Islamabad Chamber of Commerce and Industry President Ahsan Zafar Baghtawari praised Saudi Arabia’s decision to accelerate the initial phase of its $5 billion investment in Pakistan.
It should be noted that this decision was taken in a meeting between Prime Minister Shehbaz Sharif and Prince Mohammed Bin Salman of Saudi Arabia held in Mecca the other day. Last year, Saudi Arabia pledged to invest $ 25 billion in the next 5 years in the Arab Investment Facilitation Council (SIFC), seeking investment from Arab countries in energy, IT, minerals, defense and agriculture.
In his speech, Ahsan Zafar Bagtawari said that the recent visit of COAS Chairman Asim Munir, Prime Minister Caretaker Anwar-ul-Haq Kakar and Finance Minister Dr Gohar Ejaz and sitting Prime Minister Shehbaz Sharif played an important role in the implementation of the agreement. . .
He said, Saudi Arabia always has a supporting role in strengthening Pakistan’s economy and the welfare of the people in general. Adding that it is important for business people of Pakistan and Saudi Arabia to identify the complementary and comparative advantages between the two countries. Both chambers of commerce need more frequent interaction and a framework for the necessary legal reforms that will ensure a better return on investment.
Additionally, Pakistan-Saudi trade fairs should be held in major cities to attract FDI to Pakistan. A free trade agreement is also possible.
Ahsan Zafar Bakhtawari said, the Pakistani business community, especially the Islamabad Chamber of Commerce and Industry, wants to promote business and trade in Pakistan with the coordination of international partners to make the country a paradise for foreign investors.
He said that there is huge trade potential between Pakistan and Saudi Arabia. The current economic and political environment has made Saudi Arabia an important partner for economic development and a favorable market for Pakistan’s exports. There are huge opportunities to develop trade and investment relations with Saudi Arabia in textiles, medicine, rice, leather, seafood, dairy and other sectors which should be explored to increase Pakistan’s exports to Saudi Arabia.
He said that Saudi Arabia stands shoulder to shoulder with Pakistan in difficult times and this time Saudi investment will go a long way to bring Pakistan out of economic depression.
