DUBAI, Feb 11 (NNI): Prime Minister Shehbaz Sharif on Tuesday met with investors from the United States of America (USA) and United Arab Emirates (UAE) as Islamabad seeks to attract foreign funds and projects to help shore up its $350 billion economy.
Shehbaz Sharif is currently in the UAE to attend the World Governments Summit taking place from Feb. 11-13.
In one meeting, Sharif met with the Dubai-owned ports and logistics company DP World’s CEO Sultan Ahmed bin Sulayem and discussed ongoing and future investments.
“Sharif appreciated DP World’s investment in Pakistan and its role in enhancing trade and logistics infrastructure,” the PM Office said in a statement, reiterating Pakistan’s commitment to the early completion of projects under two Inter-Governmental Framework Agreements (GAs) signed in Jan. 2024 to strengthen relations in the marine and logistics sectors, including the establishment of a freight corridor and an economic zone near Karachi, the Pakistani commercial capital.
The Prime Minister said that Pakistan’s strategic location provides an ideal opportunity for DP World to expand its operations and emulate successful projects like Jebel Ali Port in Pakistan, the PM office said.
Under the IGAs, DP World is developing a dedicated freight corridor to run from Karachi Port on the Arabian Sea, passing through Karachi, Pakistan’s most populous city, to the Pipri Marshalling Yard, approximately 45km away.
The corridor will improve efficiency, transport times, and reduce the overall cost of logistics. State-run Pakistan Railways and Port Qasim Authority will act on behalf of the Pakistan government for the development of the corridor.
A second framework agreement was signed with Pakistan’s ministry of maritime affairs to dredge the navigation channel. DP World will carry out the capital dredging on behalf of the government of Dubai.
The framework agreement will also see the development of an economic zone at Port Qasim, which aims to attract more than US $3 billion foreign direct investment.
DP World, on behalf of the government of Dubai, will carry out the development of the economic zone, with the aim of maximizing economic activity in Pakistan.
DP World began operations in Pakistan in 1997 at the Qasim International Container Terminal (QICT) – the first of its kind in the country – and has since transformed the facility into a leading gateway for global trade in the region.
Separately, Shehbaz Sharif also met US businessman and Texas hedge fund manager Gentry Beach, who is close to the family of American President Donald Trump. Beach visited Pakistan last month and discussed investments in the real estate, energy and minerals sectors.
“Beach, while recalling his recent visit to Pakistan, described the government’s policies as conducive for business and investment and expressed keen interest in investing in various sectors,” Sharif’s office said in a statement, adding that the US investor had pledged to “implement his investment plans in Pakistan at the earliest.” NNI
