Bilateral
trade between the UAE and Pakistan trade is set to grow to $9bn in 2011, backed
by rising crude oil prices and a higher demand for Pakistani products, the
Commercial Counsellor of the Pakistani Embassy in Abu Dhabi said.
UAE imports
to Pakistan are expected to rise to $7bn in the coming year, an increase of
$2bn from the previous year’s figures of $5bn, Bilal Pasha told Arabian
Business.
“UAE
imports are expected to increase in value as oil prices have increased,” he
said, adding that items like chemicals, heavy machinery and construction
equipment would be the main focus of trade.
Pakistani
imports to the UAE, its third largest importer, are expected to reach $2bn in
2011, up from $1.7bn in 2009-2010, Pasha said.
Food items
such as rice are expected to form a significant part of the rise in trade
value, helped by a global jump in the cost of basic commodities.
Last week, the UN’s Food and Agriculture Organization
announced that food prices for basic commodities hit record highs in December.
“Pakistani
has not been immune to the global rise in food prices and the prices of food
commodities reflect that,” said Pasha.
The UAE is
home to Pakistan’s second largest collection of expats, with more than one
million of them residing in the Emirates.
The
community is expected to provide Pakistan with its largest source of remittance
in 2011, with more than $2bn being invested back into the country, Pasha said.
Although
the tense regional situation has affected Pakistan’s trade, the Commercial
Counsellor said that he was optimistic about Pakistan’s growth in the coming
year, predicting a two to three percent rise in gross domestic product, though
he added that this figure could be revised by the end of February, depending on
the success of the cash crops.
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