Plan was revealed to double exports in A Arabia

The Development of Small and Medium Enterprises (SMEDA) is working on a strategy to reduce the trade deficit between Pakistan and Saudi Arabia through joint investment projects in Pakistan’s industrial sector.

A meeting was held at the SMEDA Central Office chaired by the Federal Secretary and Production Saif Anjum, who said the Pakistani government was planning to boost the country’s total exports of up to $ 120 billion by 2035, for which “we would” have “high exports”.

He observed that improved bilateral relations with Saudi Arabia can play a central role in making the paradigm shifting to Pakistan’s exports and investments.

Speaking on the occasion, Singa Socrat Aman Rana CEO noted that in order to expand trade and investment with Saudi Arabia, “we should first give priority to potential areas such as leather footwear, sportswear, surgical tools, surgical tools. However, he suggested that the basic stakeholders consult these areas to further extend the industrial base.

A presentation at the meeting revealed that today Pakistan’s exports to Saudi Arabia amount to about $ 734 million and importing $ 4.47 billion, resulting in a $ 3.37 billion trade deficit. To tackle this imbalance, a five -year strategy of industrial development and differentiation of trade in industrial modernization and targeted upgrade is coordinated with the relevant divisions.

The strategy aims to double Pakistan’s exports to Saudi Arabia and reduce bilateral commercial deficit by 25% through strategic cooperation and consortium.

It is also proposed a program to boost value chains through partnerships with the leading retail, health care and sportswear companies in Saudi Arabia, under long -term market commitments.

In preliminary consultations with industry representatives, multiple consortium opportunities between Pakistan and Saudi Arabia were found in key areas such as Wazirabad, Wazirabad, textiles (Faisalabad) and Faisalabads.