Businessmen urge more trade between Pakistan, Saudi Arabia

LAHORE: Kingdom of Saudi Arabia and Pakistan can expand trade ties through making joint efforts and by signing Memoranda of Understanding (MOU), Mazen Bin Mohammed Batterjee, Vice Chairman of the Jeddah Chamber of Commerce and Industry (JCCI) said on Thursday.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Batterjee said the expansion of trade would ensure that only appropriately qualified and skilled people go to Saudi Arabia, creating demand for more Pakistanis.
Batterjee said there exists enormous scope to expand the economic relations between Saudi Arabia and Pakistan. “Saudi businessmen could be motivated to come and invest in Pakistan to set up dairy industries, as well as other areas of mutual interest, where investment can be made on a reciprocal basis,” he added. “The objective is to spread information and awareness about the opportunities that exist in both countries for profitable investment.”
he said people from the two chambers could sit together to thrash out ways and means to accelerate the process of expansion of bilateral trade. 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,” he added.
Vice Chairman of Jeddah CCI said big investors from Saudi Arabia should be invited to visit Pakistan to familiarise themselves with the conducive investment environment existing in this country. “If the Saudi businessmen start visiting Pakistan frequently, it will raise the level of confidence of the investors and entrepreneurs from Saudi Arabia who would then think positively about investing in Pakistan.
This could be a major breakthrough,” Batterjee said.
LCCI President Ijaz A Mumtaz said Saudi Arabia is one of the largest trade partners of Pakistan and both Muslim countries have had cordial relations for decades.
“There are lucrative opportunities in Pakistan for Saudi investors in the fields of oil and gas, petroleum and petrochemicals, power (coal, hydel, gas based), textile manufactures, banking and financial services, fertiliser industries, gems and jewellery, light engineering, furniture, food and fruit processing, packaging, livestock, dairy farming, fisheries, infrastructure, IT and Telecom,” Mumtaz said.
“Signing of an MOU between LCCI and JCCI can kick start the process and we should promptly exchange the draft to agree upon its clauses.”
The LCCI president also suggested the establishment of Saudi Arabia Desk in Lahore Chamber and similarly Pakistan Desk in the premises of Jeddah Chamber.
He said exchange of trade delegations is one of the most effective ways of enhancing trade.
Pakistan mainly imports oil from KSA which is almost 76 percent of the total imports. KSA comes at 4th place among the top importing countries for Pakistan and its total value was $3.84 billion in 2013.
LCCI 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.