The Saudi-Pakistani Business Forum convened in Riyadh under the patronage of Saudi Arabia's Minister of Commerce. The forum emphasized the critical role of private sector collaboration in enhancing trade between Saudi Arabia and Pakistan.
Saudi Arabia's Deputy Governor of Foreign Trade highlighted the importance of private businesses in strengthening economic ties. He emphasized Saudi Arabia's position as Pakistan's fourth largest trading partner and the potential of the Free Trade Agreement between the GCC states and Pakistan to further solidify economic bonds.
Pakistan's Federal Minister for Commerce highlighted the opportunities for investors created by the Free Trade Agreement. He expressed Pakistan's eagerness to leverage Saudi Arabia's Vision 2030 projects for deeper collaboration. Pakistan aims to achieve $20 billion in trade exchange with Saudi Arabia, necessitating enhanced business environments and private sector engagement.
The Federation of Saudi Chambers Chairman underscored the forum's focus on boosting investment and trade partnerships between the two countries. He noted the positive trajectory of bilateral trade and Pakistan's growing importance as a trading partner for Saudi Arabia.
The Saudi-Pakistani Business Council Chairman outlined initiatives jointly developed by investors from both countries. These initiatives include a portal for Pakistani rice importers, a technology center in Riyadh, a halal meat center in Makkah, a market for Pakistani products in Saudi Arabia, and joint petrochemical ventures tailored to the Pakistani market.