ISLAMABAD: Pakistan is advancing plans to secure between $4 billion and $5 billion in joint investment for the redevelopment of the Roosevelt Hotel in New York, with the government expected to appoint a financial adviser by the first week of March, The News reported on Wednesday.
Adviser to the Prime Minister on Privatisation Muhammad Ali said the appointed financial adviser would design the transaction structure for the project. Responding to a question about the possibility of signing a memorandum of understanding (MoU) with the Donald Trump administration, he clarified that the structure would focus on redevelopment while ensuring the government retains ownership of the property.
Speaking to reporters at the Pakistan Governance Forum (PGF), organised by the Ministry of Planning, Muhammad Ali said the proposed model would allow an interested party to arrange financing for construction, while ownership of the high-value asset would remain with Pakistan. He emphasised that the government aims to generate long-term benefits instead of selling the property outright.
Deputy Prime Minister and Foreign Minister Ishaq Dar, addressing the forum, said Pakistan is adapting to the evolving global landscape through tailored cooperation with partner countries. He noted that ties with China have deepened under the second phase of the China-Pakistan Economic Corridor (CPEC-II), while relations with the United States have also been revitalised, particularly in trade, technology, investment and regional stability.
Dar said this collaborative approach ensures Pakistan’s national interests are protected without compromising its core foreign policy principles.
Commenting on rising tensions between the United States and Iran, the foreign minister said Pakistan, as a key stakeholder and brotherly country, is committed to playing a constructive role in easing tensions through high-level diplomacy and sustained engagement with Iranian authorities. He revealed that he has spoken multiple times in recent months with US Secretary Rubio and the Iranian foreign minister, advocating dialogue, flexibility and diplomatic solutions. “We will continue to work with the parties concerned to promote peaceful settlement of issues and strengthen regional peace and security,” he added.
Meanwhile, addressing the Pakistan Governance Forum 2026, Federal Minister for Planning Ahsan Iqbal said Pakistan faces a clear choice: to become a $600 billion economy by 2035 or to aim for a $1 trillion economy. He stated that achieving the higher target would depend on leadership capacity, effective governance, national cohesion and accelerated reforms.
He noted that if the country maintains its traditional growth trajectory, the economy could reach $600 billion by 2035. However, with coordinated reforms and positive synergy, Pakistan has the potential to transform into a $1 trillion economy within the same timeframe.
