Saudi Investors showing interest in renewable energy in Pakistan
- Saudi Arabia interested in Pakistan’s renewable energy
- Karachi Chamber of Commerce and Industry (KCCI)
- Discussions held by the Saudi Adviser
- Visa issues, import/export issues and business communities
- Major trade opportunities in Karachi and Sindh
Saudi Arabia is showing interest in renewable energy projects in Pakistan, announced Saudi Adviser for Energy and Mineral Resources Ahmad Al-Ghamdi.
During his visit to the Karachi Chamber of Commerce and Industry (KCCI), he said that representatives from Saudi company are interested in renewable energy, Aqua Power, will soon visit Pakistan and introduce renewable energy technologies including solar, wind and other technologies.
“We held discussions on investment opportunities in the mining sector of Pakistan. In this regard, an agreement is at the final stages, which will soon be signed between Saudi Arabia and Pakistan, signifying the commencement of new relations between both countries,” the adviser said.
Safety and security in Pakistan:
The Adviser said that if someone from the Pakistani government gave guarantees about safety and security, Saudi investors would certainly get a strong signal that they could come here and make the investment in a very pleasant environment.
The Saudi private sector didn’t know about the opportunities and it was scared of making the investment in Pakistan due to security concerns, he added.
Business communities to meet more often:
The Saudi adviser suggested that business communities of both countries would have to meet more often.
They should also participate in the trade-promotion events being held in Saudi Arabia and Pakistan. It would result in further strengthening of relations, he suggested.
During his recent visit to Saudi Arabia, Prime Minister Imran Khan was particularly focused on visa issues, the Adviser said.
Remarks from the Adviser:
“Many new things and rules have been introducedSaudi Arabia and it is now going through a transformation phase, it will be hopefully beneficial for both, Pakistan and Saudi Arabia. The easing of visa procedures is also being discussed, particularly the tourism visa, so that people could be encouraged to explore tourism in Saudi Arabia,”Ghamdi remarked.
Import and export issues:
Ghamdi said that there are some import and export issues between both countries. These are decreasing the trade below the expected level.
“We are trying to resolve these issues and have formed a committee comprising Saudi and Pakistani representatives to identify the obstacles and devise strategies on how to resolve the same.”
Delegation leaving for Saudi Arabia:
The KCCI President JunaidEsmailMakda said that a delegation from the Karachi Chamber will leave for Saudi Arabia on 12th January, in order to enhance trade.
Pakistan and Saudi Arabia have healthy bilateral relations based on cooperation in different economic spheres, particularly in trade and investment.
During 2017, goods worth $400.8 million were exported to Saudi Arabia while imports stood at $2.73 billion. The trade balance was in favor of Saudi Arabia with a surplus of $2.32 billion.
Opportunities in Karachi and Sindh:
The President pointed out that Karachi and Sindh are able offers a host of opportunities in many potential sectors including:
- Food processing
- Dairy production and processing
- Coal mining
- Mineral extraction
- Seafood processing
- Urban rapid transport
- Date and mango farming and processing
- Wind and solar energy
The huge potential for enhancing trade:
The KCCI President highlighted the huge potential of enhancing trade and investment ties and told the Saudi delegates that Pakistan’s investment policy provided a comprehensive framework for creating an environment conducive to business.
It also includes reducing the cost of doing business, processes of doing business and emphasizes the creation of industrial clusters and special economic zones.
Source: Express Tribune