UAE and Pakistan to bolster trade, investment relations

Pakistan Business Council in Dubai, a business policy advocacy platform with 600 business members, has thanked the UAE for its support to the Pakistani business community and vowed to bolster trade between the two countries.

This came in a meeting between the Board of Directors of Pakistan Business Council in Dubai with Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, at the Ministry’s office in Dubai. The parties discussed various business opportunities and ways to strengthen trade between the UAE and Pakistan.

The UAE is Pakistan’s largest trading partner in the Middle East and a major source of investments and remittances. The trade volume between the two countries amounted to around US$8.19 billion in the year 2019.

Speaking at the meeting, Dr. Al Zeyoudi said, “We remain prepared to provide full assistance to the Pakistan Business Council members in enabling more Pakistani entrepreneurs and businessmen to explore the opportunities available in the UAE market.”

Since its establishment in 2004, the Pakistan Business Council in Dubai has been playing a pivotal role in bringing the business communities in Pakistan and UAE closer. The Council was set up and mandated under the auspices of the Dubai Chamber with the objectives of trade promotion, commerce and mutual investments between Pakistan and the UAE.

According to a joint press release, the Council is set to organise a major UAE-Pakistan Business and Investment Seminar in near future, in collaboration with the UAE Ministry of State for Foreign Trade.

Ahmed Sheikhani, President of Pakistan Business Council, said, “I, on behalf of directors and around 600 business members, thank Dr. Thani Al Zeyoudi for his support to the Pakistani business community. This meeting is a new milestone in UAE-Pakistan trade relations. We will work together with Minister of State for Foreign Trade in bolstering the trade and mutual investments between the two countries.”

The Pakistan Business Council consists of a large group of Pakistani businessmen, businesswomen, investors and professionals based in the UAE. The council members represent companies from various and diverse sectors like real estate, insurance and finance, industrial machinery, automobiles, business machines, education, print & electronic media, digital advertising and various Pakistani technology start ups.

Pakistan and the UAE enjoy strong fraternal ties, rooted deep in common faith and shared history and values. High-level visits between the two countries have played a pivotal role in providing further impetus to strengthening bilateral cooperation and collaboration on a wide range of issues.

With the UAE is marking its 50th anniversary this year, Pakistan’s Foreign Minister Shah Mahmood Qureshi recent visit is also part of celebrations to mark 50 years of UAE-Pakistan friendship and diplomatic relations. The UAE is home to the second-largest Pakistani community abroad.

Shah Mahmood Qureshi said, “The UAE is Pakistan’s largest trading partner in the Middle East and a major source of investments and the trade volume between both countries has reached $7.5 billion.”

“The UAE and Pakistan ties are historic. We have a large diaspora here and their contribution toward the UAE’s socio-economic development is recognised,” he said.

Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence also met Shah Mahmood Qureshi during his visit to the UAE.

During the meeting, Sheikh Nahyan welcomed Qureshi and his delegation, and both sides discussed ways to further develop cooperation between the UAE and Pakistan, to serve their mutual interests.

They also exchanged views on a number of issues of mutual concern and discussed the developments to the COVID-19 pandemic and the related precautionary measures implemented by both countries.

They then discussed the UAE’s preparations to host the Expo 2020 Dubai.

Sheikh Nahyan stressed that the Expo will be a new success story for the UAE, as it will encourage international cooperation in protecting the planet and serving humanity.

The UAE, upon the directives of its leadership, is keen to form friendships with all countries and be open to other cultures, he added, stressing that the UAE and Pakistan have solid historic ties that are growing stronger, thanks to the support of their leaderships.

Qureshi affirmed his country’s keenness to enhance its overall cooperation with the UAE to serve their interests while highlighted the UAE’s generous international initiatives that have made it a leading example of helping many communities address the pandemic, most notably the “100 Million Meals” campaign, which embodies the values of solidarity, cooperation, fraternity and peace.

WAM