LAHORE – Pakistan’s Ambassador to Saudi Arabia Ahmad Farooq has identified key sectors offering significant potential for economic collaboration between Pakistan and Saudi Arabia.
Speaking at the Lahore Chamber of Commerce and Industry, he pointed out the sectors such as information technology, pharmaceuticals, textiles, rice, seafood, meat, sports goods, healthcare, hospitality and construction as areas where Pakistan can capitalize on existing opportunities in the Saudi market.
Ahmad Farooq highlighted Saudi Arabia’s ongoing preparations for major global events such as the FIFA World Cup driving demand for stadiums and hotels. He described this as a unique opportunity for Pakistan’s construction and hospitality sectors, given the Saudi construction industry’s high demand for building materials, contractors, engineers, project designers and skilled labor.
The ambassador said that Pakistan has strength in IT sector saying that over 90 Pakistani companies have established offices in Saudi Arabia. He called for further exploration of IT opportunities in the Saudi market.
He also mentioned the declining market share of Pakistani rice exports to Saudi Arabia, which has dropped from 60-70% to just 5-6% despite the popularity of Pakistani rice among Saudi consumers. Similarly, he pointed out the significant demand for red meat in Saudi Arabia offering another avenue for Pakistan’s exporters to explore.
LCCI President Mian Abuzar Shad spoke about the long-standing diplomatic and economic ties between the two nations saying that Saudi Arabia has always been a key ally of Pakistan, offering unwavering support during critical times. Its role as a leading nation among Arab states gives it immense influence in the region.
He expressed gratitude for Saudi Arabia’s decision to extend the $3 billion deposit term, which has bolstered Pakistan’s foreign reserves. He also acknowledged the critical role of Pakistani expatriates in Saudi Arabia whose remittances significantly contribute to Pakistan’s economy.
