December 05, 2023 (MLN): To improve bilateral investment cooperation between Pakistan and the UAE, the two countries could further enhance their cooperation in areas such as agriculture, energy, mining, IT, logistics, and defense, caretaker prime minister Anwaar-ul-Haq Kakar stated in an interview with Gulf Today.
Attracting foreign investment in all sectors of Pakistan’s economy is the government’s top priority, he stated.
Pakistan’s Investment Policy has been designed to provide a comprehensive framework for creating a conducive business environment for the attraction of FDI from all parts of the world including the UAE.
The policy trends are consistent with liberalization, deregulation, privatization, and facilitation being its foremost cornerstone.
Currently, there are over 1,000 multinational companies profitably operating in Pakistan, and for many, Pakistan is the most profitable part of their franchise. Foreign companies, individuals, and multinational corporations can own 100% shares in locally incorporated or unincorporated firms, he added.
Moreover, he stressed that the recently established Special Investment Facilitation Council (SIFC) has the potential to generate new and attractive investment opportunities from GCC countries in priority sectors such as agriculture, mining, IT manufacturing, and defense.
There are numerous investment opportunities available in Pakistan for UAE investors to explore new avenues and enhance economic and commercial ties with Pakistan.
The prime minister highlighted that the UAE remains Pakistan’s largest trading partner in the Middle East North Africa (Mena) region with an average annual trade of $9 billion, and Pakistan will do its best to further strengthen and diversify the brotherly ties between the two nations by focusing on trade, investment, and people-to-people contacts.
Pakistan and the UAE enjoy time-tested fraternal relations rooted deep in common faith, shared history, and people-to-people contacts, he said.
To note, Pakistan’s exports to UAE have surged to $1.4bn in FY23, the highest in the last five years.
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Posted on: 2023-12-05T12:53:39+05:00
