Textiles, agriculture identified as key sectors to focus in exports to Saudi Arabia
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Business
Pakistan and Saudi Arabia last year signed 34 agreements worth nearly $3 billion
KARACHI (Web Desk) - Pakistan Ambassador to Saudi Arabia Ahmad Farooq identified textiles, agriculture and red meat as key sectors for Pakistani businesses to focus on in order to increase the country’s exports to the Kingdom.
Farooq identified the key sectors during his visit to the Karachi Chambers of Commerce and Industry (KCCI), where he met with leading Pakistani businesspersons and industrialists, according to the KCCI.
The ambassador highlighted that Pakistan’s exports to the Kingdom had registered a 40 percent increase during 2023-24, with the information technology (IT) sector witnessing an impressive 50 percent growth.
Pakistan and Saudi Arabia last year signed 34 agreements worth nearly $3 billion, of which, memorandums of understanding (MoUs) worth $700 million have already entered the implementation stage, according to Farooq.
“We want large businesses to connect with local distributors in Saudi Arabia to facilitate exports,” he was quoted as saying by the KCCI. “A list of key exporters in these sectors should be shared with the [Pakistani] embassy so we can work together to strengthen trade relations.”
Farooq said Pakistani textile, agriculture and meat (beef and mutton) products had already seen a “remarkable growth” in the Saudi market, adding that the Kingdom offers vast opportunities for Pakistani businesses.
“The purpose of my visit is to discuss business opportunities with the Karachi business community and update them on how Pakistan’s embassy can support them in accessing the Saudi market,” he added.
Speaking about the rising demand for skilled manpower, the Pakistani envoy said more than 3 million Pakistanis were currently living in the Kingdom, however, 97 percent of them were “blue-collar workers.”