Pakistan is land of opportunity for UAE traders: Gilani

[Salman]

Pakistan is land of opportunity for UAE traders: Gilani


KARACHI: Pakistan offers vast opportunities to investors and businessmen of United Arab of Emirates (UEA) for foreign direct investment and joint ventures in infrastructure development like electricity generation, agricultural-based industries, insurance and real estate.

Prime Minister Yousaf Raza Gilani said this on Wednesday while speaking at the inaugural ceremony of Magnificent 7th UAE Expo.

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 PM said.

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 hard-working manpower, rich mineral resources and plentiful agriculture production.

UAE is one of the biggest foreign investors in Pakistan after USA and UK in key sectors such as energy, telecommunications, real estate, aviation and banking.

It is the largest investor in Pakistan among the Gulf Cooperation Council and its public and private sectors made an investment of $3.74 billion from 2004 to 2010.

Pakistan is one of the biggest recipients of aid of UAE in social sector.

UAE President Zayed Al Nahyan launched a project of $100 million in January 2011.

The project was aimed at the 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.

About 1.4 million Pakistani expatriates live in UAE. They contribute remittances to the tune of well over $1 billion every year.

The presence of the business community, executives of the national and multinational companies and the professionals in a large number demonstrates their passion and commitment to further strengthen trade and people-to-people relations between Pakistan and the UAE.

These businessmen are the backbone of the country’s economy and are contributing their share towards better and prosperous Pakistan. Pakistan is also a supplier of quality food items to UAE. Numerous Pakistani businessmen are operating their units in the Free Trade Zones of UAE, he added.