Islamabad: Pakistan’s pavilion at Foodex at Jeddah was inaugurated on Monday, paving the way for Islamabad to participate in Foodex Saudi Exhibition with full swing, APP reported.
Prince Abdullah bin Saud bin Mohammed Al Saud Head of Tourism & Entertainment Committee at Jeddah Chamber of Commerce Monday inaugurated the pavilion
Trade Development Authority of Pakistan (TDAP) in collaboration with Commercial Section Consulate General of Pakistan participated in Foodex Saudi Exhibition Jeddah this week at Jeddah Center for Events & Forums.
Consul General of Pakistan Consulate Shehryar Akbar Khan said that promoting bilateral trade between Pakistan and Saudi Arabia is one of the foremost responsibility, among others, of Pakistan Consulate.
He said that 11 Pakistani companies are participating in the exhibition. The participating companies/ exhibitors are among the top exporters from Pakistan dealing in rice, beverages, spices, bakery and confectioneries.
He said that while Saudi Arabia is the region’s largest food producer with 74.1 percent of total products in the GCC, it imports more than $25 billion worth of food and beverage products each year to meet its rising consumption demands.
He added that with growing demand at an annual rate of 18.5 percent due to expanding domestic market on account of growing population and increasing annual pilgrimage, Saudi Arabia’s food and drink imports are likely to reach around $ 70 billion per annum in next four to five years.
Reliance on imports is also likely to increase as the Saudi government has decided to reduce wheat production to conserve water, he told.
He said these developments, offer huge opportunity to Pakistani companies to further penetrate into Saudi market and increase their market share.
Given the fact that Pakistan is an agricultural country, and more than 50 percent of its exports are agro and textile based it has enormous potential to increase its exports by tapping halal food market of Saudi Arabia, which currently imports more that 80 percent of its total food and beverages requirement.
Commercial Counselor Shehzad Ahmad Khan said that Pakistan Consulate is extending full cooperation to Pakistani businessmen match-making for their products in Saudi Arabia and to tap enormous opportunities emerging out of Saudi Vision 2030 to promote bilateral and investment.