Biotechnology, food, agriculture turns lucrative investment areas for Pakistanis

The United Arab Emirates (UAE) has invited Pakistan’s private sector to availing opportunities in fields such as biotechnology, food, agriculture, etc.
UAE Ambassador Hamad Obaid Ibrahim Salem AlZaabi who spoke to the business community at the Lahore Chamber of Commerce and Industry (LCCI) said Pakistanis were actively contributing to various sectors of the UAE economy. “A large number of businessmen from the UAE are interested in investing in Pakistan.
He was of the view that Pakistani business people lacked information as regards market needs.
He said an agreement under the China-Pakistan Economic Corridor (CPEC) was being finalized that would allow free trade between the two countries.
“We are looking forward to establishing an interactive platform between the two countries by collaborating with chambers of both sides.
There is a dire need for maximum facilitation of investors of both countries in this challenging economic era,” the ambassador emphasized.
LCCI President Mian Nauman Kabir said that Pakistan and the UAE had time-tested diplomatic and economic relations.
“These ties were well reflected in the sizeable trade volume and cooperation in various fields including the defense sector.” He pointed out that the UAE and Pakistan were major economic and trade partners. Among the importing and exporting countries for Pakistan, the UAE holds the second and sixth places respectively.
“The balance of trade has always been in favor of the UAE as a major share of imports from the UAE is held by petroleum products and crude oil, which accounted for around 77% last year.” Trade volume between Pakistan and the UAE increased from $5.6 billion in 2020 to $8.6 billion in 2021. Pakistan’s exports inched up from $1.1 billion to $1.2 billion while imports jumped from $4.5 billion to $7.4b. — ERMD