PAK-UAE JMC on Oct 15 at Abu Dhabi

Finance Minister Dr Abdul Hafeez Shaikh would lead Pakistan’s delegation at Abu-Dhabi in Pakistan-United Arab Emirates (UAE) 10th round of Joint Ministerial Conference (JMC) starting from Tuesday next week. Delegates of both countries would review cooperation in areas of bilateral trade, banking and finance, investment, agriculture and livestock, energy and water, petroleum and natural resources, health, education, telecommunication and IT, civil aviation, sports and media.
Both countries would also review the status of the $270 million grant announced by UAE in the Tokyo donor Conference. Pakistan will also raise the issue of financing of Diamer-Bhasha hydropower project and Kurram Tangi Dam project with the counterparts of UAE. Pakistan would also discuss ratification of International Renewable Energy Agency (IRENA) Agreement in the two-day JMC talks. In telecommunication and IT sectors, transfer of 147 properties in the name of Etisalat and exemption of Pakistan International Communications from taxes worth 10 per cent on annual profits would also be discussed. Both countries would discuss cooperation in the matters relating to visas, transfer of offenders, cooperation in the field of metrological and seismic, humanitarian and charitable assistance would also be reviewed in the 10th JMC meeting.UAE is at the top with $ 62.7 million in July-August, the first quarter of current financial year while last year it invested $284.2 million in various sectors of Pakistan. UAE has also become the largest single source of foreign remittances through banking channels.
UAE’s sustained official and private sector interest and growing FDI inflows, make it the 4th biggest investor in Pakistan in several sectors; including telecom, airlines, banking, financial services, construction and real state. Trade between the two countries is increasing and UAE has emerged as second largest destination of Pakistani exports. There is a significant increase since the beginning of 2006 and approximately a rise of eight per cent on average in exports in value terms on average is seen.
Statistics show that from 2000-2001 to 2004-2005 bilateral trade grew at an annual average of $200-300 million. Exports experienced a constant growth during the last eight years and they rose from $626 million to over $2 billion (2000-2001 to 2007-08). Pakistan’s main export products to UAE are rice, textiles, petroleum products, gold and jewellery, fruits and vegetables, meat and meat products, fish and fish products. United Arab Emirates and Pakistan have signed five agreements in last JMC meeting in 2009 that includes establishment of a joint UAE-Pakistan Business Council, protocol on cooperation in media, cooperation in terrorism and organized crime, and cooperation in the field of culture. UAE has agreed to provide a $265 million soft loan for building mega dams in Pakistan.
UAE is also organizing 7th Expo at Karachi Expo Centre from 30th November to 2nd December the first ever UAE Expo in Pakistan. An agreement for the display centre in Sharjah will also be signed during UAE Expo in presence of commerce ministers of both countries. Investment and trade between the two countries are rapidly increasing since to boost official and private investment in Pakistan, including financing mega projects. These mega projects are estimated to cost $36 billion— a part of the financing for which Pakistan expects to come from UAE. UAE is now one of Pakistan’s biggest trading partners in the world. The two sides would also review the state of bilateral economic relations and agreed to further intensify their ties as there was a great potential to further enhance their trade relations.
UAE wants to invest in agriculture especially in corporate farming from which it could secure its food needs and for this UAE is willing to invest in the building of mega dams in Pakistan.