ISLAMABAD: Pakistan’s Commerce Minister Jam Kamal Khan this week highlighted the pivotal role played by the private sector in promoting the country’s trade and investment with the United Arab Emirates (UAE), saying that their ties were rooted in shared aspirations and mutual respect.
Khan was speaking at a luncheon in Dubai on Saturday that was hosted by the Pakistan Business Council (PBC) Dubai at the Pakistan Association Dubai (PAD).
The event brought together over 100 guests including prominent Pakistani businessmen, VIPs, members of the PBC and officials from the Pakistan Consulate Dubai. It provided a platform to discuss investment opportunities, enhance exports, and bolster bilateral trade relations, the commerce ministry said.
“Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, emphasized the critical role of the private sector in strengthening trade and investment ties between Pakistan and the UAE,” the commerce ministry said.
The minister lauded the newly elected PBC board, expressing confidence in its ability to work in collaboration with the Pakistan Consulate to advance Pakistan-UAE trade relations.
“Highlighting the deep-rooted ties between the two nations, he described them as built on mutual respect, trust, and shared aspirations,” the statement added.
Khan acknowledged the Pakistani diaspora in UAE for fostering economic prosperity and growth.
“The private sector plays a pivotal role in leading and solidifying trade and investment initiatives between Pakistan and the UAE,” the minister said.
He urged business leaders to capitalize on opportunities to boost bilateral trade and unlock new avenues for economic development.
The UAE is Pakistan’s third-largest trading partner after China and the United States (US), and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE foreign ministry. It is also home to more than a million Pakistani expatriates.
Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
In January last year, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure, a Pakistani official said, amid Pakistani caretaker prime minister Anwaar-ul-Haq Kakar’s visit to Davos, Switzerland to attend 54th summit of the World Economic Forum (WEF).
