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On Monday, President Dr Arif Alvi urged the early finalization of the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates to enable Pakistan to increase exports.
Pakistan also needs to explore new avenues for economic diplomacy and investment with the UAE, he said.
The president made these remarks while speaking with Pakistan’s ambassador-designate to the UAE, Faisal Niaz Tirmiz, who visited him in Iwan al-Sadr.
The President said bilateral trade between Pakistan and the UAE could be further increased from the current level of $10.6 billion to make it commensurate with the good relations and close geographical proximity of the two countries.
The President stressed that the two countries have great potential for cooperation in areas such as renewable energy, commerce, industry, infrastructure development and hospitality.
He pointed out that the 1.6 million Pakistani diaspora in the UAE are an asset and play an important role in the progress and development of both countries.
He said remittances sent by Pakistani diaspora in 2021-22 stood at $5.814 billion, which has greatly helped Pakistan overcome its foreign exchange needs.
The President thanked the UAE government for providing assistance to flood victims in Pakistan, including 57 humanitarian aid flights and two ships carrying relief supplies from the UAE.
He thanked the UAE for its support to Pakistan at the FATF and the International Monetary Fund, as well as the UAE government’s $2 billion deposits to boost Pakistan’s liquidity and foreign exchange reserves.
He expressed satisfaction with the US$2.9 billion in foreign direct investment by the UAE in Pakistan, while citing the need to increase this investment in the coming years.
The President asked the ambassador-designate to digitally connect the Pakistani diaspora with Pakistani online higher education institutions such as AIOU and Virtual University, help them improve their digital skills, and take high-value courses to enhance their competencies and skills, which will help They increase their income.
He particularly highlighted the Prime Minister’s DigiSkills training programme, which can be rolled out among the diaspora to equip them with the requirements of a developed economy.
The President also advised the envoy to sensitize the UAE leadership to the growing Islamophobia in Indian society and their pursuit of Hinduism, which is endangering the lives of minorities, especially Muslims.
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