There is a dire need for domestic and foreign investment to overcome the economic crisis that Pakistan is facing. In this regard, the agreement made yesterday is of great importance, under which the government of the United Arab Emirates will invest more than 3 billion dollars in Pakistan. The agreement was signed by Pakistan's Minister of Shipping Shahid Ashraf Tarar and Chairman of UAE Ports Sultan Ahmed under which both countries agreed to start railway, economic zone and infrastructure projects.

The agreement also includes setting up of freight redours, multi-modal logistics parks and freight terminals. The completion of these projects will improve the traffic situation in Karachi. Logistics costs will be reduced and relations between the two countries will be more stable in mutual interest. The assistance and cooperation of China and friendly Arab countries is valuable to overcome the difficult period of economic crisis that Pakistan is currently going through.

China is investing billions of dollars under CPEC and Arab countries are providing serious financial support.

This will help to accelerate the growth rate and eliminate unemployment in Pakistan.

Pakistan is saddled with billions of dollars in loans from the IMF and other international usurious institutions. Under the mandate obtained from the last elected parliament, the caretaker government is continuing its efforts in this regard, which have yielded positive results.

After the elections on February 8, the elected government will also play its role, which is expected to help Pakistan stand on its feet economically once again.

In addition to foreign investment, domestic investors should also play their role in this matter.

As a matter of fact, the positive results of the government's continuous efforts for economic recovery have started to emerge. The United Arab Emirates has signed memorandums of understanding to invest billions of dollars in various sectors including energy, port operation projects, waste water treatment, food security, logistics, mining, aviation and banking and financial services in Pakistan.

The most important developments were recorded at a ceremony held in Abu Dhabi few months back.  The United Arab Emirates will make a historic investment of 20 to 25 billion dollars in Pakistan, which will pave the way for economic recovery and stability in Pakistan.

The Caretaker Prime Minister has expressed the belief that the bilateral agreements between Pakistan and the UAE have ushered in a new era of regional stability and strategic cooperation. This will soon have a positive impact on the country's economy.

UAE President Sheikh Mohammed bin Zayed Al Nahyan has given a new dimension to bilateral relations by making the agreements possible.

The MoUs will help implement various economic initiatives in the country under the Special Investment Facilitation Council.

On the other hand, Kuwait is also keen to invest in Pakistan.Recently, 7 agreements and 3 memoranda of understanding were signed in various sectors including food security, agriculture, hydroelectric power and minerals. Mutual expression of the desire to transform them into partnership by highlighting the importance of historical fraternal relations.

 The most important chapter of the meeting is that the National Investment Facilitation Council has been trying to implement the set goals since its inception and the high-level visit to the UAE and Kuwait is a link in this regard. Its priority goals include agricultural and mineral development and adequate investment in these sectors to meet the challenges faced by electricity is the most urgent need of the hour.

Currently, around one lakh Pakistanis are working in various fields in Kuwait and are sending valuable foreign exchange to the dear country by working hard day and night. After the end of the Iraqi occupation of Kuwait, the engineers of the Pakistan Army played an important role in clearing the mines there.

Kuwait was one of the first countries to send aid after the 2005 earthquake. Kuwait is rich in natural oil and gas. Money is the country and its investment agreements with Pakistan will be milestones in the said visit of the caretaker prime minister, which must be followed with integrity. The agreement with Kuwaiti leaders to invest in energy and defense sectors in Pakistan is another important development that will stabilize the country's economic situation.

As a result of the government's actions, the decline in the value of the dollar, the recovery of the value of the rupee, the acceleration of the stock exchange business, the thought of getting rid of external debt and the reduction in the prices of petroleum products are positive developments, which help to control inflation and unemployment. The importance of internal and external investment in this regard cannot be denied. In Pakistan, a lot of capital is required for the restoration of decaying industries and for new projects, for which there is a need to give incentives to domestic investors in addition to the help of friendly countries. Caretaker government has done valuable work in this regard.

It is expected that the government coming after the general elections will not only carry forward this work but will take further steps in the light of the advice and suggestions of the public representatives, which will help the country's economy to stand on its feet once again.

Pakistan is rich in natural resources. The need is to implement them. The Special Investment Facility Council can play a revolutionary role in this regard.

Meanwhile, reports said that Saudi Arabia will invest dollars 25 billion in Pakistan during the next two to five years. There will also be an investment of 25 billion dollars from the Gulf countries. The government will also restore the privatization process.

The investment of 25 billion dollars by the Saudi government will be a major step towards the recovery of the country's economy and it will be the largest investment of the Saudi government so far. Although the caretaker prime minister did not identify Saudi Arabia's investment plans, Barrick Gold Corporation last month said it would welcome Saudi Arabia as Pakistan's partner in the Rekodic project.

Pakistan's mineral resources are worth $60 trillion, while Recodek believes it is among the world's largest reserves of copper and gold.

Published in The Daily National Courier, January, 22 2024

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