Saudi Arabia, Pakistan to Form Joint Business Council
In a move expected to restore Saudi and Gulf Investors' confidence in Pakistan, the Kingdom of Saudi Arabia and Pakistan are scheduled to sign an agreement to establish a joint Saudi-Pak Business Council.
The signing ceremony, to be held at the Council of Saudi Chambers of Commerce and Industry (CSCCI) in Riyadh, will be attended by the Saudi Minister of Commerce Osama Jaafar Faqeeh.
The agreement between the two sides to form the council was achieved during the visit of Crown Prince Abdullah to Pakistan. The 11-member Pakistani delegation, led by the FPCCI President, Fazl-ur-Rahman Dittu will sign the agreement. Saudi CSCCI Secretary General Osama Kurdi will affix his signature to the binding accord.
The creation of a joint Saudi-Pak Business Council is expected to encourage Saudi and Pakistani businessmen to invest and reinvest their earnings in the two nations, and to stimulate bilateral trade.
The Pakistani delegation will meet with their Saudi counterparts during the week-long visits to discuss a broad range of goods such as, textiles, jewelry, cotton, oil, marble, bed sheets, rice and travel services. Saudi Arabia and Pakistan currently boast 26 joint venture projects worth SR 4,169 million. Pakistan's exports stood at $217 million in 1997-98, while its imports from the Kingdom hit $680 million during the same year. The
trade volume registered growth during the first half of 2000.
© 2000 Mena Report (www.menareport.com)