Islamabad, Jan 30: Pakistan’s Ambassador to Saudi Arabia, Ahmad Farooq, emphasized textiles, agriculture, and red meat as key sectors for Pakistani businesses to focus on in order to enhance exports to the Kingdom of Saudi Arabia. This was during his visit to the Karachi Chambers of Commerce and Industry (KCCI) on Wednesday, where he engaged with leading businesspersons and industrialists.
Ambassador Farooq noted that Pakistan’s exports to Saudi Arabia had seen a remarkable 40 percent growth in 2023-24, with the information technology (IT) sector witnessing an impressive 50 percent growth. This surge highlights the potential for further expansion of trade between the two nations.
As part of strengthening trade relations, Farooq encouraged large Pakistani 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 [Pakistani] embassy so we can work together to strengthen trade relations,” he stated.
Read More: Finance Ministry Celebrates 80-Month Low Inflation Achievements
The ambassador also highlighted the significant potential for growth in Pakistan’s textile, agriculture, and meat (beef and mutton) products in the Saudi market. He acknowledged that these sectors have already seen remarkable progress, and there are vast opportunities for Pakistani businesses to expand their presence in Saudi Arabia.
In addition to business opportunities, Ambassador Farooq touched upon the rising demand for skilled labor in Saudi Arabia. Over 3 million Pakistanis currently reside in the Kingdom, but 97 percent of them are “blue-collar workers.” Saudi Arabia’s Vision 2030, a strategic framework aimed at diversifying the Kingdom’s economy beyond oil, is expected to create demand for skilled professionals in sectors such as health, education, infrastructure, recreation, and tourism.
“Saudi authorities have advised us to improve vocational training for Pakistani workers to meet the standards required for upcoming projects,” Farooq said. He underscored the importance of enhancing training programs to equip Pakistani workers with modern technical skills.
Further strengthening the bilateral relationship, Pakistan and Saudi Arabia signed 34 agreements worth nearly $3 billion last year, with several memorandums of understanding (MoUs) already in the implementation stage. Saudi Arabia remains Pakistan’s largest source of remittances, contributing $7.5 billion in the last fiscal year (July 2023-June 2024), according to KCCI President Jawed Bilwani.
Zia-ul-Arfeen, KCCI Senior Vice President, emphasized the importance of joint ventures between the two countries and urged the Pakistani government to improve the ease of doing business to attract more foreign investors, particularly in the food sector.
As both countries work to strengthen their economic ties, the focus on trade, investment, and skill development promises to unlock new opportunities for mutual growth.
