Saudi Ambassador, Ali S. Awadh Asseri has said that there is a need to expand trade ties between Pakistan and Saudi Arabia by signing more protocol agreements. He was speaking at the LCCI function here on Thursday. The LCCI President Mian Misbah-ur-Rehman, Senior Vice-President, Sohail Lashari and Vice President, Sheikh Mohammad Arshad also spoke on the occasion. Ali S. Awadh Asseri maintained that Saudi businessmen were taking part in the process of privatisation in Pakistan and hopefully they would make their participation more effective by making Pakistanis their partners.
He stated that Saudi Arabia had made many reforms and now investors did not need to have Saudi partners while investing in Saudi Arabia. The Saudi envoy said that vocational centers could be set up to acclimatise the intending labour force with the Saudi environment and requirements so as to check any mishap.
He said that there exists enormous scope to expand economic relations between Saudi Arabia and Pakistan. At the same time, Saudi businessmen could be motivated to come and invest in Pakistan. There are many areas of mutual interest where investment can be made on a reciprocal basis, Ali Asseri added.
The Saudi Ambassador said that the objective is to spread information and awareness about the opportunities that existed in both countries for profitable investment. This will in due course of time, lead businessmen from both countries in getting interested in their respective areas of operation and expertise and investment will follow. In this context, he added, it would be advisable to involve the chambers of commerce of the two countries.
Ali Asseri 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 participate in these exhibitions.
"If the Saudi businessmen start visiting Pakistan frequently, it will raise their level of confidence and they will think positively about investing in Pakistan. This could be a major breakthrough," he said.
Speaking on the occasion, LCCI president Mian Misbah-ur-Rehman said that there exists a persistent trade deficit with Kingdom of Saudi Arabia, due to large-scale import of petroleum products from there.
He said major items of exports to Saudi Arabia are textile manufactures, rice, synthetics fabrics including silk, woolen & flex, sails & tents, apparel & clothing of textile material, spices, fish & fish preparations, fruits & vegetables, yarn & thread of synthetic fibers, raw cotton, art silk and synthetic textiles.
Misbah-ur-Rehman said that there existed lucrative opportunities for Saudi investors in Pakistan in the fields of oil & gas, petroleum & petrochemicals, power generation, textile manufactures, banking & financial services, fertilisers industries, gems & jewellery, light engineering, furniture, food & fruit processing, packaging, livestock, dairy farming, fisheries, infrastructure and IT and Telecom.
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