ISLAMABAD: Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Saturday lauded the decision of the Prime Minister Shahbaz Sharif to improve relations with Saudi Arabia.

Efforts will be made to get cheap oil and LNG from Saudi Arabia, which will reduce the ongoing energy crisis, increase production and boost employment, he said.

Shahid Rasheed Butt said that the government has decided to export work force to Saudi Arabia to reduce unemployment and increase remittances.

The government has also decided to attract the Saudi government and their private sector to invest in Pakistan for which steps including the establishment of special economic zones will be taken.

Islamabad and Riyadh have had a strategic partnership for decades and the kingdom has always come to Pakistan’s financial rescue.

Since the 1960s, Pakistan has received more aid from Saudi Arabia than any other country outside the Arab world. In turn, Islamabad has provided military aid and expertise to Riyadh, he observed.

Mr. But said that PM Sharif’s bid to reset relations with one of the most important countries of the Islamic world is a step in the right direction.

He said that the decision of the government to abolish CPEC Authority was correct as the department was a burden on the exchequer.

He said that in many developing countries, including Pakistan the volume of remittances is more than the volume of exports but remittances are not given the attention that is given to exports.

Despite its importance, remittances are considered an insignificant sector in which there is almost no investment.

This year, too, remittances will exceed export in Pakistan. According to government experts in 2022 remittances will be 32 billion dollars, exports will remain at 31 billion dollars while revenue will be Rs 6trillion.