Business

UAE invites investment in biotechnology, food

Envoy says UAE businessmen ready to invest in Pakistan, but need market data

Our Correspondent August 25, 2022

The economy ministers of Israel and the UAE, Orna Barbivai, on the left, and Abdulla bin Touq al-Marri, at the May 31, 2022 signing ceremony for a free trade deal in Dubai. PHOTO: AFP

LAHORE:

The United Arab Emirates (UAE) has vast investment opportunities in biotechnology, food, agriculture and many other sectors and Pakistan’s private sector should avail itself of this opportunity. UAE Ambassador Hamad Obaid Ibrahim Salem AlZaabi made the remarks while speaking to business community at the Lahore Chamber of Commerce and Industry (LCCI).

The ambassador said that Pakistan and the UAE enjoyed unique relations and a lot of Pakistanis were actively contributing to various sectors of the UAE economy. “A large number of businessmen from the UAE are interested in investing in Pakistan. However, they don’t have full information about market needs,” he told the gathering, adding that an agreement under the China-Pakistan Economic Corridor (CPEC) was being finalised that would allow free trade between the two countries.

“We are looking forward to establishing an interactive platform between the two countries by collaborating with chambers of both sides. There is a dire need for maximum facilitation of investors of both countries in this challenging economic era,” the ambassador emphasised. Highlighting the possibilities of enhancing bilateral trade and economic cooperation, LCCI President Mian Nauman Kabir said that Pakistan and the UAE had time-tested diplomatic and economic relations.

“These ties were well reflected in the sizeable trade volume and cooperation in various fields including the defence sector.” He pointed out that the UAE and Pakistan were major economic and trade partners. Among the importing and exporting countries for Pakistan, the UAE holds the second and sixth places respectively.

“The balance of trade has always been in favour of the UAE as a major share of imports from the UAE is held by petroleum products and crude oil, which accounted for around 77% last year.” Trade volume between Pakistan and the UAE increased from $5.6 billion in 2020 to $8.6 billion in 2021. Pakistan’s exports inched up from $1.1 billion to $1.2 billion while imports jumped from $4.5 billion to $7.4b.