Pakistan-Board of Investment and Saudi Joint Chamber of Commerce and Industry (PSJCCI) on Monday signed a Memorandum of Understanding (MoU) to encourage and facilitate investment between two countries and foster business partnerships among the respective entrepreneur.

Iftikhar Babar, Secretary BOI and Mian Mehmood, President PSJCCI signed the MOU. The trade between the two countries is around $4.8 billion, which is not at par with the potential that exists in both the countries.

Saudi Arabia has a marvelous potential for Halal food products and a little attention towards this particular sector could give a quantum jump to our bilateral trade. Similarly, during the last five years Saudi Foreign Direct Investment stands at $326.1 million, which also does not reflect the real potential.  

Pakistan is keen to take Pak-Saudi Arabia bilateral trade and investment ties to new heights.

The MoU expresses their intentions to cooperate in various modes which are: BOI will support PSJCCI in its endeavour to encourage Saudi companies for investment in Pakistan; ii.    BOI will provide all relevant information about investment opportunities in Pakistan to the PSJCCI as and when requested; iii. PSJCCI will introduce prospective projects to the Saudi investors and / or extend practicable assistance in those projects, such as business matching activities for the two countries; iv. Support and / or collaborate with each other to organise seminars, conferences and events in Saudi Arabia and Pakistan to encourage joint ventures among the Saudi and Pakistani investors / companies and invite Saudi companies for promotion of foreign direct investment in Pakistan; Provide Saudi prospective investors with available useful information and / or data for their investment assessments; Endeavour to promote cooperation between Pakistani and Saudi companies through exchange of information for facilitation in Pakistan; Cooperate mutually for any prospective missions and / or seminars.

Iftikhar Babar, Secretary BOI welcomed the opportunity to conclude an MOU with PSJCCI and informed that Pakistan has liberalised and de-regulated investment policy provides most attractive incentives and level playing field as compared to the countries around. Saudi companies may benefit from the liberal investment policies of Pakistan.

At the end, Mian Mehmood, President Saudi Joint Chamber of Commerce & Industry (PSJCCI) thanked the Secretary, BOI for signing an MOU and he assured that the chamber will try to attract more investment in Pakistan in the field of Agriculture Sector like food / fruit processing, Dairy & Live Stock, Power and education sectors. Iftikhar Babar, Secretary, BOI appreciated his efforts and intention with regard to boost investment and economic relations between the two brotherly countries.