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Print Print 2023-11-30

Kuwait deals to add to inward FDI flows

  • Pakistan and Kuwait sign seven agreements and three Memorandums of Understanding
Published November 30, 2023

KUWAIT: Pakistan has signed seven agreements and three Memorandums of Understanding with Kuwait to attract huge investment in various sectors.

According to a press release issued by the PM Office’s Media Wing, the agreements were signed after talks between Caretaker Prime Minister Anwaar-ul-Haq Kakar and First Deputy Prime Minister and Minister for Interior of Kuwait, Sheikh Talal Al-Khaled Al-Ahmad Al Sabah in Kuwait City Wednesday.

The leaders also witnessed the signing of seven agreements concluded to attract multi-billion dollars investment from the State of Kuwait in various sectors of Pakistan including Food Security/ Agriculture, Hydel Power, Water Supplies (safe drinking water and supporting mining activities), establishment of Mining Fund to support mineral industry, Technology Zones Development and Mangrove Preservation.

FDI and SIFC

Three MoUs were signed in the fields of culture and art, environment and sustainable development.

The Prime Minister termed the agreements with Kuwait another milestone in the achievements which the Special Investment Facilitation Council platform is bringing for the country.

The two leaders expressed great satisfaction at the trajectory of relations, agreed to remain in close contact, and take swift steps in further strengthening and deepening of Pakistan-Kuwait relations.

Underlining the importance of historical brotherly ties between the two countries they reaffirmed the desire to strengthen the fraternal ties by transforming them into a mutually rewarding economic partnership.

The Prime Minister of Pakistan termed these agreements with Kuwait another milestone in the achievements which the Special Investment Facilitation Council (SIFC) platform is bringing for the country.

The Prime Minister also prayed for the good health of Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, The Emir of the State of Kuwait.

Chief of Army Staff General Syed Asim Munir was also present during the meeting.

Comments

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Love Your Country Nov 30, 2023 11:22am
No progress on lifting of the visa ban from the Kuwait govt in place for over 15 years!!!
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Tariq Qurashi Nov 30, 2023 11:30am
I hope that this effort bears fruit, and there is significant investment in Pakistan by Kuwait. However, I would like to point out that the FDI should have an export component to earn foreign exchange which is sufficient to cover any repatriation of profits. We do not want FDI to become a drain on our precious foreign exchange reserves, but would like the FDI to contribute to them. Also it would be ideal if significant numbers of jobs are created at all levels for local people, and technology and know how are transferred to Pakistan.
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Asad U H Dec 01, 2023 12:19pm
One of the richest countries on earth has signed an MoU with us. If this isn’t a reason to celebrate I don’t know what is?
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