ISLAMABAD: The head of a 15-member Saudi delegation that arrived in Islamabad on Monday said the group aimed to search for joint ventures and investment opportunities in Pakistan and tap into support from the governments of both countries to grow business and trade.
The delegation is led by Fahad Bin Muhammad Al-Bash, the chairman of the Saudi-Pak Business Council, and will remain in Pakistan for a week. The delegation will visit Islamabad, Lahore, Sialkot, Faisalabad, and Karachi during the trip and meet representatives from various chambers of commerce and the board of investment, as well as conduct business-to-business meetings in each city. The delegation will leave for the kingdom from Karachi on June 27.
On Monday, the delegation met members of the Islamabad Chamber of Commerce and Industry (ICCI) and held B2B meetings and delegation-level talks with officials of the Khyber Pakhtunkhwa Board of Investment.
“There is huge support from both governments for the business communities to work and there is a lot of potential in the economies to tap into for both countries,” Al-Bash told Arab News, saying the Saudi business community saw great opportunity for collaboration in the sectors of agriculture, livestock, information technology, human capital, mining, surgical goods, sportswear, and military.
“We are here for JVs (joint ventures) with Pakistani companies and have a plan to visit the China Pakistan Economic Corridor (CPEC) authority to check the opportunities for investment in the project,” Al-Bash said, adding that both countries would increase the number of bilateral business visits to enhance cooperation.
“We have scheduled two visits a year to Pakistan and there will be two visits from the Pakistani side to Saudi Arabia. We are also thinking of exhibiting Saudi products in Pakistan and Pakistani products in Saudi Arabia,” he added.
ICCI President Muhammad Shakeel Munir said the chamber had organized specialized meetings of its members with Saudi businessmen to discuss collaborations.
“The Saudi delegation has businessmen from construction, infrastructure, energy, tourism, and pharmaceuticals and we have also invited businessmen from the similar sectors so that they can find opportunities of collaboration and investment,” Munir told Arab News.
“We need some good joint ventures so I think this visit will be very fruitful and concrete results will come out,” he said.
“There is a huge potential to increase exports of rice, fruits and vegetables, halal meat, mangoes, pharmaceuticals, and different kinds of marble and granites [to Saudi Arabia],” Munir added.
Saudi businessman Faisal Khalid Alyahya said the Pakistan energy sector had immense potential and he was interested to explore possibilities for investment in the sector.
“We are well-known investors in Saudi Arabia, that’s why we are here in Pakistan to explore possibilities in the energy sector, both renewable and conventional,” Alyahya told Arab News.
He said after meeting Pakistani businessmen and authorities, he would present an investment proposal to his company, Al Gihaz Holding.
“Based on findings of our meetings,” he said, “we will decide how much to invest in Pakistan and will come back with a plan after a few months.”