UAE and Pakistan signed a $20–25 billion trade agreement
UAE is expected to invest $20–25 billion in Pakistan. Following a meeting between UAE President Sheikh Mohammed bin Zayed Al Nahyan and caretaker Prime Minister Anwaarul Haq Kakar, a signing ceremony was held in Abu Dhabi on Monday, according to a report in The Express Tribune.
Which sectors are in focus ?
The Memorandums of Understanding (MoUs) address investment cooperation in a number of industries, including banking and financial services, energy, port operations, wastewater treatment, food security, logistics, mining, and aviation.
Although sources claimed the UAE was expected to invest between USD 20 and USD 25 billion in cash-strapped Pakistan under the agreements, the authorities did not disclose the precise value of the Memorandums of Understanding.
Pakistan is dealing with balance of payments crisis
Over the past few years, Pakistan's economy has been under severe strain due to a severe balance of payments crisis and declining foreign exchange reserves.
Kakar referred to the signing of the Memorandums of Understanding as a historic occasion that will raise the bar for economic cooperation between the two friendly nations and pave the way for Pakistan's socioeconomic growth and prosperity.
This cooperation will enhance strategic cooperation on a bilateral basis
A bilateral meeting between the prime minister and Sheikh Mohamed was earlier held, with General Syed Asim Munir, the Chief of Army Staff, in attendance. The leaders reiterated their commitment to enhancing their strategic cooperation and communication on a bilateral basis.
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The leadership of the UAE was thanked by Prime Minister Kakar for their unwavering support of Pakistan's financial and economic interests. Additionally, he reaffirmed Islamabad's unwavering support for the UAE's COP2 Presidency.
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