ISLAMABAD: Pakistan has established a public limited company to expedite mineral exploration in the southwestern Balochistan province, top government officials said on Thursday, a move that is likely to meet resistance from locals who have long resented the central government’s interventions in the resource-rich province.
Federal and provincial authorities approved the Balochistan Mineral Exploration Company Limited (BMEC) in June. About 90 percent shares of the company will be owned by the Balochistan government and 10 percent by the center.
“The company will be formally registered with the Securities and Exchange Commission of Pakistan this month, and then the remaining formalities like staff appointments will also be completed,” Syed Zafar Ali Bukhari, Balochistan’s secretary for mines and mineral development, told Arab News.
He said the company’s main objective was to bring in domestic and foreign investment from private mineral exploration companies, create jobs and boost provincial government revenue.
Balochistan, a sparsely populated, mountainous, desert region bordering Afghanistan and Iran, has for years been plagued by an insurgency that has sometimes waned and sometimes intensified over the years.
Some indigenous Baloch people accuse the central government of exploiting the province’s vast natural resources and unfairly distributing them among other provinces — one of the reasons that fueled a separatist insurgency around 2004. The government denies it has committed any wrongs.
Sajid Qazi, who works as a joint secretary with the petroleum division, told Arab News the federal government’s 10 percent share was “for a facilitation role, which is not barred by the Constitution of Pakistan 1973.” In Pakistan, mining is a provincial subject.
“The structure, ownership and stewardship of BMEC is a reflection of national consensus on development of Balochistan’s mineral sector,” he added.
Qazi said an apex committee had been designated to take strategic decisions and provide direction to the company as well as resolve deadlocks. It would include the prime minister, chief minister of Balochistan and the army chief and federal advisers and ministers for finance and planning.
Many stakeholders in Balochistan are opposed to the federal government being involved in the province’s affairs.
“Mines and minerals constitute a provincial subject and the federal government shouldn’t intervene in it by keeping shares in the public company,” Sardar Shoukat Popalzai, President Balochistan Economic Forum, told Arab News.
He questioned why a separate public sector minerals exploration company needed to be formed when a mines and minerals development department already existed in the province. “The creation of the company is nothing but duplication and will only lead to bureaucratic wrangling,” he said.
Popalzai suggested that the federal and provincial governments only provide “security to firms and implement relevant rules and regulations” to boost mineral exploration in the province.
“This is the job of the private sector and the government should let it do it with freedom,” he said. “A number of provincial government projects related to mineral exploration are stalled because the officials involved neither have the expertise nor the capacity to fully exploit their true potential.”
Mineral exploration in Balochistan, Pakistan’s largest province in terms of its geographical size, has remained controversial over the years since multinational companies, including Canada’s Barrick Gold and Chile’s Antofagasta, went into litigation against the government over the famous Reko Diq copper deposit in the province.
The company formed a joint venture that claimed to have invested more than $220 million in the Reko Diq project by the time the Balochistan government in 2011 refused to grant it the mining lease for further operations. In 2013, the Supreme Court of Pakistan also voided the deal, but in 2017 the World Bank’s International Center for Settlement of Investment Disputes ruled against the country.
The Reko Diq dispute is yet to be settled formally as the firms are claiming more than $11 billion in damages.
To offset the controversies and bring in new local and foreign investors, the Balochistan government announced its first mineral policy in August last year to “help win the confidence” of investors in the province’s mineral sector.
“Balochistan is rich in natural resources, but investors are reluctant to come here due to lack of an effective mineral policy,” Chief Minister Balochistan Jam Kamal Khan said while introducing the policy.
The director-general mines and minerals department of Balochistan, Abdullah Shahwani, said that the government could not enter into businesses directly and thus had to establish a public sector company to negotiate with private investors and facilitate them in the mining sector.
“The mining sector is a potential source of job creation and revenue collection for the government. Therefore, we want to expand it with the help of private investors,” Shahwani told Arab News.
He said the security situation in the province would be a major concern for private investors, but added: “We can’t stop working due to security threats. We have to take care of them.”
Pakistan sets up public exploration company in Balochistan with 10% shares for center
https://arab.news/j5vsx
Pakistan sets up public exploration company in Balochistan with 10% shares for center
- Balochistan Mineral Exploration Company will be formally registered this month, main objective is to attract private investment and boost government revenue
- Mining is a provincial subject in Pakistan, many stakeholders are opposed to federal government being involved in Balochistan’s affairs
‘Beyond imagination,’ Pakistani PM says as November inflation slows to 4.9% year-on-year
- Sharif says inflation rate lower than government’s forecast, lowest in nearly six years
- Last year Pakistan struggled through inflation as high as 38%,historic depreciation in currency
ISLAMABAD: Prime Minister Shehbaz Sharif said it was “beyond imagination” that Pakistan’s annual consumer inflation had slowed to 4.9% in November, lower than the government’s forecast and the lowest in nearly six years.
