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Wednesday, April 17, 2024  
08 Shawwal 1445  

Cabinet approves $10b investment from Kuwait in Pakistan

PM Kakar to sign MoUs during his visit to Kuwait
Caretaker Prime Minister Anwaarul Haq Kakar presides over the cabinet meeting in Islamabad on November 24, 2023. Photo via X/@PTVNewsOfficial
Caretaker Prime Minister Anwaarul Haq Kakar presides over the cabinet meeting in Islamabad on November 24, 2023. Photo via X/@PTVNewsOfficial

The caretaker federal cabinet approved on Friday seven memorandum of understanding (MoUs) with Kuwait that would result in $10 billion worth of investment from the Gulf country in Pakistan.

The nod was given during a cabinet meeting presided over by caretaker Prime Minister Anwaarul Haq Kakar in Islamabad. The agreements would be signed during the prime minister’s visit to Kuwait.

The projects, in which Kuwait was likely to invest, include expansion of water reservoirs, mining facilities, protection and expansion of mangrove forests for coastal areas, investment projects in the IT sector, and food security projects.

So far, the Gulf country has not given any statement related to the investment. In 2022, media reported that Kuwait-backed units were planning several projects in Pakistan valued at $750 million. But nothing materialised.

But the announcement comes as the South Asian country seeks to bolster investment from the friendly countries in the Gulf region. Pakistan has also formed the Special Investment Council – a hybrid civil-military forum – for the purpose of investment plans.

In September, caretaker PM Kakar told reporters that Saudi Arabia would invest up to $25 billion in Pakistan over the next two to five years in various sectors. Planning Commission head Dr Jehanzeb Khan earlier this month said that the $70 billion foreign direct investment anticipated through the SIFC.

“This ($70bn investment) was not an abstract number,” he had said while highlighting that the inflows would depend on the emerging Gaza crisis

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At the cabinet meeting, Kakar appreciated the efforts of the SIFC and the relevant ministries related to the investment plans.

He called for cooperation with the provinces after the MoUs were signed to ensure that such projects could be completed “quickly and transparently”.

The decision was approved by the Cabinet Committee on Legislative Affairs and Economic Coordination Committee earlier this month.

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