UAE president pledges $10bn investment in Pakistan

News Desk
Friday, May 24, 2024

DUBAI: The United Arab Emirates (UAE) on Thursday promised to invest $10 billion more in Pakistan, Geo News reported, as Prime Minister Shehbaz Sharif said Islamabad was seeking collaboration with friendly nations as “gone are the days” when officials would visit brotherly countries with begging bowls.

The promise for the investment was made during Prime Minister Shehbaz Sharif’s meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, where the Premier was on a day-long visit.

In his maiden visit as elected prime minister, PM Sharif also told an event that Pakistan was seeking collaboration with friendly nations as “gone are the days” when officials will visit brotherly countries with begging bowls. “Gone are the days that I will go to our brotherly countries with begging bowl. I have broken that bowl,” the Premier said.

Addressing a roundtable conference in Abu Dhabi on “Innovate together: UAE-Pakistan Tech Collaboration” earlier in the day, PM Sharif said in his meeting with UAE President Mohammed bin Zayed Al Nahyan, he would not seek any loan but joint collaboration and joint investments to have mutual benefits for investors.

Explaining the parameters of his government’s programme, he said the Pakistani workers would be imparted the highest standard of vocational training so that they come to the UAE and open their offices, provide remote services and make livelihood. “I am prepared to take that risk because nothing can be achieved without taking risks. I am ready to move forward in this field,” he told the ceremony which marked the signing of three memorandums of understanding (MOUs) between Pakistani and UAE IT companies to implement digital transformation.

He appreciated the UAE president’s vision of taking lead in IT, artificial intelligence

and constructing information infrastructure on modern lines to build the national economy which should not be dependent on oil and gas, and making the country a hub of imports and exports.

Lauding the Pakistani IT professionals playing their role in digitising the UAE economy, he said: “That is what we need to replicate in Pakistan”. Highlighting his government’s focus on the promotion of IT and AI in various sectors of the economy like agriculture, mines and minerals, skills and empowering the youth, he said the roundtable conference was the reflection of what could be achieved in the sector. “I have an iron resolve to completely transform the economy of Pakistan in collaboration with the UAE, be it a joint venture, collaboration or knowledge-sharing partnership.”

Lauding the contribution and efforts of around 1.5 million Pakistani diaspora in the UAE, PM Sharif urged them to learn expertise and experiences of the Emirates to replicate them for Pakistan’s progress and prosperity. He recalled strong institutional and people-to-people linkages between the two countries.

He said both countries shared the collective ambition to embrace innovation and progress.The event concluded with the distribution of mementos amongst the UAE-based clients of Pakistani IT companies in recognition of their contribution and strengthening of business-to-business cooperation.

The event was also attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Minister for Commerce Jam Kamal Khan, Minister for Defence Khawaja Muhammad Asif, Minister for Information Attaullah Tarar, Minister of State for IT and Telecom Shaza Fatima Khawaja and SAPM Syed Tariq Fatemi.