Pakistan, Saudi Arabia strengthen economic ties

February 07, 2025 (MLN): Pakistan and Saudi Arabia explored opportunities to enhance trade and investment as Federal Minister for Commerce Jam Kamal Khan met with the Jeddah Chamber of Commerce and Industry.

The meeting focused on increasing bilateral trade, boosting investment, and fostering long-term economic collaboration, according to a press release issued on Friday.

During the discussion, the Minister highlighted the deep-rooted and brotherly relations between Pakistan and Saudi Arabia, built on shared values, mutual trust, and strong socio-economic cooperation.

He acknowledged Jeddah’s strategic role as a commercial hub and emphasized its importance in promoting trade and investment partnerships between the two nations, as APP reported.

The Minister underscored the remarkable 22% increase in Pakistan’s exports to Saudi Arabia, which have reached approximately $700 million, reflecting growing economic momentum.

He stressed the need to further expand bilateral trade and establish a mutually beneficial trade balance.

He encouraged greater trade in high-potential sectors such as textiles, halal food, agriculture, IT, pharmaceuticals, construction materials, and engineering goods.

Additionally, he invited Saudi investors to explore Pakistan’s business-friendly environment, particularly in the energy, infrastructure, agriculture, mining, and industrial manufacturing sectors.

Highlighting Pakistan’s revised visa policy, the Minister informed the Jeddah Chamber that GCC citizens can now enter Pakistan without a visa and stay for up to 90 days, facilitating easier business travel and investment.

He appreciated the contributions of Pakistani entrepreneurs and professionals in Saudi Arabia, many of whom have successfully operated businesses in the Kingdom for decades.

Over the past five years, 1.7mn Pakistanis have traveled to Saudi Arabia, reinforcing the Kingdom’s significance as a business and employment hub.

He also noted that Pakistan received $7.4 billion in remittances from Saudi Arabia last fiscal year, making it a vital contributor to Pakistan’s economy.

The Minister highlighted the successful visit of a 130-member Saudi business delegation to Islamabad, during which 34 Memorandums of Understanding (MoUs) were signed across multiple sectors.

He emphasized the need for joint ventures between Pakistani and Saudi businesses to enhance industrial cooperation and knowledge sharing.

To further support business linkages, the Minister proposed establishing a Pakistan-Saudi Business Facilitation Desk at the Jeddah Chamber.

This initiative would provide support services and assistance to businesses from both countries.

He also introduced the Pakistan Investor Forum, aimed at empowering Pakistani entrepreneurs and strengthening their business networks in Saudi Arabia.

He encouraged Jeddah Chamber members to collaborate with the forum to maximize trade and investment opportunities.

Discussions also covered improving customs procedures, certifications, and compliance with trade standards to facilitate smoother and more efficient trade operations.

The Minister stressed the need to expand trade in key Pakistani exports, particularly halal meat, dairy products, IT services, and pharmaceuticals.

Following the meeting, the Minister reaffirmed Pakistan’s commitment to deepening economic ties with Saudi Arabia and strengthening institutional partnerships.

He appreciated the Jeddah Chamber’s crucial role in fostering economic cooperation and expressed optimism that both nations would continue to explore new avenues for trade and investment growth.

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