Following the landmark defence pact, Pakistan and Saudi Arabia have initiated fresh efforts to expand bilateral trade and economic cooperation. Official sources said a high-powered Saudi business delegation comprising top businessmen and industrialists is set to visit Pakistan next month. The visit, being coordinated by Pakistan\u2019s Special Investment Facilitation Council (SIFC), falls under a broader drive to boost trade and investment ties with the Kingdom, The News reported Saturday. Riyadh and Islamabad signed the mutual defence agreement on September 17, further cementing their decades-old security partnership, just a week after Israel\u2019s strikes on Qatar disrupted the regional diplomatic landscape. The accord was inked in Riyadh by Crown Prince Mohammed bin Salman and Prime Minister Shehbaz Sharif, who was received with a warm welcome. In the run-up to the visit, senior officials from the Saudi Embassy in Islamabad met with Lahore Chamber of Commerce and Industry (LCCI) President Mian Abu Zar Shad. At the meeting, Saudi Commercial Attach\u00e9 Naif bin Abdulaziz Al-Harbi announced that a dedicated Saudi commercial desk will be set up at the LCCI to streamline trade initiatives and strengthen business linkages. Underscoring Pakistan\u2019s untapped economic opportunities, Al-Harbi stressed Riyadh\u2019s commitment to supporting enhanced trade relations. He also disclosed plans to enable direct exports of Pakistani goods to Saudi Arabia bypassing third-party channels, especially in Europe thereby lowering costs and improving efficiency. \u201cOur aim is to frame structured policies that not only advance economic cooperation but also foster stronger people-to-people ties between the two nations,\u201d Al-Harbi said. Sources added that during their stay, the Saudi delegation will hold B2B meetings with prominent business leaders across Punjab. Special sessions are also being arranged in collaboration with the Punjab Board of Investment and Trade and the LCCI. There is also a strong possibility that representatives from chambers across the province will be brought together at LCCI to interact with the Saudi business leaders. Speaking on the occasion, LCCI President Mian Abu Zar Shad stressed the importance of trade over aid. \u201cPakistan doesn\u2019t need aid \u2014 it needs trade,\u201d he remarked. He also proposed reviving the maritime ferry service that operated between the two countries in the 1960s to facilitate movement and boost commerce. The Saudi delegation\u2019s visit is expected to serve as a catalyst for a new era of economic collaboration, building the strategic defence cooperation recently agreed between Islamabad and Riyadh.<\/p>\n","protected":false},"excerpt":{"rendered":"
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