Saudi Investors invite PFC for deliberations on joint ventures

February 26, 2019: Saudi investors, in the wake of recent visit to Pakistan as member of entourage of Crown Prince Muhammad bin Salman, have invited Pakistan Furniture Council (PFC) for further deliberations to enhance mutual cooperation and launch joint venture in furniture sector.

According to a press release issued by the council, PFC Chief Executive Mian Kashif Ashfaq while chairing a meeting Tuesday apprised the participants of this latest development.

He termed this a big achievement for enhancing exports and strengthening the local furniture sector.

He said it was decided in principle that a framework would be outlined to enhance mutual cooperation and joint venture and this was another step forward to achieve this goal.

He said that it would be a good opportunity for country’s furniture producers and exporters to strengthen their business in Saudi Arabia, adding that PFC would negotiate with the Saudi investors to get maximum space and facilitation for Pak handmade furniture.  

Mian Kashif said, they would constitute a high level delegation soon to visit Saudi Arabia and explore potential in furniture sector.

"Saudi Arabia is a big deal for Pakistani furniture producers after UAE as there is great potential of expanding furniture trade as Pakistani handmade traditional furniture is at higher demands in international markets," he added.

He underscored that there should be regular exchange of meetings between the investors and businessmen of the both countries. It will open up new avenues of investment and will further boost the relations between the two countries, he added.

He said the two-way trade volume between Pakistan and Saudi Arabia, which is just US$ 3.6 billion could be increased up to US$ 10 billion dollars if steps taken in proper way.

(APP)