UAE Ambassador Hamad Obaid Ibrahim Salem AL-Zaabi disclosed the consulate of the United Arab Emirates(UAE) will start operations in Lahore briefly, for promoting the business community.
He designated it a gigantic leap towards extending the bilateral trade and the economic ties. He highlighted, “ The UAE and Pakistan have agreed to sign a new agreement to further deepen bilateral relations”. Two current visits of Pakistan Prime Minister Imran Khan to the UAE have initiated a new approach of cooperation.
He included that 15 leading UAE companies had visited Pakistan and arranged meetings with their Pakistani counterflow.
Raising to the interest of the investors of UAE in resourceful energy, oil, power and gas, the ambassador told businessman that the Pakistan -UAE joint committee would meet in February in 2019, which would be its first knot after 2012. Giving a speech on the occasion, LCCI President, Almas Hyder said Pakistan and the UAE were already appreciating close, cooperative and diplomatic relations which were contemplated in a substantial trade volume and cooperation in different fields including defence.
He said, “We hope that the recent visit of our prime minister to the UAE will contribute to bolstering ties between the two countries ”.
Among top exporting and importing countries for Pakistan, the UAE rates 2nd and 7th one by one.
The LCCI Chief highlighted that the stability of the trade had always been in assistance of the UAE because petroleum products and unrefined oil made up a vital part of imports, with a share of around 85% in the last year.
Since the last three years, exports from Pakistan to the UAE had persisted below $1billion after impacting the high of $2.87 billion in 2012 according to him. The volume of exports in 2017 was
Simply $869 million. Hyder said, “It is a matter of concern and Pakistan is keen to boost exports”.
He claimed there was a stable rise in imports from the UAE to Pakistan. From 2015 onwards, the imports had been escalating each year and arrived $7.52 billion in 2017.