Customs, rail, airport, maritime sectors: Four MoUs signed with UAE

ISLAMABAD: Pakistan and the United Arab Emirates (UAE) on Friday signed four MoUs in sectors such as customs, rail and airport infrastructure, maritime shipping and logistics.

The announcement was made by Prime Minister Shehbaz Sharif’s office in Islamabad through a statement. The MoUs were signed between the Pakistani ministries of maritime affairs, aviation and railways and the Federal Board of Revenue with the Abu Dhabi (AD) Ports Group.

“As per these MoUs, Pakistan and AD Ports Group would explore potential collaboration in customs, rail, airport infrastructure and maritime shipping and logistics sectors,” the PM’s office said after Sharif met a delegation of UAE investors led by Dr. Thani bin Ahmed Al Zeyoudi, UAE minister of state for foreign trade.

“These MoUs are aimed at improving digital customs controls, developing dedicated freight rail corridors, upgrading Pakistan’s maritime fleet and marine services, as well as Pakistan’s international airports.”

Sharif said the delegation’s visit demonstrated that the UAE government wanted to enhance its “investment footprint” in Pakistan and continue to play a “crucial role” in boosting Pakistan’s economy.

“The Prime Minister highlighted the comprehensive economic partnership between the two nations across sectors such as trade, energy, and investment, which has contributed to growth and prosperity in both countries.”

The UAE delegation’s visit to Pakistan comes as Islamabad is seeking to strengthen trade and investment ties with friendly nations.

In May this year, Pakistan said the UAE had committed $10 billion to invest in promising economic sectors in Pakistan.

Riyadh has also promised a $5 billion investment package that cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis. Pakistan and Saudi Arabia also signed 34 MoUs worth $2.8 billion last month.