KARACHI: Expo 2020 Dubai has enabled Pakistan’s northwestern Khyber Pakhtunkhwa (KP) province to attract an estimated $10 billion investment in key sectors, including energy and tourism, a top KP investment official said on Sunday.
The expo, which began in October 2021, is offering lucrative opportunities to countries to showcase their projects to attract foreign investment. Around 92 countries, including Pakistan, are participating in the mega exhibition dubbed as the “event of the century” to display their economic and cultural potential.
Pakistan’s pavilion at the expo has been highlighting the presence of investment opportunities, tourism potential and cultural magnificence of the country. In January, its highlight is the north-western Khyber Pakhtunkhwa province.
Provincial government officials say they are “very happy” with the outcome of the event so far.
“The quantum of investment is around $8-$10 billion and we are very happy with the response we have got from the investors,” Hassan Daud Butt, chief executive officer of the Khyber Pakhtunkhwa Board of Investment and Trade (KP-BOIT) told Arab News in an exclusive interview from Dubai.
“We are signing a few more agreements tomorrow (Monday, January 24) for investment in the IT sector”, Butt disclosed. “The Expo 2020 in Dubai has given Pakistan and its provinces a great opportunity to showcase their culture, environment, initiative and [enabled them to] pitch investment projects.”
The KP-BOIT chief said the province was well prepared for the exhibition to grab opportunities by showcasing projects.
“We have crafted our entire month’s program, starting from the cottage industry and moving on to special economic zones, mines and minerals, agriculture, and the IT sector,” Butt said.
“Then we had the main investment conference. We were able to sign 42 MoUs (Memorandums of Understanding) in various categories.”
Officials say investors have shown great interest in energy, tourism, integrated tourism zones (ITZs), a water sports theme park in Swabi, industrial, power, infrastructure, food processing, livestock and other sectors.
Enertech-Kuwait Investment Authority (KIA), Korea Hydro and Nuclear Power (KHNP), Private Office of Sheikh Ahmed Dalmook-Al-Maktoum, Samara Group, VR Group, Sigma Group, Malik Foams and Nobel Future Land were among the prominent groups that signed MoUs with the provincial government.
“I and the government of Khyber Pakhtunkhwa are thankful to the government of Pakistan for providing this opportunity and also thankful to the government and leadership of UAE for letting us come here and showcase [our potential] in a friendly and knowledge-seeking environment”, the KP-BOIT chief said.
Under the agreements signed at Expo 2020, hotels, restaurants and integrated tourism zones will be set up that will help project KP as “the land of growing opportunities.”
“I believe these projects will not only build and contribute to the investment climate but will also create the narrative that KP is the land of growing opportunities and is a potential place to invest for people living in Dubai and elsewhere,” Butt noted.
Pakistani officials hope that by the end of the exhibition in March 2022, the South Asian country would be able to generate huge foreign direct investment (FDI).
“I see huge opportunities by the end of the expo, because Pakistan, through its pavilion, through its investment projects, through international [investors] with the local community and investors will be able to generate huge FDI not at the federal level but at the provincial level in Punjab, KP, Sindh and Balochistan,” Butt said.
Last month, the Sindh government had also signed six agreements with various investors for multiple projects in different fields and areas at the Sindh Investment Conference, in the presence of UAE’s minister for tolerance and coexistence, Sheikh Nahyan bin Mubarak Al Nahyan, Sindh Chief Minister Murad Ali Shah and Bilawal Bhutto-Zardari, the Chairperson of Pakistan Peoples Party (PPP).
Apart from Sindh, Punjab, KP, Azad Jammu & Kashmir and Gilgit-Baltistan governments have also come up with detailed plans to market their potential for investment in various sectors through Expo 2020.
Special offers are being made to attract investment through special economic and export processing zones, which are being developed along the multi-billion-dollar China-Pakistan Economic Corridor (CPEC).
Pakistan’s Khyber Pakhtunkhwa attracts around $10bln at Expo Dubai — investment chief
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Pakistan’s Khyber Pakhtunkhwa attracts around $10bln at Expo Dubai — investment chief
- The KP provincial government has been able to sign 42 investment agreements in various sectors, says Hassan Daud Butt
- Official thanks the UAE leadership for letting them showcase their potential in a friendly, knowledge-seeking environment
US urges sports diplomacy between Pakistan, India following ICC Champions Trophy row
- State Department Deputy Spokesperson Vedant Patel highlights the role of sports in “connecting people”
- India has refused to travel to Pakistan for ICC Champions Trophy slated to be held from Feb-March next year
ISLAMABAD: US State Department Deputy Spokesperson Vedant Patel on Friday encouraged sports diplomacy between Pakistan and India amid a row over New Delhi’s refusal to send its cricket team to neighboring Pakistan for the ICC Champions Trophy.
