ISLAMABAD: On Friday, Attaullah Tarar, the Federal Minister for Information, Broadcasting, National Heritage, and Culture, announced that Qatar would invest $3 billion in a variety of industries. He also claimed that the funding would have a big effect on the country’s economy and eventually help the general public.
Speaking during a press conference showcasing Prime Minister Shehbaz Sharif’s trips to Saudi Arabia and Qatar, the minister revealed that a group from Qatar would soon go to Pakistan to fulfill the investment commitment.
He added that inflation has dropped to 6.9% and that Pakistan’s economy is headed toward stabilization.
Remittances to the nation have reached all-time highs, interest rates have dropped, and investment is rising.
After 24 years, he noted, Pakistan has attained a fiscal surplus.
During the successful visit of a high-level Saudi delegation, headed by Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Falih, a few weeks ago, Mr. Tarar recalled signing 27 Memorandums of Understanding (MoUs) with an estimated $2.2 billion in investment. The visit included productive business-to-business and government-to-government meetings.
Following that visit, the prime minister met with Saudi Crown Prince Mohammed bin Salman on the fringes of the Future Investment Initiative’s ninth session in Riyadh, among other highly fruitful talks, he said.
According to Mr. Tarar, both parties reaffirmed their commitment to deepening their bilateral ties and boosting investment and commerce in Pakistan during the meeting.
He noted that Saudi Arabia’s kindness to Pakistani pilgrims during Umrah and Haj was a testament to the two nations’ decades-long people-to-people connections.
According to him, the prime minister commended Saudi Arabia for hosting Pakistani pilgrims and for its pivotal role in Pakistan’s agreement with the IMF.
The minister said that delegation-level discussions during the visit resulted in an increase in the number of recently signed Memorandums of Understanding from 27 to 34, as well as an increase in the amount of investment to $2.8 billion.
“We believe this is a major step towards attracting foreign investment in the mining, energy, agriculture, livestock, IT, and human resource development sectors of economy,” the minister said, adding that he anticipated the additional $600 million investment will boost the economy.
Regarding the PM’s travel to Qatar, he stated that it was crucial for the two nations’ relationship.
According to the information minister, an exhibition honoring Pakistani art from 1947 to the present was held in Qatar. Renowned painters and artists, including acclaimed architect Nayar Ali Dada, were on display.
The cordial welcome Prime Minister Shehbaz received during his visit further highlighted the relationship between him and the Qatari emir.
When asked about Khyber Pakhtunkhwa’s performance in the areas of infrastructure, health, and other areas, Mr. Tarar accused them of having a “non-serious” government and cited their “misadventures” from the past.
He claimed that the public would eventually hold the KP administration responsible for its lack of public service projects.
He claimed that the chief minister of KP lacked the necessary skills to manage provincial issues. “The government has a responsibility to eradicate terrorism, and we are dedicated to doing so,” he said.
