JEDDAH: Saudi Arabia's Deputy Minister for Foreign Trade Abdulrahman Al-Harbi has declared Pakistan one of Saudi Arabia’s “top destinations for making investments,” according to Pakistan’s Ministry of Commerce.
Al-Harbi made his comment at the first meeting of the two countries' Joint Working Group on Trade and Investment in Riyadh on Tuesday, the ministry said.
Commerce Secretary Mohammed Younus Dagha led the Pakistani delegation, which also included Additional Secretary for the Board of Investment (BOI), Saleem Ranjha, and Pakistan's Ambassador to Saudi Arabia Khan Hasham Bin Saddique. The Saudi Ambassador to Pakistan, Nawaf Saeed Ahmad Al-Maliki, also attended the talks.
“The Saudi side acknowledged and appreciated the attraction of Pakistan as an investment destination, in view of its macroeconomic indicators, growth projects, strategic location and overall investment regime,” the statement read.
The ministry said that the Saudi officials showed interest in investing in Pakistan in a number of sectors including petrochemicals, dairy, livestock, and mining.
“It was agreed that Saudi Arabia will send a technical team to Pakistan to review sector-specific opportunities and projects,” the statement added.
In major leap forward in bilateral economic cooperation, it was agreed that the two sides would activate a Pakistan-Saudi Joint Business Council within two months. Pakistan will also stage its single-country exhibition in Saudi Arabia in 2018.
“In order to give further impetus to trade relations, it was agreed to mutually facilitate trade by removing obstacles related to visa fees, company registration, shipment delays and mutual recognition of standards,” the statement explained.
Dr. Vaqar Ahmed, joint executive director at Islamabad-based think tank Sustainable Development Policy Institute (SDPI), told Arab News that Saudi Arabia and Saudi investors see Pakistan as a very lucrative destination.
“Several investors already working in the country are scaling up their business operations and entering into new joint ventures,” he said. “They see the current wave of economic growth as a significant opportunity.”
Ahmed added that the pace of growth in Pakistan is projected to pick up once the projects related to the China-Pakistan Economic Corridor (CPEC) are complete and the new infrastructure brings down the cost of doing business in the country.
“Saudi investors also recognize the vast economic potential emanating from the large domestic demand of the sixth-largest population in the world,” Ahmed pointed out.
Saudi Arabia views Pakistan as one of top destinations for investment: Saudi deputy minister
Saudi Arabia views Pakistan as one of top destinations for investment: Saudi deputy minister
Companies employing Chinese nationals being asked to hire ex-military servicemen for security — Sindh Police
- Sindh Police reviews security measures for Chinese nationals amid increase in attacks targeting them
- Intelligence agencies conducting security audit of guards hired to protect Chinese nationals, say police
KARACHI: Companies, organizers, hosts, sponsors and any other entities in Pakistan that employ Chinese nationals are being asked to hire the services of former military personnel for security purposes, Sindh Police said this week amid increasing attacks on Chinese citizens in the country.
A string of recent attacks on Chinese nationals in Pakistan have caused Beijing to worry about the security of its citizens. Separatist militants in Pakistan’s southwestern Balochistan province have carried out attacks against Chinese interests this year, blaming Islamabad and Beijing for exploiting the gas-and-oil-rich province. Both deny the allegations.
Last month, a suicide blast near the airport in Pakistan’s southern port city of Karachi killed two Chinese engineers while a security guard shot and injured two Chinese nationals in Karachi this month.
Sindh Inspector General of Police Ghulam Nabi Memon held a meeting at the Central Police Office in Karachi on Thursday to review the security of Chinese nationals in the province.
“DIG Special Protection Unit, while briefing the committee formed to review security measures of Chinese citizens, said the Internal Bureau and Special Branch are conducting a security audit of the private security guards assigned to protect Chinese citizens,” a statement from the police said on Friday evening.
“While project organizers, hosts/sponsors are also being made to hire the services of ex-military servicemen.”
The statement said that the SPU would conduct joint training exercises continuously to meet any emergency security situation.
“A hotline number has been provided for the facilitation of Chinese citizens and for immediate contact with law enforcement agencies,” it said.
“He further said that suggestions have also been given to project owners/sponsors to strictly implement security standard operating procedures, including a security audit of private security companies.”
China is a major ally and investor in Pakistan that has pledged over $65 billion in investment in road, infrastructure and development projects under the China-Pakistan Economic Corridor (CPEC) project, at the heart of which lies the Gwadar port in Balochistan.
