Pakistan well-positioned to benefit from SA's vision 2030, strengthen investment, trade: Jam Kamal
Business
With strategic promotional efforts, Pakistan can enter Saudi market, said Kamal
ISLAMABAD (APP) – Federal Minister for Commerce, Jamal Kamal Khan said here on Thursday that Pakistani companies were well-positioned to contribute to and benefit from Saudi Arabia’s Vision 2030, a transformative agenda, leveraging opportunities in construction, IT services, skilled labour, and agriculture.
Addressing the Pakistan-Saudi Arab Business Forum, the federal minister said, Vision 2030 aims to diversify Saudi Arabia’s economy, expanding into sectors such as tourism, renewable energy, technology, infrastructure, and more.
He praised Saudi Arabia’s visionary leadership in fostering cooperation, particularly through Crown Prince Mohammed bin Salman’s ambitious Vision 2030.
With strategic promotional efforts, targeted outreach, and improved market access, Pakistan can significantly expand its footprint in the Saudi market, he said.
Kamal said, the Ministry of Commerce plans to organise a single-country exhibition in Jeddah in February 2025, providing a platform for Pakistani businesses to engage with Saudi Arabia’s leading brands and importers.
Kamal welcomed the Saudi Minister for Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh and his delegation to Pakistan, highlighting the potential for enhanced trade and investment cooperation between the two nations.
He said, Pakistan’s primary exports to Saudi Arabia include cereals, rice, meat, textiles, footwear, dairy products, fruits, vegetables, and fish products. With growing demand in the Saudi market for quality food products, there is substantial potential to increase exports.
The Ministry of Commerce has developed a comprehensive business plan to boost bilateral trade, outlining trade-specific targets to be monitored quarterly, biannually, and annually. Key sectors identified for targeted marketing and promotion efforts include food and agriculture, textiles, leather goods, pharmaceuticals, construction materials, IT services, and renewable energy solutions.
Currently, food and textiles dominate Pakistan’s exports to Saudi Arabia, accounting for over 85% of total exports. However, other sectors, such as pharmaceuticals, construction materials, surgical instruments, sports, and engineering, offer enormous growth opportunities.
The Ministry of Commerce plans to organise a single-country exhibition in Jeddah in February 2025, providing a platform for Pakistani businesses to engage with Saudi Arabia’s leading brands and importers.
Additionally, Kamal invited Saudi delegates to attend the upcoming Texpo on textiles in Karachi and the auto market industry Expo in Lahore during the current month (October).
As Pakistan and Saudi Arabia continue to collaborate, the potential for enhanced trade, investment, and economic cooperation is poised to unlock new opportunities for both nations, he added.
