ISLAMABAD: Pak-Saudi Joint Working Group on Trade & Investment was constituted in the 11th Session of Pak-Saudi Joint Ministerial Commission held at Islamabad in January 2018, with a view to enhancing bilateral economic cooperation through identifying concrete & specific areas in trade and investment. Second meeting of the JWG was held at Islamabad on 5th September, 2018.
Mr. Mohammad Younus Dagha, Federal Secretary Commerce, Pakistan and Mr. Abdulrahman Alharbi, Deputy Minister for Foreign Trade, Saudi Arabia co-chaired the session. Mr. Nawaf Saeed Al-Maliki, the Ambassador of Saudi Arabia to Pakistan, officials from Saudi Ministries of Commerce and Investment, Energy, Industry and Mineral Resources, SABIC, Maaden and officials from Ministries of Commerce, Energy and National Food Security, Trade Development Authority of Pakistan and Board of Investment participated in the meeting.
Mr. Mohammad Younus Dagha, Federal Secretary Commerce, emphasized that Government of Pakistan desires that the long and historic relationship between Pakistan and Saudi Arabia should be translated into enhanced economic partnership.
He invited Saudi government and private sector to invest in Oil Refining, Petro chemicals and food processing industry in Pakistan. After the official discussions, Petroleum Division, and leading private sector companies presented their project proposals.
The follow up of first JWG meeting was also discussed to resolve non- tariff barriers, facilitating business visas, and logistic arrangements of Pakistan Single Country Exhibition in Jeddah as well as activating Joint Business Council.
Mr. Abdulrahman Alharbi, Deputy Minister for Foreign Trade, Saudi Arabia elaborated that the Kingdom desires to have close economic partnership with Pakistan and the two countries could cooperate and have joint ventures in petro chemicals, food processing and other sectors.
The Saudi delegation also comprised of six businessmen from petro-chemical and food sectors. Their B2B meetings were arranged with Pakistani companies from meat, poultry, fruits and vegetables, rice and petrochemical sectors on 6th September 2018. The companies presented details of their meat and food processing plant which meet Saudi standards and have been registered by Saudi Food and Drug Agency.
The Saudi side expressed keen interest in the investment projects and trade proposals and the two sides agreed to take further steps expeditiously to materialize these proposals.