ISLAMABAD: Pakistan can resolve its economic issues to a great extent by exploiting the potential of the Saudi market and increasing exports to the brotherly Muslim country, according to experts.
They told WealthPK that the Saudi market held great opportunities for Pakistani traders. They said that volume of trade between Pakistan and the Kingdom of Saudi Arabia was only $402.81 million in the previous year, far less than the true potential of both countries.
They said that Pakistan needed to exploit the Saudi market to its full potential. They added that China, Singapore and India were exporting a large number of different commodities to Saudi Arabia.
The media coordinator at Rawalpindi Chamber of Commerce and Industry, Zulfiqar Ahmad told WealthPK that the volume of bilateral trade between the two countries was over $2 billion. “We are getting oil on deferred payment from Saudi Arabia,” he added.
Over the years, the two countries have also succeeded in developing a unique synergy for mutual development. Saudi Arabia is home to the largest number of Pakistani expatriates, approximately 2.5 million. Pakistani engineers, construction experts and labourers are playing an important role in building infrastructure in modern Saudi Arabia.
Saudi Arabia is also a great buyer of livestock. However, the share of Pakistan in the export of livestock to Saudi Arabia is next to nil. Pakistani traders in other sectors are also interested in doing business with Saudi Arabia. “Pakistan must ink trade agreements with Saudi Arabia on more flexible conditions. It will be proved a revolutionary step to explore new markets,” said Zulfiqar Ahmad.
Tajamul Hussain Sachal, the public relations officer of Sialkot Chamber of Commerce and Industry, told WealthPK that Sialkot Chamber was already engaged in many trades and business activities with Saudi. “A good number of SCCI members are doing business with Saudi Arabia. Mostly they export gloves, work safety equipment, sports goods and surgical instruments. Many traders and businessmen have registered companies and offices there. But still, there is room for more,” he added.
He stressed the need for restructuring the trade framework with Saudi Arabia at the official level. He said that the balance of trade between both the countries should be also checked. “Pakistan must focus on the Saudi market. Well-weaved trade policies should be signed for the economic benefit of both countries. It will help to create new opportunities and cement the already cordial ties between Pakistan and Saudi Arabia,” he added.
The senior vice-president of the Islamabad Chamber of Commerce and Industry (ICCI), Jamshed Akhtar Sheikh, said that there was a vast trade and business market for Saudi investors in Pakistan. He said that Saudi traders should be invited to visit Pakistan. Trade and industrial exhibitions can also play an important role in strengthening business relations between both countries. Joint ventures by Pakistani and Saudi traders and firms can prove beneficial for both of them.
He said that trade and business relations at the official level would help both the countries to benefit from the resources of each other. He said that about 20 percent of workers in Saudi Arabia belonged to Pakistan and there was room for more of them. “But it is important to ink appropriate agreements concerning trade, business, manpower, services and hospitality sectors. It is high time for Pakistan to improve its trade relations with Saudi Arabia. Now China-Pakistan Economic Corridor is also a great opportunity for Saudi Arabia and many other countries to get multiple trade and business benefits,” he added.
Pakistan and Saudi Arabia can explore opportunities in various sectors including food processing, construction, hospitality, manufacturing, surgical items, pharmaceutical, infrastructure, services, edible oil, renewable energy, oil and gas, information technology, logistics, textile, agricultural products, chemical, real estate and tourism.
