Remittances from Pakistani workers in Saudi Arabia reached around USD 9 billion in 2024, representing 25% of the total global financial remittances received by the country, stated Islamabad’s Ambassador to Riyadh, Ahmed Farooq.
He further told Saudi business daily Al-Eqtisadiah that remittances are witnessing continuous growth and constitute an important part of Pakistan’s economic stability.
“Pakistan has signed 27 memoranda of understanding (MoU) worth close to USD 2.8 billion, covering diverse sectors from agriculture to manpower export, through technology and food products,” Farooq remarked.
“Among these MoUs, 17 worth USD 1 billion have been activated, with numerous opportunities available for Saudi investors in Pakistan in the mining, information technology, agriculture, and petrochemicals sectors,” the diplomat stated.
According to Farooq, Pakistan imports around USD 4 billion worth of goods from the Kingdom, with its main imports being oil and its derivatives.
“When we look at the volume of trade exchange between Pakistan and Saudi Arabia, we find that Pakistan’s exports are about $700 million, including rice, meat, and textiles, and these are the main products,” he continued.
“There are currently 100 Pakistani technology companies operating in Saudi Arabia, offering diverse services and products to the Saudi market,” the Ambassador mentioned, confirming that work is ongoing to enhance cooperation in the information technology (IT) sector.
He affirmed that over the past two years, several Saudi trade delegations have visited Pakistan, and their visits resulted in the signing of several MoUs and agreements.
“We have been able to convert approximately USD 1 billion worth of these MoUs into agreements,” Farooq explained.
He also told the Saudi business daily that the South Asian country’s leadership’s focus is currently on enhancing the economic partnership with its Gulf counterpart, which includes trade, investment, and technology.