Economics of UAE-Pakistan Bilateral Relations
Mehmood Ul Hassan Khan
United Arab Emirates has celebrated its national day on December 2, 2017. Economics of UAE- Pakistan bilateral
relations is based on a strategic partnership owing to which both countries have been assisting each other in
different sectors of survival and production in the past. Both the countries enjoy extremely well bilateral, political
and economic ties and these would be strengthened further.
Multiplier Effects of the UAE-Pakistan Assistance Program
Under UAE’s Pakistan Assistance Program, 165 projects were launched in Pakistan in 2011. The UAE-Pakistan
Assistance program created opportunities in human development, improved economic conditions, boost poverty
alleviation, accelerated construction of roads and bridges, improved literacy rate and initiated constructing schools
and colleges and extended humanitarian assistance in times of a natural disaster by providing shelter, food and
healthcare to the displaced population.
Main Areas of UAE Pakistan Assistance Program
The UAE Pakistan Assistance Program has been focusing on four main areas of social re- development like health,
education, water and infrastructure which has greatly benefitted its people, especially in flood-hit areas. UAE
provided for the construction and re-habilitation of two bridges, 52 schools and 7 hospitals, as well as the
implementation of 64 water supply schemes. Most of these mega projects of social uplift, education, water supply,
women empowerment, health and infrastructure have been completed and operationalized. UAE’s humanitarian
projects i.e. health and education, charity, women empowerment, water, roads and the last but not the least,
environment in the country are the real beacon of hope for the needy people enabling them to turn tears into
smiles and crises into opportunities.
Pakistan’s Brotherly Support to UAE
Pakistan supported the UAE in its health, police, Emirates, Armed Forces and the last but not the least, education
UAE’s Valuable Economic Assistance
UAE has also been a major donor of economic assistance to Pakistan and has been appreciative of Islamabad’s
role in the evolution of its institutions like Emirates, armed forces, police, health and education.
UAE: Pakistan’s Main Investor
UAE has been one of the main investors in the country in its different sectors i.e. infrastructure, real estate
industry, banking, telecommunications, insurance, aviation and the last but not the least energy. According to
official figures, UAE has more than GDP of $ 450 billion, 30 percent of which is generated from export of oil and
petroleum products, while 70 per cent of the revenue is being earned from tourism, transport, plastic industry,
renewable sources of energy and financial services etc. Its macro-economy prospects of 2017 and beyond are very
strong and bright.
UAE’s Sustained Economic Development (2016-17)
Economic Indicators Last Previous Highest Lowest
Balance of Trade 250900.00 281200.00 520300.00 40840.00
Exports 1096700.00 1103500.00 1362600.00 177800.00
Imports 845800.00 822300.00 861600.00 128570.00
Current Account 42400.00 63400.00 253260.00 12510.00
Current Account to GDP 3.10 4.70 25.00 0.10
FDIs 33000.00 32300.00 52100.00 14700.00
Source: UAE Ministry of Economy
Pakistan’s Supportive Role in the Development of UAE
Pakistan was the first country to recognize UAE in 1971. Pakistan and UAE enjoyed very good relations and the
latter had been carrying development projects worth billions of rupees across the country, besides welcoming
Pakistani nationals to take up jobs in the UAE. About 1.4 million Pakistani expatriates are working in UAE and have
sent $ 4.50 billion remittances in the current fiscal year.
Value of Long Term Roadmap
The newly appointed UAE ambassador to Pakistan H.E. Hamad Obaid Ibrahim Salem Al-Zaabi while meeting with
Prime Minister Shahid Khaqan Abbasi said UAE values its relations with Pakistan and looking at a long term
roadmap for strengthening economic relations between the two countries. The Prime Minister welcomed the new
UAE Ambassador and underscored that the relations between Pakistan and UAE were defined by history, warmth
and brotherly relations. Ambassador Hamad Al-Zaabi thanked the Prime Minister for the warm welcome and
emphasized that he had come with a very strong commitment to further strengthen relations between the two
UAE Ambassador H.E. Hamad Obaid Alzaabi
Newly appointed Ambassador of the UAE in Pakistan H.E. Hamad Obaid Alzaabi, said that Pakistan and UAE should
develop a 10-year roadmap to benefit from potential areas of mutual cooperation and the UAE wanted to further
enhance trade relations with Pakistan as both countries have great scope to promote trade in many areas.
