Islamabad: Pakistan and the UAE inked two contracts totaling more than $3 billion. Both nations are quite proud of the partnership they have established in order to realize their common goal of increasing Pakistan’s trade potential. The agreement is set down on the economic zones, railroads, and infrastructure projects. Official news sources state that on January 17, 2024, they signed the intergovernmental framework agreements to improve ties in the maritime and logistics industries.
The creation of an industrial zone and dedicated freight corridor (DFC) close to Karachi may also be strengthened. The rail-based DFC was supposed to travel 50 kilometers via the Arabian Sea’s Karachi Port via Karachi and onto the Marshalling Yard Pipri.
Read More: UAE Rolls Over $2 Billion Loan to Pakistan for One Year
Around the World Economic Forum (WEF) in Davos, the following people signed the agreements:
- The Dubai Government
- Chairman of the Ports, Customs and Free Zone Corporation (PCFC) Mr. Sultan Ahmed bin Sulayem, Mr. Anwaarul Haq Kakar, Caretaker Prime Minister
- Minister of Communication, Maritime Affairs, and Railways, Mr. Shahid Ashraf Tarar, Federal Minister
The prime minister highlighted that Pakistan will keep pushing partner businesses to fulfill its geoeconomic goal of becoming a center for trade and industry. Chairman PCFC continued by saying that DP World has a long history in Pakistan and plans to build on this relationship by implementing significant projects.
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