UAE says its keen to invest in Pakistan economy

The United Arab Emirates (UAE) has said it wants to bolster investment in various sectors of Pakistan’s economy.

The interest was expressed by H.E. Hamad Obaid Ibrahim Salim Al-Zaabi, Ambassador of the UAE to Pakistan, who recently called on Finance Minister Ishaq Dar, a statement from the Ministry of Finance said on Wednesday.

During the meeting, the finance minister and the UAE envoy discussed avenues of furthering and strengthening economic and financial ties between the two countries.

Dar stated that Pakistan and the UAE are engaged in various areas including energy, refinery, petroleum and trade. “However, a lot of potential is still unexplored,” the statement quoted him as saying.

The finance minister highlighted various avenues in which both countries can enhance their existing trade and investment relations.

The UAE ambassador appreciated Pakistan’s development-oriented economic policies initiated by the current government and “expressed the interest of the UAE in augmenting and furthering investment in various sectors of the economy of Pakistan”.

Dar welcomed the investment proposals, extended full support and cooperation by the government and said he hoped to enhance bilateral relations further going forward.

UAE is one of Pakistan’s major export markets and also one of the key allies of the South Asian country.

Earlier this year, the emirates rolled over its $2 billion loan to Pakistan, a move crucial for the cash-starved Pakistan. Moreover, it also announced an additional loan of $1 billion to Pakistan.

The recent development comes as Pakistan is in talks with the IMF to revive a bailout programme. Earlier this week, Prime Minister Shehbaz Sharif said the “IMF wants external financing commitments fulfilled from friendly countries before it releases bailout funds”.