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Monday, December 4, 2023

Saudis, UAE keen to invest in Pakistan: Musadiq


Minister of State for Petroleum Dr. Musadiq Malik said on Sunday that the Kingdom of Saudi Arabia and the United Arab Emirates have shown strong interest in Pakistan’s information technology, agriculture and mining sectors.

Saudi Arabia plans to secure $24 billion for investment purposes, while the UAE has allocated $22 billion to explore opportunities in three areas in Pakistan, he said in an interview with a private TV channel.

He added that heavy investment in Pakistan’s three major industries will provide many employment opportunities for young people. He said that our young people are equipped with advanced technology and are fully capable of demonstrating their skills to the world. ‘We want to bring business opportunities to the country,’ he said. He said the government recently set up a “single window” operation committee to facilitate investors. When talking about Sharif’s arrival in Pakistan, he said that after the Pakistan Election Commission announced the date, Sharif will come to Pakistan to lead the campaign. He said the current government’s term ends in mid-August and the Conservative Party will invite the European Communist Party to announce a timetable for general elections.

He said the European Communist Party had a responsibility to conduct the next elections in a transparent manner. He said the Muslim League-Sharif faction under Nawaz Sharif would win the general election. Asked about the country’s next leadership role, he said the PML-N will decide on the leadership role. On the question about providing relief to the poor, he said despite the economic challenges, the government provided maximum relief to employees and pensioners apart from private sector workers. He said that regarding the load shedding of gas and electricity, we have issued instructions to relevant departments to ensure energy supply during breakfast, lunch and dinner. Discussions have been held with Azerbaijan about supplying Pakistan with LNG cargoes by next winter, he said. Asked about the IMF, he said nine-month relief had been provided through an agreement to properly manage economic affairs. He hoped that the massive investment in the Gulf would boost business activity in addition to providing jobs in Pakistan.


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