UAE showers Pakistan with $10b investment pledge

PM Shehbaz Sharif says he has broken begging bowl and his UAE visit focused on seeking joint collaboration, investments. Calls UAE visit ‘a short but important’.  Vows to boost private sector with business-friendly policies.

ISLAMABAD/ABU DHABI   -   President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan has expressed the commitment to invest ten billion dollars in Pakistan.

He made this commitment during his meeting with Prime Minister Shehbaz Sharif in Abu Dhabi on Thursday, Pakistani officials said. Sheikh Mohamed bin Zayed Al Nahyan assured UAE’s support in all circumstances and made commitment of investing ten billion dollars in multiple sectors in Pakistan.

Shehbaz Sharif conveyed gratitude to the UAE leadership for hosting 1.8 million Pakistani diaspora and highlighted Pakistan’s huge human resource potential that could be engaged in multiple sectors. The meeting provided an opportunity to discuss whole gamut of bilateral relations including cooperation in political, economic, social, cultural and defence sectors.

The Prime Minister underscored the importance of galvanizing existing cooperation and strengthening strategic partnership including in the field of information technology, renewable energy and tourism.  He highlighted steps taken by the government aimed at ensuring socio-economic stability in the country and building investors’ confidence.

He reiterated Pakistan’s commitment to ensure meaningful implementation of investment cooperation agreements in the areas of Energy, Port Operations Projects, Wastewater Treatment, Food Security, Logistics, Minerals, and Banking and Financial Services. Both leaders exchanged views on other issues of mutual interest including regional and global developments.

The prime minister reiterated his invitation to the UAE President for an official visit to Pakistan. The UAE President accepted the invitation. He also offered condolences on the passing away of close family members of Al Nahyan family. Prime Minister was accompanied by Deputy Prime Minister Ishaq Dar, Minister for Commerce Jam Kamal Khan, Minister for Defence Khawaja Muhammad Asif and Special Assistant to Prime Minister Syed Tariq Fatemi.

Also, Prime Minister Shehbaz Sharif has expressed the iron resolve of his government to completely transform Pakistan’s economy through collaboration, joint ventures, and knowledge sharing partnership with the United Arab Emirates.

Addressing a round-table session “Innovate Together: UAE-Pakistan Tech Collaborations,” in Abu-Dhabi, he said the government is fully focusing on how to promote information technology, and artificial intelligence in various sectors of Pakistan’s economy, including agriculture, mines and minerals, and industry to enhance exports. He also stressed the need to promote IT skills to empower youth, which is sixty percent of Pakistan’s population.

The prime minister also commended the joint collaboration between the UAE and Pakistani companies to promote digitization of economy and expressed the desire to replicate this in Pakistan.

He expressed the commitment to provide highest quality vocational training with modern skills so that they can come to UAE by fulfilling legal formalities.

Acknowledging UAE’s support to Pakistan through thick and thin, Shehbaz Sharif said he has broken the begging bowl and his visit is focused on seeking joint collaboration and investments, having mutual benefits for investors.

On the occasion, three agreements were signed between Pakistani and UAE companies. These agreements were signed between Labware Arabia and Maison Consulting, Info Tech Group and 800 Inc Holdings, as well as Minsait (INDRA) Spain and Info Tech Group.

The Prime Minister also distributed awards among the executives of prominent UAE companies who have investment portfolios in Pakistan.

Meanwhile, Prime Minister Shehbaz Sharif has underscored his commitment to advancing the private sector through business-friendly policies and facilitating foreign investors. He was talking to Director General of Abu Dhabi Fund for Development Mohamed Saif Al Suwaidi, in Abu Dhabi today.

The Prime Minister stressed that collaboration between Emirati companies and their Pakistani counterparts would further bolster bilateral trade relations. He highlighted reformative measures undertaken by the government to bring economic stability to Pakistan. He emphasized the longstanding fraternal relations between Pakistan and the UAE, spanning decades. Shehbaz Sharif also extended an invitation to delegation from Abu Dhabi Fund for Development to visit Pakistan.

Prime Minister Shehbaz Sharif on Thursday arrived UAE on a daylong visit to meet the country’s leadership and interact with the business community. “Just arrived in the UAE on a short but important visit. Looking forward to a fruitful exchange of views with the UAE leadership with a view to deepen the historic and brotherly Pak-UAE ties,” the prime minister wrote on X as he arrived here on his maiden visit after assuming the office.

He was warmly received by Sheikh Mansour bin Zayed bin Sultan Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court of UAE. Ambassador of Pakistan to the UAE Faisal Niaz Tirmizi, UAE envoy in Islamabad Hamad Obaid Al-Zaabi  and senior Pakistani and UAE officers were also present. Besides meeting with the UAE President Mohammed bin Zayed Al Nahyan, he will also interact with the IT-related businessmen and investors of Pakistan and the UAE.

ePaper - Nawaiwaqt