The Prime Minister Shahbaz Sharif Said that Qatar has expressed interest in setting up an IT park in Pakistan, while Saudi Arabia has also indicated the consumption of Pakistani workers in the same sector in his country.
Addressing the Federal Cabinet meeting on Monday evening, Prime Minister Shehbaz Sharif was talking about his recent visits to Saudi Arabia and Qatar.
He said that the Emir of Qatar expressed his desire to set up an IT park in Pakistan during a meeting with him.
He further said that during the meetings in Qatar, it was agreed between the two countries to speed up the implementation of the investment promise of three billion dollars in the past.
Prime Minister Shahbaz Sharif said that a delegation of Qatar Investment Authority is coming to Pakistan this month, while the chairman of the authority will come at the end of the month.
He further said that investment in information technology, mining and minerals sectors will be discussed with Qatar.
Prime Minister Shehbaz Sharif told the Federal Cabinet that Saudi Crown Prince Mohammed bin Salman pointed to the large number of jobs in the IT field in Saudi Arabia and said that Pakistan should send people to Saudi Arabia for this sector.
He said that in meetings with important government officials of Saudi Arabia, solar, minerals, mining, agriculture and other fields of cooperation were discussed.
He said that soon a Pakistani delegation will leave for Saudi Arabia for further evaluation of investment possibilities.
Shahbaz Sharif said that his visits to Saudi Arabia and Qatar were very successful.
He further informed the federal cabinet that a message has been received from Azerbaijan with the intention of proceeding with the MoUs for the investment of two billion dollars.
He said that ‘in the message received from Azerbaijan, we were told that they are ready and Pakistan should also prepare so that these agreements can be implemented.’
The Pakistani delegation led by Prime Minister Shehbaz Sharif returned home on November 1 after visiting Saudi Arabia and Qatar.
Federal Minister of Information Atta Tarar had told the media on November 1 that ‘during these visits, there were useful meetings between Pakistan and the important personalities of both countries and discussions and progress were made on investment in Pakistan.’
He had told that as a result of the meetings held during his visit to Saudi Arabia, Man Riaz also promised to increase the amount of investment in Pakistan.
Address to the Parliamentary Party of Muslim League-N
After the federal cabinet meeting, a meeting of the PML-N parliamentary party was held under the chairmanship of Prime Minister Shahbaz Sharif, in which Prime Minister Shahbaz Sharif said that a new chapter has been added to the Pakistan-Saudi investment partnership in the recent visit to Saudi Arabia. .
He said that in the Future Investment Initiative, a detailed discussion was held with the Saudi leadership, especially Crown Prince Muhammad bin Salman, in which the Saudi leadership assured all kinds of support for the stability and development of Pakistan’s economy.
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He said that the volume of Saudi Arabia’s recent investment in Pakistan will increase from 2.2 billion dollars to 2.8 billion dollars.
Referring to the visit to Qatar, he said that the Qatari leadership also assured the increase of investment in Pakistan and there was a detailed discussion on the implementation of three billion dollar projects.
“Qatar will invest in various sectors including aviation, hoteling, information technology and energy of Pakistan.”
The Prime Minister said that the government is taking steps on a priority basis to facilitate investment in Pakistan and increase foreign investment.
He said that the FBR has been asked to honor tax payers and crack down on non-payers, while action has been ordered against government officials aiding and abetting tax evasion.
In the meeting, the parliamentary party was also taken into confidence regarding the proposed legislation bill in the National Assembly.
He said that the State Bank has also reduced the interest rate by 250 points, bringing the interest rate from 17.5% to 15%, which will lead to increase in business activities, exports and employment opportunities in the country. .
He claimed that the rate of inflation has come down from 38 percent to seven percent, while national and international institutions are witnessing the stability of Pakistan’s economy.
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#Saudi #Arabia #Qatar #invest
**Interview with Dr. Faisal Khan, Expert on South Asian Economics**
**Interviewer:** Thank you for joining us today, Dr. Khan. Recent reports indicate that Pakistan’s Prime Minister Shehbaz Sharif has sought to strengthen economic ties with Saudi Arabia and Qatar. What prompted this strategic pivot?
**Dr. Khan:** Thank you for having me. Pakistan has faced numerous economic challenges, including high inflation and fiscal deficits. In this context, strengthening ties with resource-rich countries like Saudi Arabia and Qatar represents a strategic move to attract foreign investment and create job opportunities, particularly in sectors like information technology, which are essential for modern economic development.
**Interviewer:** That’s interesting. Prime Minister Sharif mentioned that Qatar is looking to set up an IT park in Pakistan. What impact do you see this having on the local economy?
**Dr. Khan:** Establishing an IT park can have substantial benefits for Pakistan. It not only creates jobs but also enhances skill development among the workforce. An IT park can attract both local and international companies, fostering innovation and technological advancement. Furthermore, it opens up opportunities for exports in the tech sector.
**Interviewer:** During his meetings, the Prime Minister also talked about sending Pakistani workers to Saudi Arabia for IT jobs. How significant is this for Pakistan?
**Dr. Khan:** It’s quite significant. Remittances from overseas workers form a crucial part of Pakistan’s economy. By aligning Pakistani talent with job vacancies in Saudi Arabia, the country can increase its remittance inflow while providing skilled workers with better employment opportunities abroad. This is a win-win situation.
**Interviewer:** The Prime Minister also mentioned an agreement for a $3 billion investment from Qatar. What sectors might this investment focus on?
**Dr. Khan:** Based on recent discussions, the investment is likely to focus on information technology, mining, and minerals. These sectors are vital for Pakistan’s growth and can significantly enhance the country’s industrial base. If properly managed, this investment can also lead to larger bilateral trade relations in the future.
**Interviewer:** What do you think is the longer-term implication of these strengthened ties for Pakistan?
**Dr. Khan:** Strengthened ties with Gulf nations could diversify Pakistan’s economic partnerships and reduce its reliance on traditional allies. By fostering these relationships, Pakistan could stabilize its economy, improve job creation, and emerge as an attractive destination for further foreign investments. It’s a step towards long-term economic resilience.
**Interviewer:** Thank you, Dr. Khan, for your insights into this crucial development for Pakistan.
**Dr. Khan:** My pleasure. Thank you for having me!