Pakistani companies invited to benefit from Saudi Vision 2030

LAHORE (APP): 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 Trade Development Officer of Pakistani Consulate in Jeddah Fahad Chaudhry while talking to the Acting President of Lahore Chamber of Commerce & Industry (LCCI ) Zafar Mahmood Chaudhry here at LCCI on Wednesday.
Fahad Chaudhry said that Saudi Arabia had started a vast range of developmental project worth US $ 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 remarked.
He invited the Lahore Chamber of Commerce & 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 existed 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 was an important trading partner of Pakistan. It is worth noticing that Saudi Arabia had 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 needed 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, “We have to identify areas of joint ventures. Pakistan has manpower, land and technology. 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 played a substantial role in strengthening the balance of payment of Pakistan.