LAHORE: The Small and Medium Enterprises Development Authority (Smeda) and the Pak-Saudi Joint Chamber of Commerce and Industry (PSJCCI) inked a memorandum of understanding (MoU) to facilitate joint ventures between the two brotherly countries in the SME sector.
The MoU’s manuscript was signed by the authority’s CEO Muhammad Alamgir Chaudhry and PSJCCI President Mian Mehmoodul Hassan at Smeda’s head office.
Under the MoU, both organisations will adopt means and measures to promote Saudi investments in Pakistan. For this, a joint information dissemination campaign to highlight investment opportunities in Pakistan will also 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, seminars and conferences in both countries has been placed at the top of the agenda.
But prior to holding such events, access to finance and related services with support of the Islamic Development Bank would be explored. However, Smeda and PSJCCI have pledged to make efforts to facilitate joint ventures and opportunity identification in milk, poultry, dates and dairy sectors.