ISLAMABAD: Qatar has announced plans to invest $3 billion across various sectors in Pakistan, including trade, investment, and culture, following Prime Minister Shehbaz Sharif’s recent official visit to Doha. This was confirmed by Information Minister Attaullah Tarar during a press conference in Islamabad.

Minister Tarar highlighted that this investment had been previously pledged by Qatar and is now set to move forward after the Prime Minister’s two-day trip.

During the press briefing, Tarar also discussed PM Shehbaz’s recent engagements in Saudi Arabia, where he met with Crown Prince Mohammed bin Salman and Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh. He noted that Saudi Arabia has increased its investment commitment from $2.2 billion to $2.8 billion, following the signing of 34 memorandums of understanding (MoUs), which will have a positive impact on Pakistan’s economy.

The additional $600 million investment from Saudi Arabia will target several sectors, including minerals, energy, agriculture, livestock, IT, and human resource development.

The minister remarked on the warm reception PM Shehbaz received in Qatar, where he met with Emir Tamim bin Hamad Al Thani and his counterpart, Mohammed bin Abdulrahman bin Jassim Al Thani. Discussions focused on enhancing cooperation in investment, trade, and cultural exchanges.

During his visit, PM Shehbaz also met with the Qatar Businessmen Association (QBA), emphasizing the investment opportunities in Pakistan’s energy, infrastructure, and finance sectors. The QBA delegation, led by Sheikh Faisal Bin Qassim Al-Thani, included key figures from Qatar’s business community.

In a cultural gesture, the Qatari leadership hosted an exhibition titled “MANZAR,” which was jointly inaugurated by PM Shehbaz and Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani at the National Museum of Qatar. This exhibition showcases the evolution of Pakistani art from the 1940s to the present, highlighting the cultural ties between the two nations.

Tarar described these developments as a reflection of the goodwill of the Qatari leadership and as a significant outcome of Pakistan’s effective foreign policy. He expressed optimism that the influx of foreign investment will contribute to the country’s economic stability, which is showing signs of improvement, including a drop in inflation to 6.9%, record remittances, reduced interest rates, and a rise in investments.