(BE2C2) — Pakistan’s Board of Investment (BOI) in association with the embassy and its commercial section in Riyadh is holding a day-long seminar at the Council of Saudi Chamber of Commerce in Kingdom’s capital.
Mr. Naeem Y. Zamindar, Minister of Sate/Chairman Pakistan Board of Investment is leading a 35-member delegation of prominent businessmen and public sector representatives to this seminar.
The event aims to attract public and private investments in Pakistan from the Kingdom and vice versa.
The country’s ambassador Khan Husham bin Siddique was one of the keynote speakers at the event.
The initiative includes B2B meetings between Saudi businessmen, entrepreneurs and the BOI officials, Pakistani businessmen and entrepreneurs more specifically related to opportunities emerging in the fast-track China Pakistan Economic Corridor (CPEC).
The seminar comes back-to-back the two friendly and brotherly countries’ Joint Ministerial Commission working meeting held in January in Islamabad– to boost economic, investment and trade cooperation.
Attendees included senior officials from various ministries of both countries, and the Saudi delegation was led by Commerce and Investment Minister Dr. Majed Al-Qassabi, said Pakistan’s Foreign Ministry spokesman Mohammed Faisal.
Both sides agreed to simplify business-to-business interaction. Some 90 percent of Pakistan’s imports from Saudi Arabia are oil and petroleum products. Annual bilateral trade is around $2.5 billion, the Pakistani Embassy in Riyadh said last year.
At the meeting, Pakistan and Saudi Arabia agreed to establish a working group for the export of halal food from Pakistan to the kingdom, Saudi investment in the construction of the north-south gas pipeline, accelerated negotiations on a bilateral investment treaty and the exchange of parliamentary delegations.
Both sides agreed to hold exhibitions of new products in each other’s countries. The first-single country exhibition of Pakistani products in Saudi Arabia will be held in the second half of 2018. It was also agreed to review and simplify the procedure for the business visa issuance. The business visa fee will also be rationalized.
The JMC called for reactivating the Pak-Saudi Joint Business Council (JBC) by the first quarter of 2018. A commercial attaché will soon be designated at the Saudi embassy in Islamabad.
The Saudi Minister of Commerce and Investment led a 35-member Saudi delegation to study and review opportunities in PAkistan in various sectors.
Subsequently, the BOI is holding the “Pakistan Investment Seminar” in Riyadh today, to capitalize on opportunities emerging on both sides i.e. economy diversification drive in Saudi Arabia under Vision 2030 and the establishment of China Pakistan Economic Corridor (CPEC) in Pakistan.
Saudi Arabia has also shown keen interest in CPEC and its downstream projects including Special Economic Zones (SEZs).
The Kingdom is home to as many as 2.7 million Pakistanis who consider the Kingdom as their second home. The combined remittances of these Pakistanis have remained traditionally the highest among Pakistani Diaspora. Last year they remitted US$5.8bn.