ISLAMABAD – Pakistan has invited and offered Saudi Arabia to invest inPakistan mega projects in oil and gas sector and the petrochemicals field.
Pakistan has offered Saudi Arabia to enhance the bilateral relations intostrong and strategic economic partnership.
Saudi Arabia has agreed to work out proposals for enhancing bilateraleconomic cooperation through identifying specific areas in trade andinvestment.
The agreement was reached in a meeting of the Joint Pak-Saudi Working Groupon Trade and Investment was held at Islamabad. Federal Commerce SecretaryMohammad Younus Dagha and Saudi Arabian Foreign Trade Deputy MinisterAbdulrahman Alharbi co-chaired the session.
The Ambassador of Saudi Arabia to Pakistan H.E. Nawaf Saeed Al-Maliki,officials from Saudi Ministries of Commerce and Investment, Energy,Industry and Mineral Resources, SABIC, Maaden and officials from Ministriesof Commerce, Energy and National Food Security, Trade Development Authorityof Pakistan and Board of Investment participated in the meeting.
Federal Secretary Commerce Mohammad Younus Dagha emphasized that Pakistangovernment desires that the long and historic relationship between Pakistanand Saudi Arabia should be translated into enhanced economic partnership.
He invited Saudi government and private sector to invest in Oil Refining,Petro chemicals and food processing industry in Pakistan. After theofficial discussions, Petroleum Division, and leading private sectorcompanies presented their project proposals.
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The follow up of first JWG meeting was also discussed to resolve non-tariff barriers, facilitating business visas, and logistic arrangements ofPakistan Single Country Exhibition in Jeddah as well as activating JointBusiness Council.
Abdulrahman Alharbi elaborated that the Kingdom desires to have closeeconomic partnership with Pakistan and the two countries could cooperateand have joint ventures in petro chemicals, food processing and othersectors.
The Saudi delegation also comprised of six businessmen from petro-chemicaland food sectors. Their B2B meetings were arranged with Pakistani companiesfrom meat, poultry, fruits and vegetables, rice and petrochemical sectorson 6th September 2018.
The companies presented details of their meat and food processing plantwhich meet Saudi standards and have been registered by Saudi Food and DrugAgency. The Saudi side expressed keen interest in the investment projectsand trade proposals and the two sides agreed to take further stepsexpeditiously to materialize these proposals.
