ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Tuesday reviewed progress on various investment deals signed with the Gulf countries last year and asked authorities to have feasibility study conducted of lucrative projects, Sharif’s office said.
The statement came after a meeting presided over by PM Sharif in Islamabad, at which officials discussed solar energy projects of Muzaffargarh, Layyah and Jhang, Reko Diq-Gwadar railway line, Chiniot iron ore project, Thar coal power project and the dredging of Gwadar Port in the country’s southwest for big ships to anchor there.
Officials briefed the participants that major investment was expected from the Gulf countries in energy, especially renewable energy, oil refining, mining, food security, banking and financial services, logistics, water supply and waste management sectors, according to the PM office.
The participants reviewed progress on agreements and memorandums of understanding (MoUs) signed with the Gulf countries last year under the auspices of the Special Investment Facilitation Council (SIFC).
“Promotion of foreign investment is our first priority to turn challenges into opportunities. The establishment of the Special Investment Facilitation Council has helped restore investor confidence,” Sharif was quoted as saying by his office.
“Feasibility study should be conducted of projects that have the potential to attract investors and experts of international repute should be hired in this regard. There should be no compromise on the quality of the projects presented for [foreign] investment.”
Pakistan is currently navigating a tricky path to economic recovery after it narrowly escaped a default last year, thanks to a last-gasp $3-billion International Monetary Fund (IMF) loan program that expires this month.
In June last year, the South Asian country set up the SIFC, which also includes its army chief, with the sole purpose of reviving the frail economy, dented by low foreign exchange reserves, currency depreciation and record inflation. In the subsequent months, Pakistan signed a number of bilateral agreements with brotherly countries in the Middle East during high-level engagements by caretaker PM Anwar-ul-Haq Kakar and Army Chief General Asim Munir.
In Tuesday’s meeting, PM Sharif directed all ministries to further improve their contacts with the Gulf countries with regard to progress on their respective agreements.
All necessary requirements regarding investment in the above-mentioned projects be fulfilled, he added.
