KSrelief Continues Implementing Water and Environmental Sanitation Project in Hajjah and Saada Governorates, Yemen    Over 16.3mn passengers set to benefit annually from 3400-km coastal transport project    PIF appoints Rania Nashar as head of Compliance and Governance    King, Crown Prince congratulate Qatar's emir on anniversary of his accession to power    Second batch of Saudi oil derivatives grant arrives in Yemen's Hadramout governorate    DGA provides domain registration service for government entities    Asia Shares Mixed    President of Gambia Arrives in Jeddah    Museums Commission launches its official website    President of IsDB Receives Kenyan Ambassador to Saudi Arabia    Saudi Press: FSDP Makes a Number of Achievements Despite Challenges Due to COVID-19    Mexico's Coronavirus Death Toll Rises To 231,847    Germany's Confirmed Coronavirus Cases Rise By 1,008    Saudi Chief of General Staff Takes Part in 9th Moscow Conference on International Security    Al-Khuraiji highlights Saudi efforts in fostering international cooperation    Bahrain extends support program for businesses hit by coronavirus    UK Minister for South Asia Lord Ahmad concludes 2-day visit to Pakistan    Over 60% of UK adults receive both doses of COVID-19 vaccine    KSrelief's Clinics Provide Medical Services for 570 Individuals in Zaatari Camp, Jordan    Pedestrian bridge collapses onto Washington, DC, highway, injuring several    US voices 'grave concern' after airstrike kills dozens at market in Ethiopia's Tigray region    John McAfee, antivirus software creator, found dead in Spanish prison    GAMI Presents Growth Strategy for Saudi Military Sector in USSABC Webinar    SAGO Receives First Vessel of Wheat Produced by Saudi Investment Abroad    Chairman and CEO of STC Thank Saudi Leadership for Licensing STC Bank as First Digital Bank in Saudi Arabia    Saudi national team wins 2 gold medals at Arab Athletics Championship    Saudi National Team Wins 2 Gold Medals at Arab Athletics Championship    Tokyo Olympics: Limited local fans allowed to attend but no cheering    Saudi, Indian ministries sign historic MoU on yoga cooperation    Minister of Sports unveils 'Nafes' platform to boost private sector investment in Saudi Arabia    RSIFF celebrates Saudi Cinema Nights in Jeddah on June 16–17    "Scripts and Calligraphy: A Timeless Journey" Exhibition Begins to Receive Visitors Today    $10 million Red Sea Fund to back over 100 projects    Saudi Music Commission Dedicates Patriotic Song to Green Falcons    Indian man believed to have headed 'world's largest family' dies    Ministry of Health: People With Obesity are Most Vulnerable to COVID-19 Infections    Saudi National Team Beats Singaporean Counterpart 3-0 in FIFA World Cup 2022 and AFC Asian Cup 2023 Qualifiers    Saudi National Shooting Team Wins Gold, Silver Medals in Arab Shooting Championship    Saudi U-20 Team Beats Bosnia at End of Croatian Tournament    Ithra Holds Environment Exhibit    Use of external loudspeakers at mosques to be restricted to Adhan and Iqamat-ul-salah    From whom do we take Shariah? How do we get legitimacy?    Welcome to beautiful Ramadan customs    Vaccination does not invalidate fasting, says UAE Fatwa Council    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Al-Falih: Saudi-Pakistani Supreme Coordination Council Opens Wider Horizons for Economic Growth
Published in Saudi Press Agency on 08 - 05 - 2021

Khalid Al-Falih, Minister of Investment, has praised the establishment of the Saudi-Pakistani Supreme Coordination Council, which seeks to strengthen relations between the two countries, develop trade relations, and open wider horizons for economic growth.
In a statement, Eng. Al-Falih said that the council, whose establishment agreement was signed yesterday by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, and the Pakistani Prime Minister Imran Khan, will contribute to boosting bilateral economic and trade cooperation via exploring investment fields and the opportunities available in light of the Kingdom's vision 2030, and consolidates relations between the two countries at all levels.
He noted that the volume of trade exchange between the two countries amounted to SR33 billion during the past three years, of which SR9 billion in 2020 despite the challenges imposed by the COVID-19 pandemic, adding that among the most prominent trade commodities exchanged between the two sides were mineral and oil products, petrochemicals, leather, clothes, and grains as well as meat products.
The minister indicated that the Kingdom's fertile and attractive investment environment and security and stability factors were the main engines behind the increase in the influx of foreign direct investment over the past three years, which witnessed an improvement of more than 20% in 2020 compared to 2019 despite the repercussions of the Covid19, bringing the number of foreign companies licensed in 2020 to 1,278 companies, an increase of 13% over the year 2019.
With regard to Pakistani investments in the Kingdom, the number of Pakistani investment licenses in the Kingdom in 2020 increased dramatically, he said, adding that the Investment Ministry granted 52 investment licenses to the Pakistani companies, while the number of licenses granted in 2019 amounted to around 24 licenses, which is a clear indication of the increasing demand for Pakistani investors to take advantage of the promising investment opportunities and the competitive advantages of the Saudi economy.
Statistics issued by the Ministry of Investment indicate that the number of Pakistani investments in the Kingdom have reached 362 establishments, 19% of which are joint, and the remaining percentage is 100% Pakistani investments.
The Ministry's data also showed that the construction and manufacturing sectors are the most prominent investment fields in which Pakistani companies operate, with 148 and 124 establishments, respectively, followed by the telecommunications and information technology sectors and wholesale and retail trade sectors.
The Ministry of Investment, in cooperation with other government agencies, provides a set of incentives to facilitate the entry of investors into the Kingdom, including the promotion of investment opportunities and investment requirements, in coordination with the Kingdom's Embassy and the Commercial Attaché in Islamabad.
In Pakistan, a group of Saudi companies operates in a number of vital sectors, such as Petromin in the automotive oil industry, Aljomaih Power and Water Company, Savola Company in the food and retail sectors, and ACWA Power, while a number of major national companies are considering plans to enter the Pakistani market due to the investment and commercial opportunities it holds.
The Ministry of Investment has been working recently to reduce licensing requirements for investors and developed a mechanism for obtaining licenses electronically without the need to attend in the Kingdom, in addition to providing solutions, initiatives, and legislation that provide an environment that encourages entrepreneurship and economic growth.

Clic here to read the story from its source.