Albaik to expand into Pakistan

ISLAMABAD:

Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, engaged in a series of high-profile meetings in Jeddah to enhance trade and investment partnerships between Pakistan and Saudi Arabia.

The discussions, held during the first-ever “Made in Pakistan” exhibition, focused on business collaborations, investment opportunities, and Saudi brands entering the Pakistani market, said a press release issued here on Saturday.

In a key meeting with prominent Saudi businessmen, Kamal Khan invited them to explore investment opportunities in Pakistan across energy, agriculture, IT, healthcare, infrastructure, and consumer goods. He highlighted Pakistan’s 22% export growth to Saudi Arabia, reaching $700 million, and assured investors of a business-friendly environment with tax exemptions, investor protection laws, and access to a 240-million-strong consumer market.

Saudi business leaders expressed keen interest in collaborating with Pakistani counterparts, particularly in construction materials, textiles, and food industries. Several proposals were discussed to enhance trade partnerships and industrial investment, with the commerce minister extending an invitation for them to visit Pakistan and participate in trade exhibitions like TEXPO, Food-AG, and the Healthcare & Mineral Show.

The discussions also touched on Pakistan’s recent ease-of-doing-business initiatives, including Pakistan Single Window (PSW) and the National Compliance Centre, aimed at streamlining trade regulations and enhancing export standards.

A major highlight of the visit was the Kamal Khan’s meeting with Albaik owner Rami Abu Ghazala. He was given a tour of Albaik’s operations and met Pakistani employees working at the fast-food giant. Albaik confirmed its expansion into Pakistan, stating that the process is in its final stages following the signing of an MOU. The first Albaik branches in Pakistan are expected to open soon, creating jobs and strengthening economic ties.

Kamal Khan appreciated the contributions of Pakistani workers within Saudi businesses like Albaik and welcomed the brand’s entry into Pakistan, highlighting its potential to enhance the country’s fast-food industry and consumer market.

In another significant meeting, he met with Pakistani investors and business leaders in Jeddah, recognising their contributions to Saudi Arabia’s economy. He acknowledged that 1.7 million Pakistanis travelled to Saudi Arabia in the past five years, making it the top destination for Pakistani emigrants.

The commerce minister also highlighted the $7.4 billion in remittances sent from Saudi Arabia last fiscal year. He noted that the Pakistan Investor Forum, recently established in Jeddah, is playing a key role in guiding new market entrants.