KSA's investment delegation to visit Pakistan by October 18

KSA's investment delegation to visit Pakistan by October 18

ISLAMABAD: An investment and business delegation led by senior government functionaries from Kingdom of Saudi Arabia will visit Pakistan by October 18 to negotiate on investment opportunities in different sectors.

The investment and business delegation from KSA, would negotiate with Pakistan side for increasing trade and investment in areas of petroleum, agriculture, textile and chemicals for enhancing cooperation between the two country, Secretary Commerce and textiles Muhammad Younas Dhaga told APP here on Sunday.

He said that “We proposed Free Trade Agreement (FTA) to Saudi Arabia for increasing trade and business relation between both nations and they are agreed to further negotiate FTA after study."

The Secretary Commerce said that Pakistan had proposed KSA to sign Preferential Trade Agreement (PTA) before FTA to bring down the tariff lines between the two countries for enhancing trade and business relations.

Replying to a question, he said “We would achieve exports target and additional exports for economic development and prosperity,”.

He said the government was committed to enhancing exports and increasing manufacturing in engineering, textile, agriculture and chemical domains.

The government, he said, would give priority to promotion of export-led growth and reduce dependence on imports, adding that it had identified many sectors to boost exports.

Younas Dhaga said, “Primarily, we are focusing on increasing exports in engineering and Information Technology (IT), chemicals and innovative technology through enhancing their competitiveness in global market.”

With regard to export promotion strategy, he said it would focus on increasing the country’s exports to compete with regional and global players in international market.

He said special attention would also be given towards promotion of textile exports, particularly knitwear, apparel, garments, leather products and rice, besides, promoting furniture industry of the country which has great export potential.

He said the government, in consultation with stakeholders, would devise comprehensive policy guidelines to promote textile and industrial exports.