Saudi investment to offer much needed relief to Pakistan’s FDI sector

KARACHI, Feb 13 (APP):The FPCCI Businessmen Panel (BMP) has expressed its confidence that $20 billion investment agreements expected to be signed during visit of Saudi Crown Prince Mohammed bin
Salman would provide needed relief to the country’s foreign direct investment (FDI) sector.
BMP Chairman, Mian Anjum Nisar acknowledging the steady support
extended by Saudi Arabia to Pakistan in its difficult times, said
there was urgent need to strengthen the bilateral relations on the
trade front too.
Efforts were said to have been made in this regard which
could not achieve its optimum potential and remained restricted to
around $2.5 billion.
“Despite the fact that the two countries pledged to strengthen
their economic ties with a preferential trade agreement, that also
fits the Crown Prince’s vision 2030, the total value of bilateral
trade stands at around $2.5 billion” said Nisar.
The senior leader of business community also appreciated
leadership of Prime Minister Imran Khan and his commitment to ensure
transparency in Pakistan attracting much ambitious foreign investment
in the country from brotherly countries.
“It is thus most appropriate time and opportunity to strengthen
bilateral trade relations and increase the same, he said.
In particular context of Pakistan’s main imports from Saudi
Arabia, he said this consists of crude oil and oil-based products
while its export include rice, meat products, spices, kinnow,
textiles, chemicals, footwear, and leather goods.
Secretary General (Federal) of the BMP, Ahmad Jawad supplementing
his colleague said this would be for the first time that Saudi Arabia
intends to make a big investment in Pakistan.
“This reflects confidence Saudis have reposed on the incumbent
government and also the credibility it has clinched for the country
internationally,” he said.
Jawad said massive Saudi investment in Pakistan will enhance
opportunities for both Saudi and Pakistani merchants to boost
bilateral trade between both the Muslim brother countries.
“Saudi investment to Pakistan comes within an economic aid
package aimed at relieving the stress of external debt and a shortage
of foreign currency, besides boosting the sluggish economy,” he said.
Similarly kingdom is to get secure market share and sustainable
exports in the face of international competition and its investment
will be expanding.
The BMP office bearers suggested that MOU be signed between FPCCI
and the Council of Saudi Chambers during the forthcoming visit of
Saudi crown prince so that interaction between businesses may strengthen
further.