Pakistan, Saudi Arabia to explore joint ventures in African markets
ISTANBUL (News Desk): Federal Minister for Commerce Jam Kamal Khan and Saudi Arabia’s Deputy Governor for International Organizations and Agreements Fareed S. Alasaly have agreed to further strengthen cooperation in agriculture and industrial development, with a focus on exploring joint ventures in African markets.
The understanding was reached during a bilateral meeting held on the sidelines of the 42nd Session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) in Istanbul, Türkiye.
Federal Minister for Commerce Jam Kamal Khan is in Istanbul for the COMCEC session where he held a series of bilateral meetings with Mr. Fareed S. Alasaly of Saudi Arabia, Mr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade of Egypt, and H.E. Samir Abid, Minister of Trade and Export Development of Tunisia.
The meetings focused on strengthening bilateral economic relations, expanding trade and investment opportunities, promoting joint ventures and enhancing industrial cooperation in sectors of mutual interest.
During his meeting with the Saudi Deputy Governor, both sides agreed to further strengthen cooperation in agriculture and industrial development, particularly in human resource development, livestock and food security.
Jam Kamal Khan emphasized the importance of identifying new avenues for mutually beneficial joint ventures between Pakistani and Saudi companies. He particularly proposed partnerships between leading businesses of the two countries to explore emerging trade opportunities in African markets.
The Commerce Minister stressed the need for greater institutional and private-sector engagement to translate economic potential into practical business partnerships. He invited the Saudi representative to visit Pakistan during the upcoming FoodAg exhibition to explore opportunities in agriculture, livestock and food-related industries.
The Saudi side acknowledged the potential for enhanced cooperation and discussed ways to deepen economic linkages between the two brotherly countries.
In his other bilateral engagements on the sidelines of COMCEC, Jam Kamal Khan also met with Egypt’s Minister of Investment and Foreign Trade. The two ministers discussed opportunities to enhance bilateral trade, investment and industrial cooperation, particularly in the cotton and textile sectors.
The Egyptian Minister highlighted investment opportunities in Egypt and encouraged Pakistani companies to explore manufacturing and industrial partnerships. He drew attention to Egypt’s preferential trade arrangements with the United States, which offer opportunities for Pakistani investors to establish manufacturing operations in Egypt and access the American market, subject to applicable trade requirements.
Mr. Mohamed Farid Saleh also requested details of Pakistani companies expected to participate in the upcoming business forum to facilitate direct engagement between the business communities and identify potential investment partnerships.
The Egyptian Minister further highlighted educational opportunities for Pakistani students in Egypt, particularly in science, technology, medicine, healthcare and engineering, noting the availability of educational facilities at competitive costs.
Jam Kamal Khan emphasized the need to develop joint ventures between Pakistani and Egyptian private-sector companies and explore opportunities in textiles, manufacturing and other mutually beneficial sectors.
Meanwhile, during his bilateral meeting with Tunisia’s Minister of Trade and Export Development, H.E. Samir Abid, Jam Kamal Khan discussed possibilities for enhancing bilateral trade and exploring new avenues of economic and industrial cooperation between Pakistan and Tunisia.
Both ministers acknowledged that the existing volume of bilateral trade remains significantly below its true potential and emphasized the need for coordinated efforts to identify new opportunities and strengthen commercial linkages.
The discussions particularly focused on expanding cooperation in agriculture, minerals, textiles, auto parts and manufacturing, with both sides recognizing considerable opportunities for mutually beneficial partnerships in these sectors.
Both ministers agreed on the importance of closer institutional coordination and greater private-sector engagement to unlock untapped trade potential and translate identified opportunities into practical economic partnerships.
The Commerce Minister reiterated Pakistan’s commitment to strengthening economic relations with brotherly and friendly countries through enhanced trade, investment, industrial cooperation, knowledge sharing and greater private-sector participation.
The bilateral engagements on the sidelines of COMCEC reflected Pakistan’s continued efforts to strengthen economic diplomacy, diversify export markets, attract investment and promote mutually beneficial economic partnerships with countries across the Middle East, North Africa and beyond.