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Business

ICCI hails UAE's bailout package of $3bn for Pakistan

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) Saturday hailed the United Arab Emirates announceme

22 Dec 2018

ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) Saturday hailed the United Arab Emirates announcement to deposit US$3 billion in the State Bank of Pakistan to support the financial and monetary policy of the country and termed it a highly positive development as it would provide crucial financial cushion to the weak foreign exchange reserves of Pakistan.

Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce and Industry said that UAE has come forward to provide support to Pakistan at a time when the country was facing serious liquidity challenges.

He said that generous support for Pakistan at testing times showed that UAE was a close friend of Pakistan and it wanted to see Pakistan a strong economy.

He said that UAE’s generosity for Pakistan would further deepen and strengthen the bilateral relations between the two friendly countries. Ahmed Hassan Moughal said that during the last visit of Prime Minister of Pakistan Imran Khan to UAE, the leadership of both the countries had agreed to transform their bilateral relations into long term strategic economic partnership.

He said both sides had also resolved to strengthen trade and economic ties and eliminate all impediments to seamless flow of trade and investment between the two countries.

He said that Pakistan and UAE should further strengthen connectivity between their private sectors to maximize bilateral trade, investment, JVs and economic relations between the two friendly countries.

Rafat Farid, Senior Vice President and Iftikhar Anwar Sethi, Vice President Islamabad Chamber of Commerce and Industry said that Pakistan offered huge opportunities for foreign investments and joint ventures in various sectors of its economy including infrastructure development, power generation, water management, agricultural based industries, insurance and real estate.

They stressed that UAE’s investors should take maximum benefits of these opportunities by further enhancing their Joint Ventures and investment in CPEC and in other sectors of Pakistan’s economy.