Exploring ties: UAE interested in Reko Diq project

ISLAMABAD:

UAE has shown interest in investing in the Balochistan’s Reko Diq exploration project, one of the world’s largest gold and copper reserves, estimated at $260 billion.

Talking to Khaleej Times, Pakistan’s Ambassador to UAE Asif Durrani said that work on the project would start soon.

Referring to UAE-Pakistan economic relations, the ambassador said the host country was the largest trading partner in the Gulf and Mena regions. “Out of $19 billion trade in the Gulf region, our trade with the UAE is worth $9 billion, so the balance of trade is in UAE’s favour.

Talking about exports, he informed that Pakistan’s exports to UAE mostly constitute edible items, which amount to $2.3 billion.

“We see the UAE as the economic hub of the entire Mena region and now an emerging trade centre and we want to benefit from UAE’s strategic location for our exports to the region,” added Durrani.

He added that remittances were another major contributor from the UAE, amounting to $3 billion annually.

Published in The Express Tribune, March  7^th,  2015.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.