LAHORE: Jeddah Chamber of Commerce & Industry Vice Chairman Mazen Bin Mohammed Batterjee has said that Saudi Arabia and Pakistan could expand trade ties through making joint efforts and by signing Memoranda of Understanding.
He was speaking at the Lahore Chamber of Commerce & Industry on Thursday. LCCI President Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir, Vice President Syed Mahmood Ghaznavi and Board Member of Jeddah CCI Khalaf Bin Housaan Al Otaibi also spoke on the occasion.
Mazen Bin Mohammed Batterjee said that the expansion of trade would ensure that only the appropriately qualified and skilled people go to Saudi Arabia so that further demand for more Pakistanis is created.
He said that there exists enormous scope to expand the economic relations between Saudi Arabia and Pakistan. At the same time, Saudi businessmen could be motivated to come and invest in Pakistan to set up dairy industries. There are other areas of mutual interest where investment can be made on a reciprocal basis.
He said that the objective is to spread information and awareness about the opportunities that exist in both countries for profitable investment.
He said that businessmen from both countries should be encouraged to participate in exhibitions held in Pakistan and Saudi Arabia. Both governments, and personnel associated with the holding of these exhibitions, should simplify the procedures so that more and more people could come from the other country to participate in these exhibitions.
Speaking on the occasion, the LCCI Chaiman Ijaz A. Mumtaz said that Saudi Arabia is one of the largest trade partners of Pakistan and both Muslim brother countries have decades’ long cordial relations.
He said that there exist in Pakistan lucrative opportunities for Saudi investors in the fields of oil & gas, petroleum & petrochemicals, power (coal, hydel, gas based), textile manufactures, banking & financial services, fertilizers industries, gems & jewellery, light engineering, furniture, food & fruit processing, packaging, livestock, dairy farming, fisheries, infrastructure, IT and Telecom.
Ijaz A. Mumtaz said that our Saudi counterparts can come and invest in Pakistan as foreign investors are allowed to invest in industrial project on 100% equity basis. Similarly, we are also ready to invest in Jeddah if there are good business opportunities available for us.
“Signing of MOU between LCCI and JCCI can kick start the process and we should promptly exchange the draft to agree upon its clauses”, Ijaz A. Mumtaz added.
He said that exchange of trade delegations is one of the most effective ways of enhancing trade therefore both Chambers of Commerce & Industry should take steps in this regard.
Pakistan mainly imports oil from Saudia which is almost 76% of total imports. Saudia comes at 4th place among the top importing countries for Pakistan and its total value was US$ 3.84 billion in 2013.
He said that in contrast to it, the total worth of Pakistan’s exports to Saudia was US$ 494 million in the same year. Pakistan is fully capable of meeting the import requirements of Saudia provided we are given enough room to penetrate.
He said that there is a need to take advantage of both of our positions while exploiting every possible option to benefit the business communities of Pakistan and Saudi Arabia.
