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Business community of Southern Punjab hails UAE for depositing $3b in SBP

Business community of Southern Punjab hails UAE for depositing $3b in SBP

MULTAN: The business community of Southern Punjab has hailed the United Arab Emirates announcement to deposit $3 billion in the State Bank of Pakistan to support the financial and monetary policy of the country and termed it a highly positive development as it would provide crucial financial cushion to the weak foreign exchange reserves of Pakistan.

The Multan Chamber of Commerce and Industry (MCCI) President Muhammas Sarfraz said that UAE has come forward to provide support to Pakistan at a time when the country was facing serious liquidity challenges. He said that generous support for Pakistan at testing times showed that UAE was a close friend of Pakistan and it wanted to see Pakistan a strong economy. He said that UAE’s generosity for Pakistan would further deepen and strengthen the bilateral relations between the two friendly countries.

Muhammad Sarfraz said that during the last visit of Prime Minister of Pakistan Imran Khan to UAE, the leadership of both countries had agreed to transform their bilateral relations into long term strategic economic partnership. He said both sides had also resolved to strengthen trade and economic ties and eliminate all impediments to seamless flow of trade and investment between the two countries. He said that Pakistan and UAE should further strengthen connectivity between their private sectors to maximize bilateral trade, investment, Joint Ventures and economic relations between the two friendly countries.

Khawaja Badar Munir, Senior Vice President, and Sheikh M.Amjad, Vice President Multan Chamber of Commerce & Industry, said that Pakistan offered huge opportunities for foreign investments and joint ventures in various sectors of its economy including infrastructure development, power generation, water management, agricultural based industries, insurance and real estate. They stressed that UAE’s investors should take maximum benefits of these opportunities by further enhancing their investment in CPEC and in other sectors of Pakistan’s economy.