Pak, UAE ink $1.3bn MoUs

Pakistan Investment Conference Dubai

Agri, dairy, mining, energy sectors marked for investment
Pak seeks increased inflows from UAE: Shahbaz
Says Pakistan has strong potential for growth

DUBAI: Representatives from the Punjab Board of Investment and Trade (PBIT) signed 11 Memorandum of Understandings (MoUs) worth $1.3 billion with potential investors in the UAE here Monday. These MoUs were signed during the Pakistan Business and Investment conference held here in Dubai.

CEO of the PBIT Saadat Muzaffar said the MoUs signed for partnership in various trade and investment sectors of agri-business, livestock, dairy, mines & minerals, energy and international business.
The conference was attended by 140 delegates from Pakistan, while similar number of UAE-based investors and traders also attended the moot for matchmaking and finalised agreements of mutual interest.
Furthermore, while addressing the Investment Conference CM Punjab Shahbaz Sharif said Pakistan needs increased investment and trade opportunities from the UAE to build the economy and help it become more independent from foreign aid.
“We are not here to seek aid but rather trade,” Mohammed Shahbaz Sharif told a trade conference in Dubai. “It is investment, trade, joint ventures and modern technology that will empower us.”
Sharif, leading a delegation of 100 businessmen from Pakistan, said the troubled South Asian country seeks investment from the United Arab Emirates – its second largest trade and investment partner – in sectors including energy, agriculture, livestock, mining and telecommunications.
Representatives from the Punjab Board of Investment and Trade signed 11 initial agreements worth $1.3 billion with potential investors in the UAE at the event but said the nation is struggling with the perception that Pakistan is a risky investment due to corruption and mounting Islamic militancy.
Sharif conceded that the country faces an uphill battle in attracting foreign investment due to negative perceptions in the global market, adding that the nation has fallen behind India.
But he said the potential for growth is strong, given natural resources and agriculture. UAE companies could seek construction deals in Punjab during a slowdown at home, he said. -Agencies

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