Pakistan signs MoUs to attract ‘multibillion-dollar investment’ from Kuwait

Pakistan signs MoUs to attract multibillion dollar investment is good sign for pakistan economy. Signing comes as caretaker Prime Minister Anwaar-ul-Haq Kakar is on two-day visit to Gulf state

Pakistan signs MoUs to attract ‘multibillion-dollar investment’ from Kuwait
Caretaker Prime Minister Anwaar-ul-Haq Kakar (centre) along with Pakistani and Kuwaiti officials in Qatar during the signing of MoUs

Pakistan signs MoUs which comes during PM’s two-day Kuwait visit.

On Wednesday, Pakistan inked a series of memorandums of understanding (MoUs) with Kuwait, marking a significant step towards attracting substantial investments from the Gulf nation. The agreement transpired during the two-day visit of caretaker Prime Minister Anwaar-ul-Haq Kakar to Kuwait, where both nations expressed their commitment to fortify bilateral and economic relations. This development follows Pakistan’s recent MoU signings with the UAE, showcasing the nation’s concerted efforts to secure foreign investments amid a challenging economic climate.

Pakistan is grappling with a precarious economic situation, characterized by a swift depletion of foreign reserves and diminished inflows from international investors. Analysts predict a further decline in the Pakistani rupee, potentially reaching 350 by the close of 2024, making it the worst-performing currency of the year. The country narrowly avoided default last year through a short-term bailout approved by the International Monetary Fund (IMF), accompanied by stringent conditions. The resultant structural reforms led to increased prices in gas, energy, and petrol, contributing to inflation.

During the visit, Prime Minister Anwaar-ul-Haq Kakar and Kuwait’s First Deputy Prime Minister and Minister for Interior Sheikh Talal Al-Khaled Al-Ahmad Al Sabah emphasized the historical brotherly ties between their nations. The leaders expressed a shared commitment to elevate these fraternal relations into a mutually beneficial economic partnership. The Chief of Army Staff General Asim Munir was also in attendance during the meeting.

The signing ceremony witnessed the execution of seven agreements aimed at attracting multi-billion dollar investments from Kuwait across various sectors in Pakistan. These sectors include food security, agriculture, hydel power, water supplies, the establishment of a mining fund to support the mineral industry, technology zones development, and mangrove preservation. Additionally, three MoUs in the domains of culture and art, environment, and sustainable development were formalized.

Leaders from both nations expressed satisfaction with the current trajectory of their relations and pledged to maintain close communication, taking swift steps to further enhance and deepen the ties between Pakistan and Kuwait. The caretaker prime minister lauded these agreements as another significant achievement facilitated by the Special Investment Facilitation Council (SIFC) platform.

In conclusion, these developments underscore Pakistan’s proactive approach in securing foreign investments to address its economic challenges, with the agreements with Kuwait representing a noteworthy milestone in this pursuit. Prime Minister Anwaar-ul-Haq Kakar also extended prayers for the good health of Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, the Emir of Kuwait.