Saudi Arabian trade delegation invited to invest in CPEC projects

Islamabad: A high-level visiting trade delegation of Saudi Arabia led by Fahad Bin Mohammed Al-Bash, Chairman, Saudi-Pak Business Council was on Wednesday afternoon invited to invest in the China-Pakistan Economic Corridor (CPEC) projects.

The delegation held Business-to-Business (B2B) meetings with the members of Islamabad Chamber of Commerce and Industry (ICCI) here.

Khalid Iqbal Malik, Chairman Founder Group briefed the Saudi delegation members about the investment opportunities in CPEC and stressed that they should exploit them for business development.

He maintained that Saudi Arabia had agreed in principle to establish a multi-billion-dollar refinery complex in Gwadar that should be transformed into a reality.

The delegation discussed to explore business collaborations in areas of interest. They were representing various sectors including edible oil and fats, food processing, trading, building materials, tourism & hospitality, manufacturing, medical tools and equipment, fintech, pharmaceuticals and infrastructure services, said a press release.

Speaking at the occasion, Fahad Bin Mohammed Al-Bash, Chairman, Saudi-Pak Business Council mentioned that the Saudi investors were keen to leverage business and investment opportunities in Pakistan.

He stressed that the high-level government-to-government relations between the two countries should be matched with strong trade relations to achieve better results.

He underscored that 20 percent workforce in Saudi Arabia was from Pakistan and his country wanted to import more trained workers from Pakistan. He said that many sectors of Saudi economy including chemical industry, real estate and tourism offered good opportunities to Pakistani investors.

He said that they have seen lot of business opportunities in Pakistan and were working with the embassies of both countries to leverage them up to maximum level.

Al-Bash contended that exhibitions of Saudi products in Pakistan and Pakistani products in Saudi Arabia would be organized to introduce the export potential of both countries.

He hoped that the visit of Saudi trade delegation to Pakistan would help in further promoting bilateral trade between the two countries.

Addressing the delegation, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry (ICCI) remarked that Pakistan offers great opportunities of Joint Ventures (JVs) and investment in various sectors of its economy including mines and minerals, oil and gas, housing and construction, infrastructure development, renewable energy, information technology, food processing, edible oil, logistics, sports, tourism and hospitality.

He emphasized that Saudi investors should capitalize on them to earn lucrative returns.

He said that Saudi delegation should also explore textile, agriculture, construction materials, medical equipment, pharmaceuticals, fruits, vegetables, dry fruits, consumer goods, agro-processing technologies, machinery & equipment and other sectors for business opportunities.

He stressed that it was the right time for Saudi investors to focus on Pakistan for JVs and investment.

Muhammad Faheem Khan, Vice President ICCI thanked the Saudi trade delegation for visiting Pakistan and hoped that their visit would start a new era of growing trade and economic relations between the two countries.