UAE looks to strengthen economic relations
Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday, UAE Ambassador to Pakistan Essa Abdulla Al Basha Al-Noaimi said a new strategy would specifically focus on exchange of trade delegations, participation in each other’s fairs and exhibitions, protection to foreign investment and timely dissemination of trade-related information.
Underscoring the need for promotion of people-to-people contacts, the ambassador hoped that this would help strengthen cooperation between the two sides.
Noaimi underlined UAE’s commitment to consolidate the economic ties and said bilateral trade and investments in Pakistan reached $23 billion in banking, real estate, energy, infrastructure, telecommunications, ports, housing and aviation.
The two sides are also taking interest in holding international exhibitions and joint investments in both countries for the development of economy. UAE was the first country, which organised a conference, in Dubai in March 2010, to promote investment in Pakistan.
Speaking on the occasion, LCCI President Farooq Iftikhar voiced concern over the fast declining UAE investment in Pakistan and sought the ambassador’s help to overcome the phenomenon.
Pakistan has been experiencing trouble in attracting foreign investment for the past many years. In 2006-07, foreign direct investment (FDI) peaked at $8.1 billion, but since then it has been falling and has now dropped below $1 billion. In 2006-07, FDI from the UAE stood at $661 million, but now it has gone below $50 million.
Published in The Express Tribune, October 23rd, 2012.
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H.H. Essa Abdulla Al Basha Al-Noaimi as stated to a new strategy with special focus on exchange of trade delegations, participation in each other’s fairs/exhibitions, protection to foreign investment and timely dissemination of trade-related information. This is one of the most important area to collaborate between the two brotherly countries. I was at The World Telecommunication 2012 organised for the first time in Dubai in October, with a hall for exhibit of the country pavilion. Pakistan pavilion was not in the World Trade Center Expo at the World Telecommunication 2012. ITU, Geneva has concern on this. Other happenings/events at Dubai are of immense value/importance to Pakistan/Dubai and will create an Epic center for Dubai as focal point for progress of Pakistan in infrastructure development, transportation, urbanisation, port development, health care, education, energy. Collaboration and liberalisation of policy for travel, visa will certainly overcome this gap. Dubai metro is an example in urban elevated metro rail, is a model for Karachi to follow. Dubai should collaborate to solve traffic congestion problem. Emirates should take advantage of the liberal open skies policy of Civil Aviation to take advantage of domestic routes, and international as well. Your thanks for your interest in Pakistan