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The Saudi fast-food chain Albaik has officially signed a Memorandum of Understanding (MoU) for its expansion into Pakistan. The company has confirmed that the process is now in its final stages.
Pakistan’s Minister of Commerce, Jam Kamal Khan, met with Albaik’s owner, Rami Abu Ghazala, to finalize the agreement. During his visit to Albaik’s facilities, the minister also engaged with Pakistani workers employed at the fast-food chain.
With the impending opening of the first-ever Albaik branches in Pakistan, the two countries’ economies are poised to expand and new job possibilities will be created. The Minister expressed his approval of Albaik’s arrival in Pakistan and spoke about how the company may boost the fast food sector and the consumer market there.
Strengthening Pakistan-Saudi Business Relations
During his high-profile talks in Jeddah, Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, discussed ways to improve ties between his country and Saudi Arabia in the areas of commerce and investment. Business partnerships, investment possibilities, and the entry of Saudi brands into the Pakistani market were the topics of debate at the inaugural “Made in Pakistan” show.
The minister extended an invitation to significant Saudi businessmen during a meeting to investigate potential investments in Pakistan in the fields of energy, agriculture, information technology, healthcare, infrastructure, and consumer products. He guaranteed Saudi investors a business-friendly environment with tax deductions, investment protection regulations, and access to a consumer market of 240 million people while highlighting Pakistan’s 22% export growth to Saudi Arabia, which reached $700 million.
In the food, textile, and building materials industries, in particular, Saudi corporate executives have shown an interest in partnering with their Pakistani counterparts. The Minister extended an invitation to attend trade shows like TEXPO, Food-AG, and the Healthcare & Mineral Show in Pakistan as part of a series of discussions aimed at strengthening trade partnerships and attracting industrial investment.
The Pakistan Single Window (PSW) and the National Compliance Centre, two of Pakistan’s latest efforts to make conducting business easier, were also discussed. These projects seek to improve export standards and streamline trade processes.
Pakistani Workforce & Saudi Remittances
Another important meeting took place when the Minister met with Pakistani investors and business executives in Jeddah. He acknowledged the long-term contributions of these individuals to Saudi Arabia’s economy. Saudi Arabia has been the most popular destination for Pakistani emigrants in the last five years, with 1.7 million people making the journey, he said.
The minister also brought attention to the $7.4 billion sent in remittances by Saudi Arabia last fiscal year, highlighting the robust financial connection between the two nations. New market entrants are being guided and Pakistani-Saudi business connections are being fostered by the Pakistan Investor Forum, which was recently created in Jeddah, he said.
The Minister emphasized Pakistan’s Revised Visa Policy, which facilitates business travel for GCC citizens by allowing them to enter the country visa-free for up to 90 days, in an effort to encourage Pakistani businesses to investigate investing prospects in Pakistan.
Pakistan is determined to develop its trade ties with Saudi Arabia, as Minister Jam Kamal Khan emphasized during his meetings in Jeddah. The visit was a major step towards strengthening commercial and trade ties between the two nations, with Saudi business leaders expressing optimism about Pakistan’s economy and Albaik’s impending development.
Opportunities for both countries are expected to increase as the Pakistan-Saudi economic corridor is expected to expand further due to rising trade volumes, new corporate alliances, and Saudi Arabia’s growing interest in Pakistani sectors.
