According to Pakistan’s Minister of Commerce Gohar Ejaz, Pakistan aims to boost its trade with Saudi Arabia from the current $5.7 billion to $20 billion by improving business conditions.
The Saudi-Pakistani Business Forum was inaugurated in Riyadh on February 22, under the patronage of the Saudi Minister of Commerce Majid bin Abdullah Al-Qasabi and organized by the Federation of Saudi Chambers, as reported by the Saudi Press Agency (SPA).
During the forum, Ejaz highlighted the significance of the Free Trade Agreement between the Gulf Corporation Council countries and Pakistan in creating opportunities for investors from both regions. Moreover, he expressed his ambition to enhance the business environment between the two countries and encourage the private sector, given Pakistan’s status as a substantial market and a promising prospect for Saudi investors.
Trade growth between Saudi Arabia and Pakistan
Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, acknowledged the significant growth in trade between Saudi and Pakistan, which has reached $5.7 billion. He also highlighted that Pakistan now ranks 20th on the list of Saudi trading partners, indicating broader prospects for partnership and Pakistani investors in Vision 2030 projects.
With over 2.7 million Pakistani expatriates residing in the Kingdom, Saudi Arabia serves as the primary source of remittances for the financially strained South Asian country.
In a press release, the State Bank of Pakistan stated, “Remittance inflows during Jan. 24 were mainly sourced from Saudi Arabia ($587.3 million), United Arab Emirates ($407.6 million), United Kingdom ($362.1 million), and United States of America ($283.4 million).”
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