FAISALABAD. Legal frame work will be finalize to strengthen economic relations between Pakistan and united Arab Emirates (UAE) during next Joint Ministerial Commission OF Pakistan and UAE scheduled to be held in Abu Dhabi, disclosed ambassador of the UAE His Excellency Hamad Obaid Ibrahim Salim Al- Zaabi.
Addressing the business community in Faisalabad Chamber of Commerce & Industry (FCCI), he said that both brotherly Islamic countries share common perceptions on global and regional issues. “They are also enjoying cordial relations since their inception”, he told and added that Khalifa Bin Zaid Alnabha president UAE is regularly visiting Pakistan for hunting. He further told that 1.7 million expatriate Pakistanis are contributing their role in the overall economy of UAE. He expressed satisfaction over his relations with new Pakistani government led by Prime Minister Imran Khan and told that both countries have identical views on emerging situation. He told that UAE has strong belief that a stable Pakistan is imperative for sustainable peace in this region.
Regarding next scheduled meeting of the Joint Ministerial Commission of Pakistan and UAE, he told that Pakistani foreign minister Mr. Shah Mehmood Qureshi will chair this meeting in which legal fame work to promote and protect foreign investment will be finalized in addition to launching new projects in different areas. He told that UAE businessmen are keen to invest in Pakistan but they are waiting finalization of legal frame work for foreign investment. He further told that trade delegations from UAE are regularly visiting Pakistan but their visits remained restricted to the federal or provincial metropolises. However, he will try to arrange their visit to Faisalabad and other emerging industrial centers of Pakistan.
About his 3-day visit to Faisalabad, he said that he will try to discover the industrial, commercial and business potential of Faisalabad so that he could convince UAE investors to come and avail from the new emerging opportunities in this city. He also mentioned the investment of UAE in different sectors and told that he has recently inked an agreement with chief of army. Under this agreement 300 Million dollars would be spent on health, education and infrastructure sectors.
Responding to a question, he told that UAE is streamlining its visa system and in this connection UAE visa centers would be opened in Islamabad, Lahore and Karachi to facilitate the Pakistani businessmen. He further told that a new strategy is being finalized and he would very soon inform FCCI about its details.
About a question to start new direct flights for UAE, he requested the questioner to ask this question from Pakistani officials. However, he admitted that Faisalabad Multan and Sialkot has potential to start new flights for the different destinations of UAE.
Regarding export of fresh meat, fruits and vegetables from Pakistan, the UAE ambassador told that both countries have signed an agreement in which the criteria for exportable goods has been fixed which is being followed.
Earlier in his address of welcome president Syed Zia Alumdar Hussain gave a detailed introduction of FCCI. He told that this trade body is serving its members for the last 44 years. Although textile is the mainstay of its economy, yet other sectors are also contributing their humble role in the overall economic uplift of Pakistan. He further told that Faisalabad is contributing 45% share in total textile export of Pakistan.
Regarding trade balance between Pakistan and UAE, he told that UAE exports are 8.6 billion dollars while its imports from Pakistan are only 1.96 billion dollars. Continuing, he told that Pakistan is an agriculture country and we could easily export fresh meat, fruits and vegetables to UAE on regular basis. However, he also floated a proposal for the processing of meat milk and other food items in collaboration with UAE investors. He also proposed import of crude oil from UAE and establishment of an oil refinery at Gawadar with the collaboration of UAE. He told that one of its byproduct is Naphtha Cracker which could be used for the manufacturing of dyes and chemicals. He told that Pakistan is currently importing dyes and chemical worth 5 to 10 billion dollar from china which could be manufactured within country only due to the establishment of this oil refinery.
Earlier documentaries on FCCI and Faisalabad Industrial Estate Development & Management Company (FIEDMC) were also screened.
A question answer session was held which was participated by Chaudhry Muhammad Nawaz, Chaudhry Muhammad Boota, Mr. Inam Afzaql Khan, Khawaja Amjad, Ikram Khan, Mehvish Nazish and Amir Saleemi while Former President FCCI Mr. Muzzamil Sultan offered vote of thanks.
Later, veteran businessman Khawaja Amjad and Madam Robina Amjad President Faisalabad Women Chamber of Commerce & Industry (FWCCI) along with President Syed Zia Alumdar Hussain presented FCCI shield to Excellency Hamad Obaid Ibrahim Salim Al- Zaabi Ambassador of UAE. His Excellency Hamad Obaid Ibrahim Salim Al- Zaabi also recorded his impressions in FCCI visitor’s book.