Prime Minister returns from UAE with $10 billion commitment – Newspaper

Prime Minister Shehbaz Sharif of Pakistan made headlines on Thursday as he declared that he has “shunned the begging bowl” and secured a whopping $10 billion worth of investment pledges from the United Arab Emirates. This announcement comes on the heels of a similar commitment from Saudi Arabia just last month, further solidifying Pakistan’s economic prospects on the global stage.

During his day-long visit to the UAE, Prime Minister Shehbaz met with UAE President Sheikh Mohamed bin Zayed Al Nahyan, where the Emirati leader pledged $10 billion for investment in various economic sectors in Pakistan. This significant investment is a testament to the growing partnership between the two nations and reflects a shift away from reliance on foreign aid towards sustainable economic growth.

In addition to discussing the investment pledges, the two leaders also delved into bilateral relations and cooperation in areas such as information technology, renewable energy, and tourism. Prime Minister Shehbaz emphasized the importance of strengthening strategic partnerships and galvanizing existing cooperation to drive socio-economic stability in Pakistan.

Furthermore, the Prime Minister highlighted the steps taken by his government to build investors’ confidence and ensure the meaningful implementation of investment cooperation agreements in key sectors such as energy, ports operations, and food security. He also expressed gratitude to the UAE leadership for hosting a significant Pakistani diaspora and emphasized the potential for Pakistani human resources to contribute to various sectors in the UAE.

During a roundtable conference on tech collaboration between the UAE and Pakistan, Prime Minister Shehbaz reiterated his commitment to transforming the economy through joint ventures, collaborations, and knowledge-sharing partnerships. He emphasized the importance of vocational training for Pakistani workers to enhance their skills and create opportunities for employment in the UAE.

The event also saw the signing of three Memorandums of Understanding (MoUs) for digital transformation between Pakistan and the UAE, further solidifying their commitment to technological advancement and innovation.

In meetings with the Abu Dhabi Fund for Development (ADFD) and the Abu Dhabi Chamber of Commerce and Industry, Prime Minister Shehbaz discussed the positive results of his government’s policies in promoting the private sector and attracting foreign investment. He extended invitations for the ADFD delegation to visit Pakistan and expressed a commitment to boosting bilateral trade and diversifying economic partnerships.

Overall, Prime Minister Shehbaz’s visit to the UAE marks a significant milestone in Pakistan’s economic development, showcasing a shift towards sustainable investment and away from traditional aid-based approaches. The $10 billion investment pledge from the UAE underscores the growing confidence in Pakistan’s economic potential and sets the stage for further collaboration and growth between the two nations.