Pakistan's trade relations with Saudi Arabia have shown significant growth, with bilateral trade volume increasing from $546 million to $700 million, marking a 22 percent rise in exports to the Kingdom, facilitated by the Special Investment Facilitation Council (SIFC).
Saudi investors have expressed keen interest in Pakistan's energy, agriculture, information technology, and construction sectors, as bilateral economic cooperation continues to strengthen. The IT services export target between the two nations has been set at $100 million, up from the current $50 million.
To streamline business processes, Saudi Arabia has established a help desk specifically designed to facilitate the registration of Pakistani IT companies in the Kingdom. This initiative aims to reduce bureaucratic hurdles and expedite business partnerships between the two nations.
In a significant development for the food service sector, renowned Saudi food chain AlBaik has announced plans to establish branches in Pakistan, a move expected to generate new employment opportunities in the local market.
The SIFC's role in facilitating these trade developments has been instrumental, with officials noting that enhanced commercial ties between the two nations contribute to greater economic stability. The Council continues to serve as a key facilitator for bilateral trade and investment initiatives.
"The establishment of dedicated support mechanisms, such as the help desk for IT companies, demonstrates a commitment to long-term economic partnership," stated a trade official familiar with the developments. These initiatives are designed to create a more conducive environment for business cooperation between the two countries.
The growing trade volume and diversification of investment sectors indicate an evolving economic relationship between Pakistan and Saudi Arabia, with both nations working to expand their commercial partnerships across multiple industries.
