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Tuesday, April 16, 2024

UAE’s 100% foreign ownership law to boost economic ties with Pakistan

Bilateral trade ties between the UAE and Pakistan will continue to strengthen in the upcoming years said experts at the event titled ‘Business Opportunities: Bilateral Trade Between the UAE and Pakistan’

Addressing the audience at the event organized by the Pakistan Business Council titled ‘Business Opportunities: Bilateral Trade Between the UAE and Pakistan’, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade said that both the countries share a strong bilateral relationship built on a long history, trust, and respect.

“Bilateral trade between the two nations showed growth even during the trying times that were witnessed throughout the world,” said Zeyoudi. Pakistan is among the top 25 important strategic global trade partners for the UAE, he added.

Being Pakistan’s largest trading partner in the Middle East, the trade volume between the UAE and Pakistan stood at around $8.19 billion in the year 2019.

Highlighting the significance of Pakistani’s import from the UAE, he said that Pakistan’ is its second-biggest partner. Both countries also have significant investments in various sectors in each other’s economies such as real estate. A 100 percent foreign ownership law was also announced by the UAE, which has kickstarted economic activity and has been welcomed by the business community in Pakistan and around the world, added Zeyoudi.

The UAE is ready to support Pakistan and is hopeful that the bilateral investments would keep increasing with time, he said.

Zeyoudi further said that he sees great potential in Pakistan’s agriculture sector, especially now that everyone is focused on food security. He also talked about digitalization being the most important topic currently and how UAE is a leader in driving the trend forward.

He also urged all Pakistanis to take advantage of the opportunities in the UAE and GCC so that the economies of both countries could flourish together.

Afzal Mahmood, Ambassador of Pakistan to the UAE who also present at the event announced that Pakistan would be participating at the Expo 2020 Dubai with its pavilion under the theme ‘Pakistan: The Hidden Treasure’ and encouraged everyone to visit. “You will be able to explore Pakistan’s history, culture, agriculture, tourism, and hospitality”, he said.

The Pakistan government has worked on several initiatives that will attract the foreign business community to explore several sectors in Pakistan such as tourism, agriculture, fashion, and hospitality, he added.

Chairman of Champion Group, Shabbir Merchant event on Tuesday shows how well UAE has tackled the challenges of the Covid-19 pandemic and ensured the safety of residents after the lockdowns. He also shed light on the steadfastness of both UAE and Pakistan on working towards economic recovery, while building on the strength of their bilateral relations.

Read More: Pakistan expecting rollover of $1bn loan from UAE

“This event is proof of the confidence that both countries have in each other and their economic partnerships,” he said.

President of Pakistan Business Council, Ahmed Shaikhani, spoke about how the whole world is gearing up to bounce back economically as pressures revolving around the Covid-19 pandemic ease.

“Food security is a key topic that both nations are working on right now. Pakistan has a wealth of expertise in the agriculture sector which we can share with our UAE partners. Besides agriculture, there are also lots of opportunities in the healthcare sector, petrochemicals, textiles, and sports related activities. Tourism and hospitality are both sectors in Pakistan where we see the UAE playing a key developmental role”, he added.

Last month, Minister of State for Information and Broadcasting Farrukh Habib, and UAE’s Ambassador to Pakistan Hamad Obaid Ibrahim Al-Zaabi had discussed matters of mutual interests, including tourism, trade, media corporation and climate changes. They had also agreed to exploit the massive potential of bilateral trade between the two countries.

Ambassador Alzaabi had lauded the contribution of Pakistani workers in the development of UAE and told the minister of state that participation in his country’s Expo 2020 would provide an excellent opportunity for Pakistani businessmen to develop their businesses and connect with the business community around the world.

The importance of stronger people-to-people contacts, frequent mutual visits by the media delegations, and civil society members between the two countries in order to boost cooperation in diverse areas was also highlighted during the meeting.