https://arab.news/9jshj
- High-ranking AD Ports delegation meets Ishaq Dar to discuss investment opportunities particularly in aviation sector
- To ward off its prolonged economic crisis, Pakistan has intensified its efforts in recent months to attract international investments
ISLAMABAD: A delegation of the UAE’s Abu Dhabi (AD) Ports group discussed investment opportunities with Pakistan’s Deputy Prime Minister Ishaq Dar this week, his office said, amid Islamabad’s push to secure investments to bolster its fragile economy.
Pakistan has intensified its efforts in recent months to attract international investments, particularly from Gulf countries, as it looks to evade a prolonged macroeconomic crisis. The South Asian country has been struggling with a chronic balance of payments crisis, a weak currency and low foreign reserves that have crippled its $350 billion economy.
AD Ports Group, a leading maritime and logistics provider in the Middle East, signed an agreement in July this year to invest $250 million in Pakistan in 10 years as it plans to build an advanced port facility in the country’s seaside metropolis of Karachi.
“A high-ranking UAE delegation led by CEO of Shipping and Transhipment, Abu Dhabi Ports Amir Maghami, today called on DPM/FM @MIshaqDar50 to discuss investment opportunities in Pakistan, particularly in the aviation sector,” Dar’s office said.
The UAE is Pakistan’s third-largest trading partner after China and the United States. It is also an ideal export destination for the South Asian nation as the short distance between the two countries limits transportation costs and facilitates commercial exchanges.
The Middle Eastern country is also home to over a million and a half Pakistani expatriates. After Saudi Arabia, the UAE is Pakistan’s largest source of workers’ remittances and the preferred choice of thousands of laborers who live and work in the country.