ISLAMABAD: Prime Minister Shehbaz Sharif arrived in Qatar on Monday for a two-day visit to the country during which both sides will explore new avenues of cooperation in trade, investment, energy and manpower export, Sharif’s office and the Pakistani foreign ministry said.
Sharif is visiting Qatar at the invitation of Qatari emir Sheikh Tamim bin Hamad Al-Thani. The Pakistani premier is accompanied by Deputy Prime Minister and Foreign Minister Ishaq Dar as well as other ministers and senior officials.
Upon his arrival at King Hamad International Airport, Sharif was received by Qatar’s Minister of State for Foreign Affairs Dr. Muhammad bin Abdulaziz Al-Khulaifi, Pakistan’s Ambassador to Qatar Muhammad Amir and other officials, according to Sharif’s office.
“During his visit to Qatar, the Prime Minister will hold bilateral meeting with Emir of Qatar Sheikh Tamim bin Hamad Al-Thani to discuss ways to enhance cooperation in economic cooperation, energy partnership, and people-to-people exchanges,” Sharif’s office said.
“The two sides will also discuss ways to further enhance cooperation in the areas of trade, investment, energy, infrastructure development, and export of manpower.”
The Pakistani foreign office earlier said Sharif’s visit will provide both leaderships an opportunity to exchange views on regional and global developments, reaffirming their resolve to work closely for peace, stability and prosperity in the region.
Pakistan enjoys robust trade and investment relations with Qatar. In 2022, the Qatari amir’s office said that the Qatar Investment Authority aims to invest $3 billion in Pakistan to support the South Asian nation’s cash-strapped economy. This investment would focus on Pakistan’s transport, civil aviation, education, health, culture, media, communications, information technology and labor sectors, the amir’s office said.
Qatar is also host to almost 300,000 Pakistanis, which is a large part of the country’s total population, according to Pakistan’s foreign office. Qatar employs a large number of Pakistanis in the health, education, engineering, finance and public service sectors.
A large number of semi-skilled and unskilled Pakistani work force also dominate the construction and transport sectors of Qatar. Pakistan’s efforts to expand employment opportunities for its skilled labor in Qatar have led to both sides signing several memoranda of understanding and letters of intent over the years.
The two nations also promote bilateral cooperation through several forums such as the Bilateral Political Consultations (BPC), Joint Ministerial Commission, Joint Business Council and Working Group on Trade & Investment.
Qatar was also instrumental in easing tensions by hosting talks between Pakistan and Afghanistan in October last year, after both sides were involved in fierce border clashes that killed several and wounded dozens.
Pakistan PM in Qatar to explore trade, investment, energy cooperation
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Pakistan PM in Qatar to explore trade, investment, energy cooperation
- Prime Minister Shehbaz Sharif will hold bilateral meeting with Emir of Qatar Sheikh Tamim bin Hamad Al-Thani
- The visit provides both sides an opportunity to exchange views on regional, global developments, Islamabad says
79 foreign firms, including Middle Eastern investors, enter Pakistan in three years — SECP
- Foreign firms invested about $145 million across energy, logistics, IT and agriculture
- Pakistani regulator says 19 companies exited market over the same three-year period
KARACHI: Middle Eastern energy and logistics companies including Saudi Aramco, Wafi Energy and DP World expanded their footprint in Pakistan, as 79 new foreign firms commenced operations in the country over the past three years, according to an official statement released on Tuesday.
The figures come as Pakistan seeks to rebuild investor confidence and attract foreign capital to shore up its economy after years of financial turbulence that saw foreign currency reserves shrink, the rupee weaken sharply and inflation surge. Islamabad has been pursuing structural reforms and courting overseas partners to stabilize growth and ease external financing pressures.
“79 new foreign companies commenced operations in Pakistan over the past three years, while foreign firms invested Rs 40.7 billion [$145 million] in key sectors during the same period,” the Securities and Exchange of Pakistan (SECP) said in a statement.
“A total of 61 foreign companies also carried out shareholding transactions involving local entities,” it added. “Of the 61 shareholding transactions, 29 involved transfers to other foreign companies, four to foreign individual investors, 20 to local individual investors, and eight to local corporate entities.”
According to the regulator, several transactions were linked to global corporate restructuring among multinational companies. Saudi Arabia’s Wafi Energy acquired Shell Pakistan’s operations, while Dubai-based PTA Global Holdings secured a majority stake in Lotte Chemical Pakistan.
Saudi Aramco purchased a 40 percent equity stake in Gas & Oil Pakistan Limited, and Switzerland’s Gunvor Group alongside Total Parco Limited acquired equal stakes in TotalEnergies Pakistan.
In logistics, UAE-based DP World entered into a joint venture with Pakistan’s National Logistics Corporation, while investments in the technology and telecommunications sectors included acquisitions and stake purchases involving regional and international firms.
The statement said 1,157 foreign companies are currently registered and operational in Pakistan, with 19 exits recorded over the past three years.
