WHAT DINA THINKS: Pakistan and UAE Historic Agreements Worth Over $3 Billion

 

In a significant milestone for bilateral relations, Pakistan and the United Arab Emirates (UAE) recently inked multiple agreements exceeding $3 billion in value. These agreements, covering the development of a dedicated freight corridor, multi-modal logistics park, and freight terminals, underscore the growing economic cooperation between the two nations.

A key focus of the agreements is the development of a dedicated freight corridor, a rail-based project stretching from Karachi Port on the Arabian Sea to the Pipri Marshalling Yard. This ambitious corridor is designed to alleviate congestion in Karachi, enhance road safety, and substantially improve transportation efficiency and logistics costs.

Part of the collaboration involves the establishment of a multi-modal logistics park and state-of-the-art freight terminals. These initiatives aim to modernize and streamline Pakistan's transportation infrastructure, contributing to increased efficiency and reduced overall logistics costs.

Dubai-based multinational logistics company DP World is set to play a pivotal role in the development. The company will oversee infrastructure improvements at the Qasim International Container Terminal, a major trade gateway for Pakistan. DP World plans to further enhance economic activity by developing an economic zone in proximity to the terminal.

Shahid Ashraf Tarar, Pakistan's Communication, Railways, and Maritime Affairs Minister, emphasized the importance of the agreements in consolidating economic cooperation. He highlighted Pakistan's strategic location as a gateway to Asia and the commercial dividends associated with it.

Sultan Ahmed bin Sulayem, Chairman of Ports, Customs, and Free Zone Corporation (PCFC) of the Dubai government and CEO of DP World, expressed pride in contributing to Pakistan's growing market. He underscored the importance of Pakistan as a trade corridor to Central Asia and emphasized the role these projects will play in integrating the country into the wider region.

Bin Sulayem highlighted DP World's commitment to Pakistan's growth, emphasizing the company's contributions to Qasim International Container Terminal operations. He expressed honor in working with Pakistani government organizations to develop new freight systems and enhance port connectivity.

In addition to the major projects, two inter-governmental framework agreements were signed to strengthen bilateral relations in the marine and logistics sectors. These agreements include plans to dredge a navigation channel and develop an economic zone at Port Qasim, attracting over $3 billion in foreign direct investment.

The recent agreements between Pakistan and the UAE mark a historic step toward enhanced economic cooperation, with a focus on modernizing transportation infrastructure and fostering economic growth. The collaboration between government entities and private enterprises, exemplified by DP World's involvement, is poised to bring about transformative changes, positioning Pakistan as a key player in the region's economic landscape.

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