He added that Saudi Arabia would like to see Pakistan as a developing economy, as it is an important country for the whole Muslim community.
The remarks were made during his visit to the Islamabad Chamber of Commerce and Industry (ICCI), a leading trade organization in the country that adopts best international practices for the promotion of trade and industry, while addressing the business community.
The ambassador confirmed that the Kingdom had intended to further expand its trade and investment cooperation with Pakistan. In addition, the country has a lot of economic growth potential and it should be emphasized more effectively to draw foreign investors, he said.
At the case, the President of the ICCI, Sardar Yasir Ilyas Khan, and the Ambassador of Saudi Arabia signed an MoU (Memorandum of Understanding) for cooperation between Pakistan and Saudi Arabia in order to function and jointly promote business relations.
“Pakistan and Saudi Arabia enjoyed very cordial relations, but the bilateral trade of around $3.5 billion was much below the real potential of both countries, therefore, strenuous efforts from both sides were needed to improve it. Much high quality and cost-effective Pakistani products including, Halal food products, pharmaceuticals, textiles, surgical instruments, rice, fruits, dairy products, sports wears, leather products, financial services, insurance & IT services, and entertainment products could find a good market in Saudi Arabia and Saudi Arabia should focus on importing these products from Pakistan.”Sardar Yasir Ilyas Khan
President – ICCI
He further stressed that to increase trade volumes, both countries should concentrate on improving B2B (Business to Business) relations, exchange of trade delegations, and participation in trade fairs on a reciprocal basis.