Daily Times

Pakistan’s Deputy Prime Minister Ishaq Dar this week directed authorities to finalize selected proposals to bolster trade and investment with “friendly countries,” state-run media reported.

Islamabad has increasingly eyed foreign trade and investment that benefits its priority sectors in a bid to bolster its fragile $350 billion economy.

It formed the Special Investment Facilitation Council (SIFC) government body in 2023 to attract foreign investment in agriculture, livestock, mining and minerals, energy, tourism and other sectors from China, Saudi Arabia, the United Arab Emirates, Central Asian countries and other Gulf states.

“Deputy Prime Minister/Foreign Minister (DPM/FM) Senator Mohammad Ishaq Dar on Thursday directed that selected proposals should be finalized, reaffirming Pakistan’s priority to bolster economic, trade, and investment ties with friendly countries,” state-run Associated Press of Pakistan (APP) reported.

Dar issued the instructions while chairing the fourth inter-ministerial meeting on Pakistan’s investment project proposals with friendly countries, APP said.

“During the meeting, the committee reviewed briefs on potential investments in key sectors, including infrastructure, petroleum, trade, and information technology (IT),” the state-run media said.

Saudi Arabia is one of the countries Pakistan has aggressively pushed to forge closer business and investment deals with in recent months.

The two countries signed 34 business agreements last year for a whopping $2.8 billion. Sharif’s office said seven out of 34 MoUs signed with Saudi Arabia had been actualized into agreements worth $560 million.

In April 2024, the Kingdom also pledged to expedite a $5 billion investment portfolio for Islamabad.

Pakistan hopes foreign trade and investment deals with allies will help shore its foreign reserves and strengthen its fiscal position weakened considerably by a prolonged macroeconomic crisis.