JEDDAH, 21 February 2007 — Pakistan’s Minister of Commerce Humayun Akhtar Akhtar has called for the removal of customs barriers and relaxing of visa regulations to promote trade relations.
In the meeting of Saudi-Pakistan Joint Commission at the Conference Palace in Riyadh yesterday, the visiting Pakistani minister said Pakistan offered an investment-friendly climate as it allows foreign companies to have full ownership of investment projects.
Akhtar, who led his country’s delegation at the meeting, emphasized the strong relations between the two Islamic countries. He said the volume of bilateral trade during 2005 and 2006 amounted to $3.32 billion including $329 million of Pakistani exports. Saudi investments in Pakistan jumped from $18 million last year to $300 million this year, he added.
On the same occasion, Saudi Commerce and Industry Minister Hashim Yamani has called for strengthening of trade, economic and investment cooperation between Saudi Arabia and Pakistan, noting that the volume of two-way trade amounted to SR9.44 billion ($2.52 billion) in 2005. “There are 231 joint investment projects with a total capital investment of SR4.75 billion ($1.26 billion),” he added.
Yamani described the commission as an ideal venue to expand trade and investment ties as it helps both sides to know investment and trade opportunities in both countries.
He said the Kingdom’s gross domestic product (GDP) grew by 12.4 percent to reach SR966 billion ($347 billion) last year while the private sector grew by 6.6 percent. “Our international trade surplus reached $121 billion in 2006,” the Saudi Press Agency quoted him as saying.
Yamani said the Kingdom’s non-oil industries rose by 10.1 percent, the communications, transport and storage sector by 9.5 percent, electricity, gas and water sector 5.5 percent and construction and contracting sector 6.3 percent.
“In terms of attracting foreign direct investment, Saudi Arabia holds 38th position among 155 countries,” the minister pointed out.
The joint commission was established in October 1976 during the visit of King Khaled to Pakistan. Its last meeting was held in Pakistan two years ago.
