Islamabad: Bilateral trade between Pakistan and the United Arab Emirates exceeded ten billion dollars during the fiscal year 2023-24. This significant milestone marks a robust economic partnership between the two nations.

According to Radio Pakistan, Pakistan’s Ambassador to the UAE, Faisal Tirmizi, highlighted the substantial remittances from the UAE, which reached 6.7 billion dollars in 2024. These remittances are projected to surpass 7 billion dollars this year, underscoring the critical role of the Pakistani diaspora in bolstering the national economy.

Ambassador Tirmizi noted the presence of nearly 19 Emirati companies operating in Pakistan, with the UAE making substantial investments in various sectors, including communications, services, tourism, IT, oil and gas, housing, banking, and real estate. This extensive investment illustrates the depth of UAE’s commitment to strengthening economic ties with Pakistan.

In terms of recent developments, the Ambassador mentioned that Abu Dhabi Ports Company and DP World have signed agreements for the development of Karachi Port Trust and related railway infrastructure projects. These agreements signify a new chapter in infrastructural growth and cooperation between the two countries.

Further emphasizing the positive investment climate, Ambassador Tirmizi praised the role of the Special Investment Facilitation Council (SIFC). The council has been instrumental in streamlining Pakistan’s investment environment through a one-window operation, making it easier for foreign investors to engage in the country’s economic activities.