Sheikh Nahyan calls for joint business ventures to boost UAE-Pakistan trade

DUBAI: Karachi, Pakistan’s busiest business hub has a massive investment potential for the UAE and GCC countries. It has the potential to boost the bilateral trade, investment and tourism between the UAE and Pakistan.

This was the crux of speeches at the Sindh Investment Conference held in Dubai on Tuesday December 14, 2021.

The conference was chaired by His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, UAE minister of tolerance and coexistence.

Sindh Chief Minister Murad Ali Shah gave the keynote address; followed by a select line-up of Pakistan’s top business leaders.

Dr Thani Al Zeyoudi, UAE minister of state for foreign trade, Sheikh Ahmed Dalmook Al Maktoum and Afzaal Mahmood, Pakistan ambassador to the UAE.

The UAE is Pakistan’s largest trading partner in the Middle East and a major source of investments and remittances.

The trade volume between the two countries amounted to around $8.19 billion (AED 30 billion) in 2019.

Also present were heads of specialised trade sections from the Sindh Investment Department and a large number of Pakistani business communities based in the UAE.

‘Strong partners’

In his speech, Sheikh Nahyan bin Mubarak Al Nahyan congratulated the Pakistan government for building Pakistan Pavilion at Expo 2020 Dubai that highlights its culture, values and future aspirations.

He said Pakistan and the UAE have been strong trade and business partners. “We learn from each other to improve on the economic front and endeavour to enhance trade and investment.”

The UAE and Pakistan work together to ensure regional security and economic development as a successful economy is fundamental to regional growth.

Murad Ali Shah said: “Sindh has an insatiable appetite for growth and expansion. The primary objective of today’s gathering is to explore further business opportunities between businesses in Sindh and the UAE, inviting investors, attracting FDI and showcasing Sindh in its entirety and unique tourism potential.”

The conference, organised by Badar Expo Solutions, was addressed by eminent business leaders and senior Sindh government officials, including Qassim Naveed Qamar, Special Assistant to Chief Minister on Investment and Public-Private-Partnership (PPP) and the Investment Department secretary Bilal Ahmed, director general of a public-private-partnership unit of the government of Sindh Khalid Mehmood Shaikh, CEO of Arif Habib Corporation Arif Habib, CEO of Sindh Engro coal mining Ami Iqbal, chairperson Pakistan Stock Exchange Dr Shamshad Akhtar, and chairman of the Association of Builders and Developers (Abad) Mohsin Shaikhani; followed by a panel discussion about the emerging role of the public-private-partnerships and investment opportunities in Sindh.

Bilawal Bhutto, chairman of Pakistan Peoples’ Party (PPP), said: “Pakistan, particularly Sindh, is open to investors from around the world. We are particularly looking for investment in infrastructure development in Karachi, the largest city of Pakistan,” Bilawal said, while speaking at the concluding session of the Sindh Investment Conference in Dubai, held as part of Pakistan’s participation at the Expo 2020 Dubai.

Tax-free Business

“We have introduced a one-window operation for investors and 10-year tax-free business in the special free zones,” Bilawal said.

He said the Sindh government has developed a wide range of business plans for the private-public-partnership.”

Ahmed Shaikhani, president of the Pakistan Business Council, said: “I must appreciate the organisers Badar Expo Solutions who gathered an elite business community from both countries and decision-makers, providing a result-oriented business platform to network, grow and create more job opportunities.

He thanked the Pakistani business community-based in the UAE for being part of a new journey. “I wish the organisers achieve their objective of connecting business decision-makers from both countries.”

Green Sindh

A special prominence was given to encourage and promote new startups by providing them with this international platform in the most established and the best commercial hubs in the Middle East.

The event stressed the importance of Green Sindh with the help of solar energy, wind turbines that can produce clean energy to protect the environment. More importantly the need for private and public partnerships and joint ventures for further expansion in this important aspect of protecting the environment.

Six MoUs signed

Six MoUs (memoranda of Understandings) were signed on the occasion that include Pakistan’s public and private sectors to boost business activities, collaborations and supporting the startup ecosystem in Pakistan.

The MoUs included funding the startups between Sindh Enterprise Development Fund and Pakistan Business Council Dubai; investment facilitation between Sindh Investment Department and Pakistan Business Council; waste to energy between Private Financing Advisory Network and United Nations Industrial Development Organisation (UNIDO), and developing water resources between the Water Board and the private sector company.

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