ISLAMABAD, Feb 19 (APP): The Governments of Pakistan and the United States have formally launched a strategic economic initiative, including collaboration with the U.S. General Services Administration (GSA) regarding the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New York.
This engagement was negotiated and stewarded by U.S. Special Envoy Steve Witkoff under the leadership of President Donald J. Trump, said a press release issued by the Ministry of Finance on Thursday.
To advance this partnership, both governments have signed a Memorandum of Understanding (MoU) formalizing their cooperation. The MoU was executed by GSA Administrator Edward C. Forst on behalf of the United States and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on behalf of Pakistan, and witnessed by Prime Minister Shehbaz Sharif and United States Special Envoy Steve Witkoff.
It establishes a structured, time-bound framework for joint evaluation of the technical, commercial, and economic parameters of cooperation, reflecting a shared commitment to transparent, disciplined, and mutually beneficial progress.
Given the Roosevelt Hotel’s prime Manhattan location and the complexity of New York zoning and municipal processes, institutional coordination aims to reduce execution risk, enhance regulatory clarity, and maximize transaction value. Such facilitative frameworks are consistent with international practice in cross-border real estate and infrastructure projects.
The objective remains to secure maximum value for this property in alignment with the government’s privatization strategy while strengthening Pakistan-United States economic ties.