LAHORE - United Arab Emirates has tremendous investment opportunities in biotechnology, food, agriculture and various other sectors that should be availed by the private sector of Pakistan.
These views expressed by Ambassador of UAE Hamad Obaid Ibrahim Salem Al-Zaabi while speaking at a meeting at the Lahore Chamber of Commerce & Industry. LCCI President Mian Nauman Kabir, in his address of welcome, shed light on the possibilities for enhancement of bilateral trade and economic scenario. Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also spoke on the occasion.
The ambassador said that Pakistan and UAE enjoy unique relations with each other. A lot of Pakistanis are actively contributing to the various sectors of economy in UAE. He said that a large number of businessmen from UAE are interested to invest in Pakistan but they don’t have full picture and knowledge about the market needs. He said that an agreement under CPEC is also in process that will allow free trade between the countries.
“We are looking for establishing an interactive platform between the two countries by collaborating with Chambers of Commerce on both sides”, the ambassador said and added that there is a dire need for ensuring maximum facilitation to the investors of the both countries in this challenging economic era. LCCI President Mian Nauman Kabir said that Pakistan and UAE have time-tested diplomatic and economic relations. These ties are well reflected in sizeable trade volume and cooperation in various fields including defence sector. He said that the LCCI recognizes the importance of UAE as one of the most important economies of Middle East. It has a rich culture and heritage that reflects traditional Arab and Islamic values.
Mian Nauman Kabir said that UAE has made exceptional economic transformation and infrastructural developments in last few decades. He said that UAE holds a unique position in the world because of its incredibly high number of expats or immigrants and surprisingly its population is made up of over 200 nationalities all across the globe. He said that UAE is the most interesting, attractive and wonderful place on earth, every one wishes to experience for at least once in a life. Mian Nauman Kabir said that Dubai is one of the most diverse and international cities in the world which makes it a truly unique and diverse place to visit or live. This city showcases a multitude of moods with a sandy coast, amusement parks, shopping malls, and world-class cuisines.
He said that UAE and Pakistan are major economic and trading partners. Among the top importing and exporting countries for Pakistan, UAE comes at 2nd and 6th places respectively. The balance of trade has always been in favour of UAE because major share of imports made from UAE consist of petroleum products and crude oils which stood at around 77% last year.
“During last two years i.e. 2020 and 2021, the volume of trade between Pakistan and UAE increased from 5.6 billion dollars to 8.6 billion dollars. Pakistan’s exports inched up from 1.1 billion dollars in 2020 to 1.2 billion dollars in 2021 while imports from UAE jumped from 4.5 billion dollars to 7.4 billion dollars in the same period. We are keen to close this gap through enhancing our exports to UAE”, he added.
He said that UAE’s meat imports are 394 million dollars while Pakistan’s share in it is only 140 million dollars. Similarly, Pakistan’s rice export share is 123 million dollars in 470 million dollars UAE’s import of this sector and 88 million dollars in 2960 million dollars UAE’s import of fruits.
The LCCI President said that these exportable items are abundantly available in Pakistan and we are in a position to fetch better share in total imports made by UAE. He said that the trade missions of both sides can play pivotal role in making it possible so that we can succeed in tripling the current volume of exports to UAE.
He said that the workers’ remittances play a substantial role in strengthening the balance of payment of Pakistan. At present, our country is in great need of additional remittances. UAE comes at second place after Saudi Arabia with regards to receiving highest amount of foreign remittances. In 2021-22, the workers remittances from your country stood at 5.8 billion dollars.
He said that there is also a tremendous scope for UAE to make investment in Pakistan in Minerals & Mining, Petroleum, Pharmaceuticals, Light Engineering, Processed Food, Financial Services and Retail Sector etc. There is a need for routing the flow of investment to Pakistan.
He commended the efforts of UAE government in organizing the Dubai Expo 2020 which gave excellent opportunities to the businesses to connect, create and innovate. “We are obliged that Pakistan had a significant representation in that Expo”, he added.
The President LCCI suggested the UAE Ambassador to establish an UAE help desk here in the premises of the LCCI so that the trade related issues of LCCI members immediately.
He also proposed to celebrate 50 years of Pakistan and UAE friendship and diplomatic relations here at the Lahore Chamber of Commerce & Industry.
The LCCI Senior Vice President Mian Rehman Aziz Chan said that Pakistan and UAE are two brotherly countries. This is the right time to convert these brotherly relations into stronger trade partners.
He said that Pakistan has been bestowed with numerous resources and has a huge potential to be a trade and industrial partner of UAE. He said that the Lahore Chamber of Commerce & Industry has largest businessmen cluster. That’s why we can play a role as connecting body between the business communities of both sides.
The LCCI Vice President Haris Ateeq said that Lahore contributes 11 percent in GDP and 18-20% share in national exports. He said that the Lahore Chamber is the premier Chamber of Pakistan with largest membership base of 32000 members. The members belong to various different sectors of economy.
