FAISALABAD: Saudi Arabia will heavily invest in Faisalabad in addition to providing two million additional jobs to Pakistanis under the vision of Crown Prince Muhammad Bin Salman to make Saudi Arabia fully developed country by the year 2030.
Addressing the business community of Faisalabad here in FCCI, Fahad Al Bash Chairman Saudi Pak Joint Business Council and leader of the visiting Saudi delegation said that Saudi Arabians have special attachment with Faisalabad due to the naming of this city after late King Faisal Bin Abdul Aziz. He said that as Prime Minister Shehbaz Sharif has said that we are members of the same family and our relations would further develop in the coming years.
He said that Saudi imports are around 60 billion dollars but the share of Pakistan in it is only 1%. “We must enhance it and, in this connection, the Saudi Pak Joint Business Council will play its key role in linking business communities of the two countries”, he said and added that during this visit we have personally witnessed the potential importance and competency of the local entrepreneurs which would pave the way for our future ties.
He announced to hold a dedicated exhibition for “Made in Pakistan” products in Saudi Arabia very soon and said that we are also exploring joint ventures in real estate, Hilal products and the manufacturing of textile machinery, etc.
Earlier, Atif Munir Sheikh President Faisalabad Chamber of Commerce & Industry (FCCI) introduced Faisalabad and FCCI and said that Faisalabad is strategically located in the heart of Pakistan which is well connected with world’s leading markets through reliable linkages of rail, road and air. He said that we have two well developed industrial estates where Saudi Arabians could make investments to earn profit with a number of facilities. He also offered on behalf of the FCCI to extend maximum facilitation to the Saudi investors.
Executive Member Muhammad Azhar Chaudhary gave a presentation on business opportunities in Faisalabad and said that although textile is the iconic representation of Faisalabad but other sectors are also making progress immediately after the “Pakistan Economic Conference”. He said that IT is one of the fastest growing sectors that are in great demand all over the world.
Zafar Iqbal Sarwar Chairman FIEDMC said that local and foreign investment to the tune of 1.3 billion dollars has so far been made in M3 and Allama Iqbal Industrial Estates. Regarding colonization of these industrial estates, he said that 70% of the area has been covered while 30% is available for the new hi-tech industrial units.
Later, President Atif Munir Sheikh presented FCCI memento to Fahad Al Bash Chairman Saudi Pak Joint Business Council, Turki A. Almatroudi of the Federation of Saudi Chambers and Mubsher Alshehry of the Saudi Embassy.
Later B2B meetings were held between the local and Saudi investors. Earlier a red-carpet reception was accorded to the Saudi delegation on its arrival to the FCCI complex.
Copyright Business Recorder, 2022
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