- Where is the mega Qatari investment?
In January, PM Imran Khan visited Doha as the head of a delegation to discuss economic cooperation with the Emir of Qatar. Following the premier’s visit, the Board of Investment organised a Pakistan-Qatar Investment Forum between the business communities of the two countries. In April Qatar Investment Authority head Sheikh Faisal Bin Thani Al-Thani came to Islamabad to hold talks with Adviser to PM on Commerce Abdul Razak Dawood and BOI Chairman Haroon Sharif. The Qatari official was told about the fields wherein Pakistan would welcome investment. A cautious Sheikh Faisal however made it clear that Qatar was looking for a long-term partnership and not “quick wins.” Interestingly Asad Umar and Haroon Sharif, the two major figures closely related to talks with Qatar were made to leave the government after eight months creating questions about the continuity of government’s economic policies.
One wonders which one of the several advisers fed the idea to PM Imran Khan that Qatar was itching to outbid the Saudi Crown Prince MBS by investing more than $ 21b in Pakistan. Khan is no doubt keen to bring good news to the people of Pakistan in general and the PTI followers in particular who are thirsting for it. This leads those around him to feed stories based on hopes, expectation and miracles thus causing embarrassment to the PTI chief. Not long ago, the PM expressed the hope that Pakistan was on the verge of hitting the jackpot by discovering a huge reserve of oil and gas in the Arabian Sea.
Qatar is keen to develop alternate sources of food and items of daily use after the blockade imposed by Saudi Arabia and UAE. This has helped India and Pakistan increase exports to Qatar. Qatar also signed three MoUs with Pakistan on Saturday on trade and investment, cooperation on financial intelligence and tourism. There are expectations of more Pakistanis getting jobs as preparations for World Cup Football are speeded up. Although Qatar has agreed to extend a loan to Pakistan like Saudi Arabia and UAE, any large investment is contingent on improvement of business climate. A lot will have to be done before any big foreign investment is committed in Pakistan.
