FAISALABAD: Pakistan and the United Arab Emirates (UAE) are moving towards greater economic cooperation, which will have a long-term impact on economic relations between the two countries, said UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al Zaabi.
“We have taken initiatives to boost our trade and economic ties,” said the ambassador while addressing a meeting of textile exporters during his visit to the Pakistan Textile Exporters Association (PTEA) office on Tuesday.
The envoy said the UAE considered Pakistan an important country of the Muslim world and wanted to further enhance bilateral trade. “All-out efforts are being made to add a new dimension to the brotherly relations between the two countries,” he said.
Pakistan’s textile exporters had a great potential to explore and capture the UAE market as there existed lucrative business opportunities, he pointed out.
“There are bright opportunities for setting up joint ventures in different trade fields by Pakistani and UAE investors and businessmen,” he remarked.
Terming Pakistan an ideal place for foreign investment, Al Zaabi said the UAE investors were visiting Pakistan to explore investment opportunities in different fields.
He pointed out that Expo 2020 in Dubai would be a great opportunity for Pakistani businessmen, especially textile exporters, for establishing B2B contacts with businessmen of 180 different countries. Calling the UAE the largest trading partner of Pakistan in the Middle East and a major source of investment, the PTEA vice chairman said total trade volume between the two countries was around $8.5 billion, which was less than a quarter of the real potential.
There were immense possibilities and huge potential for joint ventures and cooperation in various sectors, he stressed.
“We are looking forward to support Pakistan in becoming a knowledge-based economy, compatible with the global change,” he said.