Pakistan, OIC discuss economic & trade cooperation in Jeddah

JEDDAH, Feb 07 (SABAH): Federal Minister for Commerce, Mir Jam Kamal Khan, met with Secretary-General of the Organization of Islamic Cooperation (OIC), Hissein Brahim Taha, in Jeddah to discuss avenues for strengthening economic, trade, and development cooperation among OIC member states. During the meeting, Minister Jam Kamal Khan reaffirmed Pakistan’s unwavering commitment to deeper engagement with the OIC, emphasizing that frequent high-level interactions are crucial for fostering stronger economic and strategic ties within the Muslim world. He conveyed the Prime Minister of Pakistan’s appreciation for the Secretary-General’s participation in the International Conference on Girls’ Education in Muslim Communities, held in Islamabad on January 11-12, 2025, and commended the OIC’s efforts in advancing women’s empowerment across member states.

The Minister underscored the importance of economic and trade connectivity in promoting prosperity and stability among OIC nations. He praised the Secretary-General’s leadership in facilitating trade and development initiatives, highlighting their role in strengthening intra-OIC cooperation. Inviting the Secretary-General to visit the ongoing Made in Pakistan Exhibition at the Jeddah International Exhibition and Convention Center, Minister Jam Kamal Khan described the event as a landmark initiative, showcasing Pakistan’s industrial strength and providing a dynamic platform for economic collaboration with OIC countries. He further reaffirmed Pakistan’s commitment to hosting the 18th OIC Trade Fair in Lahore later this year, seeking the OIC’s support to ensure its success.

Secretary-General Hissein Brahim Taha welcomed Pakistan’s proactive role in promoting economic integration within the OIC and expressed his appreciation for Pakistan’s initiatives aimed at enhancing trade and development among member states. He lauded Pakistan’s efforts in fostering greater cooperation within the OIC and emphasized the organization’s commitment to facilitating trade, investment, and sustainable growth across the Muslim world.

At the conclusion of the meeting, Minister Jam Kamal Khan wrote his remarks in the OIC’s Guest Book, expressing Pakistan’s strong belief in the OIC’s ability to unite and uplift the Muslim Ummah through economic collaboration. Both sides reiterated their commitment to collective progress, emphasizing the need for joint initiatives to strengthen trade, investment, and development partnerships among OIC member states.

Meanwhile Jam Kamal Khan met with the Jeddah Chamber of Commerce & Industry to discuss opportunities for strengthening trade and investment ties between Pakistan and Saudi Arabia. The meeting focused on enhancing bilateral trade, boosting investment, and fostering long-term economic collaboration. During the discussion, the Minister highlighted the historic and brotherly relations between Pakistan and Saudi Arabia, built on shared values, mutual trust, and strong socio-economic cooperation. He acknowledged Jeddah’s strategic role as a commercial hub, emphasizing its importance in promoting trade and investment partnerships between the two nations.

The Minister underscored the remarkable 22% increase in Pakistan’s exports to Saudi Arabia, reaching around $700 million, reflecting the growing economic momentum. He stressed the need to further enhance bilateral trade and establish a mutually beneficial trade balance. He encouraged increased trade in high-potential sectors, including textiles, halal food, agriculture, IT, pharmaceuticals, construction materials, and engineering goods. The Minister also invited Saudi investors to explore Pakistan’s investment-friendly environment, particularly in energy, infrastructure, agriculture, mining, and industrial manufacturing. Highlighting Pakistan’s Revised Visa Policy, the Minister informed the Jeddah Chamber that GCC citizens can now enter Pakistan without a visa and stay for up to 90 days, facilitating easier business travel and investment. He appreciated the contributions of Pakistani entrepreneurs and professionals in Saudi Arabia, many of whom have successfully operated businesses in the Kingdom for decades. Over the past five years, 1.7 million Pakistanis have traveled to Saudi Arabia, reinforcing the Kingdom’s significance as a business and employment hub. He also noted that Pakistan received $7.4 billion in remittances from Saudi Arabia last fiscal year, making it a vital contributor to Pakistan’s economy.

The Minister highlighted the successful visit of a 130-member Saudi business delegation to Islamabad, during which 34 Memorandums of Understanding (MOUs) were signed across multiple sectors. He emphasized the need for joint ventures between Pakistani and Saudi businesses to enhance industrial cooperation and knowledge sharing. To further support business linkages, the Minister proposed the establishment of a “Pakistan-Saudi Business Facilitation Desk” at the Jeddah Chamber. This initiative would provide support services and assistance to businesses from both countries. He also introduced the Pakistan Investor Forum, aimed at empowering Pakistani entrepreneurs and strengthening their business networks in Saudi Arabia.

He encouraged Jeddah Chamber members to collaborate with the forum to maximize trade and investment opportunities. Discussions also covered improving customs procedures, certifications, and compliance with trade standards to facilitate smoother and more efficient trade operations. The Minister stressed the need to expand trade in key Pakistani exports, particularly halal meat, dairy products, IT services, and pharmaceuticals.

At the conclusion of the meeting, the Minister reaffirmed Pakistan’s commitment to deepening economic ties with Saudi Arabia and strengthening institutional partnerships. He appreciated the Jeddah Chamber’s crucial role in fostering economic cooperation and expressed optimism that both nations will continue to explore new avenues for trade and investment growth.