Investment offer: UAE shows interest in renewable energy sector

UAE foreign minister says his country is committed to help address Pakistan’s energy shortages.

ISLAMABAD:

The United Arab Emirates (UAE) has offered to invest in Pakistan’s renewable energy sector as an effort to address the country’s longstanding energy concerns.

The offer was extended by UAE Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan during eleventh session of the joint ministerial conference, which was also attended by the Prime Minister’s Adviser on National Security and Foreign Affairs Sartaj Aziz.

Addressing a joint news conference after the ministerial meeting, the UAE foreign minister said his country was committed to invest in the renewable energy sector to help address Pakistan’s energy shortages.

Sheikh Abdullah said there was huge potential to cooperate in the energy sector especially in renewable energy. Answering a question, the UAE foreign minister said his country was glad to see improvement in ties between Pakistan and Afghanistan.

PM’s adviser Aziz said the UAE has become the largest trade partner of Pakistan as the current bilateral trade stands at $10 billion. He said both countries have decided to establish a joint business council to further cement trade and economic ties. The adviser said the council will have its preliminary session in the first quarter of next year.

The two sides have agreed to translate the immense goodwill that exists between the two countries’ leadership into greater economic cooperation, said Aziz. He added that PM Nawaz Sharif will soon visit UAE to further boost relationship between the two countries.

Published in The Express Tribune, November 8^th, 2013.