Pakistan showcases industrial strength at Jeddah exhibition

In a bid to significantly bolster bilateral commercial activities with Saudi Arabia, Pakistan’s first ever single-country ‘Made in Pakistan’ exhibition was held in the Kingdom’s Jeddah city.

Inaugurating the event, Commerce Minister Jam Kamal Khan stressed the significance of economic collaboration between the two countries, outlining numerous avenues where Pakistan and Saudi Arabia were collaborating with respect to the economy.

He also extended his appreciation towards Saudi officials for their support in setting up the entire event, and said the exhibition was an embodiment of the lasting Pakistan-Saudi bilateral ties.

The minister said that strategic partnership was strengthened by shared cultural ties and a common religion, and outlined how Pakistan’s goods and services would gain traction by being displayed at the exhibition.

The minister said he intends to increase investment inflows into the country while improving trade relations with Saudi Arabia. According to him, this will be possible by closely following a certain economic roadmap.

Reports said the minister also commented on how the two countries could potentially collaborate on issues pertaining to food security, mining, energy and human resource (HR) development. He mentioned that Pakistan could leverage its growing industrial base and flexible economy to work on collaborative projects.

Kamal said that Saudi investments would be prioritised in the country and that investors could go through channels set up by the Special Investment Facilitation Council (SIFC) to benefit from investment opportunities. Islamabad’s stance seems to be one of utilising Saudi Arabia’s Vision 2030 to boost investment inflows into the country.

While congratulating the Kingdom for winning the rights to host the 2034 FIFA World cup, the minister also took the opportunity to display Pakistan’s football manufacturing industry. He said that Pakistan would continue to produce footballs for World Cup events.

While the exhibition of textile, sports gear, construction materials and foodstuffs spells great news for many, it could especially benefit cement manufacturers as local demand has seen slumps in the recent past. The expansion of the cement industry into international markets will allow for business owners to route additional cement cargoes abroad until local demand recovers.

However, citizens may be hit hard by additional foodstuff exports as a fall in supply of grain and vegetables could raise prices even further. Recently, Pakistan boosted food exports to Bangladesh which resulted in rising local prices. Analysts are speculating that additional exports might give way to inflationary pressures resulting rising prices.