A delegation of Pakistan’s top business groups, comprising more than 20 prominent businessmen, has left for Riyadh, Saudi Arabia, to attend a Business to Business (B2B) Conference. The conference, which is scheduled for February 21, 2024, is organized by the Commerce, Industry and Investment Minister of Pakistan, Gohar Ijaz, and the Commerce and Trade Minister of Saudi Arabia.
The B2B Conference is the first and largest of its kind, and aims to explore and enhance trade and investment opportunities between Pakistan and Saudi Arabia. The delegation will meet with Saudi officials and business leaders, and showcase Pakistan’s potential in various sectors, such as textiles, chemicals, pharmaceuticals, engineering, IT, and energy.
The B2B Conference is expected to result in several Memoranda of Understanding (MoUs) and agreements, as well as generate business leads and contacts for future collaborations. The conference is also expected to boost the bilateral trade volume between the two countries, which stood at US$2.5 billion in 2023, and increase the Saudi investment in Pakistan, which reached US$1.5 billion in 2023.
A Strong and Strategic Partnership for Both Sides
Pakistan and Saudi Arabia have a long-standing and cordial relationship, based on mutual trust and respect. The two countries share common views on regional and international issues, and cooperate in various fields, such as defense, security, education, culture, and tourism. The two countries are also members of the Organization of Islamic Cooperation (OIC) and the Developing 8 Countries (D-8).
The B2B Conference is a testament to the strong and strategic partnership between Pakistan and Saudi Arabia, and reflects their mutual desire to further strengthen their economic ties. The conference is also in line with the vision and objectives of both countries, which seek to diversify and modernize their economies, and create more opportunities for their people.
Gohar Ijaz, the Commerce, Industry and Investment Minister of Pakistan, said that he successfully marketed Pakistan in China, GCC, and Africa, which led to a 46 percent growth in exports to China in the last six months. He said that he would continue to work diligently till the last day of his term, and share good news from Saudi Arabia after the B2B Conference.
The Commerce and Trade Minister of Saudi Arabia, on the other hand, said that Saudi Arabia was keen to enhance its trade and investment relations with Pakistan, and support its development and prosperity. He said that Saudi Arabia was impressed by the potential and opportunities that Pakistan offered, and looked forward to working with Pakistani businessmen and entrepreneurs.
A Positive Impact for the Future
The B2B Conference is not only a milestone for the two countries, but also a positive sign for the future of the global economy. As the world becomes more interconnected and interdependent, cross-border trade and investment are essential for enhancing mutual understanding and trust, as well as creating value and opportunities for all stakeholders.
The B2B Conference also reflects the growing importance and potential of the Pakistani and Saudi markets, which are both undergoing rapid economic and social transformations. Pakistan, as the fifth most populous country in the world and a major emerging market, has been pursuing a reform and growth agenda under its Vision 2025, which aims to improve its competitiveness and attractiveness as a trade and investment destination. Saudi Arabia, as the largest economy in the Middle East and North Africa region and a leading oil producer, has been pursuing a diversification and modernization agenda under its Vision 2030, which aims to reduce its dependence on oil and increase its role in the global economy.
The B2B Conference is expected to contribute to the realization of these ambitious visions, as well as to the development and prosperity of both countries and regions. The conference will also create more than 10,000 local jobs and support the development of local talent and capabilities.
