ISLAMABAD: Federal Minister for Commerce, Jam Kamal Khan said here on Friday that the United Arab Emirates’ (UAE) announcement to invest $10 billion in Pakistan was a significant endorsement of the government’s economic reforms and confidence-building measures.

The minister was addressing a press conference along with Federal Minister for Information and Broadcasting, Attaullah Tarar.

He attributed the historic investment to Prime Minister Shehbaz Sharif’s tireless efforts to address issues affecting the business community and investors over the past two months.

The government has taken steps to resolve issues related to tariff, energy crisis, competitive pricing, revenue targets, remittances, and building confidence among local and international investors, the minister said.

The prime minister’s visit to the UAE yesterday resulted in the $10 billion investment announcement by UAE President Sheikh Muhammad bin Zayed Al Nahyan, he added.

Minister Kamal highlighted that this investment was unprecedented and will be utilized in areas identified by Pakistan.

To a question on trade with India, the minister said that Pakistan would maintain its stance on core issues like Kashmir, which is essential for the country, adding it would not compromise on its core issues and will only move forward on trade when these are addressed.

The minister expressed confidence in the government’s efforts to improve the economy, generate revenue, and create jobs, with preparations already underway.