Small and Medium Enterprises Development Authority and Pak-Saudi Joint Chamber of Commerce and Industry sign a Memorandum of Understanding

Lahore, June 17, 2015 (PPI-OT): The Small and Medium Enterprises Development Authority (SMEDA) and Pak-Saudi Joint Chamber of Commerce and Industry (PSJCCI) inked a Memorandum of Understanding (MOU) today to facilitate joint ventures between Pakistan and Saudi Arabia in the potential areas of SME sector. The manuscript of the MOU was signed by Mr. Muhammad Alamgir Chaudhry, CEO SMEDA and Mian Mehmoodul Hassan, President PSJCCI at SMEDA head office.

The signing ceremony was attended by a number of the senior officials from SMEDA and PSJCCI. Under the MOU, both organizations will adopt means and measures to promote Saudi Investments in Pakistan and for this purpose, a joint information dissemination campaign to highlight investment opportunities in Pakistan would be launched.

SMEDA will identify potential SMEs for Investment in Pakistan, whereas PSJCCI will do the same exercise in Saudi Arabia. Moreover, promotion of exhibitions and seminars and conferences both in Pakistan and in Saudi Arabia has been placed on top agenda of the MOU. But, prior to holding such events access to finance and related services with support of Islamic Development Bank would be explored. However, SMEDA and PSJCCI have pledged to make special efforts to facilitate joint ventures and opportunity identification in Milk, Poultry, Dates and Dairy Sectors.

The MOU also focuses on Human Resource Development to be managed through a demand analysis of requirement and supply arrangement. Earlier, while addressing the signing ceremony CEO SMEDA Mr. Muhammad Alamgir Chaudhry told that there existed bright prospects for joint ventures between Pakistan and Saudi Arab in the fields of Food Processing including Milk, Poultry, Dates and Dairy.

He said that the creation of PSJCCI was a major breakthrough to explore joint venture opportunities between the two Muslim nations. He hoped that the MOU between SMEDA and PSJCCI would lay down a strong foundation for expansion of trade and investment between Pakistan and Saudi Arabia. He assured of the fullest cooperation on behalf of SMEDA to implement the initiatives set in the MOU for promotion of Pak-Saudi business relations.

Mian Mehmoodul Hassan, President PSJCCI expressed confidence that partnership of his chamber with SMEDA would be highly fruitful to promote trade and investment activities in the SME sector of Pakistan through joint ventures with Saudi business community.

He said that the pre-feasibility studies prepared by SMEDA would be highly helpful in convincing the Saudi investors to avail of the profitable investment opportunities available in Pakistan. He was confident that the current MOU with SMEDA would fill in the information gap between the two brotherly states and pave way to bring foreign investment from Saudi Arabia in the SME sector of Pakistan.

For more information, contact:
Liaqat Ali Gohar
DGM (Admin. and PR)
Small and Medium Enterprises Development Authority (SMEDA)
4th Floor, Building No. 3, Aiwan-e-Iqbal Complex,
Egerton Road, Lahore
Tel: +92-42-111-111-456
Fax: +92-42-36304926-7

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