UAE and Pakistan discuss boosting trade, investment cooperation

UAE and Pakistan discuss boosting trade, investment cooperation

DUBAI, 22nd March, 2023 (WAM) – Dr. Thani bin Ahmed Al Zeyoudi, the Minister of State for Foreign Trade, emphasised the strong and longstanding relationship between the UAE and Pakistan, which is experiencing continuous growth in the areas of trade and investment due to the leadership's commitment to strengthen ties.

During a meeting with Syed Naveed Qamar, Federal Minister for Commerce of Pakistan, held at the Ministry of Economy's headquarters in Dubai, they discussed ways to enhance trade and investment cooperation between the two countries in areas of mutual interest.

The meeting was attended by economic officials from both countries. Al Zeyoudi pointed out that the UAE is Pakistan's leading investment partner in the region and fifth globally, based on figures released at the end of 2021. He also mentioned that total Emirati investments in Pakistani markets have exceeded AED 9 billion (US$ 2.5 billion), encompassing a wide range of economic and trade activities, including the energy, telecommunications, information technology, financial services, insurance, construction, oil, and natural gas sectors.

Dr. Al Zeyoudi said that the ministerial meeting with the Pakistani delegation presents a significant opportunity to strengthen cooperation between the UAE and Pakistan. This will lead to an increase in trade and investment exchange, encourage their business communities to boost their investments, and enable them to benefit from promising investment prospects in each other's markets. He also mentioned that the UAE was Pakistan's leading trade partner in the region in 2021.

In 2022, their non-oil foreign trade reached AED 25.7 billion ($7 billion), a 30% increase compared to AED 19.8 billion ($5.4 billion) in 2021. The UAE accounts for over 40% of Pakistan's trade with Arab countries, with non-oil exports from the UAE to Pakistan valued at nearly AED 4.8 billion ($1.3 billion) in 2022. Additionally, re-exports from the UAE to Pakistan amounted to AED 10.6 billion (US$ 2.9 billion), reflecting a 7.7% growth compared to 2021.