Ambassador of UAE to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi expressed his satisfaction over the relationship between the two brotherly countries, Pakistan and the UAE. He expressed his sincere good wishes for the peace and prosperity of Pakistan from the government of the UAE.

Obaid was visiting the Lahore Chamber of Commerce and Industry (LCCI), where he was received by the LCCI president Mr. Nauman Kabir.

While speaking at the ceremony the ambassador stated that Pakistan can make good use of the bonanza of investments from the UAE in the fields of science, technology, space, bio-technology and synthetic biology, food security, agriculture, and tourism.  The two sides can work together to enhance capacity, introduce best practices, learn from each-other’s experiences, and build long-lasting strategic partnerships.

He also appreciated the Pakistani diaspora currently working in the UAE in all sectors of the economy. He expressed his gratitude that Pakistanis have been supplying the UAE with essential labor for the growth of its industry while also sending important remittances back home. He said that the livelihoods and the destinies of the two countries are tied together. 

The relationship between the two countries is based on shared religion, common history, long-time friendship, and shared interest, he said.

On behalf of the business community in the UAE, he said that “businesses in the UAE are ready to invest in Pakistan since Pakistan has a lot of untapped potential. But essential information about legal matters, contractual obligations and specific business opportunities is lacking.” He said that an agreement under CPEC is also in process that will allow free trade between the countries.

“We are looking for establishing an interactive platform between the two countries by collaborating with Chambers of Commerce of both sides”, the Ambassador said. He strongly stressed the need for ensuring maximum facilitation to the investors of the both sides in exploring business opportunities and investment avenues, in this challenging economic era.

The LCCI President Mian Nauman Kabir said that both countries can benefit from increased trade, investment, free movement of goods and capital, and increased facilitation to each other’s businesses. Although the existing trade balance between the two countries is already huge, there is still a lot of space for increment. 

“During last two years i.e. 2020 and 2021, the volume of trade between Pakistan and the UAE increased from 5.6 billion dollars to 8.6 billion dollars. Pakistan’s exports inched up from 1.1 billion dollars in 2020 to 1.2 billion dollars in 2021 while imports from the UAE jumped from 4.5 billion dollars to 7.4 billion dollars in the same period. We are keen to close this gap through enhancing our exports to the UAE”, he added.

He added that there is a lot of space for the UAE to make investment in Pakistan in quarrying, fossil fuels, pharmaceuticals, engineering, halal food, financial services, and retail sector etc. He said that it is important to redirect the investments to Pakistan.

Commenting on the Dubai Expo 2020, Mr. Kabir congratulated the Dubai government for such a spectacular show of ingenuity, creativity, art, and harmony. “We are obliged that Pakistan had a significant representation in that Expo”, he added.

Credit: Independent News Pakistan-WealthPak