JEDDAH: A 137-member high-profile delegation of Pakistani businessmen will be visiting Saudi Arabia to participate in investment conferences to be held in Jeddah and Riyadh.
The conferences are aimed at promoting foreign investment and joint ventures between the two countries, Pakistani Ambassador to Saudi Arabia Shahid Karimullah said yesterday at a press conference.
The trade missions will visit Riyadh and Jeddah from Oct. 20 to 21.
Asserting that Pakistan and Saudi Arabia enjoy strong economic relations, Karimullah said Pakistan has become a business hub as the south Asian nation pursues a policy of trade diplomacy to stimulated foreign direct investment in the country.
High-level Saudi finance officials are expected to greet the Pakistani delegation, including Amr Al-Dabbagh, governor of Saudi Arabian General Investment Authority (SAGIA), who will inaugurate the event.
Pakistan is placed 77th in the World Bank’s global business competitiveness report, said the ambassador. The delegation will also visit King Abdullah Economic City (KAEC) in Rabigh, north of Jeddah.
The main aim of these conferences is to convince Saudi businessmen to invest in Pakistan, Karimullah said.
“I urge Saudi businessmen to visit Pakistan and explore investment opportunities,” he said, adding that the meetings would highlight the positive points of the Pakistani business and investment sector.
The ambassador also identified priority sectors for joint venture investment between the two countries, including agriculture, fisheries and energy projects.
“Trade between Saudi Arabia and Pakistan is limited and we want to exploit these opportunities and take maximum advantage to promote trade by organizing such kinds of conferences,” Karimullah said.
He pointed out that Pakistan is pursuing an investor-friendly policy, saying that it has introduced a number of reforms removing all hurdles in investment and providing maximum facilities to the business community.
High-ranking officials from Pakistan, including Shaukat Tareen, adviser on finance to the prime minister of Pakistan, Tanveer Ahmed Shaikh, president of the Federation of Pakistan Chambers of Commerce and Industries (FPCCI), and representatives of leading companies will participate in the trade mission.
Pakistan’s Investment Division & Board of Investment in collaboration with the Saudi Ministry of Finance, Council of Saudi Chambers, Federation of Pakistan Chambers of Commerce and Pakistani mission in Saudi Arabia are the organizers of the two conferences.