More than 200 investors and entrepreneurs from Pakistan and the United Arab Emirates (UAE) attended a joint business forum in Sharjah this week. The participants explored bilateral investment opportunities in sectors such as manufacturing, IT, trade and green-tech, state media reported.
The UAE is one of Pakistan’s largest trading partners and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE ministry of foreign affairs. The UAE-Pakistan trade volume rose to $7.9 billion in 2023, up 12 percent from 2022. In May this year, Prime Minister Shehbaz said the Emirates had committed $10 billion to invest in promising economic sectors in Pakistan. The Pakistan Business Council (PBC), set up this September at the Sharjah Chamber of Commerce and Industry, also aims to increase Pakistan’s bilateral trade volume with the UAE to $40 billion in three years.
The UAE is home to more than a million Pakistani expatriates and the second-largest source of remittances to Pakistan after Saudi Arabia.
“The Sharjah FDI Office (Invest in Sharjah) and the Pakistan Business Council in Sharjah hosted the Sharjah-Pakistan Business Roundtable here on Thursday,” Pakistani state news agency APP reported on Friday.
“The event brought together over 200 investors and entrepreneurs to explore opportunities for strengthening economic ties and fostering bilateral investments between Sharjah and Pakistan.”
Speaking at the event, Consul General Hussain Muhammad, said Pakistan’s economy, workforce, and abundant natural resources offered “immense potential for collaboration” with the Emirates.
“Pakistan’s economy is diverse, with opportunities in agriculture, textiles, information technology, and renewable energy,” the diplomat said. “Sharjah’s investors and businesses could greatly benefit from exploring partnerships in these sectors.”
The consul general said the recent establishment of the Pakistan Business Council in Sharjah was a “testament to the growing collaboration” between the two countries and expressed confidence that the Council would play a “crucial role” in supporting Pakistani investors, facilitating partnerships, and advancing mutual economic interests.
Over 11,500 Pakistani companies are currently registered within Sharjah’s mainland and dedicated Free Zones.