UAE Diplomat Engages with China Road and Bridge Construction Leadership, Expresses Interest in CEPC Investment
Chinese and UAE officials convened to explore investment opportunities within the China-Pakistan Economic Corridor (CPEC) phases two and three during a recent meeting in Islamabad.
Al Aziz Al Noyadi, UAE's Deputy Head of Mission to Pakistan, held discussions with Li Changgui, General Manager of China Road and Bridge Construction. Their dialogue centered on potential Gulf state investments, spanning both short and long-term commitments, in CPEC projects. Considerations included investment prospects in railway, port, shipping sectors, and the establishment of a free trade zone.
Acknowledging Pakistan as a common ally, both parties recognized the mutual benefits of investing in the country. They also committed to future consultations across various sectors.
Earlier in the year, UAE Ambassador Hamad Obaid Ibrahim Salem Al-Zaabi expressed his nation's eagerness to invest in Gwadar, a key element of the CPEC framework. He emphasized the need for Pakistan and the UAE to elevate their relationship to a strategic partnership, believing that the current elevated exchanges between the two nations would pave the way for increased investments in Pakistan.
Chinese Ambassador to Pakistan, Yao Jing, highlighted the achievements in CPEC's energy and infrastructure projects, noting their completion or near-completion status. He emphasized the importance of the first phase in establishing a solid foundation for phase two. The second phase's focus lies on the development of Special Economic Zones (SEZ), bolstering trade and cultural exchanges through joint ventures and delegation exchanges.
Yao Jing stressed that CPEC represents a unique model for connectivity, trade, and development, forming an integral part of the Belt and Road initiative. He called upon the private sector to actively participate in enhancing trade relations between China and Pakistan, underscoring Pakistan's potential as a bridge between the East and West.
Regarding trade, China has granted duty-free access for the export of 313 goods under the second phase of the China-Pakistan free trade agreement. This move is expected to boost exports by tapping into Pakistan's potential in agriculture, textiles, food, minerals, engineering, and other sectors.
Yao Jing also emphasized the deep cultural ties and mutual learning between China and Pakistan, highlighting their shared history as ancient civilizations. He expressed optimism about the ongoing efforts to foster successful industrial cooperation between the two nations within the SEZ development context.