Pakistan’s need for investment—be it local or, ideally, foreign—has never been more pressing. With the economy teetering on uncertain footing, attracting investments across various sectors is essential to stabilise the nation and set it on a sustainable path toward growth and prosperity.
In this light, Prime Minister Muhammad Shehbaz Sharif has been working relentlessly, crisscrossing friendly nations in a determined effort to bring investment home. Whether meeting heads of state or private business leaders, his message has been clear: visit Pakistan, explore its potential, and seize the opportunities available. To back up this outreach, he established the Special Investment Facilitation Council (SIFC), a high-powered body designed to clear red tape and provide a one-stop shop for investors. Under his leadership, the SIFC has been diligently paving the way, ensuring his vision for investment isn’t just talk but a practical reality.
Last month, as part of this “hot pursuit” of foreign investment, PM Shehbaz undertook two back-to-back visits—first to Saudi Arabia and then to Qatar. These trips, though brief, were packed with significance, embodying a shift in national strategy from relying on aid to building robust trade and investment partnerships.
In Riyadh, the Prime Minister participated in the 8th Future Investment Initiative (FII), a marquee event that attracts global leaders and innovators. The theme, “Infinite Horizons: Investing Today, Shaping Tomorrow,” seemed tailor-made for Shehbaz’s pitch. It was his second time attending the forum, having made his debut at FII in October 2022.
During his address, the Prime Minister didn’t mince words. He spoke about the imperative of a knowledge-based economy, driven by innovation in fields like artificial intelligence (AI), education, and healthcare. He made a heartfelt appeal for global collaboration, emphasising that no country could face today’s challenges or unlock tomorrow’s potential alone. “Pakistan is ready to join those who dare to dream big,” he declared, inviting global leaders to bring their expertise and creativity to Pakistan. He described the nation as being on a transformative journey of resilience, sacrifice, and relentless pursuit of growth, while reiterating Pakistan’s commitment to not just embracing AI but excelling in it.
The highlight of the visit was a one-on-one meeting with Saudi Crown Prince Mohammed bin Salman (MBS). The two leaders discussed plans to further expand economic cooperation, reflecting on the strong religious and cultural bonds between their countries. Shehbaz praised the Crown Prince’s visionary Saudi Vision 2030, noting how closely it aligns with Pakistan’s own developmental goals. They also took a moment to discuss the Gaza conflict, expressing shared outrage at the ongoing violence and devastation.
On the economic front, the visit bore tangible results. Saudi Arabia’s investment in Pakistan rose to $2.8 billion from $2.2 billion, bolstered by several new Memoranda of Understanding (MoUs), bringing the total to 34 agreements.
From Riyadh, the Prime Minister wasted no time and dashed to Doha for a two-day official visit to Qatar. This wasn’t his first time visiting the Gulf nation, as he has consistently sought to deepen ties with a country already making significant investments in Pakistan’s economy across sectors like agriculture, IT, finance, and real estate.
In his meetings with Qatari leadership, PM Shehbaz secured an impressive $3 billion in fresh investments. The discussions were marked by warmth and mutual respect, with both sides reaffirming their commitment to enhancing strategic ties. To follow up, a high-level Qatari delegation is expected to visit Pakistan soon to finalise the details of these new investments.
The Prime Minister’s whirlwind visits to Saudi Arabia and Qatar weren’t just diplomatic niceties—they were action-packed, result-oriented missions. Not only did they strengthen Pakistan’s bonds with two brotherly nations, but they also brought in much-needed foreign investment. As Shehbaz himself has stressed, this inflow of capital is a top priority for Pakistan, one that bodes well for its economy and, more importantly, its people. At a time when the nation needs every boost it can get, these efforts offer a glimmer of hope and a tangible step toward progress.
Muhammad Zahid Rifat
The writer is Lahore-based Freelance Journalist, Columnist and retired Deputy Controller (News), Radio Pakistan, Islamabad and can be reached at zahidriffat@gmail.com