‘Saudi Arabia’s Vision 2030 offers opportunities to various sectors’

LAHORE: Saudi Arabia’s Vision 2030 offers immense opportunities for Pakistani construction, infrastructure development, engineering, food, information technology and various other sectors that must be availed with vigorous efforts.

These views were expressed by the Trade Development Officer of Pakistani Consulate in Jeddah Fahad Chaudhry while talking to the Acting President of the Lahore Chamber of Commerce and Industry Zafar Mahmood Chaudhry at LCCI.

He said that Saudi Arabia has started a vast range of development project worth $ 3 trillion under the Vision 2030 that would be completed by the year 2030. It is a unique opportunity for Pakistani entrepreneurs to become a part of Saudi Arabia’s booming economy.

He invited the Lahore Chamber of Commerce and Industry to arrange a delegation for Saudi Arabia to have a deep knowledge about the opportunities under Vision 2030.

LCCI Acting President Zafar Mahmood Chaudhry said that Lahore Chamber would arrange a sector-specific delegation for Saudi Arabia soon. He said that there exists enormous scope to expand the economic relations between Saudi Arabia and Pakistan.

Saudi businessmen should come and invest in Pakistan in various industries which have lucrative opportunities. He said that Saudi Arabia is important trading partner of Pakistan.

It is worth noticing that Saudi Arabia has the largest economy in the Arab world. He called for solid measures to expand and promote trade between Pakistan and Saudi Arabia.

Zafar Mahmood Chaudhry said that petroleum oils consist of almost half of the total imports made from Saudi Arabia. Pakistan mainly imports oil and oil products from Saudi Arabia, which accounts for 90 percent of our total import bill for the Kingdom.

In turn, Pakistan supplies rice, meat, meat products, spices and fruit, textile products, chemicals, footwear and leather goods. He said that Pakistan and Saudi Arabia need to find new avenues for the expansion of bilateral trade.

“We consider exchange of trade delegations is one of the most effective ways of enhancing trade”, he said adding that we have to identify areas of joint ventures. Pakistan has manpower, land and technology.

He said that there can be a win-win situation for both the countries if Saudi investors team up with our local industrialists. He said that workers’ remittances from this brotherly Islamic country play a substantial role in strengthening the balance of payment of Pakistan.

Copyright Business Recorder, 2023