Pakistan and the United Arab Emirates (UAE) on Sunday decided to boost bilateral cooperation in various economic sectors, the Pakistani Prime Minister’s Office said after Prime Minister Shehbaz Sharif met with UAE President Sheikh Mohamed bin Zayed Al-Nahyan. The Pakistani prime minister met the UAE president in the Pakistani city of Rahim Yar Khan, Sharif’s office, reported by Arab News.
They discussed a wide range of issues, including economic cooperation, regional stability, climate change and advancing mutual interests on the global stage. Prime Minister Sharif praised the UAE’s role as a key development and investment partner for Pakistan, and stressed Pakistan’s readiness to expand this cooperation in sectors such as renewable energy, technology, trade, infrastructure and skill development.
Mining, Mineral and Agricultural Cooperation
During the meeting, Sheikh Mohamed stressed the Gulf country’s “strong interest” in cooperating with Pakistan in the mining, mineral and agricultural sectors, Prime Minister Sharif’s office said. The meeting concluded with a shared determination to develop cooperation, especially in priority sectors, ensuring a bright future for both nations.
The development comes at a time when Pakistan, facing a prolonged economic crisis, is making efforts to leverage its geopolitical position to expand trade with various countries in the region and attract foreign investment to revive its $350 billion economy. According to the UAE Ministry of Foreign Affairs, the UAE is Pakistan’s third largest trading partner after China and the United States (US) and a major source of foreign investment, estimated at over $10 billion over the past 20 years.
Pakistan sees UAE as a prime destination for exports
It is also home to over a million Pakistani expatriates. Pakistani politicians see the UAE as a prime destination for exports due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions. In January last year, Pakistan and the UAE signed several agreements worth over $3 billion for cooperation in the fields of railways, economic zones and infrastructure.
The Pakistani official made the announcement amid the visit of Pakistan’s interim Prime Minister Anwar-ul-Haq Kakar to Davos, Switzerland, to attend the 54th World Economic Forum (WEF) summit. During the meeting on Sunday, Prime Minister Sharif expressed his gratitude to Sheikh Mohamed for the UAE’s support to Pakistan in critical times, particularly in the areas of humanitarian and development assistance.