Naveed Miraj
President of United Arab Emirates (UAE) Sheikh Muhammad Bin Zayed Al-Nahyan has always shown a special warmth and affection for Pakistan. The same is reflective during his meetings with Pakistani civilian and military leadership and his expression of support, most recently, in the form of a rolling-over loan of $2 billion and lending an additional $1 billion.
He indeed is amongst the few leaders who can be called a true friend of Pakistan. The people of Pakistan also take great pride and see with admiration the progress made by the UAE in diverse fields over the last two decades or so.
UAE President announces plan to invest in Pakistan
Accompanied by his family members, the UAE’s President is on a private visit to Rahim Yar Khan these days, and during a meeting with Prime Minister Shehbaz Sharif there, he hinted that his country is planning to broaden its investment footprint in Pakistan.
“Be prepared, the UAE will make a huge investment in Pakistan,” the sources quoted the UAE’s President as saying during the meeting with PM Shehbaz. At a time when Pakistan is in the middle of a storm and faced with a serious balance of payment crisis, the very announcement made by the UAE’s President really carries a lot of significance which can prove to be vital to propel our economy.
UAE President’s announcement indicates long-term economic partnership
Though no exact investment portfolio has been announced, the very words of the UAE’s President indicate he genuinely wants to enter into a strong and long-term economic partnership with Pakistan which if happens will be a win-win for both the brotherly countries. It is now up to our authorities concerned as to how much investment they manage to bag from the friendly country.
The first priority should be to increase the level of engagement with the UAE at different levels in order to gauge and materialize their investment interest in different sectors. The fact of matter is that the opportunities for cooperation are immense, especially in the areas of agro-based industries, Information Technology, and tourism.
Pakistan can learn from UAE tourism sector
The UAE has made great strides, especially in the field of tourism because of which millions of tourists every year pour into the Gulf country. Their investment in tourism-related infrastructure can really help Pakistan uplift this most important sector of economy. Similarly, cooperation in the agriculture sector can prove to be beneficial to meeting the food requirements of both countries.
Pakistan being a market of over two hundred and twenty million people offers investors a strong and large consumer market. Our human resources including in the field of Information Technology can also greatly contribute to the forward march of the UAE. Maximum facilitation, including a tax holiday, should be extended to the UAE vis-à-vis their investment in Pakistan.
It is only through foreign direct investment that we can steer the country out of the current quagmire and put it on the path of sustainable economic growth. Definitely, these are very difficult times for us but at the same time, opportunities are also knocking at our doors and by capitalizing on them we can change the whole economic landscape of our country.
UAE President’s announcement presents opportuinty for Pakistan
It is only through foreign direct investment that we can steer the country out of the current quagmire and put it on the path of sustainable economic growth. Definitely, these are very difficult times for us but at the same time, opportunities are also knocking at our doors and by capitalizing on them we can change the whole economic landscape of our country.
