Pakistan-UAE trade up by 26pc: Ambassador Tirmizi

• Number of Pakistanis in UAE goes up from 1.6m to 1.8m
• Pakistan’s footprint – trade-wise, tourism-wise and in IT sector – increasing in UAE
• Ambassador Tirmizi calls for action against those involved in hundi business

ABU DHABI: Pakistan’s Ambassador to the United Arab Emirates Faisal Niaz Tirmizi has said that trade between Pakistan and the UAE has increased by 26 percent in the past year.

The Pakistani envoy said this in an interview with ‘Leading News’.

While speaking about his one year in the UAE as Pakistan’s ambassador, Tirmizi said according to latest figures, the trade with Emirates has reached $11 billion. “Obviously, the balance of trade is with UAE with petrol and other products. However, Pakistani exports have also exceeded $2 billion,” he said.

“The second good thing that has happened is that the number of Pakistanis in the UAE has gone up from 1.6 million to 1.8 million, which is a welcome sign.”

The Ambassador said bilateral visits have also seen an upward trend, saying that Pakistan and UAE shared historic diplomatic and fraternal ties.

“These relations between the two countries have been enhanced with the two visits by the prime minister of Pakistan and the three visits by the foreign minister,” Tirmizi said. “The UAE President has also paid visits to Pakistan, twice.”

He said thanks to Allah, the prominence of Pakistanis in the UAE has increased.

“Another major development has been the flights to Skardu. Visa-seekers for Pakistan has seen a rise; not just Emiratis but people from other nationalities as well,” Tirmizi said.

He also spoke of the importance of IT and tourism sectors. “I have always believed that IT and tourism are absolutely vital. Pakistan can earn well from these two sectors. For the first time, 16-17 fintech companies have come to the UAE,” he said.

“Pakistan’s footprint – trade-wise, tourism-wise and in IT sector – is increasing here by the grace of Allah.”

Asked to comment on the rise in the illegal business of hundi because of Pakistan’s economic woes, Tirmizi said, “We have already requested UAE and Pakistan authorities regarding this. This is a major issue which we have raised with both countries, because there’s a wide difference between banking channels and hundi. This is impacting Pakistan.

“This practice is against Pakistan’s law as well as the UAE and international laws. If anyone invests money sent through hundi, the FBR will levy a lot of tax on that money. We have made requests here and in Pakistan to take action against all those who are involved in it. This is really bad for our economy.”

Ambassador Tirmizi said that the UAE government was interested to invest in various projects in Pakistan and was hopeful that CEPA (Comprehensive Economic Partnership Agreement) with UAE would be signed soon.

“Investors in the UAE want to invest in various economic sectors as they want to increase their investment in South Asia,” he said.

The envoy added that the UAE and Pakistan have good potential to expand cooperation in many sectors including agriculture, food industry, tourism, hospitality, healthcare, etc. “Emirati companies are already successfully doing business in ports and shipping, banking, telecommunication, insurance, real estate, food and technology sectors in Pakistan.”

Tirmizi also informed about the establishment of the Pakistan Sovereign World Fund, “which is a big news”.

“A lot of work has gone into it and literally, I did not believe that it could be done is such a small span of time,” he said. “We raised it with the UAE in January. Insha Allah, it will be finalised soon.”

He said the UAE government advised Pakistan on how to establish it.

Speaking about the structure of the sovereign fund, Tirmizi said all the state-owned enterprises are being clubbed. The fund will be regulated with fiscal policies, considering separate government accounts in the form of shares and state-owned companies. “UAE investors will be offered 10-15 percent shares in state-owned companies included in the fund,” he said.

The Ambassador said that the UAE and Pakistan governments will soon reach an agreement on the exchange of prisoners, according to which Pakistani prisoners in the Emirates will be allowed to serve the remainder of their sentences in their country.

Pakistan and the UAE are also discussing an agreement on the exchange of criminals.

He said that steps are being taken to improve the quality of Pakistani schools in the United Arab Emirates. He said, God willing, all complaints of the people regarding schools will be addressed. He was of the view that affluent people should invest in private schools.

Ambassador Tirmizi said people are afraid to invest in Pakistan because of the depreciation of the rupee. “The economy of Pakistan is on way to improvement, after which, people will invest in Pakistan,” he said.