ICCI President hails Saudi commitments to strengthen Pak economy

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ISLAMABAD, Oct 24 (APP):Business community here on Wednesday hailed Prime Minister Imran Khan’s successful recent visit to Saudi Arabia stating that the the existing bilateral trade and economic relations between both the countries would further strengthened.
The improvement in trade ties with Saudi Arabia would help stabilize Pakistan’s economy and the confidence of foreign investors to explore the trade and investment opportunities in the different sectors of Pakistan economy would also be increased, said President Islamabad Chamber of Commerce and Industry (ICCI), Ahmad Hassan Moughal.
Talking to APP, he said that the efforts of the government would also help to boost the confidence of
local trade and investment and trade activities would also flourish in the country.
He said that Pak-Saudi relations were of special importance and there was a great atmosphere of trust and love between the two countries, which was an example for the world.
He said that the two countries were cooperating in various fields while continued efforts were required to further enhance ties in other sectors of economy for the mutual benefit of the people of both the countries.
He was of the view that Saudi commitments would help in bridging the current account deficit gape, besides strengthening the foreign exchange reserves of the country.
The stabilization in forex reserves would help stabilize the value of local currency adding that parity between rupee and dollar would also be minimized in the coming days, he opined.
He said that affects of the foreign commitments and efforts of the government had started yielding results from the day first.Trading in the Stock Exchange has also witnessed upward trend during the start of the trading secession, he said.
The government’s decision to approach the brotherly countries in order to bring out the national economy out of the crisis was a wise step instead to ask the International Monetary Fund for any bailout package, he remarked.
The ICCI head asked the government for providing level playing fields for local industry in order to develop the import substitute to minimize the burden on the foreign exchange reserves, besides facilitating them for promoting the exports form the country.