ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar is expected to sign seven memoranda of understanding (MoUs) worth $10 billion in an upcoming visit to Kuwait, after a federal cabinet meeting on Friday sanctioned the proposed projects to bring investment to Pakistan from the Gulf state.
Faced with tough financial circumstances, Pakistan established the Special Investment Facilitation Council (SIFC) – a civil-military hybrid forum – in July this year to fast-track decision-making and promote investment from foreign nations, particularly from the Gulf region.
The SIFC identified agriculture, mining, information technology, defense production and energy sectors where it decided to invite foreign investment.
“A meeting of the interim federal cabinet was held in Islamabad today, which was chaired by Caretaker Prime Minister Anwaar-ul-Haq Kakar,” Pakistan Television (PTV), a state-owned news channel, announced in a social media post. “The Cabinet approved seven MoUs for investment between Pakistan and Kuwait, which will be signed during the prime minister’s visit to Kuwait.”
The post did not specify the exact dates of the visit.
“As a result of the efforts of the SIFC, Kuwait will sign MoUs for investment of $10 billion in seven projects in different Pakistani sectors,” it continued.
These projects include the expansion of water reservoirs, mining facilities, protection and expansion of mangrove forests for coastal areas, investment projects in the information technology sector and food security projects.
Pakistan and Kuwait share a relationship that extends beyond diplomatic ties and is rooted in cultural and faith-based values.
The economic dimension of this relationship is gradually becoming significant, with the current level of Kuwaiti exports to Pakistan around $750 million and Pakistani exports to Kuwait approximately $50 million.
The two countries are working to further expand their mutual trade, aiming to reach $1 billion annually within the next two to three years.
Pakistan also sent doctors, nurses and technicians to aid Kuwait during the COVID-19 pandemic in a display of the cooperative spirit between the two nations.
Kuwait has provided aid to Pakistan during natural disasters like earthquakes and floods.