The ICC informed Pakistan last week India had declined to play any games in Pakistan during the Champions Trophy, which is scheduled to be held from Feb. 19 - March 9. The Pakistan Cricket Board (PCB) has sought clarification from the ICC on the refusal.
“Bilateral relationships are certainly not something for us to get in the middle of but sports is certainly a potent and connecting force,” Patel said during a weekly press briefing. “You have seen the secretary and this department really prioritize the role that sports diplomacy has in connecting people.”
Patel added that bilateral relations between Pakistan and India ought to be discussed between the countries on their own through sports orother means.
“At the end of the day, sports really connects so many people and is a great way for the human-to-human and people-to-people ties this administration has really prioritized,” he said.
India has not toured Pakistan since 2008 because of soured political relations between the neighbors, who play each other only in global multi-team tournaments. Pakistan hosted the Asia Cup last year but the winners India played all their matches in Sri Lanka under a “hybrid model.”
The PCB has ruled out a similar arrangement for the 2025 Champions Trophy despite the Indian Cricket Board (BCCI) maintaining its stance of not sending a team to Pakistan, citing government advice.
Pakistan unveils first National Climate Finance Strategy on COP29 sidelines
- Strategy aimed at mobilizing financial resources and investments for climate mitigation and adaptation
- Pakistan is ranked 5th most vulnerable country to climate change, according to Global Climate Risk Index
ISLAMABAD: Pakistan has unveiled its first-ever National Climate Finance Strategy (NCFS), aimed at mobilizing financial resources for climate mitigation and adaptation, Radio Pakistan reported on Friday.
The strategy was launched by Federal Minister for Finance, Muhammad Aurangzeb, and the Prime Minister’s Coordinator on Climate Change, Romina Khurshid Alam, at the Pakistan Pavilion in Baku on the sidelines of the two-week UN-led global climate conference (COP29).
“[Strategy] outlines a comprehensive framework to scale up climate-related investments, attract international funding, and strengthen domestic financial systems,” Radio Pakistan reported.
“The strategy provides a roadmap for Pakistan to systematically access climate finance from a variety of domestic and international sources, reinforcing the country’s commitment to the Paris Agreement and its climate resilience goals.”
Speaking on the occasion, Aurangzeb said the strategy would enable Pakistan to leverage international, domestic, and private finance to support climate resilience efforts.
The strategy prioritizes sectoral resilience and the development of climate-smart policies across key sectors such as agriculture, infrastructure, and urban planning, the finance minister said, adding that NCFS identified key financial instruments and channels for climate action, aiming to close the estimated $348 billion climate finance gap facing the country by 2030.
The NCFS also incorporates a new National Climate Finance Portal that will track climate finance inflows and outflows, ensuring transparency and accountability.
Pakistani Prime Minister Shehbaz Sharif, who spoke at a number of events at COP29 earlier this week, used the forum to highlight the need to restore confidence in the pledging process and increase climate finance for vulnerable, developing countries.
The main task for nearly 200 countries at the COP29 summit from Nov. 11-22 is to broker a deal that ensures up to trillions of dollars in financing for climate projects worldwide.
Pakistan is ranked the 5th most vulnerable country to climate change, according to the Global Climate Risk Index. In 2022, devastating floods killed over 1,700 people and affected over 33 million, with economic losses exceeding $30 billion. International donors pledged over $9 billion last January to aid Pakistan’s flood recovery but officials say little of the promised funds have been received so far.
Speaking on the sidelines of the World Leaders’ Climate Action Summit on Tuesday, Sharif said developing countries would need an estimated $6.8 trillion by 2030 to implement less than half of their current nationally determined contributions (NDCs), or national action plans for reducing emissions and adapting to climate impacts defined by the Paris Agreement.
Most of the world’s climate-friendly spending so far has been skewed toward major economies such as China and the United States. Africa’s 54 countries received just 2 percent of global renewable energy investments over the last two decades.
‘Rain prayers’ to be organized across Pakistan today as toxic smog chokes cities
- Toxic smog has enveloped the eastern city of Lahore and 17 other districts of Punjab province since last month
- Lahore, home to 13 million people, had the worst air quality in the world on Friday, according to live readings by IQAir
ISLAMABAD: On the appeal of Prime Minister Shehbaz Sharif, special prayers for rainfall will be organized across Pakistan today, Friday, as record-high air pollution levels have triggered hundreds of hospitalizations, school closures and stay-at-home orders in several districts of the most populous Punjab province.
On Friday, Lahore, home to 13 million people, had the worst air quality of any city in the world, according to live readings by IQAir, a Swiss air quality monitoring company.
On Thursday, Sharif appealed to the nation to perform Istisqa prayers, a special Islamic ritual performed to seek rain, primarily during times of drought or severe water shortages.
