“…we are working on this area to support Saudi Vision 2030 regarding transfer of technology and local assembling of state of the art defense related products of Pakistan.”
BE2C2 Report — Pakistan’s Commercial Consul at its Consulate General in Jeddah while talking to Saudi newspaper ‘Al Eqtisadiah’ said that Saudi investments in Pakistan during the past 5 years is estimated to be about $1 billion. “These investments are mainly in Power & Energy sector, Petroleum, Chemicals, Financial institutions, Banking, Agriculture, Farming, Dairy, IT, HR Development and Vocational Training sectors,” he added.
Datelined Jeddah, the report by Mohammad Hilali, quoted Mr. Khan saying Pakistani companies operating in the Kingdom were mostly doing business in the Construction sector, Engineering & Architecture, Chemicals, Steel and Metal Processing, IT, Electrical installations and supplies, and Restaurants.”
“Some 400 Pakistani companies are presently working in Saudi Arabia with varying capitals thought to be about US$350 million having been invested in the past 5 years,” said Khan.
Khan also pointed out that Saudi Arabia and Pakistan have time-tested ties for the last many decades in defense. “There is an unparalleled amount of mutual trust and confidence between the two sides. There is a great scope of cooperation between the two brotherly Muslim countries by leveraging each other’s strength in defense production” Khan said, adding that “we are working on this area to support Saudi Vision 2030 regarding transfer of technology and local assembling of state of the art defense related products of Pakistan”.
He added that his department’s activities are not limited to showcasing trade and investment potential of Pakistan, but its friendly industrial and investment regime, and also to enhance understanding about the $62 billion China Pakistan Economic Corridor (CPEC) and its allied economic opportunities. “It also highlights the incentives offered to foreign investors in the areas of energy, agriculture, manufacturing, mining and infrastructure development, he said.
Talking about the latest plans and policies to further improve Pak-Saudi business and economic ties, Khan said that Pakistan’s Diplomatic Missions in KSA are following a business plan that highlight ways and means to improve bilateral trade and investment between business houses and traders of both countries, and likewise, seeking opportunities for joint ventures in manufacturing and services sector and striving for human resource development, to not only contribute to the host country economy but also to have positive dividends.
Khan said: “Pakistan being a development partner of Saudi Arabia, we are working to ensure an easy access of information for our buyers about our products potential (especially traditional products like Food, Textiles and Leather, Sports Goods, Surgical Instruments and non-traditional products like pharmaceutical, furniture, construction materials and new emerging products in the services sector), credible partners are coordinated for exports and quality products at affordable price reach the destination. This would not only give the value of money to the buyer but would also help in developing long term relationships between the stakeholders – the buyer and the seller”.
He said that the concept of Saudization under “Vision 2030” appears to be a structural adjustment in the services sector of KSA, resulting in short-term decline of some remittances for countries like Pakistan where remittances from the KSA hold the lion’s share, but in the long term it would only change the dynamics of Human Resource Pyramid offering Pakistan an opportunity to upscale its manpower export to more skilled and managerial levels.
He added that “at present in Pakistan, we are working to develop specialized Vocational Training Institutes that would impart technical skills to our manpower, in accordance with the modified employment pyramid so that by the time the structural adjustments are completed in the Kingdom, Pakistani human resource is ready to be placed at appropriate job levels and maintain, if could not increase, the historic levels of remittances”.
Khan said that the journey of socio-economic development with mutual cooperation between the two brotherly countries is ongoing under their respective Visions i.e. Saudi Vision 2030 and Pakistan Vision 2025 and there is no doubt that both would prove to turn out to be partners in prosperity for each other.