The Pakistan-Saudi Arabia Joint Ministerial Commission’s (JMC) eleventh session started on Tuesday. The session renewed initiative to encourage the bilateral economic, trade and investment cooperation between the two nations.
The high-ranked officials of both the nations belonging to the different ministries also took part in the session with the objective to draw a future roadmap for cooperating with each other for the enhancement of economic development.
Aitzaz Ahmad—Special Secretary Ministry of Foreign Affairs said that Pakistan has got extensive opportunities in the different divisions of the economy, especially in the tourism industry which could be exploited for better monetary development scenarios. He expressed his hope that the session would provide a boost to the agenda for promoting investment and trade.
Abdul Rehman bin Ahmad Al-Harbi—Saudi Arabia Foreign Trade Secretary said that the capital city of the Kingdom that is Riyadh has got tremendous investment opportunities, especially in the field of infrastructure. He was of the view that such sessions like JMC should end at some concrete conclusions so that the bilateral cooperation between the two countries could prove beneficial.
It was also decided during the session that both the countries should simplify the process of business visa issuance along with vindicating the visa fees on mutual basis. Both the nations agreed on the activation of the Saudi-Pak Business Council for encouraging trade and investment on a much quicker basis.
Pak-Saudi bilateral Preferential Trade Agreement (PTA) was also discussed and considered in the JMC.
The two countries also agreed upon the introduction of products via exhibitions in Saudi Arab and Pakistan. They also agreed to spot and eliminate the hurdles that come in the way of smooth flow.