LAHORE: Pakistan’s Ambassador to Saudi Arabia Ahmad Farooq has said that immense potential is available to expand trade ties with Saudi Arabia.
He made the remarks while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Friday.
He said that sectors such as information technology, pharmaceuticals, textiles, rice, seafood, meat, sports goods, healthcare, hospitality, and construction are the areas where Pakistan can capitalise on existing opportunities in the Saudi market.
Ambassador Ahmad Farooq highlighted Saudi Arabia’s preparations for major global events, such as the FIFA World Cup, which are driving increased demand for stadiums and hotels. He emphasised this as a valuable opportunity for Pakistan’s construction and hospitality sectors, given the Saudi construction industry’s need for building materials, contractors, engineers, project designers, and skilled labour.
The ambassador also underscored Pakistan’s strong presence in the information technology sector, noting that over 90 Pakistani companies have established offices in Saudi Arabia. He urged further exploration of IT opportunities within the Saudi market.
Additionally, he mentioned the declining market share of Pakistani rice exports to Saudi Arabia, which has fallen from 60-70 percent to just 5-6 percent, despite the continued popularity of Pakistani rice among Saudi consumers. He also highlighted the significant demand for red meat in Saudi Arabia, presenting another promising avenue for Pakistani exporters to capitalise on.
LCCI President Mian Abuzar Shad on the occasion said that Saudi Arabia has always been a key ally of Pakistan, offering unwavering support during critical times. Its role as a leading nation among Arab states gives it immense influence in the region.
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He expressed gratitude for Saudi Arabia’s decision to extend the US$3 billion deposit term, which has bolstered Pakistan’s foreign reserves. He also acknowledged the critical role of Pakistani expatriates in Saudi Arabia whose remittances significantly contribute to Pakistan’s economy. During the first six months of the current fiscal year, remittances reached US$17.8 billion, with US$4.4 billion coming from Saudi Arabia.
He said that Saudi Arabia’s Vision 2030 and its ambitious developmental projects present a golden opportunity for Pakistani businesses to contribute and benefit mutually.
The LCCI President said that Pakistan’s exports to Saudi Arabia amounted to US$710 million in 2023-24, while imports, primarily petroleum products, stood at US$4.5 billion.
He emphasised the untapped potential in the sports goods industry, as Saudi Arabia expands its football leagues with international players.