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Pakistani envoy promotes CPEC project excellent investment opportunity

Pakistani envoy promotes CPEC project excellent investment opportunity

ISLAMABAD: Pakistan would be pleased if the UAE could benefit from the CPEC project, as it was a win-win situation for all countries in the region, Pakistani Ambassador to UAE Moazzam Ahmed Khan said.

According to the Pakistani embassy’s message received here the ambassador stated this in an interview.

He spoke about how both countries could benefit from the China Pakistan Economic Corridor (CPEC), a part of China’s ambitious One Belt, One Road multi-billion dollar initiative, and also part of Pakistan’s Vision 2025.

The ambassador said that Pakistan and China were working on huge projects on infrastructure, roads and railway networks. Most importantly, both countries are also investing in the energy sector.

Describing this as an ideal investment opportunity for Emirati investors, Khan noted that the UAE was the second largest Gulf Cooperation Council (GCC) trade partner of Pakistan, with a trade surplus of US$5 billion.  Moreover, Pakistani nationals send US$4.5 billion in remittances each year from the UAE to their home country.  “The UAE is already one of the main investment partners in Pakistan. In fact, according to some estimates, it is the third largest investor,” the ambassador said, “So there will be huge opportunities coming from this project, for all countries of the region.”

The ambassador explained that the project offers a range of benefits, including reduction in the physical distance goods have to travel, thus reducing the carbon footprint.  At present, he said, goods travel nearly 13,000 km to reach China, but utilising the CPEC route, the distance is reduced to just 3,000 km to Kashgar, the westernmost Chinese city, located near the border with Kyrgyzstan, Tajikistan, Afghanistan and Pakistan. This would also reduce transportation costs considerably.

The new Gwadar Port, at the western end of CPEC, will drastically boost the mobility of goods in the region, said Khan. For example, oil exporters to China can maintain strategic reserves in storage within the port.  In the last few years, UAE companies have invested billions of dollars in all major sectors, particularly banking, infrastructure and communications. These sectors, the ambassador said, provide ample opportunities for further investment, as Pakistan’s fast-expanding economy expects to achieve 5.5 percent GDP growth this year.

Between 2018 and 2020, the country is expecting the growth rate to go up to around 8 percent, he added.  “A lot of developments are now taking place in infrastructure, we also have a huge agricultural, communications, health and banking sectors. This is where UAE companies can benefit,” he said.

The peoples of Pakistan and the UAE have traditionally enjoyed excellent commercial, cultural, and fraternal relations, and the UAE is home to 1.5 million Pakistani expatriates.

“It goes beyond just economic interaction. It has many facets, including close defence and security co-operation.  Most important, there is the common interest of establishing peace, prosperity and stability in this region,” the ambassador said.

The UAE Pakistan Assistance Programme, UAE-PAP, which also runs the polio vaccination drive in Pakistan, provided 116,177,794 million life-saving polio vaccines for Pakistani children aged under five from January 2014 to the end of May 2016 through the Emirates Polio Campaign.  The UAE’s long-term commitment through this campaign, Khan said, demonstrates the infinite generosity of the UAE leadership and people.

“The UAE has done a lot for the people of Pakistan, especially in the health and education sectors,” he said.