PAKISTAN’S Ambassador to Saudi Arabia Ahmad Farooq has stated that the next two years will be crucial for Pakistan in terms of expanding its presence in Saudi Arabia which offers abundant opportunities in construction, IT, healthcare and hospitality sectors. Speaking at a meeting of Karachi Chamber of Commerce and Industry, he said Pakistan must focus on benefiting from the ongoing process of diversification of Saudi Arabia’s economy under Vision 2030, moving away from fossil fuels.
There can be no two opinions that Saudi Arabia has all along remained a trustworthy and reliably economic partner of Pakistan, which helped the country in different ways both during times of crises and normalcy. It is also known to all that generous assistance provided by the Kingdom in the form of oil facility, grants, loans and relief assistance to cope with the natural disasters played an important role in socio-economic development of Pakistan. Of late, there are tangible moves to attract Saudi investment in different sectors of the national economy, especially natural resources and for the first time follow up is being ensured on a fast-track basis of the agreements and Memoranda of Understanding (MoUs) concluded with the Kingdom. However, what the Ambassador is talking about has the potential to expand the bilateral cooperation on a wider scale and on a sustainable basis. Saudi Arabia, under the dynamic leadership of Crown Prince Mohammad bin Salman, is implementing a multi-pronged gigantic strategy to diversify the Saudi economy including construction of new cities, tourist resorts, industrialization, localization and expansion of facilities and services for pilgrims in the two holy cities of Makkah Mukarramah and Madina Munawwara.
The Ambassador has rightly pointed out that to benefit from the prospects of increased bilateral cooperation, Pakistan needs to improve its workforce by imparting training as per Saudi requirements. According to some estimates, over three million Pakistanis live and work in Saudi Arabia, which are an important source of remittances for the country as they send billions of dollars every year back home. However, it may be pointed out that most of these are blue-collared workers whereas with the passage of time the dynamics of Saudi labour market have changed and the Kingdom now requires skilled and professional manpower in different fields, especially the IT sector as its leadership has a vision to turn Saudi Arabia into a regional IT hub with multibillion-dollar investment, leading to a rising demand for human resources and expertise. Pakistan has an edge in IT and with proper planning we can get a sizeable share from the KSA’s IT sector. Similarly, the Kingdom is prioritizing cultural and tourism development, which has led to massive growth in the hospitality and hotel sectors.
Over the next decade, Saudi Arabia will host four major international events: the Asian Football Cup (2027), the Asian Winter Games (2029), the World Expo in Riyadh (2030), and the FIFA World Cup (2034). To support these events, Saudi Arabia is investing heavily in infrastructure, including the construction of 250 new hotels. This expansion creates opportunities for Pakistan’s home textile industry, food exports, and trained workforce in hospitality and housekeeping. The interaction of the Ambassador with the representatives of the business community of Pakistan was timely and a step in the right direction as massive infrastructure development and construction activities offer immense opportunities for our businessmen to exploit them for mutual benefit. Demand for building materials, including furniture, marble, electrical cables, and others, is soaring in Saudi Arabia. The healthcare sector is also evolving, providing openings in pharmaceuticals, surgical equipment, and medical tourism. It is encouraging that the Ambassador was fully alive to the situation and hopefully he will try his level best to sensitize all concerned ministries and departments to seize the opportunity of benefitting meaningfully from prospects of closer economic ties with the Kingdom.