The finance ministry had projected inflation would slow to 5.8%-6.8% in November and ease to 5.6%-6.5% in December, it said in its monthly economic report published last week. The South Asian country slashed interest rates by 250 basis points earlier in November to help revive a sluggish economy amid a big drop in the rate of inflation.
Consumer inflation cooled from 7.2% in October, a sharp drop from a multi-decade high of nearly 40% in May 2023. Consumer prices in November rose +0.5% from October, according to the Pakistan Bureau of Statistics.
“After 70 months, the inflation rate in Pakistan in November is at its lowest level. In 2018, it was 3.5% during the era of [Prime Minister] Mian Mohammad Nawaz Sharif, this month, it has reached 4.9%,” Sharif told his cabinet in televised comments.
“This is a great grace of God. It is beyond imagination. Because inflation is the only tool that increases poverty or brings relief. This is a record after 70 months, this decrease will reduce the burden on the poor.”
Pakistan's annual consumer price inflation rate slowed to 9.6% in August, the first single-digit reading in almost three years.
A last-minute IMF rescue package last summer had helped Pakistan avert a sovereign default but, to secure it, the country had to revise its budget, and raise interest rates, taxes, and electricity and gas prices.
As a result, during the period, Pakistan struggled through inflation as high as 38%, historic depreciation in its currency, and contraction of the economy.
A new 37-month $7 billion loan bailout was approved for Pakistan by the IMF in September.
Pakistani squash legend Jansher Khan inducted into PSA Hall of Fame
- World No.1 for 97 months through his career, Khan’s final professional title count of 99 is the greatest of any player since records began
- Khan won the World Championships eight times, a record in the men’s game, and added six British Open titles to a glittering trophy haul
ISLAMABAD: Malaysian retired squash player Nicol David and Pakistani great Jansher Khan have been honored this week as the newest members of the Professional Squash Association (PSA) Hall of Fame at a ceremony held in Hong Kong, the body said on X.
David and Khan became the third and fourth members of the PSA Hall of Fame, which was launched earlier this year to recognize the achievements of the game’s most influential characters, past and present. David and Khan have joined inaugural inductees Susan Devoy from New Zealand, and Jahangir Khan, another Pakistani legend, in the PSA Hall of Fame as the association continues to celebrate its greatest icons.
“Congratulations to Nicol David and Jansher Khan,” PSA said in a social media post showing a picture of the two receiving the honor on the eve of the Hong Kong Squash Open.
A key part of the Pakistani dominance of the sport throughout the 1980s and 1990s, Jansher Khan won the World Championships eight times – a record in the men’s game – and also added six British Open titles to a glittering trophy haul.
A World No.1 for 97 months throughout his career, Khan’s final professional title count of 99 is the greatest of any player since records began.
“I feel very happy … I’m very happy to come to Hong Kong, see my old friends. It’s an honor to get this award,” Khan said in a statement released by PSA.
David is widely regarded as one of the greatest players in the history of squash, with her career including an unprecedented eight World Championship titles and an unmatched 108-month reign as the World No.1. She also took home five British Open titles and won two Commonwealth Games gold medals.
Since retiring, David has founded the Nicol David Organization, one of the Squash for Development programs that the PSA Foundation supports. The 41-year-old was announced as a member of the Laureus World Sports Academy – a recognized group of 69 sporting legends – in 2021.
“After doing so much in my squash career, you sometimes don’t realize how much you’ve done until the moment when you are given this opportunity to be recognized in a hall of fame,” David said in a PSA statement. “That’s when you you go ‘This is it!’ And I I feel amazing, it’s such an honor and I would like to thank PSA for honoring me.”
PSA Chief Executive Alex Gough said: “Nicol and Jansher are two of the most iconic figures in the history of squash and have both left a lasting legacy in the sport.
“Nicol inspired so many squash players – in Malaysia and across the globe – and her record of nine unbroken years at the summit of the world rankings will surely never be bettered. She is a fantastic ambassador for the sport and it was fantastic to see her honored with the title of Deputy Chef de Mission at the Paris 2024 Olympic Games this summer.
“Like Nicol, Jansher’s name will forever be linked to squash and the records he has amassed across the men’s game are nothing short of incredible. We are pleased to have had the opportunity to celebrate both players.”
