Pakistan has been declared one of the top investment destinations by Saudi Arabia.
Deputy Minister for Foreign Trade of Kingdom of Saudi Arabia Abdulrahman Alharbi at the occasion of Pak-Saudi Joint Working Group first meeting on Trade and Investment held in Riyadh said that Saudi Arabia considers Pakistan one of the best destination for investment.
Commerce Secretary Younus Dagha led Pakistan’s delegation to the meeting and Board of Investment Additional Secretary Saleem Ranjha, Ambassador of Pakistan to Saudi Arabia Khan Hasham Bin Saddique was also present at the occasion.
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Both the countries reassured each other for increased cooperation to boost trade and investment. The discussion reaffirmed the understanding that was developed in the meeting held last month in Islamabad of the Pak-Saudi Joint Ministerial Commission.
Pakistan is an attractive destination for Saudi Arab for investment purposes due to its strategic location, development projects, growth, and resources availability.
Saudi Arab is attracted to invest in many sectors of Pakistan which include petrochemicals, dairy, livestock, mining etc. Saudi Arab will send an expert team to Pakistan to further review which projects and opportunities can be important for both countries.
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Both countries have agreed to start the Pak-Saudi Joint Business Council in two months time. Also, it was finalized that in 2018 Pakistan will conduct a single-country exhibition in Saudi Arabia.
In order to boost trade, it was decided that issues like visa fees, shipment issues, registration of firms need to be made simpler and easier for the general public.
Dagha was appreciative of the fact that on many important issues progress was made in the meeting and it was agreed upon that both countries will help each other to boost trade and commerce.
In April 2018 the Joint Working Group will resume in Islamabad and further discussions will be done relating to investment opportunities in Pakistan.