A 50-member business and official delegation from the Kingdom of Saudi Arabia (KSA) is scheduled to arrive in Pakistan on May 5 for a two-day visit to strengthen bilateral economic bonds. The visit primarily explores trade deals and investments in joint ventures with Pakistani entrepreneurs.
The delegation will hold business-to-business (B2B) meetings on May 6-7, covering various sectors of the economy. The discussions will emphasize government-to-business (G2B) and government-to-government (G2G) deals to enhance economic cooperation between the two countries.
Prime Minister Shehbaz Sharif has formed a 16-member steering committee to facilitate the visit, with the petroleum minister appointed as its chairman. The committee, which includes federal ministers and senior officials, is tasked with arranging business meetings and finalizing security arrangements for the Saudi delegation.
Pakistan is keen to address its trade deficit with Saudi Arabia, its largest trading partner in the Gulf region. In 2021-22, bilateral trade between the two countries reached $5.581 billion, with Pakistan’s exports at $428 million and imports from Saudi Arabia at $5.152 billion, resulting in a trade deficit of $4.723 billion.
The visit is expected to pave the way for increased trade and investment between the two countries. Pakistan aims to capitalize on its strategic location and the potential for collaboration with Saudi Arabia to boost economic growth further.
Furthermore, Pakistan is actively pursuing initiatives with Gulf Cooperation Council (GCC) member countries, including Saudi Arabia, to enhance trade and investment opportunities. This visit marks a significant step towards strengthening economic ties and fostering mutual prosperity. For the latest Real Estate News and Blogs, visit Realtorspk blogs.
