PM Shehbaz resolves to strengthen economic ties with UAE
Business
He spoke to UAE President Sheikh Mohammed bin Zayed Al-Nahyan over telephone
ISLAMABAD (Web Desk) - Prime Minister Shehbaz Sharif on Wednesday reaffirmed his country’s resolve to strengthen Pakistan’s ties with the United Arab Emirates (UAE) into a “mutually beneficial economic partnership,” his office said in a statement.
In January last year, Pakistan and the UAE signed multiple agreements worth more than $3 billion for cooperation in railways, economic zones and infrastructure, a Pakistani official said.
Sharif spoke to UAE President Sheikh Mohammed bin Zayed Al-Nahyan over the telephone, the Pakistani Prime Minister’s Office (PMO) said. He noted “with great satisfaction” that bilateral cooperation between the two countries was progressing, especially in the areas of economy and investment.
“He renewed his strong resolve to transform the existing Pakistan-UAE ties into a mutually beneficial economic partnership,” the statement said.
Both leaders discussed Pakistan’s recent tensions with India which triggered an armed conflict between the two nations recently.
“During their warm and cordial conversation, the Prime Minister conveyed profound gratitude for UAE’s diplomatic efforts and constructive role to defuse the recent crisis in South Asia,” the PMO said.
“He added the UAE had always stood by Pakistan, through thick and thin.”
Sharif’s office said he reaffirmed Pakistan’s commitment to uphold the ceasefire understanding, as well as its resolve to defend its sovereignty and territorial integrity at all costs.
“The UAE President welcomed the ceasefire understanding, while appreciating Pakistan’s efforts for peace,” the PMO said.
Separately, Sharif also spoke to UN chief Antonio Guterres to thank him for his efforts to defuse tensions in South Asia, the PMO said.
The UAE holds immense importance for Pakistan, given that it is Islamabad’s third-largest trading partner after China and the United States, and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE foreign ministry.
It is also home to more than a million Pakistani expatriates. Policymakers in Pakistan consider the UAE an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
