The UAE is planning to invest $1 billion in Pakistani companies in various economic sectors as it looks to expand its investments in the South Asian nation, according to the reports.
The move aims to explore new investment opportunities and areas for cooperation in projects across various sectors. Furthermore, it intends to expand bilateral economic relations in the best interest of the two countries.
“The UAE’s new investment plans mark the keenness of the UAE and Pakistan to continue cooperation in “various fields”, which include gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, eCommerce, and financial services,” as per the reports.
The UAE is keen to expand bilateral trade and investment relations with the countries across continents. The Emirates has completed Comprehensive Economic Partnership Agreements with countries including India, Israel, and Indonesia and is negotiating similar pacts with several other nations in order to expand its bilateral trade and investment ties.
The Emirates is Pakistan’s most important trading partner in the Middle East, as well as a significant source of investment and remittances. “Pakistan is among the top 25 important strategic global trade partners. In terms of imports, the UAE is Pakistan’s second-biggest partner,” as per the reports.
Earlier this year, UAE and Pakistan decided to deepen their commercial and economic ties by accelerating cooperation and building partnerships in the areas of investment, energy, infrastructure, and agriculture.