Pak-UAE Moving Towards Greater Economic Cooperation: Envoy

Pak-UAE moving towards greater economic cooperation: Envoy

UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi said on Tuesday that Pakistan and UAE were moving towards greater economic cooperation which would have long-term impact on the economic relations of the two countries

FAISALABAD, (UrduPoint / Pakistan Point News - 25th Jun, 2019 ) :UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi said on Tuesday that Pakistan and UAE were moving towards greater economic cooperation which would have long-term impact on the economic relations of the two countries.

Addressing a meeting of textile exporters during his visit to Pakistan Textile Exporters Association (PTEA) here, he said the UAE regarded Pakistan as an important country of Muslim world and wanted to further enhance bilateral trade with it.

He said all-out efforts were being made to add new dimension to the brotherly relations between the two countries.

The UAE was striving to develop business-to-business and people-to-people contacts to boost mutual trade ties, he added.

Pakistani textile exporters had great potential to explore and capture the UAE markets as there existed lucrative new business opportunities in UAE, he pointed out.

The UAE Ambassador claimed that there were bright opportunities for setting up joint ventures in different trade fields by Pakistani and UAE investors and businessmen.

Terming Pakistan as an ideal place for foreign investment, he said the UAE investors were visiting Pakistan to explore investment opportunities in different trade fields.

He said both Pakistan and UAE would work together to tap existing potential for boosting mutual trade ties and develop strong business-to-business contacts between the businessmen of both countries.

He informed that Expo 2020 Dubai would be a great opportunity for the Pakistani businessmen and especially for textile exporters for establishing B2B contacts with the businessmen of 180 different countries.

Earlier, welcoming the visiting convoy, Vice Chairman PTEA Muhammad Idrees highlighted the core functions of the Association. He thanked the UAE government for supporting Pakistan generously in its testing times. "This reflects our commitment and friendship that has remained steadfast over the years," he said.

Terming UAE the reliable supporter of Pakistan, he said both the countries had been enjoying friendly and cordial relationship and understanding on all major regional and global issues and with notable visit of the Crown Prince His Highness Shaikh Mohammad Bin Zayed Al-Nahyan to Pakistan, both countries had entered into new bond of friendship.

Terming UAE as the largest trading partner of Pakistan in middle East and a major source of investments, he said that total trade volume between the two countries was around US $ 8.5 billion which was less than a quarter of the real potential.

He said there were immense possibilities and huge potential of joint ventures and cooperation in various sectors. "Although gradual improvements are taking place but we believe that lot more still need to be done as huge potential exists to raise the two way trade volume," he added.

"We are looking forward for the support to emerge Pakistan as a knowledge-based economy, compatible to the desired level of global change," he said.

Later, the PTEA shield was presented to the visiting UAE Ambassador. A large number of textile exporters were present on the occasion.