Pakistan seeks $3 billion foreign investment

Pakistan seeks $3 billion foreign investment

Pakistan and Dubai recently finalized a substantial investment pact exceeding $3 billion during the World Economic Forum in Davos. The agreement, signed by Minister Shahid Ashraf Tarar and Chairman Sultan Ahmed bin Sulayem, encompasses various sectors such as railways, economic zones, and infrastructure development.

The collaboration focuses on projects including a dedicated freight corridor, multi-modal logistics park, and freight terminals. Dubai Port (DP) World is set to contribute to the infrastructure development at Qasim International Container Terminal, a vital trade gateway in Pakistan, and also intends to establish an economic zone nearby.

Notably, two Inter-Governmental Framework Agreements were signed to reinforce relations between both governments in the marine and logistics sectors. These agreements include the potential establishment of a Dedicated Freight Corridor and Economic Zone near Karachi.

The rail-based Dedicated Freight Corridor, planned to run from Karachi Port to the Pipri Marshalling Yard, aims to alleviate congestion in Karachi, enhance road safety, and significantly improve efficiency and transport times. Pakistan Railways and Port Qasim Authority will collaborate with DP World for the development of these projects.

Additionally, a framework agreement with Pakistan’s Ministry of Maritime Affairs was signed for dredging the navigation channel at Qasim International Container Terminal. DP World, acting on behalf of the Government of Dubai, will carry out capital dredging and contribute to the development of an economic zone at Port Qasim, with a target of attracting over $3 billion in foreign direct investment.

During the signing ceremony, Minister Shahid Ashraf emphasized the enduring partnership between DP World and Pakistan, expressing confidence in the mutually beneficial engagement and the consolidation of economic cooperation through these landmark projects.