Multiple agreements inked between Pakistan, UAE

Pakistan has managed to ink multiple memorandums of understanding (MoUs) with the United Arab Emirates (UAE), which is expected to boost the domestic economy. According to reports, the aforementioned agreements are slated to strengthen cooperation in the banking, infrastructure, railway, and mining sectors.

UAE’s Crown Prince Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan oversaw documents pertaining to the agreements, which were pre-signed. Prime Minister (PM) Shehbaz Sharif also attended the meeting in a similar observational capacity.

Aside from the UAE’s delegation, notable figures such as the Chief of Army Staff General Asim Munir and various members of the federal cabinet were present at the event. As per credible reports, influential business persons and high-ranking officials accompanied Sheikh Khaled.

Initially, private discussions were held between the Crown Prince and the PM, after which ‘delegation-level’ talks began. Reports claim that matters pertaining to security might have been a focal topic of discussion as top security officials attended the talks.

Both reportedly explored avenues to utilise the political relations between the two countries to strengthen bilateral economic ties. In the meeting, Sharif outlined the importance of the transnational Uzbekistan-Afghanistan-Pakistan Railway Line Project.

The reason behind doing so was to convey to Sheikh Khaled how the completion of the aforementioned project would boost connectivity, allowing for Gwadar and Abu Dhabi’s ports to benefit immensely.

Islamabad has taken an interest in reviving Gwadar’s port, which seems to be processing subpar levels of cargo. Recently, federal authorities attempted to tackle the issue of low freight traffic through the port by deciding to route 60 percent of all public sector cargoes through Gwadar.

Shahbaz Sharif invited the UAE to invest in Pakistan’s economy while outlining the plethora of outstanding investment initiatives which have proven to be mutually beneficial. If his words can sway Emirati investors, Pakistan’s cash-strapped economy could soon witness an influx of foreign direct investment (FDI).

Reports affirm that Sheikh Khaled reaffirmed his support for the development of Pakistan’s economy. According to a social media post by PM Sharif on X, dignitaries from both countries ‘resolved to further strengthen our excellent bilateral ties through enhanced trade, investment & energy cooperation.’

In a conversation with President Asif Ali Zardari, Sheikh Khaled also spoke about improving business-related ties between both countries. The expansion of bilateral trade and investment initiatives could allow Pakistan to speed up its economic recovery and potentially meet Project Uraan Pakistan's ambitious target of boosting Gross Domestic Product (GDP) to a whopping one trillion dollars by 2035.