Qatar announces investment of $3 billion in Pakistan
Qatar and Pakistan already have cordial relations. Both are Muslim countries and have been on the same page on the matters pertaining to regional and global affairs. A sizeable Pakistani community live in Qatar and sends remittances to their home country Pakistan.
Both countries enjoy relations on the diplomatic front as well. Pakistan also exports goods to Qatar that include rice, leather, textile, rags, cotton, yarn, meat, etc whereas the country imports petroleum, organic chemicals from the Middle Eastern country. However, with the latest visit of Emir of Qatar to Pakistan, the relations between the two countries will touch the new heights of bilateral trade and investment.
Qatar announces the investment of
$3 billion in Pakistan
Qatar’s Foreign Office says that upon the directives of HH the Amir, the Deputy Prime Minister and Minister of Foreign Affairs announces of new investments in the form of deposits and direct investments worth a total of $3 billion in the Islamic Republic of Pakistan.
The announcement was made following the two days visit of Emir of Qatar to Pakistan. Prime Minister Imran Khan himself received the guest and a one-on-one meeting was also held between the two leaders on Saturday.
SAPM Dr Hafeez Sheikh appreciates the announcement
The Adviser to Prime Minister on Financial Affairs Dr Abdul Hafeez Shaikh issued a statement through his Twitter account in which he thanked the Emir of Qatar Sheikh Tamim Bin Hamad Al Thani for announcing the deposits and direct investment for Pakistan.
Want to thank the Emir of Qatar HRH Sheikh Tamim Bin Hamad Al Thani for announcing US $3 Billion in #deposits and direct #investments for #Pakistan and for #Qatar’s affirmation to further develop relations between the two countries.
— Dr. Abdul Hafeez Shaikh (@a_hafeezshaikh) June 24, 2019
A ceremony was held on Saturday in which three memorandums of understanding were signed between the two countries.
Joint Working Group on trade and investment
MoU on the establishment of Pakistan and Qatar JWG on trade and investment signed by the Qatar Finance Minister Ali Sharif Al Emadi and Advisor on Commerce Abdul Razzak Dawood.
Cooperation in Tourism and business
MoU for cooperation in the field of tourism and business events between the two countries was signed by the Secretary-General of Qatar National Tourism Council and Inter-provincial Coordination Minister Dr.Fehmida Mirza.
Exchange of Financial Intelligence
MoU on the cooperation in the field of exchanging financial intelligence related to the money laundering associated offences and terror financing was also signed. This was signed by the Head of Qatar Financial Information Unit Sheikh Ahmed bin Eid Al Thani and DG Financial Monitoring Unit Muneer Ahmed.
Deputy Prime Minister and Minister of Foreign Affairs: "The Qatari-Pakistani economic partnership will amount to $9 billion. Qatar affirms its aspiration for further development in the relations between the two countries at all political, economic, sports and cultural levels."
— Qatar News Agency (@QNAEnglish) June 24, 2019
Emir of Qatar came to the visit of Pakistan after a long break of 4 years. His last visit to Pakistan was in 2015. Pakistani businessmen and professionals are already contributing to the medical, banking and construction sector of Qatar. Despite geographical blockade by Saudi Arabia, both the countries have managed to maintain the brotherly ties.
What do you think of Pakistan-Qatar bilateral relations after the major announcement of investment by Qatar? Please share your thoughts in the comment section below