Pakistan offered tremendous opportunities in various sectors of the economy, particularly in tourism
Pakistan and Kingdom of Saudi Arabia have joined hands to make the easy procedure for business visa issuance besides rationalizing the visa fee on the reciprocal basis.
The development came out in the 11th session of the Pakistan-Saudi Arabia Joint Ministerial Commission (JMC), where both countries reiterated the pledge to boost bilateral economic, investment and trade cooperation between the two countries.
In this session both the sides decided to take compressive measures to ease procedures for the business visa, remove non-tariff barriers and initiate talks on a preferential trade agreement (PTA) and countries will also introduce products through exhibitions in Pakistan and Saudi Arabia.
The meeting was attended by various high-ranked officials of various ministries of both countries, with a similar aim to strengthen the ties and cooperate with each other for future economic development.
Special Secretary Ministry of Foreign Affairs Aitzaz Ahmad hoped on this special occasion that we are trying to draw a roadmap for future cooperation between the two countries and provide a way-forward agenda to promote trade and investment.
During the session, both sides agreed to simplify the procedure of business visa issuance in both countries besides rationalizing the visa fee on the reciprocal basis.
Earlier Saudi Arabia has increased the business visa fee to Rs74, 000 per person for attending any business activity in the country. Ever since its establishment in 1947, Pakistan has enjoyed close relations with Saudi Arabia. The two sides have established time-tested strategic ties.
Pakistan’s exports to Saudi Arabia have seen consistent growth and have tripled in value during 2001 and 2014 and has been a slight downward trend since 2014, which may be partly attributed to somewhat slowing down of economic activities in Saudi Arabia due to falling oil prices.
Moreover, apart from agreeing to identify and remove the obstacles that are in the way of the smooth ties, the two countries decided to promote their products through exhibitions held in Pakistan and Saudi Arabia.