ISLAMABAD: Defence Minister Khawaja Asif told National Assembly on Monday that the government is exploring a joint venture to operate the iconic Roosevelt Hotel in New York, aiming for long-term economic benefits rather than selling the asset outright.
Describing the nearly century-old 19-story hotel as “a strategic gem,” Asif praised its prime Manhattan location and stressed the government’s intent to retain ownership. “Selling might patch a short-term fiscal wound,” he said, “but a joint venture ensures Pakistan keeps a foot on that lucrative property while raking in steady profits.”
The Roosevelt Hotel has long been viewed as Pakistan’s prized overseas asset, with repeated calls over the years to sell it for quick cash. Asif; however, reiterated that retaining it through partnership is the smarter route for economic stability.
In related news, the parliamentary secretary for privatisation Aasia Ishaque confirmed that the privatisation of financially struggling Pakistan International Airlines (PIA) is expected to be completed by the end of 2025.
Meanwhile, PTI MNA Sher Afzal Marwat launched a fierce critique of the Competition Commission of Pakistan (CCP), accusing it of failing to act against the Frontier Works Organisation (FWO), which he claimed consistently secures lucrative motorway contracts without adequate oversight.
“It’s always FWO this, FWO that,” Marwat said, lambasting the CCP as “a caged pigeon” that passively watches while taxpayer billions are funnelled into repeat contracts. He even questioned the constitutional protections surrounding these deals, hinting that the CCP might be ineffective – or worse, complicit.
When pressed for answers, the parliamentary secretary for finance Saad Waseem Sheikh appeared unprepared and gave an unclear response, further fuelling criticism about the government’s awareness of regulatory oversight.
In a written reply to another question, Commerce Minister Jam Kamal informed the House that Pakistan’s bilateral trade with the United States reached $5.53 billion during July-March of the fiscal year 2024–25. He cited Federal Board of Revenue (FBR)’s data showing exports to the US at $4.34 billion and imports at $1.19 billion, giving Pakistan a trade surplus of $3.15 billion.
Kamal explained the US formula for tariff calculations: the trade deficit in goods divided by total imports from that country, then divided by two. He cautioned that a five per cent tariff cut by Pakistan does not guarantee a matching reduction by the US.
Copyright Business Recorder, 2025
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