Pakistan and Kuwait are set to sign seven memorandums of understanding (MoUs) for investments worth $10 billion in various sectors, including environment, mining, information technology (IT) and food security.
The MoUs will be signed during the upcoming visit of caretaker Prime Minister Anwaarul Haq Kakar to Kuwait, following the approval of the federal cabinet in its meeting on Friday.
The cabinet meeting, chaired by PM Kakar, also endorsed the decisions of the Cabinet Committee for Disposal of Legislative Cases and the Economic Coordination Committee (ECC), which it had taken in its meeting on November 14, as well as those of the Economic Coordination Committee meeting on November 15.
The PM Office said in a statement that the MoUs were the result of the efforts by the Special Investment Facilitation Council (SIFC), which aims to foster strategic partnerships with friendly countries.
The projects to be signed with Kuwait include the expansion of water reservoirs, mining facilities, protection and expansion of mangrove forests for coastal areas, investment projects in the IT sector, and food security projects.
SIFC okays deals with allies
The SIFC, headed by PM Kakar, also held a special session on Friday, which was attended by the relevant ministers, Chief of Army Staff (COAS) General Syed Asim Munir and senior officials.
The SIFC reviewed the existing level of collaboration and unanimously approved various initiatives to be broached with friendly countries and directed to fast-track implementation of various projects conceived under these initiatives.
The PM appreciated the efforts of relevant ministries for identifying prospective areas of collaboration and directed all stakeholders to realise envisioned long-term economic dividends.
The COAS assured unwavering resolve of Pakistan Army to support economic initiatives being undertaken by the government.