Ample Opportunities for Pakistani Private Companies
Since UAE is the most attractive country in the region for foreign direct investments (FDIs) owing to which he
rightly advised private companies of Pakistan to actively participate in the Annual Investment Meetings and Expo
2020 in UAE to explore possibilities for enhancing their business prospects.
UAE’s Free Economic Zones and its Utility for Pakistan
UAE’s free economic zones are proving ample opportunities for FDIs and joint ventures for the public-private
partnership due to which businessmen and investors of Pakistan must avail this golden opportunity to invest in it,
he further added. He said that exchange of business delegations is important to explore new avenues of
cooperation and assured that he would work with all the chambers of commerce and business community of
Pakistan to promote connectivity between the private sectors of both countries.
UAE-Pakistan can initiate joint ventures in the fields of financial sector, aluminum products, horticulture, organic
farming, dairy farming, livestock, SMEs, affordable low income houses, prefabricated houses etc.
Abu Dhabi Group’s Role in Pakistan’s Economy
Abu Dhabi Group is very active in Pakistan and already has large investment in Pakistan, including Bank Alfalah,
United Bank Limited, Warid Telecom, Al Razi Healthcare and Wateen Telecom. Dhabi Contracting, had signed a
MoU with Pakistani real estate tycoon Malik Riaz Hussain to build residential properties on an island in Karachi.
According to official news, Abu Dhabi’s government has plans to spend $45 billion over up to 15 years on a real
estate project in Karachi. The investment plans in Pakistan includes plans to construct a miniature seven wonders
of the world, the tallest building in the world, a sports city, an education and medical city, an international city and
a media city.
UAE’s Companies in Pakistan
During the 2004-2014 periods alone, the UAE’s public and private sectors invested more than around $4.50 billion
in Pakistan which has now surpassed $6.50 billion. A number of UAE companies are currently operating in the
country, including Emirates National Oil Company, International Petroleum Investment Company, Etisalat, Dana
Gas, Al Ghurair, Emaar, DP World, Abraaj Capital, Thani, Danata, Atharihra Agricultural Company, Julfar, Emirates
Investment Group, and Arab Company for Packaging and Al Nasser Holdings.
UAE-Pakistan Bilateral Trade
The people of Pakistan have a special affinity for the UAE, its people and its leadership. The bilateral trade
between the two countries was about $7 billion in 2015. UAE and Pakistan enjoy cordial relations but their
bilateral trade of over $8 billion is not reflective of the actual potential of both countries. Bilateral trade between
UAE and Pakistan has reached $8.3 billion (Dh30.4 billion), recording a significant 9.4 per cent increasing during the
last fiscal year 2016-17. Trade between the two countries stood at US$7.7 billion in 2015-16 but we have
witnessed a positive development during the last year. Imports from UAE to Pakistan increased last year from
$6.62 billion to $7.23 billion whereas exports from Pakistan to UAE have decreased about 1.83 per cent from $1.08
billion to $1.06 billion.
Pakistan’s Workable Suggestion
For further increase in trade volume, Pakistan is working with the UAE authorities to increase export of fresh fruit
and vegetable from Pakistan. Government of Pakistan is also finalizing plans to operate a speed vessel from
Karachi to Dubai to bring perishable items within 48 hours, reducing the current sailing time of up to eight days.
For achieving the desired goal of greater socio-economic integration, high volumes of trade, connectivity and
better political understanding both countries should focus on promoting strong connectivity between their private
sectors and facilitate frequent exchange of trade delegations that would help in further enhancing current volume
of bilateral trade. Moreover, the UAE acknowledges vast foreign direct investment and joint venture opportunities
in infrastructure development, electricity generation, water desalination, agricultural-based industries, insurance
and real estate in Pakistan.
Both countries should focus on developing strong linkages between their youth and women entrepreneurs by
creating platforms like youth and women business councils that would help in promoting sustainable trade and
economic relations between both countries.
Preferential Areas of UAE Investments in Pakistan
Power generation, infrastructural development, agro-economy and the last but not the least water management
would be preferential areas of the UAE potential investments in Pakistan.
