Legal Framework To Be Finalized To Strengthen Pak-UAE Economic Relations: Envoy

UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salim Al-Zaabi said on Tuesday that legal frame work would be finalized to strengthen bilateral economic relations during the next Joint Ministerial Commission of Pakistan and the UAE, scheduled to be held in Abu Dhabi

FAISALABAD, (UrduPoint / Pakistan Point News - 25th Jun, 2019 ) :UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salim Al-Zaabi said on Tuesday that legal frame work would be finalized to strengthen bilateral economic relations during the next Joint Ministerial Commission of Pakistan and the UAE, scheduled to be held in Abu Dhabi.

Addressing at the Faisalabad Chamber of Commerce & Industry (FCCI), he said both the brotherly countries share common perceptions on global and regional issues. "They are also enjoying cordial relations since their inception," he said and added that Khalifa Bin Zaid Alnabha president UAE was regularly visiting Pakistan for hunting.

He further said that 1.7 million expatriate Pakistanis were contributing their role in the overall economy of the UAE.

He expressed satisfaction over his relations with new Pakistani government and said both the countries had identical views on emerging situation.

He said the UAE had strong belief that a stable Pakistan was imperative for sustainable peace in the region.

Regarding next scheduled meeting of the Joint Ministerial Commission of Pakistan and UAE, he said Pakistani Foreign Minister Shah Mehmood Qureshi would chair the meeting in which legal framework to promote and protect foreign investment would be finalized in addition to launching new projects in different areas.

The UAE envoy said the UAE businessmen were keen to invest in Pakistan but they were waiting finalization of legal framework for foreign investment.

About his 3-day visit to Faisalabad, he said he would try to explore the industrial, commercial and business potential of Faisalabad so that he could convince UAE investors to come and avail from the new emerging opportunities in this city.

Responding to a question, he told that UAE was streamlining its visa system and in this connection UAE visa centers would be opened in Islamabad, Lahore and Karachi to facilitate the Pakistani businessmen.

He further said that a new strategy was being finalized and he would very soon inform FCCI about its details.

Regarding the export of fresh meat, fruits and vegetables from Pakistan, the UAE ambassador said both the countries had signed an agreement in which the criteria for exportable goods had been fixed which was being followed.

Earlier, in his welcome address, President FCCI Syed Zia Alumdar Hussain UAE exports are 8.6 billion Dollars while its imports from Pakistan are only 1.96 billion dollars.

He said Pakistan was an agriculture country and we could easily export fresh meat, fruits and vegetables to UAE on regular basis. However, he also floated a proposal for the processing of meat milk and other food items in collaboration with UAE investors.

He also proposed import of crude oil from UAE and establishment of an oil refinery at Gawadar with the collaboration of UAE.

He said that one of its byproduct was Naphtha Cracker which could be used for the manufacturing of dyes and chemicals.

Later, veteran businessman Khawaja Amjad and Madam Robina Amjad President Faisalabad Women Chamber of Commerce & Industry (FWCCI) along with President Syed Zia Alumdar Hussain presented FCCI shield to Hamad Obaid Ibrahim Salim Al- Zaabi Ambassador of UAE.

Hamad Obaid Ibrahim Salim Al- Zaabi also recorded his impressions in FCCI visitor's book.

Later, the UAE Envoy also visited The University of Faisalabad and had a meeting with senior faculty members of the university.

Prof Dr Muhammad Saeed, Pro Rector TUF briefed the ambassador about The University of Faisalabad, Madinah Teaching Hospital and other welfare projects running under the auspices of Madinah Foundation.

Later, he also planted a sapling in the University Lawn.