KARACHI: Makkah and Karachi chambers of commerce and Industry have agreed to offer each other their respective premises for promotion of bilateral trade and investment, officials told Arab News on Tuesday.
“We have decided to sign an MoU under which the KCCI (Karachi Chamber of Commerce and Industry) will utilize the facilities of MCCI (Makkah Chamber of Commerce and Industry) in Saudi Arabia and the MCCI will utilize KCCI facilities for growth of bilateral trade and investment,” Junaid Ismail Makda, president of the KCCI told Arab News from Makkah who is on official visit of kingdom.
The two sides also agreed to exchange trade delegations to explore existing trade and investment opportunities in both countries, Makda said.
The Saudi delegation was led by Hisham Muhammad Kaaki, Chairman of the MCCI and also comprised of Ibrahim Fuad Bardeesi, secretary General of the Makkah Chamber and Fahad S. Damanhouri, Director of International Relations department of Makkah Chamber.
Makda who met with the officials of Saudi Export Development Authority (SEDA) on Monday, said that the authority had expressed its desire to host Pakistani importers of assorted products including construction and PVC pipes.
Earlier on Friday, the MCCI chief met with his Pakistani counterpart in Karachi to explore ways of jointly developing the business sector of the two countries.
The meeting, headed by the visiting Saudi official, aimed at strengthening bilateral ties and to mull over areas of shared interests for the business community in Saudi Arabia and Pakistan, the Saudi Press Agency (SPA) reported.
Kaaki said that the visit to KCCI would help strengthen mutual cooperation, exchange of expertise, arrange bilateral visits and events, in addition to organizing forums and exhibitions to help develop private sector and result in strong ties between the entrepreneurs on both sides.
He added that interaction between the Saudi and Pakistani business community can be enhanced through various mutual activities, exhibitions and joint investments.
He lauded the relations between the two countries noting that he highly valued his visit to KCCI, which was Pakistan’s largest business body.
Ismail highlighted that Pakistan had a well developed textile and military industry, in addition to offering prospects in technology sector, civil engineering and other scopes of mutual interest. Organizing exhibitions would help strengthen bilateral ties indeed, he said.
The non-oil Saudi exports to Pakistan in the last five years are estimated at SR17 billion ($4.42 billion), including food items and construction material estimated at SR191 million and SR965 million respectively.
The Kingdom is one of the top exporters to Pakistan, while the latter exports textile goods, cloth, processed cotton, rice, meat, fruits, vegetables, spices, leather products, electronic and chemicals to Saudi Arabia.
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