“Salat Al-Istisqa for rain will be offered across the country today [Friday] on the appeal of Prime Minister Shehbaz Sharif to the nation,” Radio Pakistan reported, saying Sharif had urged religious scholars and prayer leaders to play their role in organizing the special ritual.
Earlier this week, the government of Punjab closed all high schools in the province until Nov. 17 due to persisting smog.
Primary schools and government offices had already been closed until Nov. 17 in many districts of Punjab earlier this month, with school closures likely to affect the education of more than 20 million students, according to associations representing private and government schools.
Authorities in 18 districts of Punjab also closed all public parks, zoos and museums, historical places, and playgrounds for ten days last week.
On Friday, a court in Lahore ordered the government to shut all markets after 8pm. Authorities have already banned barbecuing food without filters and ordered wedding halls to close by 10pm.
On Monday, the UN children’s agency said the health of 11 million children in Punjab province was in danger because of air pollution.
Pakistani deputy PM to attend UAE’s Sir Bani Yas Forum today
- Three-day summit will host top decision-makers, experts for debates on regional issues
- Ongoing war in Gaza is expected to feature prominently in discussions at Sir Bani Yas Forum
ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar will attend the three-day 15th Sir Bani Yas Forum in the United Arab Emirates (UAE) from today, Friday, the foreign office in Islamabad said, with the ongoing war in Gaza expected to be at the center of discussions.
The three-day annual retreat will bring together top decision-makers and experts to debate pressing Middle Eastern issues such as regional peace and security and economic transformation.
“At the invitation of His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Foreign Minister of Pakistan, Senator Mohammad Ishaq Dar will participate in the 15th Sir Bani Yas Forum being held from Nov. 15-17 in the UAE,” foreign office Spokesperson Mumtaz Zahra Baloch said at a weekly news briefing in Islamabad.
“At the forum, Deputy Prime Minister and Foreign Minister will engage in high-level dialogue with global leaders and experts addressing critical issues of regional security, economic cooperation and sustainable development.”
Dar will highlight Pakistan’s “strategic perspective on fostering diplomatic solutions to complex regional challenges and advancing collective prosperity,” Baloch added.
The war in the Gaza Strip is expected to feature prominently in discussions at the Sir Bani Yas Forum.
Israel invaded the enclave last year after Hamas-led gunmen attacked communities in southern Israel, killing around 1,200 people, according to Israeli authorities, and abducting more than 250 as hostages. Since then, the Israeli campaign has killed more than 43,500 people, according to Gaza health authorities, and destroyed much of the enclave’s infrastructure, forcing most of the 2.3 million population to move several times.
The issue was also at the center of the agenda at the recently concluded Joint Arab-Islamic Summit hosted by Saudi Arabia, with Baloch welcoming the resolution adopted by the summit, which, among other issues, called on the UN Security Council to impose an arms embargo on Israel and asked it to set up an independent investigation committee to investigate Israeli crimes including genocide, forced disappearances, torture and ethnic cleansing.
Pakistan restores train service from restive Balochistan province after bombing at train station
- At least 24 people were killed in a bomb blast on Saturday at a railway station in the city of Quetta
- In August, over 50 people were killed in Balochistan in militants attacks on police stations, railway lines, highways.
QUETTA: A train service between the southwestern city of Quetta and Peshawar in Pakistan’s northwest resumed on Friday after being shut for four days following a deadly bombing at a railway station.
At least 24 people were killed and more than 40 injured in a bomb blast on Saturday at a railway station in the city of Quetta in the province of Balochistan, which is grappling with a surge in strikes by separatist ethnic militants that has raised security concerns for projects aiming to develop the province’s untapped mineral resources.
Imran Hayat, Divisional Superintendent of Pakistan Railways Quetta Division, said train operations from Balochistan to the rest of the country had been restored, with the Quetta-Peshawar bound Jaffar Express departing from Quetta Railway Station on Friday morning amid tight security at the railway station.
“We had suspended our service for four days following the threat of attacks on the train service in Balochistan,” Hayat told Arab News.
“Today, the Quetta-Peshawar bound Jaffar Express departed from Quetta Railway Station at 9am and we have resumed service for Karachi and Chaman amid stringent security measures across the railway station.”
The Baloch Liberation Army (BLA), a separatist militant group, claimed responsibility for Saturday’s attack.
The BLA seeks independence for Balochistan, a province of about 15 million people that borders Afghanistan to the north and Iran to the west. The BLA is the biggest of several ethnic insurgent groups battling the government, saying it unfairly exploits the province’s rich gas and mineral resources. The government denies this.
In August, over 50 people were killed in Balochistan after separatist militants attacked police stations, railway lines and highways.
The assaults in August were the most widespread in years by militants fighting a decades-long insurgency to win secession for the province, home to major China-led projects such as a port and a gold and copper mine.