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Islamabad: Pakistan and are likely to sign memoranda of understanding (MoU) worth more than $10 billion this month, the media reported on Thursday. The announcement was made at the second meeting on ease of doing business (EoDB) presided over by Prime Minister on Wednesday. Speaking to after the meeting, Finance Minister Asad Umar said Saudi Prince Mohammad bin Salman bin Abdulaziz would visit Pakistan next month and most of the MoUs were expected to be signed during his trip. Board of Investment (BoI) Chairman Haroon Sharif said Saudi Arabia was interested in Pakistan's four sectors - oil refinery, petrochemicals, renewable energy and mining. 'According to a survey, 65 per cent of the investments will take place in the country's commercial hub Karachi and 35 per cent in Lahore,' he added. The $10 billion investment will be in addition to the $6 billion bailout package given by Riyadh to Islamabad during Khan's visit to Saudi Arabia in October 2018. Similarly, Pakistan will also sign MoUs with China, the United Arab Emirates (UAE) and Malaysia over the next two months.
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Sharif told Dawn that he had recently visited China and signed MoUs on industrial cooperation under the China-Pakistan Economic Corridor (CEPC). The BoI chief said the UAE was interested in agriculture, housing and other sectors. He said that four Malaysian firms were also due this month and would invest in four sectors - halal meat, gemstone, information technology and hi-tech education.
Dubai: Congress president Rahul Gandhi on Saturday took on Prime Minister Narendra Modi while speaking in Dubai, criticising his handling of the economy, institutions and the Rafale fighter jet deal. Asked about overtures made by Pakistan's Prime Minister Imran Khan, he also spelled out his view on ties with the country.
'I'm all for having a peaceful relationship with Pakistan, but I will not tolerate violence being carried out against innocent Indians,' he said at an interaction with the press in the. He asserted that a Congress government at the Centre will adopt a tough line on the neighbouring state.
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'You cannot carry out acts of terror in India and expect India to talk kindly to you,' he said. Mr Gandhi then went on to claim that PM Modi was weakening India by 'strangling' its institutions.
'The Rashtriya Swayamsevak Sangh thinks that the people's voice is irrelevant. There is a massive response from bureaucrats and institutions who say we are not going to accept this, and this will be one of the main reasons for our victory in the 2019 elections,' he said. The priority of the moment, according to the Congress president, is to replace a central government that's failing on all fronts. 'We will start doing what the Congress party has successfully done - put India on the path to economic progress. At present, there is massive unemployment in the country and Modi ji's irresponsible and rash decision to impose did not help.
He was directly responsible for the decimation of informal sector.' Mr Gandhi claimed that 'ill-advised' economic policies such as the notes ban and the Goods and Services Tax had vitiated the atmosphere, bringing about a 14-year slump in investments. 'They broke many promises. We, on the other hand, promised to waive farm loans in 10 days and did it in two. Likewise, we will do everything to give special status to,' he said. The Congress chief reiterated his charges against Prime Minister Narendra Modi on the Rafale controversy.
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'Nobody can hide from the truth, and neither can our Prime Minister,' he said, citing former French President Francois Hollande's remark on being forced to award the offset contract to Reliance Defence. 'Everybody knows what happened with the fighter jet deal. Modi ji helped Mr Ambani steal Rs 30,000 crore. I am yet to receive an answer to the question whether defence ministry officials had objected to the Prime Minister bypassing the Rafale deal.'