Pakistan, Saudi Arabia renew commitment to bolstering economic ties

LAHORE: Pakistan and Saudi Arabia have renewed their commitment to bolster economic ties in diverse fields including construction, agriculture, livestock and social sector.

This commitment to strengthen economic relations was reiterated in an exclusive meeting organized by the Punjab Board of Investment and Trade in the honour of a high-profile Saudi Business Delegation visiting Punjab.

The Saudi Business Delegation was led by H E Fahad Al Bash comprising members of the Saudi Business Chamber, while Dr Javed Ahmed Qazi, Secretary Industries Punjab, Imran Amin, CEO of Lahore Central Business District Development Authority (LCBDDA) & Ravi Urban Development Authority (RUDA), Ahmer Malik, CEO Punjab Board of Investment and Trade (PBIT), Amjad Ali Awan, CEO Punjab Public Private Partnership Authority (PPPPA) and other renowned industry leaders of Punjab were also present on the occasion.

H E Fahad Al Bash, Chairman Saudi-Pak Business Council, mentioned in his address that “Saudi and Pakistani business communities are not two separate entities; these are two brothers and this meet-up is a family reunion. Punjab is a land of opportunities with immense potential for growth. “I am pleased to know that the people of Punjab are extraordinarily talented and skilled.

There are two million Pakistanis working in various fields in Saudi Arabia and playing a pivotal role in Saudi economic development. It is clearly visible in the presentations that the province of Punjab is a room full of possibilities especially projects like the Central Business District and Ravi River Front can be materialized for government to people, government-to-government and people-to-people business collaborations for mutual growth of both countries”.

The province of Punjab has always been a centre of attraction for international investors due to its geographical significance, fertile land, skilled workforce, and state-of-the-art infrastructure, which includes vast web of paved highways and bridges. The present government has always motivated and provided ease of business opportunities to domestic and international investors to participate in the economic growth of Pakistan.

While addressing the session, Dr Ahmed Javed Qazi, Secretary Industries Punjab said, “The government is dwelling to facilitate and create an atmosphere of ease for the business community. The social-economic indicators indicate that the canvas of the economic growth of Punjab is massive, and we would like to promote public-private partnerships, B2B and G2G linkages with the Kingdom of Saudi Arabia. All the current economic traits of healthy and easy business are feasible for any international investors.”

CEO, LCBDDA & RUDA, Imran Amin briefed the delegation on the most anticipated first-ever business district of Pakistan, Central Business District Punjab (CBD Punjab) and the most unique project of modern urbanization, Ravi City.

He highlighted the potential business opportunities for international and domestic investors and stated, “The infrastructural development is a gateway to success, and we are fortunate enough that the current government has a core focus on infrastructure development of the province of Punjab.

The Kingdom of Saudi Arabia has always been a close ally of Pakistan in terms of business collaborations and the Saudi business community has always welcomed investment opportunities in Punjab. Our authorities are striving to establish a well-equipped business district and a state-of-the-art new and modern city, meeting all international standards to accelerate the pace of economic development of Punjab.

These projects have emerged as a game-changer for the development of the province, and I will request the international and especially the Saudi business community to come forward and unlock avenues for new horizons of Pak-Saudi bilateral business relations.”

Saudi delegation has shown keen interest in CBD Punjab and Ravi City, which has already embarked its name in the real estate sector and is developing as a reliable name in the international and domestic business community. Investment in areas like commercial, residential, health, tourism and sports are the main catch for economic growth and development of Punjab.

A presentation concerning the overall investment opportunities in Punjab regarding special economic zones, public-private partnership projects, Central Business District Punjab, Ravi Urban Development, Agriculture, IT and energy sectors were displayed to the valued delegation.

Copyright Business Recorder, 2022