South Asian nation offers huge investment potential in energy, real estate, information technology, alternative energy, food processing, and tourism sectors
Pakistan Prime Minister Muhammad Shehbaz Sharif has invited UAE investors and businessmen to explore trade and investment opportunities in key sectors of the South Asian country.
Sharif, who spent a busy day in Abu Dhabi on his third official visit to the UAE since he assumed power in April, said Pakistan offers huge investment potential in energy, real estate, information technology, alternative energy, food processing, and tourism.
In a meeting with a delegation of the Abu Dhabi Chamber of Commerce, the Prime Minister encouraged members of the chamber to visit Pakistan to explore opportunities of growing their business in a country of 220 million. “I’m happy to meet one of the important chambers of commerce of the UAE. Abu Dhabi Chamber had played an important role in the economic development of the UAE,” he said.
Investing in Pakistan
Abu Dhabi Chamber chairman Abdullah Mohamed Al Mazrouei, who headed the delegation, showed interest in doing business and investing in Pakistan.
The Prime Minister noted that the chamber had Pakistani members on its board. “It is a matter of pride for us that one of the Pakistani businessmen had been a board member of this esteemed chamber, indicating that the Pakistani community is playing an important role in the development of the UAE,” Sharif said.
The UAE-Pakistan bilateral trade stood firm at $10.6 billion in financial year 2021-22. Pakistani exports to UAE included garments, food items, meat, cereals, agricultural products, fruits and vegetables and it imports oil and petroleum products from the UAE.
Chamber-to-chamber cooperation
“I am delighted to note that bilateral trade between Pakistan and the UAE had grown significantly in recent times,” the Prime Minister said.
Shehbaz Sharif meets members of the Abu Dhabi Chamber of Commerce.
“There is a need to enhance chamber-to -chamber cooperation and we would urge Pakistani chambers to reach out to the Abu Dhabi Chamber and develop new linkages,” Sharif said.
In a recent interview, Pakistan Ambassador to the UAE Faisal Niaz Tirmizi said Islamabad is keen to push bilateral trade from the present $10.6 billion to $40 billion in the next 10 years. “We are committed to achieving this ambitious target with active policy measures to remove trade barriers, rationalize tariffs and facilitate investors and traders of both sides. I have set sight on a $15 billion bilateral trade target during my tenure in next three years,” the ambassador said.
Skilled workforce
The Prime Minister said that sending a skilled workforce to the UAE was one of the top priorities of his government.
“We consider the UAE to be an important strategic and economic partner for being located in the neighborhood, playing an important role in ensuring peace, stability, and economic development in the region and having potential for joint socio-economic development,” the Prime Minister added.
Strategic Partnership
Sharif also met a delegation of the Pakistan Business Council (UAE) in Abu Dhabi on Friday.
He informed the delegation that he had a very successful meeting with the UAE leadership and his visit would help in turning the friendship between Pakistan and UAE into a strategic partnership.
The Prime Minister invited the members of the delegation to come to Pakistan with proposals for investment and business.
The members of the delegation expressed their content over the economic policies of the government and showed their interest in doing business and investing in Pakistan.
Federal Minister for Finance and Revenue Ishaq Dar, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Defence Khawaja Muhammad Asif, and other government officials were also present on the occasion.
