We’re Building Partnerships to Promote Investment and Trade: Ambassador

Pakistan-UAE bilateral trade and investment have huge potential to grow due to nature of strong political relations and regional proximity and both the countries are taking appropriate measures to further strengthen their relations on multiple fronts, a top diplomat says.

Faisal Niaz Tirmizi, Pakistan’s Ambassador to the UAE, said Pakistan and the UAE are time-tested friends and recently signed seven memorandum of understandings (MoUs) to boost investment in key sectors.

“Pakistan highly values its relations with the UAE and prioritises its political and economic partnership with the emirate. I’m confident that our relations with the UAE will further strengthen in coming years,” Tirmizi told Khaleej Times during an interview.

The UAE is one of the major trading partners of Pakistan and its annual bilateral trade stood firm at $10.6 billion. Pakistan is keen to push two-way trade to $40 billion in next 10 years through policy measures by removing trade barriers, rationalising tariff and facilitating traders and investors of both sides.

Tirmizi, a career diplomat who joined the foreign service in 1993, said both nations are keen to promote bilateral trade relations and increase cooperation in key sectors such as agriculture, mining, energy and logistics, among others.

In May, the UAE announced the allocation of $10 billion for investment in promising economic sectors in Pakistan. The announcement came following successful visit of Prime Minister Shehbaz Sharif to the UAE.

Excerpts from the interview:

Pakistan Prime Minister recently announced that the UAE will invest $10 billion in Pakistan. Could you please share some details or progress in this regard?

Pakistan and UAE signed seven MoUs in November 2023 aimed at bolstering investment cooperation in logistics, port operations, energy, mining, banking & finance, food & agriculture and water-waste management sectors.

Currently, efforts are underway to translate these MoUs into tangible investment projects.

Pakistan offers multiple investment opportunities through SIFC platform. Do you think the UAE will channelise part of $10 billion investment through SIFC?

Yes. The platform of Special Investment Facilitation Council (SIFC) has been created to ensure smooth channeling of foreign investment into Pakistan. I strongly believe that SIFC provides a window of opportunity for foreign investors to take benefit from Pakistan’s investment potential.

How do you see UAE-Pakistan bilateral trade and investment ties in recent years? Do you expect any major project or breakthrough in near future?

Pakistan-UAE bilateral trade has a huge potential due to nature of strong political relations and regional proximity. Both sides are making efforts to increase it through diversification of products and strong business to business linkages.

What major policy measures you have introduced to further strengthen bilateral ties between the two countries?

Being the first country to open its diplomatic mission in the UAE in 1971, Pakistan highly values its relations with the UAE and always prioritises its political and economic partnership. The regular high-level contacts, and efforts to further cement economic and investment ties are some of the visible manifestations of Pakistan’s policy of strengthening bilateral ties with the UAE.

You initiated the process of Cepa with UAE last year. Do you think we will conclude Cepa this year?

The discussions between two sides are still underway on the Comprehensive Economic Partnership Agreement (Cepa).

What new initiatives were introduced at the embassy and consulate to facilitate visitors to renew ID Cards and passports and attestation of documents, among others?

We have taken all necessary measures to ensure smooth and speedy renewal of national identity cards and passports. There is also a possibility to apply for renewal online. The embassy has established 24/7 helpline for the community members to get updated information and seek help in case of any emergency. We have also renovated and extended consular facility for diaspora.

— muzaffarrizvi@khaleejtimes.com