Pakistan is grappling with a severe economic crisis, demanding urgent domestic and foreign investment. A significant stride in this direction was made with a crucial agreement signed recently. The Unite Arab Emirates government has committed to investing over 3 billion dollars in Pakistan, marking a pivotal development. The agreement, inked by Pakistan’s Minister of Shipping Shahid Ashraf Tarar and UAE Ports Chairman Sultan Ahmed, outlines plans for joint ventures in railways, economic zones and infrastructure projects.
The collaborative initiative encompasses the establishment of freight corridors, multi-modal logistics parks and freight terminals. These projects aim to alleviate traffic congestion in Karachi, trim logistics costs and strengthen diplomatic ties between the two nations. The support and collaboration of China and friendly Arab nations are proving instrumental in navigating Pakistan through its economic challenges. Substantial investments through CPEC and financial assistance from Arab allies are anticipated to spur economic growth and address unemployment.
It seems that the caretaker government is making positive strides. The upcoming elections are expected to usher in an elected government that will play a pivotal role in steering Pakistan towards economic stability. In tandem with foreign investment, a call is extended to domestic investors to actively engage in this transformative endeavour.
Published in The Express Tribune, January 22nd, 2024.
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