Senior officials from the UAE and Pakistan held talks on Wednesday to strengthen bilateral economic relations and boost trade and investment co-operation between the two countries.
The meeting, which was held at the Ministry of Economy’s headquarters in Dubai, was attended by Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, and Syed Naveed Qamar, Pakistan’s Minister of Commerce.
The UAE is Pakistan’s leading investment partner in the region and fifth largest globally, Dr Al Zeyoudi said.
The Emirates’ investment in the Pakistani market exceeds Dh9 billion ($2.5 billion), he said.
“They span an array of economic and trade sectors such as energy, ICT [information communications and technology], financial services, insurance, building and construction, oil and natural gas."
“Meanwhile, Pakistani FDI [foreign direct investment] in the UAE totalled Dh8.6 billion by the end of 2020, mostly concentrated in real estate, financial services, insurance, retail and construction fields,” Dr Al Zeyoudi said.
The value of non-oil foreign trade between the two countries jumped 30 per cent on an annual basis to reach Dh25.7 billion last year.
The Emirates' non-oil exports to Pakistan reached nearly Dh4.8 billion last year, while re-exports amounted to Dh10.6 billion.
The UAE, the Arab world’s second-largest economy, is Pakistan's number-one regional trading partner as of 2021, accounting for more than 40 per cent of the South Asian country's trade with Arab nations, Dr Al Zeyoudi said.
The UAE also ranks sixth in the top destinations for Pakistani exports, and is the second largest in the world for the Pakistani imports, after China, he added.
In January, Pakistan Prime Minister Shehbaz Sharif visited the UAE and met President Sheikh Mohamed. During the meeting, the leaders discussed the historical ties between the UAE and Pakistan and ways to enhance co-operation.
It was followed by President Sheikh Mohamed's visit to Pakistan the same month.
The UAE has been boosting its international trade ties and has signed comprehensive economic partnership agreements with countries such as India, Indonesia, Turkey, Georgia and Israel.
The country is working towards signing 26 Cepas as it seeks to diversify its economy, Abdulla bin Touq, Minister of Economy, said this month.
The UAE also recorded an unprecedented growth in its non-oil foreign trade last year, with the figure crossing the Dh2.2 trillion mark for the first time, with an annual growth of 17 per cent.
