ISLAMABAD: Prime Minister Shehbaz Sharif on Monday informed cabinet members that Qatar and Azerbaijan will invest $5 billion in the country’s various sectors.

Addressing a federal cabinet meeting, the prime minister said he has held very productive meetings with leaders of Saudi Arabia and Qatar in which different subjects like solar energy, mines, minerals and IT sectors were discussed.

He said a delegation of Qatar Investment Autho­rity would soon visit Pakistan as Qatar has announced it will invest $3 billion.

Mr Sharif said that Saudi Crown Prince Mohammed bin Salman during a meeting told him there were immense opportunities for IT-trained workers and asked him to send skilled people from Pakistan to Saudi Arabia as they required IT experts.

Says Saudi Arabia needs IT experts

The emir of Qatar has also hinted at setting up an IT park in Pakistan, the prime minister said.

Mr Sharif also briefed the cabinet about trade relations with Azerbaijan and said the two countries had agreed to enhance investment to $2bn in diverse sectors.

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He said an understanding between the two countries was reached during a visit of Azerbaijan President Ilham Aliyev in the shape of signing of agreements and memorandums of understanding.

During the meeting, the PML-N Parliamentary Party was also taken into confidence over economic stability in the country and the inflow of foreign investment.

The prime minister said that the State Bank of Pakistan has reduced the policy rate by 250 basis points and with its reduction, the interest rate has been brought down to 15 per cent from 17.5pc, adding that it would increase business activities, boost exports and generate employment opportunities.

Due to the government’s efforts, he claimed, inflation has been reduced from 38pc to 7pc and that all national and international institutions are projecting economic stability in the country.

The prime minister said that the evil machinations of those who were out to create chaos and pushed the country to verge of default have been foiled.

Mr Sharif lauded members of parliament belonging to PML-N for sacrificing their politics for the sake of country.

He said during his recent visit to Saudi Arabia, a new chapter of economic partnership between the two countries has opened.

During participation in the Future Investment Initiative, the prime minister said he held detailed talks with Saudi Crown Prince Mohammed bin Salman, who assured allout support for Pakistan’s economic stability and development.

He said the volume of Saudi Arabia’s investment would increase from $2.2 billion to $2.8bn.

Published in Dawn, November 5th, 2024