President of the United Business Group (UBG) and former President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Zubair Tufail, has warmly welcomed Prime Minister Mian Shehbaz Sharif’s successful visit to the Kingdom of Saudi Arabia and the signing of a mutual defense agreement between the two nations.
Zubair Tufail said the visit has further cemented the longstanding relationship between the two
brotherly countries. “The agreements and memoranda of understanding signed during the visit
will not only deepen mutual trust but also lay a solid foundation for expanding bilateral trade,
economic cooperation, investment, and joint ventures,” he noted. He further added that, under
the terms of the new defense pact, an attack on Saudi Arabia would be considered an attack on
Pakistan.
brotherly countries. “The agreements and memoranda of understanding signed during the visit
will not only deepen mutual trust but also lay a solid foundation for expanding bilateral trade,
economic cooperation, investment, and joint ventures,” he noted. He further added that, under
the terms of the new defense pact, an attack on Saudi Arabia would be considered an attack on
Pakistan.
Citing trade and investment figures, Tufail stated that Saudi Arabia’s net foreign direct investment (FDI) in Pakistan currently stands at $74.5 million. Pakistan’s imports from Saudi Arabia are valued at $4.5 billion, while its exports to the Kingdom total approximately $710 million.
He emphasized the need to strengthen linkages between the business communities of both countries through their respective federations and proposed the organization of single-country exhibitions in each other's markets to boost trade and commercial visibility. “With the renewed commitments made during this visit, we can expect significant growth in bilateral trade and investment in the coming years,” he said. “Strengthening economic and trade relations will not only benefit both countries but also contribute to regional stability and prosperity.”
Zubair said, ” Long Live Pakistan-Saudi friendship and now we are bound in a long-term agreement of mutual defence. Pakistan will always stand with Saudi Arabia’s brothers for their defence against any aggression.
Zubair Tufail further noted that Pakistan’s military and political leadership are united and committed to the country's progress and prosperity, with the business community playing a proactive role in supporting this vision. He reaffirmed that UBG and FPCCI will fully support and collaborate with the government in all efforts aimed at enhancing private-sector linkages and deepening business cooperation
between Pakistan and Saudi Arabia.
