ISLAMABAD: Trade relations between Pakistan and Saudi Arabia are reaching new heights, driven by the Special Investment Facilitation Council (SIFC).
Pakistan’s exports to Saudi Arabia have risen by 22 percent, while overall trade volume has grown to $700 million from $546 million, Radio Pakistan reported on Monday.
The Saudi investors have also shown keen interest in investing in the energy, agriculture, IT, and construction sectors of Pakistan.
Regarding the exports of IT services to Saudi Arabia, the target has been revised to $ 100 million raising it from $ 50 million.
Saudi Arabia has also established a help desk to facilitate the registration process of Pakistani IT companies.
Meanwhile Saudi food chain “Albaik” has also announced opening its branches in Pakistan.
The SIFC’s role in facilitating these trade developments has been instrumental, with officials noting that enhanced commercial ties between the two nations contribute to greater economic stability. The Council continues to serve as a key facilitator for bilateral trade and investment initiatives.
Pakistan and Saudi Arabia are close regional partners and economic allies, and both countries signed 34 agreements worth $2.8 billion in October last year. Saudi Arabia is home to over 2 million Pakistani expatriates, serving as the top destination for remittances for the South Asian country.
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The increasing trade volume and diversification of investment sectors reflect the strengthening economic ties between Pakistan and Saudi Arabia, with both countries striving to broaden their commercial collaboration across various industries.
Earlier this month Saudi Arabia hosted a “Made in Pakistan” exhibition to exploit the immense potential of Pakistan-Saudi Arabia ties and promote business-to-business contacts. About 137 companies from Pakistan attended the event.
As the largest employment market for Pakistani manpower, Saudi Arabia presents growing opportunities for collaboration in human resource development, especially with upcoming international events like the World Expo and FIFA World Cup.