Pakistan moves to enhance trade with Uzbekistan amid investment push in Central Asia
- Pakistan wants to consolidate its role as a pivotal trade and transit hub for landlocked Central Asian states
- In recent weeks, there has been flurry of visits, investment talks, economic activity between Pakistan and CARs
ISLAMABAD: The Ambassador of Uzbekistan to Pakistan, Alisher Tukhtayev, and Pakistani Federal Minister for Commerce, Jam Kamal Khan, on Monday discussed avenues to enhance business opportunities and trade relations as Islamabad seeks to enhance investment ties with the Central Asian Republics (CARs).
Pakistan is pushing to consolidate its role as a pivotal trade and transit hub connecting the landlocked Central Asian states with the rest of the world, leveraging its strategic geographical position. In recent weeks, there has been a flurry of visits, investment talks and economic activity between officials from Pakistan and the Central Asian nations.
Pakistan and Uzbekistan signed a $1 billion deal to increase bilateral trade in February 2023 at the eighth meeting of the Inter-governmental Commission on Trade-Economic and Scientific-Technical Cooperation in Tashkent. The agreement was aimed at encouraging the exchange of goods and services. The outgoing Uzbek Ambassador to Islamabad, Oybek Usmanov, said in September this year the countries were aiming to announce a $1 billion trade and industrial cooperation roadmap in the near future.
“Both sides agreed to work closely to unlock the full potential of their relationship,” a statement from the Pakistani commerce ministry said after Khan’s meeting with Tukhtayev, who was appointed in October.
During the discussion, Khan expressed his admiration for Uzbekistan’s infrastructure and rapid development.
“The progress in Uzbekistan is remarkable, and I was particularly impressed by its railway system,” the minister said, underscoring the importance of learning from Uzbekistan’s advancements.
Khan also highlighted newly launched flights between Pakistan and Uzbekistan, noting that their high occupancy rates were a “sign of significant potential for collaboration.”
“He identified religious tourism and other sectors as areas ripe for growth and called for further efforts to facilitate travel. Stressing the need for a streamlined visa process, he advocated measures to ensure genuine visitors while maintaining rigorous scrutiny,” the commerce ministry said.
Khan proposed partnerships with local airlines to boost trade and travel connectivity and suggested organizing business-to-business (B2B) interactions during Prime Minister Shehbaz Sharif’s upcoming visit to Uzbekistan, the dates of which have not yet been confirmed.
“The idea of holding a business forum during the visit also featured prominently in their discussions,” the commerce ministry added.
“Ambassador Tukhtayev agreed on the untapped potential of bilateral trade, emphasizing sectors like agriculture, food, pharmaceuticals, and tourism. He reassured the minister of the Uzbek Embassy’s round-the-clock availability to facilitate coordination and promote business ties,” the statement added.
Pakistan and Uzbekistan established diplomatic relations in May 1992.
Uzbekistan is the largest consumer market and second biggest economy in Central Asia. It was the first Central Asian country with which Pakistan signed a bilateral Transit Trade Agreement (UPTTA) and bilateral Preferential Trade Agreement (PTA) on 17 items.
Bilateral trade with Pakistan (Jan-Dec 2021) amounted to $126.05 million, with $88.18 million exports to Pakistan and $ 37.87 million imports from Pakistan, according to the website of the Pakistani foreign office, which did not provide updated figures.
Traders welcome decision to keep Khunjerab Pass linking Pakistan, China open year-round
- High-altitude Khunjerab Pass is closed from Nov. 30 to Apr. 1 each year due to harsh weather
- This year, border crossing has been opened from Dec. 1 for all kinds of trade and transportation
KHAPLU, Gilgit-Baltistan: In a first, the high-altitude Khunjerab Pass, the only land-connected route between China and Pakistan and a major trade station between the two nations, will remain open year-round for all types of trade and transportation, officials confirmed on Monday, with businesses welcoming the move.
At over 4.600 meters above sea level, Khunjerab, which connects Gilgit-Baltistan with China’s Xinjiang region, is the highest paved international crossing in the world and an important gateway to South Asia and Europe.
The pass is located in the Karakoram and holds a significant strategic position on the northern border of Pakistan, specifically in Gilgit-Baltistan’s Hunza and Nagar Districts. China mainly imports textiles, agricultural products and daily commodities through the pass, and exports plants and herbs.
Due to high altitude and harsh weather conditions, the border was previously open only between April to November and remained closed from December to March. Last October, however, Caretaker Prime Minister Anwaar-ul-Haq Kakar said at the Belt and Road Forum in Beijing that the pass would be converted into an all-weather border.
