ISLAMABAD: Over 3,300 companies of Pakistan joined the Dubai Chamber of Commerce (DCC) in the first quarter of 2023, reflecting the dynamism of Pakistani businesses and the UAE’s increasing attractiveness as an investment destination as per the top diplomat of the country in the United Arab Emirates (UAE).
The DCC received 30,146 new companies during the first quarter, according to a statement issued this week by the chamber. The UAE was second, with 4,445 firms registered. Pakistan secured DCC membership for 3,395 new business entities, a 59 percent rise from the first quarter of previous year. The total number of Pakistani companies registered with the DCC has reached 40,315.
According to a statement, DCC president and CEO Mohammad Ali Rashed Lootah said the variety of nationalities represented among the new companies underlined the vibrancy of Dubai’s dynamic business environment. In an interview with Arab News, Pakistan Ambassador to the UAE Faisal Niaz Tirmizi said that it is a wonderful development that demonstrates the determination and entrepreneurial capacity of the Pakistani business community and diaspora. He added that the development also demonstrated the UAE’s strong economic fundamentals.
According to the ambassador, the UAE is focused on diversifying its economy through global economic connections and will present beneficial opportunities of business in the medium term in different sectors.
Dubai was an attractive place for Pakistan to do business with other Gulf countries and the rest of the Middle East. He said the number of Pakistani expatriates in the UAE expanded from roughly 1.6 million to 1.8 million in the last year, pointing out that Pakistanis were engaging in every sector of the UAE’s economy. Many of the people who had landed in the Gulf countries, according to Tirmizi, were entrepreneurs, doctors, bankers, engineers, and laborers.
By maintaining an active interaction with the DCC and discussing new prospects with chambers back home as well as members of the Pakistani diaspora, Pakistan’s diplomatic mission benefited the country’s businesses. According to the ambassador, our economic ties with the UAE have grown in recent years, encouraging entrepreneurs and businesses in Pakistan to open local offices and register with local chambers. He said that the mission has done its part to facilitate trade by addressing concerns such as non-tariff obstacles.
According to Arab News, chairman of the Pakistan-UAE business council at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Fakhruddin Diwan agreed the inclusion of additional Pakistani companies in the DCC was a great accomplishment. He said that by opening the UAE market to Pakistani products, we will be able to naturally boost our foreign reserves due to increased exports. He stated that Dubai was a center of international activities and tourism, and that it would expose Pakistani companies to a much larger consumer base around the world.
