Qatar Investment Authority plans to invest $3 bln in Pakistan

Doha: The Qatar Investment Authority (QIA) aims to invest $3 billion in Pakistan, Qatar’s Emiri Diwan said on Wednesday.

Pakistan is in economic turmoil and faces a balance of payments crisis, with foreign reserves having dropped as low as $7.8bn, barely enough for more than a month of imports.

The country is also contending with a widening current account deficit, depreciation of the rupee against the US dollar and inflation that hit more than 24 per cent in July.

“The Qatar Investment Authority announced its aspiration to invest $3bn in various commercial and investment sectors in the Islamic Republic of Pakistan,” the Emiri Diwan said, without giving details.

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

“His Highness stressed the importance of the brotherly and strategic relations between the two countries and their aspiration to enhance economic partnership by raising trade exchange and promoting investments through the Qatar Investment Authority,” the Emiri Diwan said.

The prime minister’s visit to Qatar precedes an International Monetary Fund meeting next week that is expected to approve more than $1bn in financing that has been stalled since the beginning of the year.

PM Shehbaz on Tuesday invited QIA, Qatar’s $450bn sovereign wealth fund, to invest in Pakistan’s energy and aviation sectors.

He had previously said he would highlight sectors including renewable energy, food security, industrial and infrastructure development, tourism and hospitality.

-- PM meets with Qatari businessmen -- 

Prime Minister Muhammad Shehbaz Sharif met with a delegation of Qatar Business Association (QBA), led by QBA’s Chairman, H.E. Sheikh Faisal Bin Qassim Al-Thani, in Doha today.

During the meeting, key members of the Cabinet and senior officials were present. From QBA side, leading Qatari business and corporate executives joined the Chairman, QBA.
The Prime Minister reiterated that Pakistan attached high importance to its long-standing fraternal ties with Qatar, rooted deep in common history and shared aspirations for socio-economic development.

The Prime Minister reaffirmed the Government’s commitment to deepen and diversify multifaceted engagement with Qatar in order to transform the two countries’ close political relations into a robust and comprehensive economic partnership. 

Lauding Qatar’s rapid economic growth and development under the visionary leadership of the Amir of Qatar, the Prime Minister appreciated the role played by the Qatar Business Association in invigorating Qatar’s private sector.

Emphasizing the importance of building diverse economic partnerships, the Prime Minister highlighted the enormous business and investment opportunities offered by Pakistan’s energy including renewables, food security, industrial and infrastructure development, information technology, tourism, and hospitality sectors. 

The Prime Minister also apprised Qatari business leaders of the rigorous structural and policy reforms being undertaken by the Government of Pakistan to improve and upgrade the business eco-system in Pakistan. 

Sheikh Faisal Bin Qassim Al-Thani recalled his longstanding association with Pakistan and expressed the Association’s desire to further enhance trade relations with Pakistan. In this regard, he apprised the Prime Minister that he would send a representative technical level delegation of QBA to Pakistan soon to explore the avenues of cooperation.

He also accepted the Prime Minister’s invitation to visit Pakistan along with senior members of the Association.

Commenting on the upward trajectory in Pakistan-Qatar bilateral relations,  the Prime Minister underlined the key role of private sectors of the two countries to sustain the momentum for availing the opportunities in the business domain. He in particular stressed on building business to business linkages between the two countries.