Pakistan and the US have officially launched a strategic economic cooperation regarding the Roosevelt Hotel in New York, for which a Memorandum of Understanding (MoU) has been signed between Pakistan and the US.
According to the Federal Ministry of Finance, cooperation has been reached with the US General Services Administration (GSA) on the operation, maintenance, renovation and possible redevelopment of the hotel, and this progress was made possible after negotiations under the supervision of Special Envoy Steve Witkoff appointed under the leadership of US President Donald Trump.
The statement said that the two governments have also signed a Memorandum of Understanding (MoU) to implement this partnership, with the document signed by GSA Administrator Edward C. Forrest on the US side and Federal Minister for Finance and Revenue Muhammad Aurangzeb on the Pakistani side.
Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff were also present on the occasion. The MoU establishes a systematic framework for joint and timely review of technical, commercial and economic aspects, with the aim of ensuring transparent, orderly and mutually beneficial progress.
The statement said that given the strategic importance of the Roosevelt Hotel in a prime area of Manhattan and New York’s complex zoning and municipal laws, efforts will be made to reduce implementation risks, increase regulatory clarity and potentially achieve maximum financial benefits through institutional coordination.
The Ministry of Finance said that the main objective of this move is to achieve the best value for this valuable asset under the privatization strategy and further strengthen economic relations between Pakistan and the United States.
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