ISLAMABAD: Prime Minister Shehbaz Sharif will travel to the United Arab Emirates (UAE) today, Thursday, with a high-level delegation to discuss bilateral relations, trade and investment, the foreign office said, as Pakistan eyes foreign investment whilst navigating a tricky path to economic recovery.
The Prime Minister tour will take place amid a flurry of high-level engagements in recent weeks with business and diplomatic delegations from Saudi Arabia, Uzbekistan, Japan and Qatar visiting Pakistan to discuss trade and investment in the South Asian country’s vital economic sectors.
Reeling from high inflation, low forex reserves and an unstable currency, Prime Ministr Shehbaz Sharif has vowed to rid Pakistan of its economic crisis by enhancing bilateral trade with allies and attracting foreign investment.
“Prime Minister Muhammad Shehbaz Sharif will pay a visit to the United Arab Emirates on 23 May 2024,” the Ministry of Foreign Affairs (MoFA) said in a statement.
“The Prime Minister will be accompanied by a high-level delegation comprising key ministers of the cabinet.”
Djuring his tour the Premier will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral relations “with a special focus on trade and investment,” the foreign office said.
“Prime Minister Sharif is also likely to hold meetings with other Emirati dignitaries, businesspersons, and heads of financial institutions,” the statement said.
“The Prime Minister’s visit marks an important step toward further deepening multifaceted bilateral collaboration between Pakistan and the UAE.”
The UAE is Pakistan’s third-largest trading partner, after China and the United States. Policymakers in Pakistan consider the Gulf state an optimal export destination due to its geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The Gulf country is also home to more than a million Pakistani expatriates and the second-largest source of remittances to the South Asian country, after Saudi Arabia.
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