http://www.dailytimes.com.pk/default.asp?p...27-2-2007_pg5_9


Pak-UAE trade to cross $5b by June

DUBAI: Trade between the UAE and Pakistan is likely to post significant growth during the current financial year to cross $5 billion mark by June following a surge in exports to the UAE.

“The UAE-Pakistan trade is set to reach $5.1 billion (Dh18.71 billion) by the end of June, increased by 20 per cent over $4.1 billion in 2005-06," a senior official said. "Pakistan's exports to the UAE have risen to $700 million during first half of current fiscal year (2006-07) as compared to $1.3 billion for full-year in 2005-06," he added. Pakistan's exports to UAE were petroleum products worth $400 million, rice $250 million, textiles $200 million, engineering $60 million, leather $120 million and others.

During the last fiscal year the UAE's exports were $2.8 billion and imports from Pakistan were $1.3 billion, keeping the trade balance in favour of the UAE.

Bilateral trade volume between the two countries surged to $4.5 billion from $1.5 billion within the last five years. The official further said that growth trends in two-way trade are very encouraging and both governments will continue to work closely with the private sectors to enhance co-operation in various sectors.

Major investment boost: "The UAE's investments in Pakistan will witness a major boost in 2007 in key sectors like energy, investment, trade, and manpower," he said. A delegation of Pak-UAE Business Council will soon visit UAE to attract top businessmen to benefit from business opportunities in Pakistan.

The delegation will specifically discuss opportunities in livestock, dairies, fisheries and mining sectors and invite the UAE businesses to invest in these sectors, he added.

The UAE has already been investing billion of dollars in housing, telecommunication, hotel and banking sectors of Pakistan. It also contributed $1.5 billion in foreign direct investment last financial year out of the total amount of $3.8 billion.

"Major UAE groups are actively participating in Pakistan's privatisation programme in general and energy sector in particular," he said adding that the two countries are also increasing their relations in the manpower sector. Manpower export: Pakistan has developed a strong base of trained, educated, skilled and professional manpower, which could meet the growing workforce needs of the UAE.

The two countries signed MoU in the field of manpower in December last that would enable Pakistan to increase manpower export to the UAE. daily times monitor