KTRADE TO EDUCATE KSA UNIVERSITY STUDENTS- WORLD ACKNOWLEDGES PAKISTAN’S POTENTIAL

By: Maria Mansab

KTrade, a Pakistani educational application, entered into a noteworthy agreement with Prince Mohammad bin Fahd University in November. The objective of this collaboration is to provide education to Saudi students on the subjects of stocks and savings. KTrade, a modern stock and commodity brokerage, was established in Pakistan in 2021. With a global user base of over 1 million downloads, this software is highly popular as a stock investment tool, functioning in both Pakistan and the United Kingdom (UK).

In September of this year, KTrade entered into a Memorandum of Understanding (MoU) with ANB Capital, a subsidiary of the Arab National Bank (ANB), to provide financial education to the young population of Saudi Arabia. KTrade’s operations in Saudi Arabia are being conducted from Pakistan, encompassing technology, marketing, and research.

This demonstrates Saudi Arabia’s trust and confidence in Pakistan’s economic market.

In terms of its influence on Pakistan, KTrade will teach Saudi youngsters about saving and investing. Because a large portion of the K Trade team is headquartered in Pakistan, Pakistani talent is being employed for these services. The portal is already sharing its equity research on Saudi Arabia and possible investment opportunities in Pakistan with global investors.

Furthermore, this collaboration has also generated employment prospects for individuals from Pakistan, as private investors, asset managers, insurance organizations, and banks have opted to recruit Pakistani personnel upon becoming acquainted with KTrade services. In addition, Pakistani individuals have secured employment opportunities in Saudi Arabia.

In addition, this collaboration has facilitated Saudi investors in exploring investment opportunities in Pakistan, thereby promoting economic relations between the two countries. According to recent statistics issued by the central bank, Pakistan had a substantial 26.6 percent growth in its exports to the Gulf region during the first five months of the current fiscal year. The data also reveals a 50 percent gain in trade with Saudi Arabia and a 33 percent increase with the United Arab Emirates.

Pakistan has also entered into a “preliminary” free trade deal with the Gulf Cooperation Council (GCC) and characterized it as a significant achievement in the economic collaboration between both parties. Pakistani authorities have expressed their desire for the prompt implementation of the free trade deal with the GCC, as they believe it has the potential to significantly transform the country’s economy.

In July, the nation instituted the Special Investment Facilitation Council (SIFC), a composite forum comprising civil and military stakeholders, to expedite decision-making processes and encourage foreign investment, with a specific focus on the Gulf countries.

It is imperative to mention here that Pakistan possesses the capability of emerging as a global epicenter for software development, artificial intelligence, blockchain technology, and other related fields. SIFC was instrumental in removing barriers within departments and facilitating the IT industry. With the potential to increase its IT/ITeS export earnings to $10–$18 billion by 2028, Pakistan could solidify its position as a global IT hub. Additionally, this expansion would result in a commensurate surge in the domestic sector, surpassing an annual value of $6 billion.

Pakistan has strategically positioned itself to provide technological services to enterprises in Saudi Arabia and globally. Additionally, it aims to create a forum for entrepreneurs from both countries to communicate. There exists a possibility to enhance collaboration between Saudi Arabia and Pakistan in diverse sectors, such as agriculture and real estate. It is a fact that SIFC facilitates this collaboration by offering opportunities for corporate agriculture and investments.

International community recognition has been extended to the SIFC council for its approval of twenty-eight high-value investment initiatives totaling billions of dollars. The support of Saudi Arabia for Aramco, an oil and gas company in Pakistan, as well as the UAE and Pakistan’s cooperation under the Comprehensive Economic Partnership Act, indicate that Pakistan is committed to fostering robust economic alliances and seizing opportunities for advancement.

The current account of Pakistan exhibited a notable improvement of $9 million in November 2023, surpassing the $157 million deficit documented in November 2022, as reported by the State Bank of Pakistan (SBP). Significant increases in the nation’s exports and remittances, coupled with a decline in imports, account for this surplus.

The current situation illustrates that the international community has developed a keen interest in Pakistan. The recent statements by the World Bank, Fitch Ratings, and IMF emphasize the crucial role of maintaining consistent policies and effectively implementing reforms to ensure the nation’s economic stability.

Multiple industry expansions have bolstered Pakistan’s economy, including mining, oil, agriculture, regional exports, textile imports, and overseas investments. SIFC has developed a business and investor-friendly visa service, making it easier for international businesses to operate in the country through financial investments and paving the road for digital transformation.

The collaboration between KTrade and Prince Mohammad bin Fahd University represents a pivotal step in strengthening economic ties between Pakistan and Saudi Arabia. The multifaceted efforts of the SIFC further underscore Pakistan’s commitment to economic growth, drawing attention from the global community and fostering opportunities for progress.