UAE seeks investment for ramping up exports
External economy has started improving with contraction in trade and current account deficits, which helped the rupee to stabilise. photo: file
The United Arab Emirates (UAE) is an emerging hub of trade and investment activities and is striving to attract $150 billion in foreign investment by 2030, which provides Pakistani investors an avenue for trade and business, said UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi.
Speaking as chief guest at the “Explore UAE” event, organised at the Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with the UAE embassy, the ambassador said that in 2022 the UAE and Pakistan were celebrating 50 years of their unique brotherly ties, which should be transformed into growing trade and economic partnership.
The UAE was connected to over 250 cities around the world and investing in the Gulf emirate would enable Pakistani investors to promote exports to many parts of the world, he pointed out.
At the event, UAE’s Ministry of Foreign Affairs and International Cooperation Economic Adviser Ahmed Mohammad Aljneibi gave a detailed presentation to the business community on the topic of “Invest Emirates”.
“The UAE is an ideal destination for investment as it has a low tax environment and offers new opportunities for pouring capital across both mainland and free zones,” he said.
He highlighted transportation, storage and construction, agriculture, industrial manufacturing, renewable energy, hospitality, information and communication technology, professional, scientific and technical activities, administrative and support services, educational activities, healthcare and arts and entertainment as potential areas of investment in the UAE.
Speaking on the occasion, ICCI President Muhammad Shakeel Munir said “the UAE has emerged as one of the major trading partners of Pakistan and we would like to further strengthen ties with it.”
He cited that bilateral trade between Pakistan and the UAE had crossed the $10 billion mark in 2021-22, which could be further enhanced with strong efforts from both sides.
Pakistan’s exports to the UAE included garments, meat, cereals, other food items, agricultural products, fruits and vegetables. “There is a great potential for exports of many other Pakistani products as well which include financial and software-related products, mangoes, oranges, kinnows and rice.”
Published in The Express Tribune, September 24th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.