Gulf countries expected to invest $500m soon

Maritime Affairs Minister Faisal Sabzwari has said an agreement for a $500 million investment from the Gulf countries is being finalised. In this regard, an intergovernmental agreement policy would be submitted to the law ministry on Monday, which if approved, would pave the way for direct foreign investment as per the conditions set by the International Monetary Fund (IMF). Addressing the members of the Korangi Association of Trade and Industry (KATI), he said Pakistan and the United Arab Emirates (UAE) are working under the government-to-government (G2G) agreement, focusing on three projects, including bulk terminals. According to the KATI’s press release, Mr Sabzwari said that plans are under way to establish 1,250 acres of industrial parks in Port Qasim, offering facilities to foreign investors.