Pakistan plans to boost trade with Saudi Arabia to $20 billion

WEB DESK: Caretaker Federal Minister for Commerce and Industry, Gohar Ejaz, has expressed concern over the current trade volume, stating that it falls short of expectations.

In a bid to boost economic ties, Pakistan aims to elevate bilateral trade with Saudi Arabia to $20 billion, according to a report by the Associated Press of Pakistan (APP).

Addressing the Pakistan-Saudi Business Forum in Riyadh on Thursday, Minister Gohar Ejaz outlined plans to enact legislation that promotes bilateral investment between the two nations.

The Commerce Ministry issued a press statement detailing the minister’s commitment to fostering economic collaboration.

Leading a delegation of Pakistani industrialists, Dr Gohar Ijaz also held a meeting with the Saudi Minister of Commerce, Dr Majid bin Abdullah Al-Kassabi.

The discussions primarily focused on augmenting investment in key sectors, including construction, the digital economy, and infrastructure.

Minister Gohar Ijaz highlighted the ratification of a free trade agreement (FTA) between Pakistan and Gulf countries during the forum. This agreement is expected to facilitate and encourage trade relations between the nations.

Hassan Al Hazawi, Chairman of the Saudi Business Forum, announced at the forum that bilateral trade between Pakistan and Saudi Arabia has witnessed a significant 35 per cent increase.

The Saudi Minister of Commerce commended efforts to strengthen trade relations and praised Minister Gohar Ijaz for his personal commitment to enhancing economic ties.

Emphasising the strong bond between the two countries, the Saudi Minister of Commerce stated that Pakistanis are considered brothers, and Saudi Arabia is keen on providing extensive employment opportunities for them.

The collaborative efforts aim to create a more robust and mutually beneficial economic partnership.

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