3.15 PM Tuesday, 16 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:36 05:52 12:21 15:49 18:45 20:02
16 April 2024

UAE-Pakistan JVs worth $21bn


Ambassador of the UAE to Pakistan Essa Abdullah Al Basha Al Nuaimi said close communication and coordination between government officials, businessmen and investors in UAE and Pakistan would pave the way for exploring more investment opportunities and propelling economic relations to the level of political and diplomatic bonds.

Addressing a gathering of CEOs and representatives of UAE investment in Pakistan on Monday, Al Nuaimi said current bilateral trade between the two countries stand at $7.6 billion, while 27 companies are operating in various sectors including telecommunications and aviation. The volume of the business in joint venture is $21 billion.

'The UAE firmly believes in the principles of importance of strengthening economic coordination with Pakistan as the later presents suitable environment ready for investment. The fruit of this interest was holding the conference on promoting investment in Pakistan' in March 2010. The ‘UAE Expo Magnificent 7' held in Karachi and it was honoured and inaugurated by Prime Minister Syed Yusuf Raza Gilani while the UAE delegation was led by Sheikha Luba Bint Khalid Al-Qasmi, the UAE Minister of Foreign Trade.

The UAE diplomat indicated that the UAE investment cover all sectors such as aviation, navigation, banks, real estate and energy. In aviation sector, it extends its facilities to different cities in Pakistan to serve the passengers and for cargo. This also applies to the navigation sector. The banking sector actively contributes in developing Pakistani society while the real estate and energy sectors have effective role also.

He described UAE-Pakistan relationship as model one, thanks to agreements and memoranda of understanding.'' We consider the meeting of the businessmen and officials of both countries would furnish common ground to discover more investment opportunities and to discuss investment related topics," the ambassador said.

Al Nuaimi said the distinguished relationship and the contacts among the officials of the two countries and the diplomatic delegations here and in the UAE are fully ready to solve any issue which might be faced by the companies and investors.

"One of my goals that I would be contributing during next stage to establish joint committee especially for businessmen of both the countries. The history of relationship among the businessmen is spread over decades due to religious, geographical, cultural connections and mutual interests in this excellent relationship," he added.

Federal Minister for Commerce Makhdoom Amin Fahim has said that the trade and business ties of both the countries are ''satisfactory'' and the leadership of two countries is making sincere efforts to push economic development wheel ahead .