The visit to Pakistan by a high level Saudi delegation led by Prince Mansour bin Mohammad Al Saud, the Chairman of the Saudi-Pakistan Joint Business Council proved highly productive as the two countries agreed to strengthen bilateral economic cooperation both at government-to-government and business-to-business level.
It held meetings with the Pakistani leadership and engaged with senior government officials, chambers of commerce, and leading business groups to explore avenues for enhanced bilateral trade and investment cooperation.
One of the salient features of the visit was an announcement by Punjab Chief Minister Maryam Nawaz to establish a special Saudi Industrial Estate in the province, with a 10-year income tax exemption and a one-time customs duty exemption for Saudi investors. A special fast-track desk will also be set up in the Chief Minister’s Office to facilitate the Saudi Industrial Estate, which shows seriousness of the province to give practical shape to the plan at the earliest. On their part, members of the Saudi delegation expressed interest in livestock, mining, infrastructure, meat, IT and other sectors. In a welcome development, the Punjab Mass Transit Authority also offered its services for operation of the famous holy metro train in Makkah. During visit of the delegation to Karachi, two MoUs were signed aimed at promoting collaboration in information technology and sports, marking a step forward in bilateral engagement focused on youth development and technological cooperation. These envisage collaboration in IT education, youth exchange programmes, joint training initiatives and sporting events to promote skills development and people-to-people contacts. It is also expected that deliberations of the delegation with members of Karachi Chambers of Commerce and Industry will also lead to more Saudi investment in Pakistan and initiation of joint ventures in various sectors of economy.
