President Dr Arif Alvi has called for early finalisation of the Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates to enable Pakistan to increase its exports to the gulf country.

The president made these remarks while talking to Pakistan’s Ambassador-designate to UAE Faisal Niaz Tirmizi who called on him at Presidency, according to a statement received by WealthPK.

The president said bilateral trade between Pakistan and UAE could be further increased from its current level of $10.6 billion to make it commensurate with their excellent relations and close geographic proximity. He said that Pakistan also needed to explore new avenues in economic diplomacy and investments with the UAE.

The president highlighted that there was huge potential for cooperation between the two countries in the field of renewable energy, commercial, industrial, infrastructure development and hospitality sectors.

He noted that 1.6 million strong Pakistani diaspora in the UAE was an asset and was playing a significant role in the progress and development of the two countries.

He said the remittances sent by the Pakistani diaspora stood at $5.814 billion in the financial year 2021-22, hugely helping Pakistan overcome its foreign exchange requirements.

The president conveyed his gratitude to the UAE government for providing assistance to the flood victims in Pakistan.

He appreciated the support of UAE to Pakistan at the Financial Action Task Force and IMF and the deposits made by the UAE government to the tune of $2 billion to enhance Pakistan’s liquidity and foreign exchange reserves.

While expressing his satisfaction over the foreign direct investment of $2.9 billion made by the UAE in Pakistan, he said there was need to increase this investment in the coming years.

The president asked the ambassador-designate to create digital linkages of the Pakistani diaspora with the online higher education institutions of Pakistan like Allama Iqbal Open University and Virtual University to help them improve their digital skills and also take up high-value courses to enhance their capacity and skills level, which would help them in improving their income.

He especially highlighted the DigiSkills training programme of the prime minister, which could be promoted among the diaspora in order to equip them with the requirements of developed economies.

Credit : Independent News Pakistan-WealthPk