Another Major Investment

Prime Minister Shehbaz Sharif took a quick trip to the United Arab Emirates and came back with good news. The UAE dedicating $10 billion for investment in various sectors in Pakistan is a well-intended boost in the efforts the relatively new government of Pakistan is very keen on. After Saudi Arabia, UAE is the second such country that has come up with an investment initiative and not so much of a surprise, both countries have been Pakistan’s strategic partners from the very start.

Foreign Direct Investment (FDI) in some sectors, especially IT, renewable energy, tourism, agriculture, AI, mineral, and mining, is the only guaranteed way to set a long-lasting path for economic security and progress. As for this current agreement, three of these areas have been particularly mentioned and for the better. What we see after the PM’s UAE’s visit is that economic diplomacy is fruitful so far and things are going in the right direction. We are not very far away from an IMF program and that will open up more avenues. From reaching an agreement to materialising it, there is never smooth sailing. All things considered and even acknowledging that some hurdles, that may be in the form of security situation or reaching an internal consensus, will pop up, there is still a good deal of promise in Pakistan’s successful outreach to the UAE.

Considering how vocal the PM has always been about vocational training, there is immense benefit in upscaling the local workforce so that when investment projects begin, most of their benefits reach Pakistan’s own people. As Pakistan heads towards a major privatisation cycle, the government must have a plan in hand to ensure that even if the projects are taken up as joint ventures by Pakistan’s newly-formed private sector, the maximum trickle-down of the revenues must be dedicated to the wellness of Pakistani people.

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