Musadik urges private sectors of Pakistan, S Arabia to collaborate towards economic diversification, value addition

ISLAMABAD: Federal Minister for Petroleum Musadik Malik on Monday urged the private sectors of both Pakistan and Saudi Arabia to collaborate towards economic diversification and value addition.

Addressing a two-day Pakistan-Saudi Arabia Investment Conference, he said, “We invite the private sectors of Pakistan and Saudi Arabia to participate in building critical infrastructure to unlock the assets and wealth potential of both countries.”

“We are already exporting food products, but unfortunately, around 35 percent of Pakistani perishable food products go to waste. We aim to connect our agricultural assets to the food security needs of the GCC,” he added.

The minister said that Saudi Arabia wanted to become a food corridor for the Gulf Cooperation Council (GCC) and called for joint efforts to address challenges such as food wastage and proposed that Pakistan’s agricultural assets be leveraged to enhance food security not only in Saudi Arabia but across the GCC and beyond, the official news agency reported.

He underscored the conference’s focus on private sector engagement, particularly in food and agriculture, urging investments in downstream activities like food processing and value-added industries such as fruit, juice, cheese, and meat production for international markets.

He described the conference as an opportunity for investors from both countries to establish relationships and explore collaborations, highlighting Pakistan’s interest in participating in religious and family tourism.

He called for integrated tourism experiences, including luxury hotels and ski resorts in northern Pakistan, inviting collaboration between private sector entities from both countries to develop these ventures.

He emphasised the shared visions of economic prosperity between Pakistan and Saudi Arabia, praising Saudi Arabia’s ambitious transformation and aligning it with Prime Minister Shehbaz Sharif’s economic vision.

He expressed Pakistan’s commitment to stability, infrastructure development, and economic diversification, inviting private sector investment in Saudi Arabia to foster collaboration and progress towards economic diversification and downstream value addition.