He said that there is a need to address the Visa related issues of the businessmen especially those who are recommended by the Lahore Chamber of Commerce & Industry.
These views expressed by Ambassador of UAE Hamad Obaid Ibrahim Salem Al-Zaabi while speaking at a meeting at the Lahore Chamber of Commerce & Industry. LCCI President Mian Nauman Kabir, in his address of welcome, shed light on the possibilities for enhancement of bilateral trade and economic scenario. Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq also spoke on the occasion.
The ambassador said that Pakistan and UAE enjoy unique relations with each other. A lot of Pakistanis are actively contributing to the various sectors of economy in UAE. He said that a large number of businessmen from UAE are interested to invest in Pakistan but they don’t have full picture and knowledge about the market needs. He said that an agreement under CPEC is also in process that will allow free trade between the countries.
“We are looking for establishing an interactive platform between the two countries by collaborating with Chambers of Commerce on both sides”, the ambassador said and added that there is a dire need for ensuring maximum facilitation to the investors of the both countries in this challenging economic era. LCCI President Mian Nauman Kabir said that Pakistan and UAE have time-tested diplomatic and economic relations. These ties are well reflected in sizeable trade volume and cooperation in various fields including defence sector. He said that the LCCI recognizes the importance of UAE as one of the most important economies of Middle East. It has a rich culture and heritage that reflects traditional Arab and Islamic values.
Mian Nauman Kabir said that UAE has made exceptional economic transformation and infrastructural developments in last few decades. He said that UAE holds a unique position in the world because of its incredibly high number of expats or immigrants and surprisingly its population is made up of over 200 nationalities all across the globe. He said that UAE is the most interesting, attractive and wonderful place on earth, every one wishes to experience for at least once in a life. Mian Nauman Kabir said that Dubai is one of the most diverse and international cities in the world which makes it a truly unique and diverse place to visit or live. This city showcases a multitude of moods with a sandy coast, amusement parks, shopping malls, and world-class cuisines.
He said that UAE and Pakistan are major economic and trading partners. Among the top importing and exporting countries for Pakistan, UAE comes at 2nd and 6th places respectively. The balance of trade has always been in favour of UAE because major share of imports made from UAE consist of petroleum products and crude oils which stood at around 77% last year.
“During last two years i.e. 2020 and 2021, the volume of trade between Pakistan and UAE increased from 5.6 billion dollars to 8.6 billion dollars. Pakistan’s exports inched up from 1.1 billion dollars in 2020 to 1.2 billion dollars in 2021 while imports from UAE jumped from 4.5 billion dollars to 7.4 billion dollars in the same period. We are keen to close this gap through enhancing our exports to UAE”, he added.
He said that UAE’s meat imports are 394 million dollars while Pakistan’s share in it is only 140 million dollars. Similarly, Pakistan’s rice export share is 123 million dollars in 470 million dollars UAE’s import of this sector and 88 million dollars in 2960 million dollars UAE’s import of fruits.
The LCCI President said that these exportable items are abundantly available in Pakistan and we are in a position to fetch better share in total imports made by UAE. He said that the trade missions of both sides can play pivotal role in making it possible so that we can succeed in tripling the current volume of exports to UAE.
He said that the workers’ remittances play a substantial role in strengthening the balance of payment of Pakistan. At present, our country is in great need of additional remittances. UAE comes at second place after Saudi Arabia with regards to receiving highest amount of foreign remittances. In 2021-22, the workers remittances from your country stood at 5.8 billion dollars.
He said that there is also a tremendous scope for UAE to make investment in Pakistan in Minerals & Mining, Petroleum, Pharmaceuticals, Light Engineering, Processed Food, Financial Services and Retail Sector etc. There is a need for routing the flow of investment to Pakistan.
He commended the efforts of UAE government in organizing the Dubai Expo 2020 which gave excellent opportunities to the businesses to connect, create and innovate. “We are obliged that Pakistan had a significant representation in that Expo”, he added.
The President LCCI suggested the UAE Ambassador to establish an UAE help desk here in the premises of the LCCI so that the trade related issues of LCCI members immediately.
He also proposed to celebrate 50 years of Pakistan and UAE friendship and diplomatic relations here at the Lahore Chamber of Commerce & Industry.
The LCCI Senior Vice President Mian Rehman Aziz Chan said that Pakistan and UAE are two brotherly countries. This is the right time to convert these brotherly relations into stronger trade partners.
He said that Pakistan has been bestowed with numerous resources and has a huge potential to be a trade and industrial partner of UAE. He said that the Lahore Chamber of Commerce & Industry has largest businessmen cluster. That’s why we can play a role as connecting body between the business communities of both sides.
The LCCI Vice President Haris Ateeq said that Lahore contributes 11 percent in GDP and 18-20% share in national exports. He said that the Lahore Chamber is the premier Chamber of Pakistan with largest membership base of 32000 members. The members belong to various different sectors of economy.
He said that there is a need to address the Visa related issues of the businessmen especially those who are recommended by the Lahore Chamber of Commerce & Industry.
