ISLAMABAD: Azerbaijan has pledged an investment of up to $3 billion in Pakistan across various sectors, marking a significant boost for the South Asian nation’s economy.
Prime Minister Shehbaz Sharif announced the development during a recent cabinet meeting, revealing plans to formalize the investment through memoranda of understanding (MoUs). The move aims to strengthen Pakistan’s economic landscape.
The premier also highlighted progress in economic ties with Saudi Arabia following his recent visit. A delegation has traveled to Riyadh to explore collaboration in solar energy, mines and minerals, and information technology. He underscored Saudi Arabia’s rising demand for IT professionals and directed the IT Ministry to devise a strategy to produce skilled professionals meeting global standards.
Shehbaz Sharif praised the State Bank of Pakistan’s decision to lower the policy rate to 15%, noting that this step would stimulate investment in industrial, agricultural, and export sectors. The reduction in borrowing costs, he stated, has decreased the government’s debt burden by Rs1.3 trillion and created fiscal space for further economic reforms.
The premier reiterated the importance of tax compliance, emphasizing respect for taxpayers while warning against tax evasion. He also promised relief measures for electricity consumers through an upcoming “winter package.”
Acknowledging Pakistan’s economic challenges, Sharif expressed confidence in the nation’s resilience and vowed to steer the country toward prosperity through targeted reforms and international cooperation.
Story by Zafar Bhutta
