RIYADH, 6 March 2007 — A visiting Pakistan trade team said yesterday that it is in the Kingdom looking to drum up more business, particularly in pharmaceuticals and railway projects.
“We have come here to explore more business opportunities in the Kingdom to balance our bilateral trade which is currently in favor of Saudi Arabia,” said Ikram Ullah, director of Trade Development Authority of Pakistan.
The Kingdom’s exports to Pakistan are valued at $2.5 billion, while its imports from Islamabad stood at $500 million.
Ikram Ullah recalled the recent visit of Pakistan Minister of Commerce Humayun Akhtar when he signed an agreement with his counterpart, Hashim Yamani, to promote trade and commerce between the two countries.
“This has triggered exchange of visits between the two countries. Currently, a group of Saudi investors are visiting Islamabad to explore investment opportunities in Pakistan,” he added.
The leader said that he had extended an invitation to the Saudi businessmen to visit the Trade Expo in Karachi scheduled for the latter part of next month.
“More than 500 manufacturers will display their products and services at the show which is expected to draw more than 1,000 international visitors,” he said, pointing out that last year there were 750 foreign visitors.
“The pharmaceutical market is huge in the Kingdom, estimated at $800 million with 12 percent annual growth,” said Asrar A. Qureshi, general manager of commercial and business development of CCL Pharmaceuticals, adding that the current trend is that generic products are becoming more popular than the branded pharmaceuticals because of their competitive prices and efficacy.
“Pakistan, which supplies these products to countries in Asia, Southeast Asia and Africa, is in a position to supply a number of drugs and medicines for chronic ailments such as diabetes and hypertension,” he said.
Pakistan Ambassador Shahid Karimullah said: “By virtue of years of experience, we have shown our interest to participate in the Kingdom’s railway projects,” he noted.
The trade team comprising representatives from 10 companies that were interested in marketing pharmaceuticals, fruits and vegetables, rice, sports goods and medical apparatus, held trade talks with Saudi businessmen at the Riyadh Chamber of Commerce yesterday. The delegation is to meet members of the Jeddah Chamber of Commerce today and will also meet businessmen at the Makkah Chamber of Commerce tomorrow.