The United Arab Emirates (UAE) would bring an investment of 500 million dollar soon to enhance bilateral trade between the two brotherly countries. Mirza Ikhtiar Baig, the leader of a 30-member delegation that visited the UAE recently said.
Addressing a press conference at Federation House on Wednesday he said that the investment would be made in Coastal Refinery Oil Terminal, agriculture, corporate, livestock, dairy farming, coal and renewable energy, Pakistan Textile City, Information Technology (IT) and infrastructures projects. Out of the total amount, he said that Abraj Capital would inject 200 million dollar (Rs 740 million) in the projects of Oil Terminal of Coastal Refinery at Kalifa Point, Hub.
He said the delegation met with the leaders of Sharjah Chamber of Commerce and Industry, UAE Chamber of Commerce and Industry, Emirates Investment Group, National Bank, Dubai Sanaaa Capital and Pakistani business community in the UAE, seeking investment in the country. UAE is the largest investor in Pakistan among other Gulf States, which has invested 3.74 billion dollar from 2004-2008, he added.
He said Etisalat, PTCL, Ufone, Bank Al-Falah, Al-Wand Telecom, UBL, Wateen Telecom, Al-Ghazi Tractors, Hino-Pak, CNBC Pakistan, Emirates Global Bank, Dubai Islamic Bank, Pak-Arab Refinery, Abraj Capital, Al-Ettihad and Emirates Airlines, Enshaa, Damac, and Emaar are the major investors. He said due to huge resources, the UAE was not affected by the international financial crises as it has 9 percent oil and 4 percent world gas reserve.
Elaborating the trade ties between the two countries, he said that Pakistan-UAE trade volume has doubled during the past eight years. Currently, Pakistans export volume to UAE is more than 2 billion dollar while import from UAE is about 3.3 billion dollar, he added.
UAE enjoys 1.3 billion dollar trade surplus by trading with Pakistan, he said, adding some 0.8 million Pakistani working there who are sending remittances to the tune of 1 billion dollar yearly to Pakistan.
"We have requested UAEs Commerce Minister Sheikha Lubna Bint Khalid Al-Qasimi to support Pakistan for GCC FTA, besides boosting imports of rice and other food items for UAE corporate stores," he saidd.
Ikhtiar Baig said he met Sheikh Al Nahyan Bin Mubarak Al Nahyan and apprised him about the potential sectors, which include coal reserves and minerals, precious stones, productions of cotton, milk, wheat, rice and Halal meat etc. He said a delegation of Abu Dhabi Chamber would visit Pakistan on November 9, 2009. Masdar, Abu Dhabi-based, worlds largest company for renewable energy and carbon credit, has also been invited to invest in the country, he said.
Baig said Chairman of Dubai Islamic Bank Khalid Al Kamda announced that they would open 60 more branches in the country soon. He said the Emirate Investment Group (EIG) has shown keen interest to invest in livestock projects and breeding near the Super Highway.
He said that the UAE investors praised the policies of the present democratic government and national reconciliation in running matters, which has restored confidence of investors.