KARACHI: A high-level Saudi trade delegation will arrive in Pakistan next week to explore investment opportunities relating to the China-Pakistan Economic Corridor (CPEC) and different sectors, a Pakistani diplomat in Riyadh said on Thursday.
The delegation’s arrival is a follow-up of Prime Minister Shehbaz Sharif’s three-day visit to Saudi Arabia in April, soon after he assumed the office.
During the visit, PM Sharif had said the two countries were working on exploring new areas of cooperation, with a particular focus on promoting economic, trade and investment ties. Pakistan enjoys close relations with Saudi Arabia, which is home to nearly 2.5 million Pakistani expats.
Azhar Ali Dahar, the trade and investment minister at the Pakistani embassy in Riyadh, said the delegation comprising representatives of 30 Saudi companies would remain in Pakistan from June 20 till June 27.
“After the visit of the Pakistani prime minister, the Saudi government had decided to invest in Pakistan so Saudi companies are coming to Pakistan to explore the investment opportunities,” Dahar told Arab News.
“These companies are interested in CPEC, construction, energy, sports and tourism promotion. There are also some companies operating in Information Technology (IT) sector. The delegation will look into possibilities for the investment available in Pakistan.”
The delegation will be led by Saudi-Pak Business Council Chairman Fahad bin Mohammed Al-Bash. After arriving in Islamabad on June 20, the delegates will visit Pakistani cities of Lahore, Faisalabad, Sialkot, and Karachi to meet Pakistani business leaders.
The delegation will visit the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) on June 25, according to an FPCCI circular seen by Arab News. The trade body has organized a Joint Business Council meeting, which would be followed by business-to-business (B2B) with Saudi delegates.
“The Saudi delegation is expecting to have substantive meeting with Pakistani counterparts especially with Textile, Agriculture, Information Technology, Construction Materials, Fruits & Vegetables, Dry Fruits, Minerals, Consumer Goods, Agro-processing Technologies, Machinery and Equipment Sectors,” it read. "Saudi Arabia is one of the strongest partners of Pakistan in trade of goods and services."
The FPCCI hoped these B2B meetings would provide a platform to Pakistani businesses to promote their products and services, and explore new business avenues in Saudi Arabia.
Saudi companies are also interested in identifying investors for joint ventures in textile and IT and agriculture sectors in Saudi Arabia besides enhancing business opportunities for Pakistanis in the kingdom, according to the trade minister.
“It is possible that during the visit some companies may sign joint venture agreements in sports and surgical sectors with Pakistani companies,” Dahar said.
