WASHINGTON: The Governments of Pakistan and the United States have formally launched a strategic economic initiative aimed at strengthening bilateral cooperation, including collaboration on the operation, maintenance, renovation and redevelopment of the Roosevelt Hotel in New York.

The engagement was negotiated and overseen by US Special Envoy Steve Witkoff under the leadership of President Donald Trump, reflecting a renewed focus on economic partnership between the two countries.

To advance the initiative, both governments have signed a Memorandum of Understanding (MoU) that establishes a structured and time-bound framework for joint evaluation of technical, commercial and economic parameters related to the project.

The MoU was executed by US General Services Administration (GSA) Administrator Edward Forst on behalf of the United States and Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on behalf of Pakistan. The signing was witnessed by Prime Minister Shehbaz Sharif and Special Envoy Steve Witkoff.

Officials said the framework reflects a shared commitment to transparent, disciplined and mutually beneficial progress, particularly given the Roosevelt Hotel’s prime Manhattan location and the complexities of New York zoning and municipal regulatory processes.

Institutional coordination is expected to reduce execution risks, enhance regulatory clarity and maximise transaction value, in line with international practice for cross-border real estate and infrastructure cooperation.

The objective remains to secure maximum value for the Roosevelt Hotel property as part of Pakistan’s broader privatisation strategy, while further strengthening Pakistan–United States economic ties.