Lahore, April 14, 2015 (PPI-OT): Small and Medium Enterprises Development Authority (SMEDA) and Pak-Saudi Joint Chamber of Commerce and Industry (PSJCCI) have decided to join hands for expanding trade and investment between Pakistan and Saudi Arabia. A joint meeting held in this regard today at SMEDA head office reviewed the potential of bilateral trade existing between the two countries. Mr. Muhammad Alamgir Chaudhry, CEO SMEDA and Mian Mahmoodul Hassan, President PSJCCI led the respective teams on this occasion.
The meeting, while reviewing top items to be traded as export and import between Pakistan and Saudi Arabia, identified Cereals, Gems and Jewelry and Plastic industry as the most potential areas for joint ventures.
The Human Resource Development was also marked by the meeting as a significant area of joint interest. The HRD Strategy developed as part of SMEDA’s five year SME development Plan was termed as a strong foundation in this direction. SMEDA HRD strategy was also appraised in the light of HR requirements of Gulf Cooperation Council (GCC) countries.
CEO SMEDA Mr. Muhammad Alamgir Chaudhry welcomed the President PSJCCI along with his team and apprised him about SMEDA’s services, achievements and future plans.
He said that SMEDA, despite being a very lean government organization, had contributed to the optimal level. SMEDA services and projects have mobilized a total investment of Rs.23 billion up till now, he said adding that SMEDA had entertained 66,000 walk ins at RBCs apart from developing 193 pre-feasibility studies of various sectors, 285 tailors made business plans and 1800 training programs held with 88000 total participants in 75 cities of the country.
He said that there was a vast scope of joint ventures between Saudi Arabia and Pakistan in the fields of Construction, Agriculture, Livestock, Poultry, Meat Processing and energy. SMEDA’s strategy devised for construction sector can be source of joint ventures with Saudi Arabia in this sector, he added.
Mian Mamoodul Hassan, President PSJCCI proposed to hold SME-Investment Conferences in Jeddah and Riyadh to make the Saudi investors aware of the potential of profitable investment existing in the SME sector of Pakistan. He also emphasized to hold SME exhibitions to introduce Pakistani Products to Saudi consumers.
Mian Mehmoodul Hassan claimed that Pakistan can make a substantial increase in its export earnings by developing the human resources as per requirements of the member countries of Gulf Cooperation Council (GCC). He urged SMEDA to develop a proposal for establishing an exclusive training institute for creating trained manpower for GCC countries. He also suggested to develop a low cost construction strategy for Saudi Arabia.
President PSJCCI hoped that Islamic Development Bank would play important role in promotion of bilateral trade and investment relations between Pakistan and Saudi Arabia. He advised SMEDA to develop exclusive business plans for this purpose.
It is notable that the first joint meeting of SMEDA and PSJCCI have decided to set the priority areas to sign a memorandum of understanding with a focus to enhance trade and investment relations between Pakistan and Saudi Arabia.
For more information, contact:
Liaqat Ali Gohar
DGM (Admin. and PR)
Small and Medium Enterprises Development Authority (SMEDA)
4th Floor, Building No. 3, Aiwan-e-Iqbal Complex,
Egerton Road, Lahore
Email: firstname.lastname@example.org, email@example.com