Pakistani deputy PM discusses new investments in energy, infrastructure with Abu Dhabi Fund chief
ISLAMABAD: Pakistan Deputy Prime Minister and Foreign Minister Ishaq Dar met Director General of the Abu Dhabi Fund for Development (ADFD) Mohammed Saif Al-Suwaidi on Tuesday to discuss boosting development cooperation and new investments in energy and infrastructure, state-run Radio Pakistan reported.
The UAE is Pakistan's third largest trading partner after China and the United States. More than 1.5 million Pakistanis live and work in the UAE, sending back billions of dollars in remittances annually. Bilateral trade between the two nations reached approximately $10.9 billion in fiscal year 2023–24, including $2.08 billion in exports and $6.33 billion in imports, according to Pakistani figures.
'They discussed enhancing development cooperation, expanding ADFD's support for key infrastructure and energy projects in Pakistan, and exploring new avenues for sustainable investment,' Radio Pakistan said in a statement after Dar's meeting with Al-Suwaidi.
According to the report, both sides reaffirmed their commitment to 'deepening economic ties and promoting shared growth and prosperity.'
Dar also presented Al Suwaidi with the Hilal-e-Quaid-e-Azam, one of Pakistan's highest civil awards, on behalf of President Asif Ali Zardari, in recognition of his 'exceptional contributions to the promotion of Pakistan-UAE cooperation,' the broadcaster said.
The ADFD has funded major development projects in Pakistan for decades, including roads, airports and energy infrastructure to support economic growth.
Last year, the UAE said it had committed $10 billion to invest in promising economic sectors in Pakistan.
Islamabad has been pushing for foreign investment in a bid to shore up its $350 billion economy, which has struggled with high inflation and low growth as it navigates tough reforms mandated by the International Monetary Fund.
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