ISLAMABAD, June 11: The United Arab Emirates will invest in oil and gas, construction, tourism and several other sectors in Pakistan, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan said on Monday.
The UAE's Foreign Minister who is in Pakistan to sign four agreements and participate in the meeting of joint ministerial committee, being held after a gap of 10 years, said there were “enormous growth prospects” between the two countries.
“Pakistan is very promising and is one of the largest countries where UAE has investments and want to continue making more,” he said in an interview with APP at Chaklala Air Base.
He said there has been major investment by the UAE both in government and private sectors in Pakistan in various fields.
He said he would discuss with his Pakistani counterpart the conclusion of a Free Trade Agreement between Pakistan and the Gulf Cooperation Council.
“I hope the talks will lead towards a satisfactory conclusion and help promote trade within the region,”
The MoUs likely to be inked on Tuesday aim at formulating a joint strategy to fight terrorism and organised crimes, establishment of a political consultation mechanism between the two countries, enhancing cultural cooperation and setting up a joint business council.
He said United Arab Emirates viewed Pakistan as its “strategic economic partner” and appreciated its rapid economic growth.
The Foreign Minister said the meeting of the Joint Ministerial Commission will provide an impetus to the development of relationship in many fields, including political, economic, cultural and security issues.
Sheikh Abdullah said the balance of trade between the two countries was now $4 billion a year, and was expected to rise to over $5 billion in the current year.
The Pakistanis living and working in the Emirates, have been contributing in a wide variety of ways to the growth of its economy, and, at the same time, remitting home nearly $700 million a year.
When asked about the problems being faced by Pakistani workers, he said certain problems like the terms and conditions under which expatriate labourers are recruited in their home countries that were beyond the control of the UAE government.
He pointed that UAE and Pakistani Ministers of Labour have recently signed a Memorandum of Understanding to regulate the way in which people were recruited in Pakistan to come and work in the Emirates.
“This is a major step forward in terms of preventing exploitation of workers by those who recruit them,” he added.
“We have also announced amnesty for those who are illegally present in the UAE, for whatever reason, to give them a chance either to go home or to regularise their presence in the country. This will, I am sure, benefit many Pakistani workers in the Emirates,” he hoped.
Appreciating the efforts of President Musharraf for re-structuring the Organisation of Islamic Conference, the UAE foreign minister said OIC has an important role to play in promoting interests of the Muslim world in political, economic and social spheres.—APP
