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- The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment
- PM Sharif says Pakistan will keep striving to further strengthen ties with the UAE to transform them into an economic partnership
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Monday congratulated the leadership and the people of the United Arab Emirates (UAE) on its 53rd National Day, hoping to further strengthen fraternal Pakistan-UAE ties into an economic partnership.
The UAE is Pakistan’s third-largest trading partner after China and the United States, and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE foreign ministry. It is also home to more than a million Pakistani expatriates.
Policymakers in Pakistan also consider the Gulf country an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
In a message on X, PM Sharif extended his heartiest felicitations to the leadership and the people of the UAE, saying Pakistan was proud of the Gulf nation’s “remarkable journey of progress and prosperity.”
“Pakistan has always remained a steadfast brother and partner of the UAE,” he said. “Together, we will continue to strive to further strengthen our historical and fraternal ties and transform them into a mutually beneficial economic partnership. Long live Pakistan-UAE friendship!“
He said the UAE was founded on the wisdom and sagacity of the late former president Sheikh Zayed bin Sultan Al-Nahyan and today that vision to achieve excellence through innovation and modernization was carried forward by UAE President Sheikh Mohamed bin Zayed Al-Nahyan and Prime Minister Sheikh Mohammed bin Rashid Al-Maktoum.
The UAE-Pakistan trade volume rose to $7.9 billion in 2023, up 12 percent from 2022. In May this year, PM Sharif said the Emirates had committed $10 billion to invest in promising economic sectors in Pakistan.
The Pakistan Business Council (PBC), set up this September at the Sharjah Chamber of Commerce and Industry, also aims to increase Pakistan’s bilateral trade volume with the UAE to $40 billion in three years.