Abu Dhabi: Pakistan and the United Arab Emirates (UAE) have formalised a series of agreements that signal a substantial financial commitment, potentially ranging from $20 to $25 billion, from the Gulf nation into Pakistan.
These pivotal agreements, although the exact financial details were not publicly disclosed, were sealed during a signing ceremony in Abu Dhabi following discussions between caretaker Prime Minister Anwaarul Haq Kakar and UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The Memorandums of Understanding (MoUs) span diverse sectors, encompassing energy, port operations, wastewater treatment, food security, logistics, mining, aviation, and banking and financial services, reported The Express Tribune.
The investments are anticipated to significantly bolster Pakistan's economy, which has encountered considerable challenges in recent years, grappling with severe balance of payments issues and dwindling foreign exchange reserves.
Prime Minister Kakar lauded the historic significance of the MoUs, envisioning an era of elevated economic cooperation and socio-economic development between the two nations. He expressed optimism that this strategic collaboration would usher in economic prosperity for Pakistan.
During his visit, Prime Minister Kakar engaged in a bilateral meeting with Sheikh Mohammed, a session also attended by Chief of Army Staff General Syed Asim Munir. Both leaders affirmed their commitment to fortify bilateral strategic cooperation and enhance dialogues between the countries.
Acknowledging the UAE's unwavering support for Pakistan in economic and financial realms, Prime Minister Kakar reiterated Islamabad's full backing for the UAE's Presidency of the COP2.
The signed agreements underscore a significant stride in strengthening economic ties between Pakistan and the UAE, demonstrating a collaborative commitment to fostering mutual growth and stability.