Pakistan and Saudi Arabia have taken a significant step toward enhancing their bilateral trade and economic ties as businessmen from both countries inked a pact to explore new opportunities for mutual benefit.
The Karachi Chamber of Commerce & Industry (KCCI) and the Jeddah Chamber of Commerce & Industry (JCCI) have joined hands by signing a Memorandum of Understanding (MoU) to promote closer cooperation between their respective members, marking a promising development in economic relations.
The MoU, signed in Jeddah during a visit by a delegation from KCCI to the Jeddah Chamber, reflects the commitment of both nations to foster deeper economic collaboration. The agreement was formally inked by President of KCCI, Junaid Esmail Makda, and Vice Chairman of JCCI, Mazen Mohammed Batterjee, in the presence of esteemed delegates and representatives from both sides.
The agreement sets the stage for a range of initiatives and activities aimed at strengthening the ties between the two chambers of commerce and facilitating closer communication and cooperation among their members.
Speaking about the key provisions of the MoU, President Junaid Esmail Makda highlighted its salient features. He emphasized that both chambers will engage in annual discussions to formulate their cooperation plan, ensuring that they keep each other informed about the execution of cooperative projects in a timely manner. This proactive approach will help foster a dynamic partnership that can adapt to changing economic and trade dynamics.
Under the terms of the MoU, the KCCI and JCCI will actively promote the exchange of economic and trade-related information, facilitating a more transparent and informed business environment for their members. This will involve sharing supply-and-demand information, as well as regular updates on economic and trade policies, laws, and regulations in their respective countries.
The two chambers have also committed to organizing and facilitating various initiatives that will create more opportunities for enterprises in Pakistan and Saudi Arabia. This includes the coordination of delegation visits for participation in international exhibitions and fairs, as well as the organization of symposiums and seminars of different kinds. These activities will serve as platforms for exploring potential business collaborations and investment opportunities.
The signing ceremony was attended by notable individuals from both chambers, including Naveed Farooki, Chairman of KCCI’s Fairs, Exhibitions & Trade Delegations Subcommittee, and Asif Sumsum, Chairman of the Housing, Construction & Real Estate Subcommittee, along with Managing Committee Member Haris Agar. Representing the Jeddah Chamber, Vice Chairman Zeyad Albassam and Secretary General Hasan Ibrahem Dahlan were also present, as well as Shahzad Ahmed Khan, the Commercial Counselor of Pakistan in Jeddah.
The signing of the MoU between KCCI and JCCI is a positive step toward further enhancing trade and economic cooperation between Pakistan and Saudi Arabia. It reflects the shared commitment of the business communities in both countries to explore new opportunities, promote closer ties, and strengthen economic relations. This collaboration is expected to facilitate increased trade and investment, benefiting the economies of both nations and contributing to their mutual prosperity.
