The latest Liquefied Natural Gas (LNG) deal and the expected increase in the volume of trade between Qatar and Pakistan will further strengthen the cordial relations between the two countries, Pakistan Prime Minister Nawaz Sharif said.

With the LNG deal, the annual volume of trade between Qatar and Pakistan will exceed $1bn from the existing $300 million.

“We are determined to take it further by exploring further trade and investment opportunities,” Sharif stated in in his address to prominent members of the Pakistani diaspora in Qatar, on the second and last day of his official visit.

“We are thankful to Qatar. They have given us the best price. The LNG deal will not only strengthen our friendship with Qatar, the gas from Qatar would help us overcome the power crisis in Pakistan,” the Prime Minister asserted at the reception organised by the Pakistan embassy.

Under the terms of the long term sales and purchase agreement signed by the two sides, Qatargas 2 will supply 3.75 mn tonnes of LNG a year to Pakistan State Oil (PSO) for 15 years with the first cargo expected to be delivered in March this year.

The Pakistani premier said that during his meetings with HH the Emir Sheikh Tamim bin Hamad al-Thani and other government officials he encouraged Qatar to invest more in Pakistan.

“Qatar is already investing in a 1,320 Megawatt Port Qasim power plant project and I am hopeful about more investments,” Sharif apprised the audience comprising members of Pakistan Muslim League (N) Welfare, leading Pakistani businesspersons, heads of Pakistani community organisations and Pakistani professionals working in Qatar.

The Pakistan Prime Minister told the gathering that during their chat on the way from the airport and later HH the Emir Sheikh Tamim bin Hamad al-Thani spoke highly of the Pakistani community’s role and contribution in the progress and development of Qatar.

“HH the Emir told me that Pakistanis have built Qatar and they have contributed to its development and progress. I was really pleased to hear that. I have thanked HH the Emir for his kind words. I congratulate you and would urge you to keep working hard and make your country proud,” the Pakistani premier told the community members.

Flanked by his cabinet colleagues - Minister for Natural Resources and Petroleum Shahid Khaqan Abbasi, Minister of Finance Ishaq Dar - and the Pakistan ambassador to Qatar Shahzad Ahmad, the Prime Minister told the gathering that Pakistan economy is witnessing a major turnaround.

“Even the World Bank president has acknowledged Pakistan’s encouraging economic indicators,” he pointed out.

Sharif said his government had promised during the election campaign to overcome the energy crisis. Several power generation projects have already been set in motion and electricity prices have been reduced which will benefit Pakistan’s economy in the long term.

The security situation in Pakistan, the Prime Minister observed, is fast improving. “The recent military operation against terrorists, Zarb-e-Azb, was an evidence of how Pakistan has broken the back of terrorists.”

He said Pak-China Economic Corridor will not only benefit Pakistan, but the whole region.

“We are upgrading railways, we are building one of the country’s most beautiful airports in Gwadar and we have shifted our complete attention on reviving Pakistan Airlines (PIA),” Sharif told the audience.

He said the PIA will be brought up to the level of leading international airlines like Qatar Airways.

Apprising the Pakistanis living in Qatar about the latest development projects in Pakistan, Sharif said the metropolitan city of Karachi is being linked with Lahore from two sides through motorways and the work on the project has already been initiated.

As a part of network of roads, an expressway from Mansehra in Khyber Pakhtunkhwa (KP) province in Pakistan to China is being built which will benefit Pakistan.

He said his government has also invested heavily in the education sector in Pakistan and the results would soon be visible to all.

“Had previous governments in Pakistan during the last 15 years not ignored the energy and other sectors, Pakistan would have been way ahead of many countries in the region whereas it is lagging behind today. But we are trying our best to quickly fill that gap,” said Sharif.

The Prime Minister said the government in Pakistan is also easing rules and regulations for overseas Pakistanis and would welcome anyone returning to serve Pakistan.

Following his address, the premier met with Pakistani community leaders including PML (N) Welfare president Rashid Rafique Butt, patron-in-chief C Pervez Iqbal, and Riyaz Ahmed Bakali and Mohamed Idrees Anwar from Pakistan Welfare Forum.