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Saudi-Pakistani Business Forum Aims for Stronger Economic Ties, More Trade

The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
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Saudi-Pakistani Business Forum Aims for Stronger Economic Ties, More Trade

The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA
The forum highlighted the growing importance of private sector collaboration in unlocking further trade potential. SPA

The Saudi-Pakistani Business Forum kicked off on Wednesday in Riyadh under the patronage of Minister of Commerce Dr. Majid Al-Qasabi.

Organized by the Federation of Saudi Chambers and attended by key players from both countries, the forum highlighted the growing importance of private sector collaboration in unlocking further trade potential.

On behalf of the Commerce Minister, Acting Deputy Governor of the General Authority of Foreign Trade's Deputyship of Private Sector Affairs and Global Presence Fawaz bin Rafaah underscored the crucial role of private businesses in expanding trade ties.

He pointed to the Kingdom's position as Pakistan's fourth largest trading partner and lauded the efforts made to approve the signing of the Free Trade Agreement between the GCC states and Pakistan, emphasizing its potential to strengthen economic bonds.

Pakistani Federal Minister for Commerce, Industries & Investment Dr. Gohar Ejaz highlighted the Free Trade Agreement's ability to create new opportunities for investors. He noted the agreement's role in safeguarding Saudi and Gulf investments and expressed Pakistan's keenness to leverage Vision 2030 projects as a catalyst for deeper collaboration.

Ejaz further outlined Pakistan's ambitious goal of reaching $20 billion in trade exchange with Saudi Arabia, emphasizing the need for enhanced business environments and private sector engagement. He underscored Pakistan's potential as a major market for Saudi investors.

Federation of Saudi Chambers Chairman Hassan Al-Huwaizi affirmed the forum's focus on boosting investment and trade partnerships between the two countries. He showcased the positive trajectory of bilateral trade, exceeding $5.7 billion, and Pakistan's growing position as a key trading partner for the Kingdom. He envisioned broader collaboration opportunities within the framework of Vision 2030 projects.

Chairman of the Saudi-Pakistani Business Council Eng. Fahd Al-Bash outlined ongoing initiatives that have been jointly developed by investors from both countries.

The initiatives encompassed a dedicated portal for Pakistani rice importers, a technology center in Riyadh, a halal meat center in Makkah, a market for Pakistani products within the Kingdom, and joint petrochemical ventures catering to the Pakistani market.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."