Businessmen from Saudi Arabia and Pakistan on Tuesday explored the possibilities of joint ventures in their respective countries. At the second Saudi-Pak Investment Conference at Jeddah Chamber of Commerce and Industries (JCCI) on Tuesday, businessmen from both the countries assured that they would assist and encourage bilateral trade and investments. The first conference was held in Riyadh on Monday. Tuesday's conference was inaugurated jointly by Mazen Baterjee, JCCI vice chairman, and Syed Naveed Qamar, Pakistan's minister for Ports, Shipping, Investment & Privatization. Baterjee said the Kingdom was building new economic cities and needs Pakistani investors to invest in these mega projects. He said that 300 new Pakistani investors in construction, services and other allied sectors have been registered with Saudi Arabian General Investment Authority (SAGIA). Baterjee said the Kingdom has revised its laws to allow maximum facilities to new investors participating in the development of the country. He said six million people are expected to perform Umrah and Haj in the new year and all investment in the services sectors will be of immense benefit to these investors. “The Kingdom is the biggest market of the region and a gateway to the African countries. Jeddah being the hub of economic activities and the gateway of the Kingdom, provides immense opportunities for trade and investment,” he said. Businessmen and industrialists from both countries spoke about joint venture investments and explored investment possibilities in agriculture, textile, construction, education and small and medium enterprises fields. Syed Naveed Qamar is heading a team of 150 Pakistani investors and leading businessmen. He said Pakistan's current investment policies were highly flexible and meet all the requirement of investors. The share of Pakistan's exports in total imports of Saudi Arabia in the last year was 0.30 percent. Share of Pakistan's imports in total exports of Saudi Arabia in the last year was 1.52 percent, h e said. Major export items from Pakistan to Saudi Arabia are clothes, rice, cotton yarn and woven fabrics and foot wear. Major items of import from Saudi Arabia to Pakistan are petroleum products, organic chemicals, plastic & fertilizers, and leather manufactures. The president of Federation of Pakistan Chamber of Commerce and Industry (FPCCI), Tanvir Ahmad Sheikh said M-3 Industrial City Faisalabad was the largest industrial estate of Pakistan equipped with international standard infrastructure and facilities. “It provides the investors a world class environment needed for competing in the global market,” he said. In the education sector, Naveed Qamar and Tanvir Sheikh assured the Pakistani expatriate community in the Kingdom of all possible steps to bring the branches of famous Pakistani universities to Saudi Arabia in near future. __
