The Sharjah Chamber of Commerce and Industry (SCCI) recently hosted the inaugural meeting of the newly established Pakistan Business Council in Sharjah. Launched earlier this month, the business council seeks to boost investment and trade ties between the business communities in both the emirate and Pakistan. It also aims to enhance trade and investment exchanges, fostering sustainable economic development that benefits both countries.
During the meeting, Dr. Syed Muhammad Tahir was appointed as chairman of the Pakistan Business Council, with Syed Saleem Akhtar as first vice-chairman, Amer Hassan as second vice-chairman, and Salman Wasal as honorary treasurer.
Greater trade and investment ties
During the meeting, council members discussed drafting a comprehensive strategy and action plan to accomplish the council’s objectives. Key initiatives include hosting regular networking events for prominent business leaders and investors from both Sharjah and Pakistan. This will promote the exchange of expertise and give business leaders the platform to explore cooperation opportunities across various sectors.
For her part, Fatema Khalifa Al Muqarrab, director of the international relations department at SCCI, underscored the chamber’s significant focus on business councils due to their crucial role in enhancing economic cooperation and fostering partnerships that drive private sector growth.
She noted that the Sharjah Chamber seeks to boost trade and investment ties between the emirate and the different business councils, with the Pakistan Business Council being the most recent example.
For his part, Dr. Syed Muhammad Tahir, chairman of the Pakistan Business Council in Sharjah, said that the council’s strategy focuses on launching targeted promotional initiatives that emphasize the attractive investment environments in both Sharjah and Pakistan.
These efforts seek to highlight the available business opportunities across key sectors and industries. Moreover, they will create a comprehensive database of businesses and institutions in both countries, streamlining communication and collaboration for mutual benefit.
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UAE-Pakistan ties
The Pakistan Business Council’s launch comes following stronger ties between the two countries. In May, the UAE announced a $10 billion investment in promising economic sectors in Pakistan.
In January 2023, the UAE agreed to roll over an existing $2 billion loan and provide an additional $1 billion to Pakistan, according to a statement from the office of the Pakistani prime minister.
The two countries have also witnessed an expansion in bilateral trade where the UAE exported $5.8 billion worth of goods to Pakistan in 2022. In the last 19 years, the UAE’s exports to Pakistan have increased 7.88 percent annually, rising from $1.37 billion in 2003 to $5.8 billion in 2022. Meanwhile, Pakistan’s exports to the UAE have grown at an annualized rate of 4.5 percent over the last 19 years, rising from $1.12 billion in 2003 to $2.58 billion in 2022.
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