Diversified Opportunities for UAE Companies in Pakistan
Being strategic partner of UAE, Pakistan offers great investment opportunities to the UAE’s investors in various
sectors of its economy including infrastructure development, power generation, water management, agro
industries and they should visit Pakistan to explore joint ventures (JVs) and investment. Aluminum products,
horticulture, farming, dairy farming, livestock, financial sector, pre-fabricated houses and affordable low income
houses also offer good prospects for JVs between the two countries. Moreover, two countries should strengthen
their SMEs to achieve more beneficial results. Furthermore, Pakistani nationals working in the UAE send US$4.5
billion in remittances each year from the UAE to their home country.
Dubai Land Department
According to Dubai Land Department (DLD) figure Pakistanis purchased 6,106 properties during 2015 as compared
to 5,079 units last year, an increase of 20 per cent. Around AED 8 billion ($2.178bn) worth of properties were
purchased by Pakistanis during the year as compared to AED 7.588bn ($2.066bn) last year, up 5.43pc. According to
the DLD’s report, the overall real-estate investment exceeded AED 135bn in 2015 (55,928 investors) as compared
to around AED 109bn (41,715 investors) a year ago.
Pakistan-China Economic Corridor (CPEC)
Pakistan-China Economic Corridor (CPEC) provides tremendous investments opportunities for the UAE
businessmen and investors. Pakistan has recently invited the UAE investors and companies to make use of
investment opportunities under China-Pakistan Economic Corridor (CPEC), a great investment project of economic
well beings for not only Pakistan but for all the regional countries of Asia. The UAE showed keen interest in
increasing investment into Pakistan from an existing eight billion dollars level through exploring opportunities in
various economic sectors.
Chief of Army Staff (COAS) General Qamar Javed Bajwa Visits to UAE
Chief of Army Staff (COAS) General Qamar Javed Bajwa have already visited twice in the UAE and met with high
officials. He met with Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces Sheikh
Mohammed bin Zayed Al Nahyan. Both discussed spectrum of bilateral relations and ways of enhancing them to
serve the interests of the two friendly countries. During the said meeting, both discussed the means for the further
strengthening of cooperation and coordination in the defence and military fields. The two sides exchanged views
on regional and international developments as well as a number of topics and issues of common concern. During
the meeting, it was also acknowledged that both Pakistan and UAE are vital players for the region.
During his maiden visit to the UAE, Chief of the Army Staff Qamar Javed Bajwa met United Arab Emirates’ Vice-
President and Prime Minister and Ruler of Dubai Shaikh Mohammad bin Rashid Al Maktoum. During the meeting,
both discussed relations between Pakistan and UAE and multiple issues pertaining to the military and the current
situation in the region. The army chief lauded the development witnessed by the UAE in different fields. Both sides
discussed ways of boosting bilateral relations and cooperation between both nations as well as a number of
military issues and the region’s status quo.
Booming UAE’s Service Sector/Industry and Opportunities for Pakistani Investors
Booming UAE’s services sector offers befitting propositions for all the Pakistani investors and businessmen to
invest in its diversified and dynamic services sector. The travel and tourism sector plays very important role in the
macro-economy of the UAE which is estimated to reach over $56 billion in 2022 as new mega projects come to
market, travel and tourism industry. It has further its drive of further diversification and consolidation of its
national economy. According to Dubai Chamber of Commerce and Industry (August 2017) its total spending in the
tourism sector is predicted to increase 4.5 per cent year on year in 2017 to reach over $42 billion. In 2016, leisure
travel spending in the UAE reached over $31 billion in 2016, accounting for 77 per cent of the UAE’s total tourism
UAE’s Travel Market (2016-17)
Growth within the UAE’s travel market will likely be supported by several recently announced projects, including
Marsa Al Arab, a $1.7 billion mega tourist resort near the Burj Al Arab, the new IMG Worlds of Legends theme
park, a Formula One theme park at Dubai’s Motor City, Six Flags at Dubai Parks and Resorts, in addition to a
number of planned shopping malls and cultural venues.
UAE: A Major FDIs Recipient (2016-17)
UAE is one of the major destinations of foreign direct investment in the continent of Asia, reflecting the ability of
its economy to keep pace with international and regional developments. The UAE succeeded, over the past two
decades, in creating ties and important international import links, due to its timely investments in technology and
logistic services infrastructure and its accomplishments in strategic planning and policy adjustments which would
boost further inflows of FDIs in the country. Moreover, public and private sector partnerships, which UAE has
legislated will further contribute towards strengthening foreign direct investment in all parts of the emirate.
