NEW DELHI: Pakistan plans to sell valuable energy assets, beginning with a major gas field, as it tries to reap billions of dollars from deals with investors in industries like banking and farming. The list of state assets for sale may not necessarily be followed by deals, analysts warned.
"Talk of investing huge sums of money doesn't always materialize, because people are put off by the political machinations" in Pakistan, Price said.
Pakistan's "economic curse" is that the ruling elite — civil servants, politicians and the military — have worked in their own interest, not that of the wider population, limiting how much capital the country can raise, he said.
One possible source of new investment is the Middle East.
"There is a cultural and long-term affinity between the two regions," said Youssef Nasr, the chief executive of HSBC in the Middle East. Saudi Arabia and Abu Dhabi, in particular, have been strong supporters of Pakistan.
Investors from the Middle East have already bought stakes in telecommunications, banking and industrial companies in Pakistan and have been pleased with the results, he said.
One area of cooperation between Pakistan and the Middle East may be agriculture. The arid climate of the Middle East, coupled with rising food prices, has ignited fears about food security. Pakistan, meanwhile, has swaths of arable land that is lying fallow. Government officials on both sides are exploring links that could lead to joint farming ventures, Nasr said.
"It's not going to be a huge industry, by international standards," he predicted, but it could be large enough to make a difference to Pakistan's economy.
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