KARACHI: Pakistan Ambassador to 海角直播 Ahmad Farooq on Wednesday identified textiles, agriculture and red meat as key sectors for Pakistani businesses to focus on in order to increase the country鈥檚 exports to the Kingdom.
Farooq identified the key sectors during his visit to the Karachi Chambers of Commerce and Industry (KCCI) on Wednesday, where he met with leading Pakistani businesspersons and industrialists, according to the KCCI.
The ambassador highlighted that Pakistan鈥檚 exports to the Kingdom had registered a 40 percent increase during 2023-24, with the information technology (IT) sector witnessing an impressive 50 percent growth.
Pakistan and 海角直播 last year signed 34 agreements worth nearly $3 billion, of which, memorandums of understanding (MoUs) worth $700 million have already entered the implementation stage, according to Farooq.
鈥淲e want large businesses to connect with local distributors in 海角直播 to facilitate exports,鈥 he was quoted as saying by the KCCI. 鈥淎 list of key exporters in these sectors should be shared with the [Pakistani] embassy so we can work together to strengthen trade relations.鈥
Farooq said Pakistani textile, agriculture and meat (beef and mutton) products had already seen a 鈥渞emarkable growth鈥 in the Saudi market, adding that the Kingdom offers vast opportunities for Pakistani businesses.
鈥淭he purpose of my visit is to discuss business opportunities with the Karachi business community and update them on how Pakistan鈥檚 embassy can support them in accessing the Saudi market,鈥 he added.
Speaking about the rising demand for skilled manpower, the Pakistani envoy said more than 3 million Pakistanis were currently living in the Kingdom, however, 97 percent of them were 鈥渂lue-collar workers.鈥
海角直播 is currently developing its public service sectors such as health, education, infrastructure, recreation and tourism as part of a strategic framework, Vision 2030, which aims to diversify the Kingdom鈥檚 economy beyond oil. The
Kingdom鈥檚 ambitious plan coincides with Pakistan鈥檚 efforts to boost trade and foreign investment to revive its fragile economy.
鈥淪audi authorities have advised us to improve vocational training for Pakistani workers to meet the standards required for upcoming projects,鈥 Ambassador Farooq said, stressing the need to enhance training programs to equip these workers with modern technical skills.
Pakistan and 海角直播 are close regional partners, and the Kingdom remains the largest source of remittances to the South Asian country, contributing $7.5 billion in the last fiscal year (July 2023-June 2024), according to KCCI President Jawed Bilwani.
海角直播 has also regularly provided Pakistan oil on deferred payments and offered direct financial support to help shore up Pakistan鈥檚 forex reserves.
KCCI Senior Vice President Zia-ul-Arfeen stressed the need to enhance joint ventures between the two countries, urging Islamabad to further improve the ease of doing business for foreign investors.
鈥淪audi investors should consider Pakistan for investments, particularly in the food sector,鈥 he added.