UAE Ministry of Economy (2016-17)
According to UAE Ministry of Economy foreign direct investment in the UAE increased by 33000 AED Million in
2016. Foreign Direct Investment in the United Arab Emirates averaged 34440 AED Million from 2007 until 2016,
reaching an all-time high of 52100 AED Million in 2007 and a record low of 14700 AED Million in 2009. Pakistani
businessmen and investors must avail this opportunity and plan to invest in the UAE for befitting propositions in
the days to come.
The diversification of the UAE’s economy, advancing with the surging confidence across different sectors including
real estate, tourism & banking and the Expo 2020 projects, will contribute towards more foreign direct
investments (FDI) influx into the country in the future.
AIM Investment Report (2016)
As per the AIM Investment Report (2016) the prevailing market conditions offer unmatched opportunities for the
UAE’s economy, which remains the number one market in the region for foreign direct investments, attracting
61.6 per cent of all FDI projects in GCC countries in 2015.
UAE: Diversified & Dynamics
United Arab Emirates (UAE) is a role model for the regional as well as emerging countries in
the world in terms of socio-economic prosperity, happiness, qualitative life, sustainability, law
and order and the last but not the least diversification of economy, energy and productive
channels. The UAE GDP increased more than 236-fold from Dh6.5 billion in 1971 to Dh 1,540
billion in 2014 which has been further strengthened and progressed due to governmnet’s
business and investment policies.
It has pioneer in regional space pursuits. It is hub of foreign direct investments. It is an ideal
center of multiculturalism. It has already been ranked one the safest and happiest countries in the
world. It has diversified economy which is smart too. It has unique national policy of
diversification of energy resources in the region as well as in the world. Its service sector is
flouring and adding its position in the overall GDP. Despite low oil prices in the region and
world its macro-economy is stable and sustainable.
UAE has already started its journey of space, outer space and beyond Mars which is now in
upswing. Its journey from sand to space agency is a miracle. Its leaders have strategic vision and
its people are dynamic enough to achieve all the unrealized dreams.
UAE’s business and investment friendly policies have successfully transformed its national
economy into of a knowledge-based economy. Now it is the ideal hub of all kinds of business
and investment activities and operations. It is one of the ideal destinations for the interested
businessmen and investors alike.
Its economy is the most liberal entity in the GCC and MENA. It is 2nd largest economy in the
region in terms of volume. It is ranked first in terms of quality, performance and production too.
Vision 2021 has transformed its economy and made it more attarctive, innovative, competitive
Diversification of economy, energy and production has already made its macro-economy stable and sustained.
Massive industrialization, rise to private sector, robust service sector, SMEs and rigorous commercial diplomacy
has successfully mitigated the spillover effects of region and world’s weak economic conditions. Moreover, its
resilient banking and financial sector provide the strategic cushion to finance many mega projects to create more
and more jobs.
UAE’s Economics of Happiness
UAE is the one of the happiest country in the GCC, MENA and of course the world which shows that it has
economics of happiness where people always prefer over corporate profits. Its unmatched socio-economic
development is vertical as well as virtuous. Its diversification of economy and energy resources is horizontal as well
UAE People’s Friendly Government
UAE’s government is people friendly. It has strategic orientation too. It has clear and comprehensive plans to
achieve desired goals of socio-economic prosperity, de-carbonization development of renewables and zero
discrimination system and society. Creation of ministries of happiness and tolerance is a giant step in right
direction. It means a lot to its government, system, people and elements of peace and harmony in the society. It
would mean sustainable development, environment friendly policies, strengthening of pure Emirati values and
above all promotion of good governance.
UAE: Most Politically Liberated Country
Politically, UAE is one of the most liberal countries in the region. Gradual politicization is on the right path in shape
of regular Federal National Council Elections. It stimulates best understanding of national politics and of course
policies. It upholds culture of accountability and transparency. It empowers Emiratis which is deep-rooted
democracy of the UAE, a unique model. Moreover, political stability has made it heaven for businessmen,
investors, workers, laborers, and tourists alike.
