Investment, underscored the Free Trade Agreement's potential to unlock new investment opportunities and protect Saudi and Gulf investments. He expressed Pakistan's eagerness to engage with Vision 2030 projects, aiming to elevate trade exchange with Saudi Arabia to $20 billion through improved business environments and private sector involvement.

Hassan Al-Huwaizi, Chairman of the Federation of Saudi Chambers, highlighted the upward trajectory of bilateral trade, which has surpassed $5.7 billion. He pointed out Pakistan's increasing importance as a trading partner for the Kingdom and envisioned expanded collaboration within Vision 2030 projects.

Eng. Fahd Al-Bash, Chairman of the Saudi-Pakistani Business Council, detailed joint initiatives between investors from both countries. These include a portal for Pakistani rice importers, a technology center in Riyadh, a halal meat center in Makkah, a marketplace for Pakistani products in Saudi Arabia, and joint petrochemical ventures aimed at the Pakistani market.

The forum not only showcased the growing trade relations between Saudi Arabia and Pakistan but also set the stage for future collaborations that could significantly benefit both economies.