Saudi investors keen in joint ventures with Pakistan: Ambassador

Saudi investors keen in joint ventures with Pakistan: Ambassador

ISLAMABAD (APP): Ambassador of Saudi Arabia, Abdullah Marzouq Al-Zahrani Wednesday said that his country considered Pakistan an important trading partnerand wanted to further enhance import of many products from it.

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Pakistani businessmen could promote trade volume with Saudi Arabia by improving the quality of their products, he said while talking to a delegation of Islamabad Chamber of Commerce and Industry (ICCI) led by its President Khalid Iqbal Malik here.

He said, Saudi investors were interested in investment and joint ventures in various sectors of Pakistan's economy.

He identified steel manufacturing and food processing as potential areas for joint ventures between the two countries.

The Ambassador stressed that both countries should organize single country exhibitions and encourage frequent exchange of trade delegations to explore all untapped areas of mutual collaboration.

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He assured that his Embassy would facilitate Pakistani business community in exploring business opportunities in Saudi Arabia.

The ICCI delegation discussed with Saudi Ambassador ways and means for further enhancing bilateral trade and economic relations between Pakistan and Saudi Arabia.

Khalid Malik, Senior Vice President, Tahir Ayub, Vice President Islamabad Chamber of Commerce and Industry and Amin ur Rehman were also in the delegation.

Abd ur Rehman, Commercial Attach‚ of Saudi Embassy was also present at the occasion.

Speaking at the occasion, Khalid Iqbal Malik, President, ICCI said that Pakistan and Saudi Arabia enjoyed historically good relations which should be transformed into growing trade and economic relations to achieve more beneficial results for the two countries.

He said Saudi Arabia imported billion dollars' worth of products including machines, engines, pumps, electronic equipment, iron or steel products, gems & precious metals, pharmaceuticals, iron and steel, cereals, medical and technical equipment and plastics as its imports during 2015 amounted to US$ 170 billion.

He said Pakistan could supply many of these products to Saudi Arabia and it should focus on enhancing its imports from our country.

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He said Pakistan offered lucrative opportunities to Saudi investors in many sectors of its economy including oil and gas, petroleum and petrochemicals, energy, textiles, banking and financial services, fertilizer, gems and jewelry, light engineering, furniture, food and fruit processing, packaging, livestock, dairy farming, fisheries, infrastructure development etc.

He stressed that Saud investors should be apprised of these attractive prospects so that they could exploit these opportunities in Pakistan for achieving beneficial outcomes.

Khalid Malik, Senior Vice President and Tahir Ayub, Vice President,ICCI said that Saudi Arabia has initiated some mega construction projects and it should explore importing cement, steel, marble and other construction related products from Pakistan.

They said, both countries should cooperate in training programs to enhance export of skilled manpower from Pakistan to Saudi Arabia.