Dr. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, with Syed Naveed Qamar, Pakistan's Federal Minister for Commerce. Image Credit: WAM

Dubai: Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, met Pakistan’s Federal Minister for Commerce Syed Naveed Qamar on Wednesday, where he emphasised the strong and longstanding relationship between the two countries.

Meeting at the Ministry of Economy’s headquarters in Dubai, the two sides discussed ways to enhance trade and investment cooperation in areas of mutual interest.

Dr. Al Zeyoudi pointed out that the UAE is Pakistan’s leading investment partner in the region and fifth globally, based on figures released at the end of 2021. He also mentioned that total Emirati investments in Pakistani markets have exceeded Dh9 billion (US$ 2.5 billion), encompassing a wide range of economic and trade activities, including the energy, telecommunications, information technology, financial services, insurance, construction, oil, and natural gas sectors.

Dr. Al Zeyoudi said that the meeting will lead to an increase in trade and investment exchange, encourage the business communities to boost their investments, and enable them to benefit from promising investment prospects in each other’s markets.

He also mentioned that the UAE was Pakistan’s leading trade partner in the region in 2021.

In 2022, their non-oil foreign trade reached Dh25.7 billion ($7 billion), a 30 per cent increase compared to Dh19.8 billion ($5.4 billion) in 2021. The UAE accounts for over 40 per cent of Pakistan’s trade with Arab countries, with non-oil exports from the UAE to Pakistan valued at nearly Dh4.8 billion ($1.3 billion) in 2022. Additionally, re-exports from the UAE to Pakistan amounted to Dh10.6 billion ($ 2.9 billion), reflecting a 7.7 per cent growth compared to 2021.