UAE: Apex of Humanity & Human Values
On the front of human values, UAE has par excellence. There is no issue of human rights violations as somewhat
propagated by the biased Western media. Its judiciary is fair and free. Its legislations are workers friendly due to
which it is the ideal destination for residency, talent, recruitment and performance in the world.
UAE: Land of Multiculturalism & Tolerance
Its tolerance level is unmatched. More than 200 different nationalities are working in the UAE which is the prime
example of its official policies about interfaith harmony, peace and tolerance. Not a single decree and not a single
incident is anti-racial ever happened/reported in seven Emirates since inception. UAE stands for human
development. It is the grand total of human values and humanity alike. There is no concept of gender
discrimination throughout the country. All people, factions, groups, castes and colors have equal rights before the
law and even “Emiratis” do not have any leverage what so ever. Law is supreme. No reporting of prejudice,
discrimination and humiliation towards weaker sections of the society in the country. Expatriates are well
protected and paid.
Free & Responsive Media
Its media (print & electronic) is free and interactive. National Media Council is the country’s leading regulatory
agency to care media development in the country. It is the most technological orientation in the GCC/MENA and
can now compete easily to any world channel or media production house.
UAE: Land above Skies
UAE is the land of Burj Khalifa skyscraper the world's current tallest man-made structure and futuristic land
reclamation projects, such as the palm-shaped artificial Palm Islands. Its roads are the best in the world. Its
seaports are among the best in the world. Its pursuits towards world class infrastructural development are
unmatched and well acknowledged in the world. Dubai Expo 2020 is the sign of national pride and reflection of its
readiness in the spheres of smart city, technology, renewables, and the last but not the least, diversification.
Its properties are labelled the “hottest” in the world. Its people are acknowledged the most talented in the
GCC/MENA in the fields of innovation, conflict-resolution, technology, computer engendering, food and water
security and above all scientific research.
Immense Social Development
Its society is development oriented. It is dynamic and determined. It believes in merit, fair-play and hardworking.
It is highly educated. It is free from any kind of gender discrimination. Its women empowerment is the highest in
the region. It is progressive and productive. Moreover, it is an open society which believes in globalization and
meaningful interaction and dialogue.
Now, the UAE is blessed with so many martyrs who scarified their precious lives for the safety, stability, dignity
and honor of their beloved country. They stood first for the greater cause of regional peace, harmony and
terrorism. The whole nation salutes them. They are the real heroes.
Diversification of Economy
The UAE remarkable multi-sector development is a modern-age wonder. Indeed, the nation has come a long way
since its inception. Diversification of economy promoted massive industrialization in the country due to which oil
share to GDP has been gradually on the decrease. Now, non-oil ratio to GDP has reached to 68 percent which
would be more than 80 percent till 2021.
The Best Health System & Policies
Its health care system is the best in the GCC, MENA and of course world. The UAE government has achieved
commendable progress in the healthcare sector, making substantial efforts to provide modern medical facilities to
Emiratis and expatriates alike. Healthcare is one of the foremost sectors where hundreds of hospitals and
thousands of polyclinics have been established all over the Emirate. It has now become convenient for middle- and
low-income class to avail the best of medical facilities. Specialist Hospitals in metro cities possess technologically
advanced healthcare facilities and world’s best qualified doctors.
Free & Independent Judicial System
In UAE, the writ of the state and effective judicial system is upheld with high reverence. Governments across the
world should learn due lessons from these high-standards of governance. Even the West acknowledges that the
security and safety across UAE are par excellence. Expatriates truly feel privileged to work, live and raise a family in
a safe and stable environment throughout the UAE. They are happy to note the economic, social and technological
developments of the UAE. It has become the ideal choice to work and plan a career among the Arab youth.
Strong Banking System
UAE’s banking system is stable and resilient. Compared internationally, the Emirate banking industry is highly
sophisticated offering state-of- the art products and services in both consumer and corporate sectors. UAE banks
are world’s most-capitalized and offer fully automated and secured banking platforms. Its prudent regulatory
system has saved it from any kind of credit crisis in the country even in the ongoing global economic and financial
crises. The robust Emirate banks have played a key role to support and enhance the UAE s economic growth
consistently since its inception 1971.
