Prime Minister Shehbaz Sharif has informed the federal cabinet that Qatar and Azerbaijan have pledged a combined investment of $5 billion across Pakistan’s energy, minerals, and IT sectors. This announcement came during a cabinet meeting where the Prime Minister outlined productive meetings with leaders from Saudi Arabia and Qatar, discussing collaboration in solar energy, mining, and IT.
Qatar’s Investment
The Prime Minister shared that the Qatar Investment Authority (QIA) is set to inject $3 billion into Pakistan. A delegation from QIA is expected to visit Pakistan soon to finalize the details of this investment. Additionally, Qatar’s Emir has indicated plans to establish an IT park in Pakistan, which will strengthen digital collaboration between the two nations.
Saudi Arabia’s Interest
Furthering the development agenda, Prime Minister Shehbaz mentioned that Saudi Crown Prince Mohammed bin Salman expressed interest in recruiting IT-skilled workers from Pakistan. This highlights the growing demand for tech professionals in Saudi Arabia and opens new opportunities for Pakistani talent.
Azerbaijan’s Commitment
On relations with Azerbaijan, PM Shehbaz shared that recent agreements with President Ilham Aliyev’s administration aim to boost bilateral investment to $2 billion across diverse sectors. These commitments follow agreements and Memorandums of Understanding (MoUs) signed during President Aliyev’s visit.
Economic Improvements
The Prime Minister also briefed the cabinet on recent economic improvements, citing the 250-basis-point policy rate cut by the State Bank of Pakistan, which lowers the interest rate to 15 percent. He expects this reduction to stimulate business, bolster exports, and create jobs.
Anti-Inflation Efforts
Highlighting the government’s anti-inflation efforts, PM Shehbaz claimed that inflation has dropped from 38% to 7%, pointing to renewed economic stability. He commended the PML-N Parliamentary Party for prioritizing national interests over politics, attributing the stabilization to the party’s dedication and efforts to thwart destabilizing forces.
Also Read: Pakistan’s Inflation Rate: October 2024 Update
PM’s Visit to Saudi Arabia
Reflecting on his recent visit to Saudi Arabia, PM Shehbaz participated in the Future Investment Initiative and held substantial talks with Crown Prince Mohammed bin Salman. The discussions opened new avenues for economic collaboration, with Saudi investments expected to rise from $2.2 billion to $2.8 billion, signaling strengthened ties and continued support for Pakistan’s economic growth.
Conclusion
The pledges from Qatar and Azerbaijan, along with the positive outcomes from Saudi Arabia, mark significant steps towards economic growth and stability in Pakistan. These investments and collaborations are expected to boost various sectors, create job opportunities, and enhance bilateral relations.