While talking about the trade volume between both countries, H.E. Hamad Buamim heads the Dubai Chamber of Commerce and Industry – a non-profit public organisation revealed that both the countries collectively hit more than $8 billion trade volume in 2019. With this UAE became the biggest trade partner of Pakistan in the middle East and Northern Africa region.
Pakistan & UAE Expanding Links in IT Startup Space
Since the companies from Pakistan specially from sectors such as real estate, finance, industrial machinery, automobiles, education, media, and technology are operating in Dubai, the business community of the country is well aware of them. It was also revealed that more than 15,000 Pakistani companies are registered with the Dubai Chamber. However a lot more needs to be done. Keeping in view the current circumstances, Dubai ecosystem can play a pivotal in expanding economic cooperation between UAE and Pakistan. Dubai is looking for expanding and transforming itself into global innovation hub and for this it is looking for entrepreneurs from globe and in return startups also get investment boosts. These startups who are looking for funding in Dubai have endless options from traditional banks and venture capital firms, to business incubators, accelerators, government programmes, crowd funding and angel investors. “Digital economy sectors such as edu-tech, health-tech, fintech and artificial intelligence continue to see growth as Dubai attracts innovative startups from around the world that are leveraging the emirate’s competitive advantages.” He also added: “Dubai has become one of the fastest-growing e-commerce markets in the world and this trend has accelerated after the Covid-led digital shift. The convergence of offline and online in the retail industry and the advancement in technology available to retailers and consumers has transformed the sector.” Since Pakistan is looking to innovate itself and get fully digitalize, it should emphasize more on artificial intelligence, robotics, the Internet of Things, and other technologies and also take the advantage of Dubai- Pakistan IT ties. Also Read: PM Imran considers Silicon Valley as a Model of Inspiration For the New Startups
