ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday hailed business-to-business agreements with Saudi Arabia while stressing on the need to improve standards of Pakistani goods and services to avail maximum potential of the deals.

At a media briefing held at the apex body’s capital office, FPCCI high-ups welcomed bilateral arrangements with the private sector of Saudi Arabia.

“The most important part of these agreements is that the crown prince is directly supervising these business agreements,” said FPCCI President Engineer Daroo Khan Achakzai. “It is for the first time that the private sector has been given the opportunity to take the lead in devising business deals,” he noted.

Accompanied by senior FPCCI leaders including Mirza Ikhtiar Baig and Vice Chairman Saarc Chambers of Commerce and Industry Iftikhar A Malik, Mr Achakzai stressed that the agreement for technical cooperation will be the key to success of the MoUs.

“The Saudi Standards, Metrology and Quality Organisation (SASO) and PSQCA of Pakistan will cooperate so that standards of Pakistani goods and services can be improved for exports to Saudi Arabia,” he added.

Mr Baig on the occasion welcomed the establishment of Saudi-Pak Joint Business Council. The council, which will have 10 members from each side, will hold its first meeting next month. The FPCCI leader stressed on reducing high markup rates.

Meanwhile, Mr Malik said that Pakistan has a strong base in industrial, agriculture and research sectors but there is a need for modernisation and investments to compete in changing global environment.

“Though Pakistan allows investments on 100 per cent ownership but we expect that there will be joint ventures with Saudi business community as they too are seeking to broaden their economy and also want to enter into the agri-businesses,” Mr Malik said.

He suggested that Pakistani business community as well as the government must adapt to the changing business environment globally.

“Our product and service standards have to be in accordance with the importer and after improving the standards of our human resources, we should approach other Muslim countries that they should invite our workforce,” he added.

The FPCCI leaders also decried the recent actions taken by Indian government that was damaging the business environment in the whole region.

Published in Dawn, February 20th, 2019