Islamabad Chamber of Commerce and Industry President Ahsan Zafar Bakhtawari appreciated Saudi Arabia’s decision to accelerate the initial phase of the $5 billion investment in Pakistan.
It should be noted that the decision was taken at a meeting between Prime Minister Shehbaz Sharif and Saudi Arabia’s Prince Mohammed Bin Salman held in Mecca the other day. Last year, Saudi Arabia pledged to invest $25 billion in the next 5 years under the Special Investment Facilitation Council (SIFC) to seek investment from Arab countries in energy, IT, minerals, defense and agriculture.
In his statement, Ahsan Zafar Bakhtawari said that the recent visit of COAS Chairman Asim Munir, Interim Prime Minister 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 a framework for more frequent interaction and 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 a huge trade opportunity between Pakistan and Saudi Arabia. There is a huge opportunity for Pakistan 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 has stood shoulder to shoulder with Pakistan in difficult times and this time Saudi investment will go a long way to lift Pakistan out of the economic mess it is in.
