Saudi businesses seek closer ties with Pakistan as Albaik confirms expansion

ISLAMABAD: Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, recently held a series of high-level trade and investment discussions in Jeddah, aimed at boosting economic collaboration between Pakistan and Saudi Arabia.

The meetings took place during the first-ever “Made in Pakistan” exhibition, highlighting business opportunities and potential partnerships.

During his discussions with prominent Saudi businessmen, the Minister invited investment in key sectors such as energy, agriculture, IT, healthcare, infrastructure, and consumer goods.

He emphasized Pakistan’s 22% export growth to Saudi Arabia, which now stands at $700 million, and assured investors of tax exemptions, investor protection laws, and access to Pakistan’s 240-million-strong consumer market.

Saudi business leaders expressed interest in construction materials, textiles, and food industries, with proposals put forward to enhance trade ties and industrial investments.

The Minister also invited them to visit Pakistan and participate in trade exhibitions like TEXPO, Food-AG, and the Healthcare & Mineral Show.

Discussions also covered Pakistan’s recent trade facilitation initiatives, including Pakistan Single Window (PSW) and the National Compliance Centre, which aim to simplify regulations and improve export standards. These measures are expected to further encourage Saudi investments and make trade between the two countries more efficient.

A key highlight of the visit was Minister Jam Kamal Khan’s meeting with Albaik owner, Rami Abu Ghazala. The Minister toured Albaik’s operations, where he met Pakistani employees working at the fast-food giant.

Albaik confirmed its upcoming expansion into Pakistan, stating that the process is in its final stages following the signing of a Memorandum of Understanding (MOU).

The first Albaik branches in Pakistan are set to open soon, creating new job opportunities and strengthening economic ties between the two nations. The Minister welcomed Albaik’s entry, recognizing its potential to boost Pakistan’s fast-food industry.

In another significant meeting, the Minister met with Pakistani business leaders based in Jeddah, acknowledging their long-standing contributions to Saudi Arabia’s economy.

He highlighted that 1.7 million Pakistanis have traveled to Saudi Arabia in the past five years, making it the top destination for Pakistani emigrants.

Additionally, he emphasized the $7.4 billion in remittances sent from Saudi Arabia last fiscal year, reinforcing the strong financial ties between both nations.

He also encouraged investors to utilize Pakistan’s Revised Visa Policy, which allows GCC citizens to enter visa-free for up to 90 days, facilitating business travel.

Minister Jam Kamal Khan’s engagements in Jeddah reinforced Pakistan’s commitment to expanding trade relations with Saudi Arabia. With growing Saudi interest in Pakistani industries, rising trade volumes, and new business partnerships, the Pakistan-Saudi economic corridor is set to expand further, unlocking exciting opportunities for both countries.