Ambassador highlights Saudi Arabia’s market potential for Pakistan

LAHORE: Pakistan’s Ambassador to Saudi Arabia Ahmad Farooq has outlined key sectors with immense potential for economic collaboration between Pakistan and Saudi Arabia.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Friday, the ambassador identified IT, pharmaceuticals, textiles, rice, seafood, meat, sports goods, healthcare, hospitality and construction as areas where Pakistan could capitalise on opportunities in the Saudi market.

He highlighted Saudi Arabia’s preparations for major global events, including the FIFA World Cup, which is driving demand for stadiums and hotels. He described this as a unique opportunity for Pakistan’s construction and hospitality sectors, pointing to the high demand for building materials, contractors, engineers, project designers and skilled labour in the Saudi construction industry.

Ambassador Farooq noted Pakistan’s growing IT sector, adding that over 90 Pakistani companies have already established offices in Saudi Arabia. He urged further exploration of IT opportunities in the Kingdom.

He expressed concern over the sharp decline in Pakistani rice exports to Saudi Arabia, which have dropped from 60-70 per cent market share to just 5-6 per cent, despite the popularity of Pakistani rice. He also pointed to the significant demand for red meat in Saudi Arabia as an avenue for exporters to explore.

LCCI President Mian Abuzar Shad highlighted Saudi Arabia’s Vision 2030 and its ambitious development projects, calling them a golden opportunity for Pakistani businesses to contribute and mutually benefit.