Ray of Hope

It is not every day that we see much-talked economic pledges translate into concrete commitments and therefore, the arrival of a high-level Saudi delegation, led by none other than the Kingdom’s Investment Minister Khalid bin Abdulaziz, in Islamabad amid hopes for a significant $2 billion business-to-business proposals does add to the oomph of the Sharif administration.

Whatsoever happens at the end of this three-day visit remains to be seen but as is evident from a heartening commentary on “rock solid” support from Saudi Arabia, Islamabad does give the whiff of a workable plan. The timing could not be more game-changing. Strategically planned ahead of the SCO Summit, the dignitary’s presence indicates how Recent efforts to clean up its house are being reciprocated, encouraging others from the friendly nations to consider taking a chance on our economy.

Of course, spinning these announcements as major successes and explaining the logistical details are two different games altogether. The buzz surrounding the Reko Diq project, for instance, wherein a Saudi-owned company has confirmed the the investment to the tune of $1 billion through the purchase of a minority stake in the project would ultimately further dilute the the Pakistani government’s share, which currently stands at 25 per cent. To leverage this burgeoning interest effectively, the government should proceed with complete transparency; dispelling any lingering suspicions and doubts.

Be it through securing crude oil deals, opening doorways for Pakistani investors in the Gulf or addressing the red tape that notoriously hinders foreign investors from pursuing the local market, there’s a lot that still needs to be done before the authorities can bask in the glory of their latest achievement.

For now, all this talk of bright chances for sectors like construction, IT, hospitality, agriculture and food energy may float the boat in the short run. Sadly, our frustrated affairs mean that much, much sooner than the government may be prepared for, the common man would demand answers as to when the happy days will arrive. *