Lahore Chamber of Commerce and Industry (LCCI) has termed UAE President Sheikh Mohammed bin Zayed Al Nahyan’s visit a vital turning point for bilateral relations.
The visit is a monumental step towards strengthening bilateral ties, foster trade and driving investment to revitalize Pakistan’s economy.
LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman and Vice President Shahid Nazir Chaudhry expressed theses views in a media statement issued here Monday.
LCCI office-bearers said that UAE has an important role as one of the Pakistan’s top trade and investment partners. Bilateral trade between the two nations reached an impressive level. Pakistan exports textiles, rice, fruits, vegetables and leather products to UAE and imports petroleum products, machinery, aluminum and chemicals which reflects the UAE’s importance in meeting Pakistan’s industrial and energy needs.
They said that UAE remains a key investor in Pakistan and President Sheikh Mohammed bin Zayed Al Nahyan has committed to invest USD 10 billion in various sectors of economy of Pakistan.
“President Sheikh Mohammed bin Zayed Al Nahyan’s visit represents an extraordinary opportunity to further enhance economic collaboration between Pakistan and the UAE. His vision and leadership could catalyze transformative developments in sectors like energy, technology and agriculture,” said LCCI President Mian Abuzar Shad.
LCCI office-bearers identified several areas for deepening cooperation between the two countries saying that UAE investments in solar, wind and hydropower projects can address Pakistan’s energy crisis and reduce dependency on fossil fuels.
They said that collaborative ventures in modern farming techniques and agricultural processing can improve food security and increase Pakistan’s agricultural exports. They said that the potential for tourism and hospitality development remains untapped, with opportunities to attract UAE visitors and promote cultural exchanges.
They also urged UAE investors to explore Pakistan’s Special Economic Zones (SEZs) as these are a gateway for UAE investors to establish strong industrial bases in Pakistan and benefit from regional connectivity.
They were of the view that UAE is home to over 1.6 million Pakistani expatriates, who act as a bridge between the two nations. Remittances from the UAE form a significant part of Pakistan’s foreign exchange reserves. The visit is expected to further strengthen people-to-people ties, enhance cultural understanding and foster mutual goodwill.
The LCCI leadership praised UAE for its consistent support during challenging times, including financial aid and humanitarian assistance.
They expressed optimism that the visit would pave the way for new trade agreements, increased investment flows and collaborative projects that address Pakistan’s pressing economic challenges.
“This visit signifies a turning point in Pakistan-UAE relations. It offers immense potential to boost trade, attract investment and promote sustainable economic growth.
The business community is ready to extend its full cooperation to UAE investors and facilitate future collaborations”, they added.
They hoped that the visit will translate into actionable outcomes, including policy initiatives, joint ventures and infrastructure development projects and mark a new chapter in the economic partnership between Pakistan and the UAE.—APP
