MAGNIFICIENT-7 REFLECTS UAE'S CONFIDENCE IN PAK ECONOMY

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Dec 5 - 11, 20
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The first ever UAE exhibition magnificient-7 and the investment conference proved a result-oriented event last week, which reflected the growing confidence of the UAE investors in Pakistan.

Speakers at UAE trade and investment conference at Karachi Expo Centre said that Pakistan was a growing market and UAE companies operating will stay and make long-term strategic investment.

President and CEO of Pakistan Telecommunication Company Ltd. (PTCL) Walid Irshaid said that his company will make more investment in Pakistan to fully transform PTCL into a world class telecom company.

"We have transformed PTCL into a modern company offering all ICT products in Pakistan and we are here to stay," he said while sharing the experience of his company in Pakistan and investment opportunities.

He said that Pakistan is a growing market and we are making long-term investment to offer world-class network to local consumers who are quality conscious.

Do not underestimate Pakistani consumers, he suggested.

Regional general manager Asia Pacific North and Indian subcontinent Etihad Airways, Joost den Hartog said that his airline was doing great in Pakistan.

We are running daily flights from Karachi, Islamabad, Lahore to UAE and twice a week from Peshawar. We are planning to enhance our operations in Pakistan in future with the expansion of our fleet, he noted.

Hartog said that his airline is now catering to Pakistanis living in USA, Canada, Europe and Middle East and will soon start lifting Pakistani passengers for Frankfurt and Munich.

Pakistani Ambassador in UAE Jamil Ahmed Khan advised Pakistani businesspersons to take full advantage of opportunities in the Emirates for re-export business. He said that 40 percent of the exports to UAE are re-exported to African countries.

He said that Pakistani exports to UAE can be enhanced from two percent of Emirates' global trade to six percent with the help of planned efforts.

Chief Executive Officer of Bank Al Falah, Atif Aslam Bajwa said that his bank is growing fast in Pakistan and the bank has plans to further expand its operations in the country.

Chief Executive Officer, FlyDubai, Ghaith Al Ghaith said that the business of his airline has increased in Pakistan by 10 percent while it is growing worldwide at 12 percent. We are planning to further expand our business here.

CEO Dubai Islamic Bank Junaid said his bank has plan to expand its branch network from 73 to 100 in Pakistan by next year and offer the entire range of Shariah compliant products in Pakistan.

Director of IBA Dr Ishrat Husain said that foreign investors were never touched in Pakistan by any regime even during the nationalization in 1972. He said Pakistan has liberalized its foreign exchange regime and profits, royalties, and fees can be fully repatriated.

Acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Khalid Tawab said that business chambers are playing their full to expand bilateral trade and investment between Pakistan and UAE.

Meanwhile, consul generals and commercial officers of USA, China, Germany, Japan, Russia, Afghanistan and Korea also visited UAE Expo 2011 Magnificent 7 and took keen interest in the products at display.