Qatar aims to invest $3 billion in Pakistan

Pakistan Prime Minister Shehbaz Sharif meets Qatar Emir Sheikh Tamim bin Hamad Al Thani in Doha on August 24, 2022.
Image Credit: PID

Islamabad: Pakistani Prime Minister Shehbaz Sharif invited Qatari investors to explore the opportunities in the China-Pakistan Economic Corridor (CPEC) aimed at promoting regional connectivity and mutual prosperity. During his interaction with Qatari officials, he also invited Qatar to invest in Pakistan’s energy, aviation, agriculture and livestock, maritime, tourism and hospitality sectors.

On Wednesday, Qatar’s sovereign wealth fund said it plans to invest $3 billion in key sectors of Pakistan’s economy to extend support to Pakistan. “The Qatar Investment Authority (QIA) announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” the Emiri Diwan said.

The announcement was made during a two-day official visit to Doha by Pakistan Prime Minister Shehbaz Sharif, who held talks with Qatari Emir Sheikh Tamim bin Hamad Al Thani on Wednesday after a meeting with the QIA.

Ahead of the prime minister’s official visit to Doha, Pakistan’s state bank said that the country has successfully secured $4 billion in funds from friendly countries including Qatar, Saudi Arabia, and UAE, which would help ease the country’s financial crisis and help revive the $6 billion stalled International Monetary Fund (IMF) programme. The funds are expected over twelve months.

Pakistan-Qatar trade and investments

During PM Sharif’s visit, Islamabad and Doha agreed to promote cooperation in different sectors. The leaders of the two countries discussed bilateral ties and ways to further strengthen the cooperation between Pakistan and Qatar. Pakistani prime minister had a busy day in Doha where he also met the Qatari Prime Minister Sheikh Khalid bin Khalifa bin Abdul Aziz Al Thani and also attended the Pakistan-Qatar trade and investment roundtable conference. PM Sharif invited Qatar Investment Authority chief Mansoor bin Ebrahim Al Mahmoud and its Asia-Pacific and Africa investments chief Sheikh Faisal Thani Al Thani to visit Pakistan at their earliest convenience.

Qatar is home to more than 200,000 Pakistani nationals who have been contributing to the progress, prosperity and economic development of the two countries.

Pakistan is reportedly seeking a deferred payment plan for liquefied natural gas (LNG) from Qatar. Pakistan’s federal cabinet has also approved a draft agreement allowing the Pakistan Army to provide security at the FIFA soccer World Cup 2022 in Qatar. Doha has also shown interest in airport management partnership and the Roosevelt Hotel in New York’s Manhattan owned by Pakistan International Airlines (PIA), Reuters reported. Pakistan has reportedly offered Qatar a 25% stake in the hotel.

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