Prime Minister Yousuf Raza Gilani has said that the United Arab Emirates (UAE) is the largest investor in Pakistan among the Gulf Co-operation Council (GCC) members and its public and private sectors have made an investment of $3.74 billion here from 2004 to 2010.
Speaking at the ''Magnificent 7th UAE Expo 2011'' at Karachi Expo Centre here the Prime Minister said that the UAE is also one of the biggest foreign investors in Pakistan, after the USA and the UK in key sectors such as energy, telecommunications, real estate, aviation and banking. Sindh Governor Dr Ishrat-ul-Ibad Khan, Chief Minister Qaim Ali Shah and UAE Ambassador to Pakistan were also present on this occasion.
Gilani said that about 1.4 million Pakistani expatriates live in the UAE. They contribute remittances to the tune of well over $1 billion every year. Pakistan is also a supplier of quality food items to UAE. Numerous Pakistani businessmen are operating their units in the FTZs of UAE. Pakistan is one of the biggest recipients of aid of UAE in social sector.
The PM said that Pakistan enjoys deep and cordial relations with UAE in almost all fields. "The last 40 years have seen the strengthening and diversification of our bilateral relations. I am happy to state that Pakistan was the first country to accord recognition to UAE after it attained independence in 1971", he said, adding that the present government is committed to further consolidating the bilateral relations.
He said that the presence of the business community, executives of the national and multinational companies and the professionals in such large number demonstrates their passion and commitment to further strengthen trade and people-to-people relations between Pakistan and the United Arab Emirates. These businessmen are the backbone of the country''s economy and are contributing their share towards better and prosperous Pakistan.
Gilani said this event also marks the celebration of 40 years of brotherly and friendly relations between Pakistan and UAE, which are characterised by religious, cultural and fraternal bonds and close geographical proximity. Late Sheikh Zayed Bin Sultan Al Nahyan, Founder of modern UAE, laid the foundation of these exemplary relations. Sheikh Zayad was a great friend of Pakistan who stood by the people of Pakistan during the challenging times. "The bilateral relations between our brotherly countries now enjoy the patronage of President Sheikh Khalifa Bin Zayed Al Nahyan", he said.
The people of this country greatly cherish the contributions and services of Sheikh Zayad bin Sultan Al-Nahyan and hold him in high esteem. "How can they forget generous humanitarian assistance they got from the government and the people of UAE at the time of earthquake and floods?" he said.
To quote just one example of the deep emotional association between our two countries, the PM said, under the instructions of Sheikh Khalifa bin Zayed Al Nahyan, President of UAE, his government launched a project of $100 million in January 2011. The project was aimed at reconstruction of infrastructure damaged by devastating floods and natural calamities in Khyber Pakhtunkhwa province, Bajaur and South Waziristan districts. Four major sectors such as education, public health, roads, bridges and supply of water treatment plants are the major focus of the project.
He said that the UAE has an open economy with a high per capita income and a sizeable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GPD based on oil and gas output of 25 percent. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from a marginalised region of small desert principalities to a modern state with a high standard of living. The country''s Free Trade Zones (FTZs) that offer 100 percent foreign ownership and zero taxes, are helping to attract foreign investors.
The PM pointed out that after Hong Kong and Singapore, UAE is ranked as the third most important re-export centre in the world. The re-export trade forms a substantial part of the entire trading sector in UAE. He said that Pakistan has a huge market of around 180 million people and resilient economic fundamentals despite heavy odds that the country faced during floods and war on terror. Pakistan has a unique geo-strategic location. The country is a gateway to South and East Asia and the Middle East. It offers liberal trade and investment climate, and is blessed with talented and hardworking manpower, rich mineral resources and plentiful agriculture production.
He maintained that Pakistan offers vast opportunities for foreign direct investment and joint ventures in infrastructure development; electricity generation, agricultural based industries, insurance and real estate. He also commended and congratulated the UAE government for putting up this mega event in Pakistan for the first time.
On this occasion, the Prime Minster congratulated the government and the people of the United Arab Emirates on its 40th National Day celebrations. Sheikh Lubna Bint Khalid Al Qasimi, Minister for Foreign Trade, United Arab Emirates, said that Pak-UAE bilateral trade relations have tremendously increased during the last five years.
Commerce Minister Amin Fahim thanked the UAE government for selecting Karachi for their first ever ''UAE Export 2011'' and said that Karachi is very important business hub of the world. He said that the UAE has always extended its financial assistance especially in crisis and natural disasters including floods and earthquake.
He assured the UAE government, the investors and organisers of the event of full support of Pakistan government, ministry of commerce and Trade Development Authority of Pakistan in making the event successful. The UAE Consul-General in Karachi also spoke on this occasion and highlighted the trade relations between the two brotherly counties. He said it would be a unique experience in promoting bilateral trade relations between Pakistan and the UAE.
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