New PIF office bearers take oath of office
Pakistani businessmen Khalid Mahmood Raja and Khalid Chaudhry were sworn-in by Pakistani Ambassador Khan Hasham bin Saddique as president and chairman of the Riyadh-based Pakistan Investors Forum (PIF) respectively, at a ceremony here recently. The new PIF team also renewed their pledge to work tirelessly to strengthen trade and investment ties between Saudi Arabia and Pakistan.
Several other office bearers of the new PIF including Ghulam Safdar, vice president; Babar Shah, general secretary; Tanvir Mian, joint secretary; and Zahid Latif Sandhu, finance secretary also took oath of office.
Ambassador Saddique said: “There is need to increase Pakistani exports to Saudi Arabia, which amounts to a meagre $400 million annually.” This is insignificant keeping in view the twoday trade, which exceeds $2.5 billion annually, he added. In fact, Pakistan mainly imports oil and oil products from the Kingdom, which account for 90 percent of total imports from Saudi Arabia.
“The political and security relations between Riyadh and Islamabad are at a high strategic level, but our commercial relations are far below our expectations,” he added.
“The Pakistani economy is growing consistently and Pakistan’s GDP growth rate will be above 5.5 percent for 20172018 and 2018-2019 ... Pakistan continues with economic reforms and pursues policies that make the country compete better in global markets,” the ambassador said.
PIF President Raja said that the PIF works closely with the Saudi Arabian General Investment Authority (SAGIA) and the Pakistan Embassy. He called on the Pakistani government “to design and offer easy investment schemes for overseas Pakistanis.” Raja thanked the Riyadh-based “Knowledge Core” led by businessman Amir Shahzad.
Chairman Chaudhry said: “I am happy to be entrusted with this leadership position of the PIF that provides me with another avenue of continuing the work I have been promoting virtually all my life.” He said that “about 60 percent of the top 100 companies of the Kingdom have been headed and built by Pakistanis.”
Several appreciation trophies were also presented to leading investors, former PIF office bearers and promoters including Shahzad and Shamshad Siddiqui.
The Riyadh-based PIF is an association of Pakistani businessmen and investors. It has a total of about 400 registered members.