Pakistan says attacks targeting Chinese nationals are aimed at disrupting its relations with China and destabilizing CPEC.
Pakistan’s Punjab conducts successful artificial rain trial amid smog crisis
- Punjab carries out cloud seeding in Jhelum, Chakwal, Talagang and Gujar Khan
- Toxic smog due to air pollution has enveloped Punjab province since last month
ISLAMABAD: The Punjab government has conducted a successful artificial rain trial using local technology to reduce smog, state-run media reported on Saturday, as the province grapples with deteriorating air quality and takes measures to protect millions from pollution.
State broadcaster Radio Pakistan said the provincial government carried out “cloud seeding” in the eastern cities of Jhelum, Chakwal, Talagang and Gujar Khan on Friday, which resulted in rainfall in Jhelum and Gujar Khan within a few hours.
Cloud seeding is a weather modification technique that improves a cloud’s ability to produce rain or snow by introducing tiny ice nuclei into certain types of subfreezing clouds.
In December last year, a cloud seeding experiment was carried out by the United Arab Emirates to bring about artificial rain in Lahore. The UAE sent two special planes and a technical team, which waited in Lahore for several days for the right conditions before carrying out its mission.
“Punjab Chief Minister Maryam Nawaz Sharif congratulated all scientific experts and associated institutions on the success of this artificial rain experiment,” Radio Pakistan said.
It said the experiment was conducted due to the combined efforts of the Punjab government, Pakistan Army’s Scientific Research and Development experts, Army Aviation, PARCO and the Environmental Protection Agency.
“This success will open new avenues for technological advancement in Pakistan and help alleviate weather-related issues for the public,” it said.
The development takes place as Punjab extended school closures in smog-hit major cities from Nov. 17 by a week, with thousands hospitalized as the country battles record air pollution.
Toxic smog has enveloped Punjab’s cities, especially its cultural capital of Lahore, since last month. Smog occurs when cold air traps dust, low-grade diesel fumes and smoke from illegal stubble burning on fields.
As the air quality deteriorates, the provincial government has taken certain measures such as closing schools, banning the entry of heavy transport vehicles in Lahore on specific days and banning entry to parks, zoos, playgrounds and other public spaces.
Other parts of South Asia are also dealing with high levels of pollution and Punjab blames neighboring India for contributing to its hazardous air quality.
New Delhi, the world’s most polluted capital, has banned non-essential construction, moved children to virtual classrooms and asked residents to avoid using coal and wood from Friday.
India denies Kabaddi team permission to tour Pakistan amid political tensions
- India’s Kabaddi team was scheduled to play friendly matches against Pakistan on Nov. 19, 21 and 23
- Development takes place amid India’s refusal to allow cricket team to tour Pakistan for Champions Trophy
ISLAMABAD: The Indian government has denied permission to its Kabaddi team to travel to Pakistan for a bilateral series scheduled from Nov. 19-23, state-run media reported this week amid political tensions between the two countries.
Political tensions between nuclear-armed neighbors India and Pakistan have restricted cultural exchanges and bilateral sports events between the two nations.
The two neighbors have fought three wars, two of them over the Muslim-majority Himalayan region of Kashmir, which they both claim in full but rule in part.
Kabaddi, a sport that originated in South Asia, is popular in both countries. The game is played with two teams of 12 players, seven on court, and five in reserve. It consists of two halves of 20 minutes each during which two teams compete., alternating between defense and offense.
“Our counterparts in India have conveyed their inability to send their team to Pakistan,” the Associated Press of Pakistan (APP) quoted Pakistan Kabaddi Federation (PKF) Secretary Muhammad Sarwar Rana as saying on Thursday.
“We regret this decision as we had eagerly anticipated hosting them here.”
The Indian team was scheduled to play against Pakistan on Nov. 19 in Katarpur, Nov. 21 in Lahore and Nov. 23 in Bahawalpur, APP said. It added that the PKF was trying to arrange alternative exhibition matches due to the cancelation.
The development takes place a few days after the Pakistan Cricket Board (PCB) said it had been informed by the ICC that the Indian government had denied its cricket team permission to travel to Pakistan for next year’s Champions Trophy tournament.
The PCB has reportedly sought clarification from the ICC on India’s refusal.
India’s national cricket team has not toured Pakistan since 2008 due to soured political relations between the two neighbors, who play each other only in global multi-team tournaments at neutral venues.
Pakistan hosted the Asia Cup last year but was forced to shift all of India’s matches to Sri Lanka under a “hybrid model” after India refused to send its team to Pakistan.
