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Lahore:
The United Arab Emirates (UAE) has huge investment opportunities in biotechnology, food, agriculture and many other sectors, and Pakistan’s private sector should take advantage of this opportunity. The remarks were made by the UAE Ambassador, Hamad Obaid Ibrahim Salim Al Zabi, during a speech to the business community at the Lahore Chamber of Commerce and Industry (LCCI).
The ambassador said that Pakistan and the UAE have a unique relationship with many Pakistanis actively contributing to various sectors of the UAE economy. “A large number of businessmen from the UAE are interested in investing in Pakistan. However, they do not have complete information on market demand.
“We look forward to establishing an interactive platform between the two countries through cooperation with the chambers of commerce of both countries. In this challenging economic era, there is an urgent need to provide maximum convenience for investors from both countries,” the ambassador stressed. Highlighting the possibility of strengthening bilateral trade and economic cooperation, LCCI Chairman Mian Nauman Kabir said that diplomatic and economic relations between Pakistan and the UAE have stood the test of time.
“These relations are well reflected in the huge trade volume and cooperation in various fields including defense.” He noted that the UAE and Pakistan are major economic and trade partners. Among Pakistan’s importers and exporters, the UAE ranks second and sixth respectively.
“The trade balance has been favouring the UAE as the main share of imports from the UAE is petroleum products and crude oil, which accounted for about 77% last year.” Dollar. Pakistan’s exports rose from $1.1 billion to $1.2 billion, while imports rose from $4.5 billion to $740 million.
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