Dubai skyline. PHOTO: REUTERS
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), the envoy revealed that Pakistan’s Ministry of Foreign Affairs had issued the required no-objection certificate for opening the UAE consulate in Lahore.
He termed it a giant leap towards expanding bilateral trade and economic ties. “The UAE and Pakistan have agreed to sign a new agreement to further deepen bilateral relations,” he emphasised. “Two recent visits of Prime Minister Imran Khan to the UAE have unlocked new avenues of cooperation.”
He added that 15 leading UAE companies had visited Pakistan and held meetings with their Pakistani counterparts.
Pointing to the interest of UAE investors in renewable energy, power, oil and gas, the ambassador told businessmen that the Pakistan-UAE joint committee would meet in February 2019, which would be its first huddle after 2012. Speaking on the occasion, LCCI President Almas Hyder said Pakistan and the UAE were already enjoying close, diplomatic and cooperative relations, which were reflected in a sizeable trade volume and cooperation in various fields including defence.
“We hope that the recent visit of our prime minister to the UAE will contribute to bolstering ties between the two countries,” he said.
Among top importing and exporting countries for Pakistan, the UAE ranks 2nd and 7th respectively.
The LCCI chief pointed out that the balance of trade had always been in favour of the UAE because petroleum products and crude oil made up a major part of imports, with a share of around 85% last year.
Over the last three years, exports from Pakistan to the UAE had remained below $1 billion after touching the high of $2.87 billion in 2012, he said. The volume of exports in 2017 was merely $869 million. “It is a matter of concern and Pakistan is keen to boost exports,” Hyder said.
He said there was a steady rise in imports from the UAE to Pakistan. From 2015 onwards, imports had been increasing each year and reached $7.52 billion in 2017.
The LCCI chief emphasised that worker remittances played a substantial role in strengthening the balance of payments situation of Pakistan. “At present, our country is in dire need of additional remittances; the UAE ranks second after Saudi Arabia in terms of remittances sent home by expatriate Pakistanis.”
He regretted that the UAE had imposed new restrictions on work visa and demanded that the Gulf country give special preference to Pakistanis so they could send maximum manpower to the UAE.
Published in The Express Tribune, December 21st, 2018.
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