APP said the Indian blind cricket team was also awaiting its government’s nod to participate in the upcoming fourth edition of the T20 World Cup, scheduled to be held from Nov. 23 -Dec. 3 in Pakistan’s Lahore and Multan cities.
“According to media reports, despite securing a No Objection Certificate (NOC) from the sports ministry, the Indian blind team has yet to receive final approval from the Ministry of Home Affairs and Ministry of External Affairs,” it said.
IMF staff concludes Pakistan visit, urges Islamabad to decrease state intervention in economy
- IMF delegation visited Pakistan from Nov. 12-15 to discuss economic policies, reform efforts
- Both sides agreed Islamabad needs to mobilize revenue from “untapped tax bases,” says IMF official
ISLAMABAD: The International Monetary Fund (IMF) announced this week it had concluded its state visit to Pakistan, calling on Islamabad to decrease state intervention in the economy, mobilize revenue via tax reforms and adopt prudent fiscal policies.
The IMF released its statement late Friday as a delegation led by its Pakistan mission chief, Nathan Porter, completed a five-day trip to the country during which it discussed the performance of a $7 billion loan program approved in September.
The IMF has clarified Porter’s visit is not part of the first review of the loan program, which is not scheduled to take place before the first quarter of 2025.
The international lender has repeatedly called on Pakistan to undertake tax and energy reforms as well as privatize state-owned assets which it says are critical to revitalize its fragile $350 billion economy.
“Structural energy reforms and constructive efforts are critical to restore the sector’s viability, and Pakistan should take steps to decrease state intervention in the economy and enhance competition, which will help foster the development of a dynamic private sector,” Porter said in a statement.
The IMF official said both sides agreed with the need for Islamabad to continue prudent fiscal and monetary policies, mobilizing revenue from “untapped tax bases” and transferring greater social and development responsibilities to provinces.
“Strong program implementation can create a more prosperous and more inclusive Pakistan, improving living standards for all Pakistanis,” Porter said.
In an earlier statement on Friday, the IMF urged Pakistan to digitalize its budget preparation and execution processes to improve fiscal monitoring and reporting to overcome deviations from the planned budgets.
IMF loan bailouts are critical for Pakistan, which narrowly avoided a sovereign default last year before clinching a last-gasp $3 billion loan from the international lender.
Pakistan’s finance minister has repeatedly stressed implementing painful reforms to ensure the country does not seek loans repeatedly from the global lender at exorbitant interest rates.
Pakistan’s Ayla Majid becomes first South Asian and Muslim to be elected ACCA president
- Ayla Majid is the CEO of a firm that advises on decarbonization, sustainability and energy transition
- She will lead 252,500 members and 526,000 future members of ACCA across 180 countries during her tenure
ISLAMABAD: Ayla Majid, the chief executive officer of a firm that advises on decarbonization, sustainability and energy transition, made history this week after becoming the first South Asian and Muslim to get elected as president of the global accountancy body ACCA (Association of Chartered Certified Accountants).
Majid will lead more than 252,500 members and 526,000 future members of ACCA across 180 countries during her year-long term of office, ACCA wrote on its website on Friday.
Currently the founder and CEO of Planetive Middle East and Planetive Pakistan, Majid has over 20 years of experience in energy, transaction advisory, mergers and acquisitions, investments and corporate governance.
She holds a Master of Business Administration degree from the Lahore University of Management Sciences (LUMS) and a Bachelor of Law degree from the University of London.
“It’s an honor and a deeply meaningful moment, not just for me but for so many who see themselves in this achievement,” Majid told Arab News via email on Friday.
“Breaking these barriers reflects the values of inclusion and diversity that ACCA embodies,” she added. “Personally, it’s a testament to the power of resilience and the importance of representation.”
Majid said the accounting and finance profession globally is evolving rapidly in response to the demands of a changing world, explaining that issues such as sustainability, digital transformation and evolving regulatory landscapes are reshaping the skills accountants need.
“Additionally, we must ensure the profession remains relevant in addressing societal challenges such as climate change and economic inequality,” she said.
“ACCA can play a pivotal role by continuously enhancing its qualifications to include skills in sustainability reporting, digital transformation, and strategic leadership.”
Majid called for global collaboration and championing inclusion, saying that through such initiatives, ACCA can prepare its members to not just respond to challenges but “lead with purpose and impact.”
“My vision for ACCA is to continue being a catalyst for positive change, working alongside diverse group of partners and collaborate more on global agendas,” Majid said.
“By strengthening our advocacy on global issues like climate action and economic resilience, we can shape a better future,” she added.
