The United Arab Emirates intends to invest $1 billion in Pakistani companies across various sectors, the state news agency (WAM) reported citing an official source in Abu Dhabi.

The move aims to explore investment opportunities in the south Asian country, as well as expand the UAE-Pakistan bilateral relations.

It also emphasizes the keenness of Abu Dhabi and Islamabad to continue cooperation in various fields, which include gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce, and financial services.

The UAE’s top 25 trading and strategic partners include Pakistan, and the UAE is Pakistan’s second largest importer after India, with non-oil bilateral trade worth $4.4 billion in 2020.

UAE accounts for over 8% of Pakistan’s foreign trade and is the third most important global trading partner.

Also, the UAE is one of Pakistan’s top five export destinations and the first in the Arab world, with 10 percent of Pakistan’s total imports coming from the Gulf country.

Direct Pakistani investments in the UAE amounted to more than 2.3 billion dollars at the end of 2019.

By the end of 2018, the UAE had invested 4.4 billion dollars in Pakistan. Currently, it ranks fourth among countries that invest in Pakistani markets.