ISLAMABAD: Two-day Pakistan-Saudi Arabia investment conference will begin on Monday to promote bilateral trade and investment, besides fostering a new era of growth and prosperity for the people of both nations.
A 50-member high-level business delegation from the Kingdom of Saudi Arabia is also visiting Pakistan from May 5 to explore investment opportunities in various sectors and to forge strong bonds with local entrepreneurs.
About 30 Saudi companies representing different economic sectors, including energy, aviation, construction, mining exploration, information technology, telecoms, agriculture and human resource development would be part of the delegation, which would be led by the Assistant Minister of Investment, an official from the Ministry of Commerce said on Sunday.
He said that the ministry had selected a large number of Pakistani companies in the respective sectors whose officials would have business-to-business meetings with their Saudi counterparts, and would hopefully enter into business and investment agreements.
The official said that Saudi Arabia was an oil-based economy with strong government controls over major economic activities, however, it was now undergoing a transformation to reduce oil dependence, diversify income sources and enhance competitiveness under Vision 2030.
Currently, he added, the major exports of Saudi Arabia included mineral oils, mineral fuels, plastics and organic chemicals, whereas it was importing vehicles, machinery, and agricultural products.
Pakistan-Saudi Arabia Bilateral Trade
The official said that during the first half of the current fiscal year, bilateral trade between Pakistan and Saudi Arabia was recorded at 2,482.37 million dollars, with Pakistan’s exports of 262.58 million dollars and Saudi exports of 2.219 billion dollars.
He said Pakistan’s major exports to Saudi Arabia consisted of rice, fruits and vegetables, meat of bovine animals, tents and camping goods, whereas imports were petroleum products, and polymers of propylene and ethylene.
