UAE president ‘promises’ $10bn investment in Pakistan,
ABU DHABI; Pakistan seeks investment, not loans, Prime Minister Shehbaz Sharif says Pakistan has moved beyond seeking loans from the United Arab Emirates (UAE) and is now focused on joint investment.
Addressing a round-table session “Innovate Together: UAE-Pakistan Tech Collaborations,” in Abu Dhabi on Thursday, PM Shehbaz expressed his pleasure at witnessing the talent of UAE’s IT professionals. He noted their significant role in the digitalisation of various sectors of the economy.
The PM highlighted that over 60 percent of Pakistan’s population is youth, and he dedicated considerable time in the past two and a half months to promote IT.
The premier praised the economic innovations introduced by Sheikh Mohammed bin Zayed. He acknowledged the UAE president as a great friend of Pakistan.
He reiterated Pakistan’s desire to stabilise its economy through collaboration with the UAE, highlighting the continuous support of Sheikh Mohammed bin Zayed like his father.
Shehbaz Sharif said the UAE was a leader in the IT sector and Pakistan sought joint investments rather than aid.
The prime minister also acknowledged the contributions of Pakistanis working in the UAE, describing them as an invaluable asset.
United Arab Emirates (UAE) has promised to invest $10 billion more in Pakistan, the Prime Minister’s Office said Thursday, as the cash-strapped South Asian nation seeks foreign influx of cash amid financial straits.
The promise was made during Prime Minister Shehbaz Sharif’s meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, the capital of the Gulf state, where the premier is on a day-long visit.
Pakistan is seeking investment from brotherly nations to boost its economy as the Pakistan Muslim League-Nawaz (PML-N) government explores avenues to boost reserves and reduce high inflation.
Saudi Arabia, as per federal ministers, has also pledged to expedite $5 billion in investment, while the kingdom’s foreign minister said last month that Riyadh will be “moving ahead significantly” to invest in projects in Pakistan.
In his maiden visit as elected prime minister, Shehbaz Sharif also told an event that Pakistan is 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.
The country’s total foreign exchange reserves stand at a comfortable position of $14.5 billion, as of May 17, while the State Bank of Pakistan-held reserves are at 9.15 billion after a meagre increase.
Pakistan also last month completed a short-term $3 billion programme, which helped stave off sovereign default, but the government of Prime Minister Shehbaz has stressed the need for a fresh, longer-term programme.
Broke the begging bowl as nations prospered through hard work, not aid:
Shehbaz Sharif on Thursday said that he had broken the begging bowl as no nation had ever achieved prosperity through the begging bowl or aid rather through sacrifice and hard work.
“Gone are the days when I will go to a brotherly country with a begging bowl. I have broken that bowl. The bowl will lead us nowhere. When was the last time that a country prospered through aid and bowls? Only the nations made their mark and left indelible footprints through sacrifice, hard work, sweat and blood,” he said addressing a roundtable conference on “Innovate together: UAE-Pakistan Tech Collaboration” during his daylong visit here.
Pakistan & UAE forge strategic partnership to boost bilateral trade and investment
This event was organized by Pakistan Software Houses Association (P@SHA) and Pakistan Software Export Board (PSEB) in collaboration with Ministry of Information Technology and Telecommunication and Pakistan Embassy in Abu Dhabi.
“We want to transform our economy. I have an iron resolve to completely transform the economy of Pakistan in collaboration with 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, the prime minister urged them to learn the expertise and experiences of the Emirates to replicate them for Pakistan’s progress and prosperity.
The prime minister also held an interactive discussion with the participants and responded to various comments and suggestions. He shared the commitment of his government for improving investment ecosystem in digital economy of the country and invited investors to visit Pakistan.
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.