“The Government of the People’s Republic of China has formally concurred to the year-round opening of the Khunjerab Pass,” a latest notification from Pakistan’s Ministry of Foreign Affairs said.
“Consequently, operation of the Khunjerab-Sost border crossing are hence forth expanded from 1st April – 30thNovember each year to year-round operation,” the statement said, instructing all relevant agencies and government departments to continue their operations at the port from Dec. 1.
Confirming the development, Faizullah Faraq, the spokesperson for the Gilgit-Baltistan regional government, said authorities were “utilizing all resources” to clear the roads of snow on the Pakistani side to ensure smooth functioning of trade and transport activities.
The Gilgit-Baltistan region in northern Pakistan, flanked by soaring mountain ranges and glaciers, is also a major tourist destination in the country.
“The year-round opening of the border will also help in the promotion of tourism,” Faraq added. “The economic engagement of people of both regions [China and Pakistan] is associated with this border. So the local economy will be uplifted.”
Speaking to Arab News, Muhammad Iqbal, the president of the GB Importers and Exporters Association, welcomed the decision.
“The historic decision to keep the border open for the whole season will help boost import and export trade, and commerce between Pakistan and China,” he said. “For traders, this decision will ensure uninterrupted access to the Chinese market. This route will also give access to Central Asian and other countries and people-to-people contact between Pakistan’s G-B and China’s Xinjiang province will be enhanced.”
Imran Ali, the president of the Gilgit-Baltistan Chamber of Commerce, said “new avenues of development” would be opened by keeping the border open throughout the year.
“More than 20,000 people, including traders and laborers, are associated with this border, and due to this decision, business activities will be increased and traders and locals will directly get benefits,” he added.
According to APP, Pakistan’s state-run news agency, Khunjerab Pass recorded over 50,000 inbound and outbound passengers between Apr. 1 and the end of October, while import and export cargo volume reached 40,900 tones, up 42.6 percent and 72.7 percent year-on-year respectively.
China is a major ally and investor in Pakistan. The two countries collaborate on the China-Pakistan Economic Corridor, a flagship project under China’s Belt and Road Initiative, with more than $65 billion pledged for road, rail, and other infrastructure developments in the South Asian nation.
Pakistan sectarian clashes toll reaches 133 since Nov. 21 — provincial government
- A tribal jirga, or council of elders, had been formed to ensure a truce that has remained elusive so far
- Government says bunkers set up by armed groups to be dismantled and heavy weaponry confiscated
PESHAWAR: The death toll from sectarian clashes in northwest Pakistan has risen to 133, the provincial government said Monday, as tribal elders failed to ensure a truce between the feuding Sunni and Shiite Muslim communities.
Pakistan is a Sunni-majority country, but Kurram in Khyber Pakhtunkhwa province, near the border with Afghanistan, has a large Shiite population and the communities have clashed for decades.
At least “133 precious lives have been lost, and 177 people injured” in sporadic clashes since November 21, said a statement issued after a provincial cabinet meeting.
A tribal jirga, or council of elders, had been formed to ensure a truce that had remained elusive so far, it said.
“Bunkers set up by armed groups in Kurram will be dismantled and heavy weaponry ... will be confiscated,” the statement added.
The latest fighting broke out last Thursday when two separate convoys of Shiite Muslims traveling under police escort were ambushed, killing more than 40.
Since then days of fighting with light and heavy weapons have brought the region to a standstill, with major roads closed and mobile phone services cut as the death toll surged.
Anfal Hussain, who owns a pharmacy in Parachinar area, said “2024 has been extremely tough for Kurram” with dozens killed in clashes.
“I’ve been running this pharmacy for 11 years, but during the recent clashes the highway has been practically closed since October. This has caused significant shortages of food supplies and medicines,” Hussain, 36, told AFP.
“Many major illnesses cannot be treated in Parachinar’s hospitals, but they remain helpless due to the road closures,” he added.
A senior security official in the provincial capital Peshawar, speaking on condition of anonymity, on Friday told AFP that officials with the help of tribal elders were “close to achieving a truce,” after two earlier deals had failed to stymie the fighting.
“There are only two villages now where the sporadic firing is still taking place,” he said.
Police have regularly struggled to control violence in Kurram, which was part of the semi-autonomous Federally Administered Tribal Areas until it was merged with Khyber Pakhtunkhwa in 2018.
The Human Rights Commission of Pakistan said 79 people had been killed in the region between July and October in sectarian clashes.
The feuding is generally rekindled by disputes over land in the rugged mountainous region, and fueled by underlying tensions between communities from different sects.
