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UAE and Pakistan to strengthen ties

United Arab Emirates: Monday, December 22 - 2003 @ 11:32

Issues discussed included tapping the business potential and opportunities for further strengthening the mutually beneficial relationship between the UAE and Pakistan. Conveying the regards of His Highness Dr Sheikh Sultan bin Mohammed Al-Qassimi, Member of the Supreme Council and Ruler of Sharjah, Sheikh Tariq expressed their hope that the strong and brotherly relations enjoyed by Pakistan and the UAE will be further boosted.

President Musharraf said the people of Pakistan admire the enormous progress attained by the UAE, under the able leadership of Sheikh Zayed. It is a matter of pride that the Pakistani community has served the UAE in all fields. He also expressed his gratitude for all the support that Sharjah has extended to Pakistan. Overseas remittances into Pakistan through banking channels have increased significantly, especially from the GCC, with remittances from NRPs (Non Resident Pakistanis), currently standing at about $2 billion.

Sheikh Tariq stressed the need to remove the obstacles that are impeding the rate of progress of key projects that would prove mutually beneficial to the two countries. He also met with Federal Finance Minister Shaukat Aziz and Prime Minister Zafarullah Khan Jamali in separate meetings, to discuss ways of improving investment and trade between the two countries.

Pakistan’s $295b economy has immense potential with an expected annual growth of 4%, which has drawn many reputed organisations & international bodies to invest in it. The World Bank loaned Pakistan $374m for the financial year 2001; while the US provided aid worth $600m, in addition to the $39m restructuring loan given earlier.

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Monday, December 22- 2003 @ 11:32 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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