Prime Minister Shehbaz Sharif recently concluded a foreign investment tour to Saudi Arabia and Qatar. Federal Minister of Information, Attaullah Tarar, stated that the trip was a success, with Saudi Arabia signing new MoUs worth $600 million, raising its total pledged investment to $2.8 billion. Qatar has also pledged $3 billion, though details remain vague.

Caretaker Prime Minister Anwaar-ul-Haq Kakar previously announced that Saudi Arabia and the UAE would invest $25 billion over the next two to five years. Yet, past governments have repeatedly raised public expectations regarding foreign investment, only to fall short. Without foreign investment, which brings not only capital but essential technology, true development remains elusive.

However, attracting investment requires a conducive environment, something Pakistan currently lacks. Political and economic stability, security, and fair competition are essential for both foreign and domestic investment. The recent failed attempt to privatise Pakistan International Airlines (PIA) illustrates these challenges: of six pre-qualified bidders, only one made an offer, which was far below the reserve price. The outcome of PIA’s privatisation attempt is a wake-up call. We must urgently improve the investment climate before it’s too late.

EJAZ AHMAD MAGOON,

Dubai.