ISLAMABAD: Pakistan and the United States have formally launched a strategic economic cooperation initiative concerning the Roosevelt Hotel in New York, with both countries signing a Memorandum of Understanding (MoU).
According to the Federal Ministry of Finance, an agreement has been reached with the US General Services Administration (GSA) for collaboration on the hotel’s operations, maintenance, renovation, and potential redevelopment.
This development followed negotiations overseen by Steve Witkoff, the special envoy appointed under US President Donald Trump’s leadership.
The statement noted that both governments have signed the MoU to give practical shape to this partnership.
The document was signed by Edward C. Forest, Administrator of the GSA, on behalf of the United States, and Federal Minister for Finance and Revenue Muhammad Aurangzeb on behalf of Pakistan.
Prime Minister Shehbaz Sharif and US Special Envoy Steve Witkoff were also present on the occasion.
Under the MoU, a structured framework has been established for joint and time-bound review of technical, commercial, and economic aspects, with the aim of ensuring transparent, disciplined, and mutually beneficial progress.
The statement highlighted that, given the strategic importance of the Roosevelt Hotel , located in a prime area of Manhattan ,and the complexities of New York’s zoning and municipal regulations, the partnership seeks to minimize implementation risks through institutional coordination, enhance regulatory clarity, and maximize potential financial returns.
