The Sharjah Chamber of Commerce and Industry (SCCI) has inaugurated the Pakistan Business Council (PBC) in the UAE, aiming to strengthen business ties between Pakistan and the Gulf region. The move is seen as a significant step in boosting economic collaboration between the two countries, state media reported on Wednesday.
The UAE ranks as Pakistan’s third-largest trading partner, following China and the United States. With its geographic proximity, the Emirates serves as an ideal market for Pakistani exports, minimizing transportation costs and streamlining trade. Moreover, the UAE is home to over a million Pakistani expatriates and stands as the second-largest source of remittances for Pakistan, after Saudi Arabia.
SCCI Chairman Abdullah Sultan Al Owais highlighted that the launch of the PBC in Sharjah represents a vital addition to the chamber’s growing network of business councils. He emphasized that these councils are instrumental in fostering collaboration and forming mutually beneficial partnerships between companies in the region.
The new council forms a key part of SCCI’s broader strategy to expand the number of business councils and promote economic cooperation across borders. According to Al Owais, non-oil trade between Pakistan and the UAE reached AED 25.7 billion in 2022, a 30% increase from the previous year’s AED 19.8 billion. He further noted that the UAE is committing a $10 billion investment in Pakistan’s key economic sectors, underscoring the importance of the partnership.
The inauguration of the Pakistan Business Council marks another step forward in enhancing UAE-Pakistan trade relations and promoting future growth.
