Pakistan, UAE sign over $3 billion investment pact

Pakistan, UAE sign over $3 billion investment pact

Davos (Web Desk): Pakistan and the United Arab Emirates (UAE) have signed more than $3 billion investment pact for cooperation in railways, economic zones and infrastructure development.

The agreement to this effect was signed between the governments of Pakistan and a UAE-based company on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland.

According to a press release issued by Ministry of Railways, Federal Minister for Communication, Railways and Maritime Affairs, Shahid Ashraf Tarar while Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation of Dubai signed the document on behalf of their respective governments, , the Radio Pakistan reported.

Speaking on the occasion, Shahid Ashraf Tarar said DP World, a company which will act on behalf of the Dubai government, has long standing proud presence in Pakistan.

He said building on the unwavering trust and partnership, the two brotherly countries have decided to further consolidate the economic cooperation through landmark projects.

In his remarks, Sultan Ahmed bin Sulayem Pakistan is a growing market and an important trade corridor to Central Asia.

“We are proud to have contributed to Pakistan's trading ability through our operations at Qasim International Container Terminal and in other projects,” he said.