Qatar to invest $3bn in Pakistan: Tarar

ISLAMABAD: Federal Minister for Information, Broadcasting, National Heritage and Culture Attaullah Tarar said on Friday Qatar would invest $3 billion in diverse sectors, adding that the financing would have a significant impact on the national economy and ultimately benefit the masses.

A delegation from Qatar would soon visit Pakistan to materialise the investment pledge, the minister disclosed while addressing a news conference highlighting Prime Minister Shehbaz Sharif’s visits to Saudi Arabia and Qatar.

He said Pakistan’s economy is on the path to stabilisation, adding that inflation has come down to 6.9 per cent.

The country has received record remittances, while the interest rate has been reduced and the investment flow is increasing.

He pointed out that Pakistan had achieved a fiscal surplus after 24 years.

Mr Tarar recalled signing of 27 MoUs, envisaging $2.2bn worth of investment, during the successful visit of a high-level Saudi delegation, led by Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Falih, a few weeks ago which included fruitful government-to-government and business-to-business meetings.

In a follow-up to that visit, the prime minister had very productive discussions in Saudi Arabia including his meeting with Saudi Crown Prince Mohammed bin Salman on the sidelines of the eighth session of the Future Investment Initiative in Riyadh, he noted.

Mr Tarar said that during the meeting, both sides reiterated their resolve to further strengthen bilateral relations and enhance trade with and investment in Pakistan.

Both countries have longstanding people-to-people ties which spanned over decades, he said, lauding the hospitality extended by Saudi Arabia to Pakistani pilgrims during Umrah and Haj.

He said the prime minister thanked Saudi Arabia for the crucial role it played for Pakistan’s deal with IMF and for hosting Pakistani pilgrims.

During the visit, the minister said, delegation-level talks were also held that led to increase in the number of recently-concluded MoUs from 27 to 34, while volume of investment also went up to $2.8bn.

The minister hoped that an additional investment of $600 million would have a positive impact on economy, and “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”.

As regards the PM’s visit to Qatar, he said this has great importance for relations between the two countries.

The information minister said Qatar hosted an exhibition celebrating Pakistani artwork from 1947 to the present. The exhibition featured renowned artists and painters, including the accla­imed architect Nayar Ali Dada.

The relationship between Prime Minister Shehbaz and the Qatari emir was further emphasised by the warm reception he received during his visit.

In reply to a question, Mr Tarar alleged that Khyber Pakhtunkhwa had a ‘non-serious’ government, pointing out their ‘misadventures’ of the past, and asked about their performance in health, infrastructure and other sectors.

He said the KP government had not taken any public service initiatives, for which the masses would soon hold them accountable.

He said the KP chief minister was not qualified to run the provincial affairs. “Eradication of terrorism is the responsibility of the government, and we are committed to eradicating terrorism,” he remarked.