Islamabad, February 22, 2024 – In an ambitious move, Pakistan is setting its sights on boosting bilateral trade with Saudi Arabia to $20 billion in the coming years, according to statements made by Caretaker Federal Minister for Commerce and Industry, Gohar Ejaz, in Riyadh on Thursday.
Acknowledging that the current trade volume falls short of expectations, Minister Gohar Ejaz expressed Pakistan’s commitment to significantly enhance its economic ties with Saudi Arabia. Addressing the Pakistan-Saudi Business Forum, he highlighted the need for legislation to promote bilateral investment between the two countries, signaling a proactive approach to foster economic collaboration.
During the forum, the minister, leading a delegation of Pakistani industrialists, engaged in discussions with the Saudi Minister of Commerce, Dr. Majid bin Abdullah Al-Kassabi. The talks focused on strategies to elevate investment in key sectors, including construction, the digital economy, and infrastructure.
Prominent figures in the Pakistani delegation included Punjab Minister S.M. Tanveer, along with notable businessmen Arif Habib, Muhammad Ali Tabba, and Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Atif Ikram. Minister Ejaz emphasized that a ratified Free Trade Agreement (FTA) between Pakistan and Gulf countries is already in place, providing a framework for enhanced economic cooperation.
Chairing the forum, Hassan Al Hazawi, Chairman of the Saudi Business Forum, highlighted a notable 35 percent increase in bilateral trade between Pakistan and Saudi Arabia. The Saudi Minister of Commerce commended the efforts to strengthen these trade relations and praised Gohar Ejaz for his personal commitment to enhancing economic ties. He emphasized the strong fraternal bond between the two nations and highlighted Saudi Arabia’s commitment to offering extensive employment opportunities for Pakistanis.
The push to elevate trade relations comes at a crucial time, with both countries recognizing the potential for mutually beneficial economic collaboration. The forum provided a platform to discuss and strategize the growth of economic ties, with a particular focus on the sectors identified for increased investment.
The announcement of the ambitious target of $20 billion in bilateral trade signifies a shared commitment to unlocking the full economic potential between Pakistan and Saudi Arabia. As the legislative framework evolves and both nations explore avenues for increased cooperation, this initiative has the potential to stimulate economic growth, create job opportunities, and further strengthen the bonds between these two brotherly nations. The forum concluded with optimism, paving the way for enhanced economic collaboration in the years to come.
