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Eyeing on untapped resources, SA, Pak vow to promote trade to full potential

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February 18, 2019:  Eying on new areas of trade, investment and development opportunities, Pakistan and Saudi Arabia Monday vowed to promote bilateral trade to its full potential, which currently stands at just $3.7 billion, far below the existing potential between the two countries.

There are many untapped potential areas, which could be explored for the benefit of both the countries to take advantage of trade opportunities and attract investments,            

Adviser to Prime Minister on Commerce, Textile and Industry Abdul Rmawazzak Dawood and Saudi Commerce Minister Majid Bin Abdullah Al Qasabi said while addressing the Pak-Saudi Investors Conference here.

Both countries have huge potential as Pakistan is having natural, agriculture and human resources whereas there are many untapped potential resources in Saudi Arabia including mining, logistics and religious tourism. 

Abdul Razzak Dawood reiterated government's firm resolve to provide Saudi investors a level playing field for exploring trade and investment opportunities existing in various sectors of national economy.

The adviser said that Pakistan and Saudi Arabia had very close and strong bilateral bounds in all sectors which were time-tested and would further strengthen with each passing day.

He said that Pakistan's economy was heading towards right direction but was facing energy shortage, adding that in such scenario, China came forward and decided to initiate investment in different energy generation projects under China-Pakistan Economic Corridor (CPEC).

He said that Pakistan was formulating a renewable energy policy in order to change its energy mix to reduce its reliance on costly energy mix like oil and gas to produce alternative energy which currently stood at 4 percent that would be enhanced to 30 percent.

He said besides Saudi investors, all other local as well as foreign investors would also be provided level playing field and facilities to promote foreign investment,   economic development and social prosperity.

“We are extremely grateful to crown Prince for coming forward and bringing huge investment in Pakistan, which he announced during  the Prime Minister's visit to Saudi Arabia and was announced last night”, he remarked.

Abdul Razzak Dawood said that this investment was a quality based market investment, commercial and strongly represents the private sectors of both the countries.

He said that there were fruitful discussion with the Saudi investors and businessmen who showed keen interest to invest in petroleum and energy generation sectors as the huge scope of investment were existing with lucrative rate of returns.

The adviser told the Saudi investors that currently Pakistan was heavily depending on high cost energy production and was intended to transform its reliance on cheap energy mix for cutting its cost by focusing on alternative sources of energy such as wind and solar energy production and Saudi investors are invited to take the opportunity and invest in this sector.

He invited the Saudi investors to invest in other sectors like mines and minerals, agriculture, and food processing, adding that joint ventures in various sectors would be equally beneficial for both the countries as a youth bulge and of skilled workforce was also available.

He expressed the hope that bilateral trade talks and meetings with Saudi counterparts would open more venues and open the scope of bilateral trade and investment, besides looking forward for the various other options including free trade agreement and removal of restricted movement in GCC.

Addressing the conference Saudi Minister for Commerce Majid Bin Abdullah Al Qasabi said Pakistan was a nation of passion and dedication, and the compass of bilateral relations was moving towards new direction.

Terming the current trade volume of $3.7 billion between the two countries as low, the Saudi minister said that this volume is very moderate and it should be enhanced by exploiting new areas of trade and development in the country.

He said the current visit would help easing the bureaucratic challenges on both sides. He vowed to work jointly in taking the bilateral trade ties to new heights.

The Saudi Commerce minister said both the countries have formed Pak-Saudi Supreme Council headed by Saudi Crown Prince Mohammad Bin Salman, and Prime Minister Imran Khan, which would have great positive impact on improving partnerships.

“We are investing in oil sector which is a strategic commodity and would invest in downstream industry which would help create more business opportunities and job creation,” he added.

He said Saudi Arab wishes for stable and prosperous Pakistan.

 (APP)

Posted on: 2019-02-18T14:24:00+05:00

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