Investment from Saudi Arabia will be a game changer: LCCI

LAHORE: The Lahore Chamber of Commerce on Wednesday appreciated the government for paving the way for investment from Saudi Arabia that is bound to fuel economic activities in the country.

In a statement, LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry welcomed the government’s landmark efforts for deals with Saudis which he is poised to finalize during the visit of Saudi Minister of Investment’s upcoming visit to Pakistan.

These forthcoming deals are expected to not only enhance bilateral relations but also inject much-needed capital into Pakistan’s economy, providing a lifeline to various critical sectors.

LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry lauded the Prime Minister’s leadership, describing the agreements as a historic step towards economic revival.

They said that Saudi Arabia has always been a pivotal partner for Pakistan and the signing of these trade and investment deals will open new doors of cooperation in key sectors such as energy, infrastructure, technology and manufacturing.

The LCCI leadership said that the deals will bring in billions of dollars of foreign investment, catalyze the country’s economic growth and strengthen its standing on the global stage.

Mian Abuzar Shad said Pakistan stands to benefit greatly from Saudi investment. The LCCI President also added that sectors like industrial growth, agriculture and information technology will see a major boost as a result of these agreements, which will create thousands of jobs and opportunities for the Pakistani workforce.

The LCCI office-bearers said that Saudi Arabia’s investment in Pakistan will be a game-changer. These deals will lead to improved connectivity, creating a stronger foundation for long-term economic progress. They further added that enhanced ties with Saudi Arabia will also facilitate the growth of Pakistan’s export sector, providing access to new markets and increasing the country’s foreign exchange reserves.

They said that the importance of fostering closer ties between the business communities of both nations. “We anticipate that these deals will go beyond government-to-government cooperation. There will be numerous opportunities for private sector partnerships between Pakistani and Saudi companies, particularly in manufacturing, services, and technology,” they added.

They also said that the agreements would provide Pakistani businesses with easier access to Saudi markets, boosting exports of textiles, agricultural products and consumer goods.

The LCCI leaders collectively praised Prime Minister Shehbaz Sharif for prioritizing economic diplomacy and securing deals that are expected to address some of Pakistan’s most pressing economic challenges.

He said that these agreements will inject vitality into our economy at a time when it is most needed, creating new business opportunities, fostering innovation and generating employment across various sectors. The LCCI emphasized the role that such deals can play in stabilizing Pakistan’s foreign exchange reserves and improving the country’s overall trade balance.

The Lahore Chamber urged the Pakistani business community to seize these opportunities and actively engage in the process of exploring partnerships and investments that will emerge from these agreements.

Copyright Business Recorder, 2024