ISLAMABAD, Feb 18 (APP):Saudi Minister of Commerce and Investment, Majid Bin Abdullah Al Qasabi Monday said that Pakistan and Saudi Arabia were having huge potentials required for attracting global investments into their respective countries.
“Pakistan has all the ingredients of recipe of success,” the minister said at the sidelines of the Investors’ Conference here adding Pakistan had natural resources, agricultural resource and human resource that could be exploited for investments.
On the other hand, in Saudi Arabia, many industries including mining, religious tourism were untapped whereas there was room for improvements in logistic industry and services could be utilized for enhancing Umrah and Hajj visits.
He said that Saudi Arabia had 80 percent population below 40 years age and 70 percent population less than 35 age, which indicates towards its brighter future.
He said that both Saudi Arabia and Pakistan were having dedicated and energetic leadership, which had taken the relations between two countries to new levels.
He said that the formation of Pak-Saudi Supreme Council would take the partnership to new levels and promote economic and political ties and help improve communication, participation and partnership.
The Councils would also help addresses the issues and challenges and eliminate all the obstacles, he added.
The minister said investments of $20 billion by Saudi Arabia in Pakistan indicate that there were clear opportunities that would benefit both the brotherly countries.
He said that oil was a strategic commodity and Saudi Arabia was interested in investing in downstream industries.
“We would invest in downstream industries and I hope that such partnership would enhance investment and create more businesses and enhance economic environment in Pakistan and benefit both the countries,” he remarked.
He said that under the vision 2030, Saudi Arabia was offering new opportunities as it has been opening up new industries including tourism, mining, services, entertainment, logistics and other industries which have been untapped so far.