Pakistan urged to act fast to secure Saudi Arabia’s Vision 2030 opportunities

KARACHI: Pakistan’s Ambassador to Saudi Arabia Ahmad Farooq has emphasised the critical importance of the next two years for Pakistan in expanding its presence in Saudi Arabia, which is undergoing a massive transformation under Vision 2030. Highlighting Saudi Arabia’s diversification beyond oil, the envoy pointed to emerging opportunities in construction, information technology, healthcare and hospitality sectors.

“If we do not claim our share immediately, competitors will seize these opportunities. To achieve this, Pakistan needs to enhance its workforce by providing training aligned with Saudi requirements,” the ambassador said while addressing a meeting at the Karachi Chamber of Commerce & Industry (KCCI).

He highlighted Saudi Arabia’s goal of becoming a regional IT hub, which has created a significant demand for human resources and expertise. “This presents a major opportunity for Pakistan’s IT companies to offer services and products to a sector attracting multi-billion-dollar investments,” he noted.

Farooq also underscored Saudi Arabia’s focus on cultural and tourism development, which is driving substantial growth in the hospitality and hotel sectors. Over the next decade, Saudi Arabia will host four major international events: the Asian Football Cup (2027), the Asian Winter Games (2029), the World Expo (2030) and the FIFA World Cup (2034). “To support these events, Saudi Arabia is investing heavily in infrastructure, including the construction of 250 new hotels. This expansion presents opportunities for Pakistan’s home textile industry, food exports, and trained workforce in hospitality and housekeeping,” he explained.

Discussing the booming construction sector, fuelled by mega-projects such as Neom City and extensive infrastructure developments, the ambassador noted that Pakistani contractors could play a vital role, as Saudi Arabia is experiencing a shortage of reputable contractors. “Companies from around the world are securing lucrative contracts, and Pakistan must also capitalise on this opportunity,” he said, adding that the demand for building materials, including furniture, marble, electrical cables, LED lights and fibre optic cables, is rapidly increasing. He also highlighted the evolving healthcare sector, which offers opportunities in pharmaceuticals, surgical equipment and medical tourism.

The ambassador noted a significant 40 per cent increase in Pakistan’s exports to Saudi Arabia in 2023-24, with the IT sector achieving an impressive 50 per cent growth. “Our primary focus is on promoting trade and investment. Last year, two major Saudi business delegations visited Pakistan, resulting in the signing of 34 memorandums of understanding (MoUs) worth $3 billion. Of these, MoUs worth $700 million have already entered the implementation phase, marking a new chapter in economic collaboration,” he said.

He identified textiles, agriculture, rice and red meat (beef and mutton) as priority export sectors, which have seen significant growth in Saudi Arabia. “We encourage large businesses to connect with local distributors in Saudi Arabia to facilitate exports. A list of key exporters in these sectors should be shared with the embassy to further strengthen trade relations,” he added.

During his visit, the ambassador engaged with the Karachi business community, sharing insights from his tenure and discussing ways to support Pakistani businesses in accessing the Saudi market.

Farooq also highlighted the growing demand for skilled manpower in Saudi Arabia, where over three million Pakistanis currently reside, 97 per cent of whom are blue-collar workers. “Saudi authorities have advised us to improve vocational training for Pakistani workers to meet the standards required for upcoming projects. The government must enhance training programmes to equip workers with modern technical skills,” he added.

Earlier, KCCI President Jawed Bilwani welcomed the ambassador and acknowledged the strong trade and economic ties between Pakistan and Saudi Arabia. He noted that Saudi Arabia remains the country’s largest source of remittances, contributing $7.5 billion in FY24, while the extension of a $3 billion deposit to the State Bank of Pakistan (SBP) has further stabilised the economy.