Leading Player in Green Technologies
UAE is the leading player in the green technologies. Its strategic vision of renewable energy production has
achieved great success throughout the world. Renewable energy gears the pace of development. It guarantees the
survival of humanity on this planet. It protects the dreams of socio-economic prosperity, stability and
sustainability. It provides essential inputs of industrial productivity, generation of employment, reduction of
poverty and above all promotes qualitative life and renewable/alternative energy is a value-addition.
Masdar, Its renewables icon, Masdar leads the GCC, MENA and the world. Masdar City (solar energy project) is a
key element of the “Abu Dhabi 2030 Plan” and the government of Abu Dhabi’s strategic policy framework. Shams-
1 is the first full scale renewable energy plant in the Abu Dhabi and largest CSP plant in the world. It will generate
100 MW covering an area of 2.5 km, with plans to increase capacity to 2000 MW in the future. Hydrogen Power
Abu Dhabi (HPAD) is a 60:40 joint venture between Masdar and BP to construct the world’s first commercial scale
hydrogen fueled power plant, utilizing fossil fuel feed stock and CCS.
UAE: Champion of Commercial Diplomacy
Its rigorous commercial diplomacy has successfully increased its exports in all the continents of the world. Its
industrial sector is robust and achieved high standard of productivity. Its SME sector is upbeat and progressive. Its
travel & tourism industry has comparative advantage and increase its contribution to GDP with every passing day.
United Arab Emirates is on the path of gradual decentralization into a federal-type governance structure, in the
form of seven entities, which has proven to be an ideal model for development and positive competition. Its
successive leaderships wisdom has built the solid foundation, on which the UAE’s success is based, empowered
further by a strong constitution. Now sky is not the limit, definitely Mars and beyond Mars is the new goal to be
achieved in the years to come for the United Arab Emirates.
UAE-Pakistan bilateral relations are strong, stable and sustained. Both countries value their strategic partnership
for achieving greater regional connectivity, socio-economic integration, high inflows of FDIs, initiation of various
joint ventures and above all further strengthening of military cooperation. Both countries have economic game
changers i.e. CPEC and EXPO-2020 owing to which both countries must study befitting propositions in the days to
come. Private companies of both the countries should focus on preferential areas for their further investments in
the future. Food security needs to be tapped in win-win proposition between UAE and Pakistan. Further
development of renewables has strategic orientation which must be jointly explored and tapped by both the
countries in the days to come. Masdar input and cooperation would be decisive in the further development of
energy cooperation between the two countries. UAE is the pioneer of medical diplomacy which has even
benefitted people of Pakistan by eradicating polio from Pakistan. The World Health Organization (WHO) has paid
tribute to the United Arab Emirates for its pivotal role to eliminate all cases of polio around the world and
especially in Pakistan.
In Pakistan the campaign across the high-risk districts, referred to as the Emirates Polio Campaign, was launched
under the directives from President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, and as part of an initiative of
His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme
Commander of UAE Armed Forces, to support Pakistan to eradicate the disease,” said the international
organisation. In the first five months of 2017 more than 10.5 million children received repeated doses of polio
drops in the campaigns supported by UAE PAP.
Now, UAE is the top 20 competitive economies in the world and Pakistan’s economy is also booming which must
have common points, policies, projects, programs for its convergence in various sectors of economy, education,
infrastructure, energy, agro-economy, civil aviation, banking, insurance and the last but not the least, construction.
UAE is the first country in the region to ratify WTO trade deal. Meanwhile, the UAE remains one of the world's top
trading economies, ranking 20th globally and first in the Middle East and Africa in commodity exports. It also
placed 19th internationally in commodity imports and led the Mena region in overall commodity trade, with
regional exports totalling $265 billion to account for 1.6 per cent of the worldwide total in 2015, according to WTO
figures. The Pakistani businessmen and investors must avail plan to get maximum advantage from UAE ratification
of the WTO in order to increase volumes of bilateral trade in the days to come.
Prospects are bright and opportunities are ample for the further strengthening of UAE-Pakistan bilateral relations.
Newly appointed UAE ambassador to Pakistan H.E. Hamad Obaid Ibrahim Salem Al-Zaabi has concrete plans for the
next ten years of mutual cooperation, trade and commerce, investments, and initiation of joint ventures which
need to be jointly explored and tapped.