- Boosting non-oil trade and creating secure, investor-friendly environment key to unlocking greater Saudi contributions
Interview with Mr. Rafiq Rangoonwala — a renowned businessman
PAGE: Tell me something about yourself, please:
Rafiq Rangoonwala: I started my career from Houston, Texas in 1980 with KFC, USA. I am former CEO of Quick Food Industry (Mon Salwa). I am doing freelancing now. I have extensive experience of over 40 years in creating, building and leading key Fast Food Brands in Pakistan and across the globe including, KFC, Burger King, TGIF, Hardees, Pizza Hut, Wendy’s and Harry Ramsden, etc.
Currently, I am on the Advisory Board of Ijara Capital, Advisor to Bahria University Karachi, Member Scientific Panel at Sindh Food Authority and also am the founder member and President of Pakistan Food Association. I was elected twice as the President of Marketing Association of Pakistan, President of Memon Professional Forum, Vice President Karachi Business Forum and Think Tank. I have also contributed in philanthropy as Founder President Emaan Welfare Society, Chairman Advisory Board of Help International Trust and Trustee Sina Health, Education and Welfare Trust.
PAGE: How would you comment on trade between Pakistan and Saudi Arabia?
Rafiq Rangoonwala: The total trade between the two countries is between US$4.5 to 5.0 billion, which is less than half in comparison to China (over $12 billion). The trade is mostly in favour of Saudi Arabia as Pakistan imports mainly oil whereas textile, fruits and veggies etc. are exported from Pakistan.
PAGE: How handy are the remittances being sent by the Pakistani diaspora from Saudi Arabia to Pakistan?
Rafiq Rangoonwala: A significant amount is remitted by the Pakistani diaspora residing in the Kingdom of Saudi Arabia every year which is rather vital for the sluggish economy of our country. Over $5 billion received by Pakistan helps Pakistan exponentially. It’s a significant amount comparatively and helps Pakistan’s foreign reserves tremendously. The amount given is the one that is sent via legal channels.
PAGE: What is your take on investment by Saudi Arabia in Pakistan?
Rafiq Rangoonwala: There is lot more potential and it can multifold. In my opinion, any foreign investor would require comfort that their investment is safe, they would be allowed to send the profits home if desired without hassle and opportunity to grow.
PAGE: Saudi Arabia has undertaken several steps to help Pakistan strengthen its economy. Your perspective:
Rafiq Rangoonwala: Saudi Arabia has always stood by Pakistan in times of need and has helped in many ways not just trade. We need to invite more investment in Pakistan from Saudi Arabia by giving incentives and assurances on safety of their investment. We need to work on building more trust and comfort of Saudi Government and Investors by offering them business opportunities where they are interested. I am sure Saudi Arabia will do whatever it can to help Pakistan’s economy flourish and grow. But it has to be two way street.