Pakistan-UAE bilateral trade and investment have significant potential for growth due to their strong political ties and geographical closeness, according to Pakistan’s Ambassador to the UAE, Faisal Niaz Tirmizi. He highlighted that both nations are actively working to bolster their multifaceted relations.
Tirmizi noted that Pakistan and the UAE, long-standing allies, recently inked seven memoranda of understanding (MoUs) to enhance investment in vital sectors. He expressed confidence that the relationship between the two countries will deepen in the coming years, emphasizing Pakistan’s commitment to its political and economic partnership with the UAE.
The UAE ranks as one of Pakistan’s major trading partners, with annual bilateral trade reaching $10.6 billion. Pakistan aims to elevate this figure to $40 billion over the next decade by implementing policies that remove trade barriers, adjust tariffs, and support traders and investors from both nations.
As a seasoned diplomat who joined the foreign service in 1993, Tirmizi stated that both countries are eager to expand bilateral trade and enhance cooperation in sectors such as agriculture, mining, energy, and logistics. In May, the UAE committed $10 billion for investments in Pakistan’s promising economic sectors, following a successful visit by Prime Minister Shehbaz Sharif.
During an interview, Tirmizi discussed the progress on the $10 billion UAE investment in Pakistan, detailing the seven MoUs signed in November 2023 aimed at boosting cooperation in various sectors. He also mentioned the Special Investment Facilitation Council (SIFC) as a platform to facilitate foreign investment into Pakistan.
Tirmizi outlined Pakistan’s efforts to strengthen bilateral ties, including being the first country to establish a diplomatic mission in the UAE in 1971. He also touched on ongoing discussions for a Comprehensive Economic Partnership Agreement (Cepa) and initiatives at the embassy to streamline services for Pakistani expatriates.
Highlighting potential areas for future collaboration, Tirmizi mentioned sectors like information technology, tourism, renewable energy, and agriculture. He also discussed the prisoner exchange treaty between the UAE and Pakistan and its implementation.
In his Independence Day message, Tirmizi praised the contributions of the Pakistani diaspora in the UAE and urged them to continue respecting local laws and contributing positively to society. He concluded by expressing his hope for a prosperous and united Pakistan.
