Pakistan PM uses New York visit to pitch new investment council to the world

In this handout photo, taken and released by the Prime Minister's Office, Pakistan Caretaker Prime Minister Anwar-ul-Haq Kakar (left) gestures during a session of Council of Foreign Relations on the sidelines of the 78th UNGA Summit in New York on September 21, 2023. (Photo courtesy: PMO)
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Updated 22 September 2023
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Pakistan PM uses New York visit to pitch new investment council to the world

  • Pakistan in June set up Special Investment Facilitation Council, a civil-military forum, to attract foreign funding
  • SIFC has identified five sectors as priority namely IT, agriculture, defense, minerals and mining and energy

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar is using his visit to New York this week to attend the UN General Assembly to meet business and thought leaders and stakeholders and make the case for improved business climate in Pakistan and its potential for foreign direct investment in a range of sectors.
Pakistan in June set up a Special Investment Facilitation Council (SIFC) — a civil-military hybrid forum — to fast-track decision making and promote investment from foreign nations, particularly Gulf countries.
The council has identified five sectors as priority, namely agriculture, mining, information technology, defense production and energy, as the South Asian country deals with a balance of payments crisis and requires billions of dollars in foreign exchange to finance its trade deficit and repay its international debts in the current financial year.
“Attracting foreign investments in all sectors of Pakistan’s economy is the government’s top priority,” Kakar was quoting as saying in a statement released after he met a delegation of the US Pakistan Business Council (USPBC), on the sidelines of the annual session of United Nations General Assembly in New York on Thursday evening.




Pakistan's Caretaker Prime Minister Anwaar-ul-Haq Kakar addresses the SDG Summit Leaders Dialogue on the sidelines of the 78th UN General Assembly session at the United Nations Headquarters in New York on September 20, 2023. (Photo courtesy: PMO)


He told the group his government was focused on creating a business-friendly environment and would welcome all suggestions.
 “The government believes in no-holds-barred foreign investment regime, and has constituted the Special Investment Facilitation Council (SIFC) to facilitate foreign investors, bolster their confidence and expedite project implementation in priority areas of agriculture, IT, energy and minerals and mining,” a statement from Kakar’s office said.
He said the US corporate sector “must look at ways and means” to enhance its “very long and productive” relationship with Pakistan, identifying agriculture, IT, pharmaceuticals, health and digital banking as sectors where US companies could enhance investments in Pakistan.
Esperanza Jelalian, USPBC President, told Kakar the body would “continue to engage with the government of Pakistan to seek mutually beneficial ways of enhancing cooperation.”
Speaking earlier in the day at the Council on Foreign Relations, Kakar welcomed the revival of the Pakistan-US Trade and Investment Framework Agreement (TIFA) after a gap of eight years, saying the forum should pave the way for enhanced investment in Pakistan.

“The United States is our largest export destination. Over the past year, Pakistan’s total exports to the US reached an impressive $ 8.4 billion,” Kakar said. “We need to work on US investment in Pakistan.”
As caretaker prime minister, Kakar said, he was making it a “priority” to improve Pakistan’s business climate and attract US capital and expertise.
“More than 80 US enterprises are already operating and thriving in Pakistan, contributing to our mutual prosperity. This constitutes a good infrastructure for investment on which we can build further investment partnership,” the PM added.
On Thursday, Kakar also met the CEO of Rio Tinto Group, a global leader in mining and minerals, and discussed investment opportunities in Pakistan.
He briefed Jakob Stausholm about the country’s vast untapped mineral reserves, valued at over $6 trillion, which include substantial deposits of gold, copper, and rare earth metals.
“The prime minister outlined Pakistan’s robust economic vision, emphasizing the government’s commitment to sustainable growth through efficiency enhancement, reduced business costs, regulatory improvements, increased productivity, and higher investments,” a statement from the PM’s office said.




In this handout photo, taken and released by the Prime Minister's Office, Pakistan Caretaker Prime Minister Anwar-ul-Haq Kakar (left) gestures during a meeting with Rio Tinto Group head, Jakob Stausholm, on the sidelines of the 78th UNGA Summit in New York on September 21, 2023. (Photo courtesy: PMO)

“He underscored the role of the Special Investment Facilitation Council, which acted as a single-window platform, simplifying procedures and fostering an investor-friendly environment.”
The prime minister invited Stausholm and his team to visit Pakistan and explore investment opportunities further.
“CEO of Rio Tinto Group thanked the prime minister for the invitation and assured that his team would liaise with the relevant authorities to explore investment opportunities in Pakistan’s mineral and mining sector,” the statement said.
 


Pakistan court directs government to engage with Imran Khan’s party over Nov. 24 protest

Updated 21 November 2024
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Pakistan court directs government to engage with Imran Khan’s party over Nov. 24 protest

  • Islamabad High Court says law and order remains government’s priority if there is no breakthrough
  • Chief Justice Aamer Farooq hopes PTI will have ‘meaningful communication’ with the administration

ISLAMABAD: The Islamabad High Court (IHC) on Thursday directed the government to form a committee to engage in talks with Pakistan Tehreek-e-Insaf (PTI) leadership regarding the party’s planned protest in Islamabad on Nov. 24, emphasizing the need to avoid disruptions during the visit of the Belarusian president.
IHC Chief Justice Aamer Farooq issued the directive while hearing a petition by local trade association, instructing the government to constitute the committee that is preferably headed by Interior Minister Mohsin Naqvi, with Islamabad Chief Commissioner Muhammad Ali Randhawa and other officials.
The committee is tasked with negotiating with PTI leaders to address the “sensitivity over the weekend due to the movement of the President of a foreign country.”
“It would be appropriate that respondent No. 1 (government) constitute the committee ... to engage with the leadership of respondent No. 5 (PTI party), informing them of the sensitivity over the weekend,” said the court.
“In case no breakthrough is made, the law and order is the responsibility of respondents No. 1,” it continued, adding: “In this regard, no protest or rally or for that matter sit-in shall be allowed.”
Chief Justice Farooq urged the government to maintain law and order in Islamabad with “minimum disruption to the life of ordinary citizens,” expressing hope that PTI would “engage in meaningful communication” with the committee.
The court also directed a report on the matter to be submitted at the next hearing, scheduled for Nov. 27.
The directive followed a petition filed by Jinnah Super Traders Association (JSTA) President Asad Aziz, who sought the court’s intervention to prevent the PTI protest, citing disruptions to daily life and financial losses for the business community.
“Islamabad is a very expensive city with high property and rent prices,” Aziz told Arab News. “If your business is shut on top business days, how can these businessmen survive?“
He highlighted the financial strain caused by protests, particularly for shopkeepers in areas like Super Market, Jinnah Super Market and Blue Area.
Aziz claimed that 20 percent of shopkeepers had shut their businesses in recent months due to recurring disruptions caused by political demonstrations.
Protests in Islamabad have frequently caused disruptions to their lives of it residents. In September, a similar PTI demonstration led the government to lock down the city with containers, creating significant inconvenience for people and business owners.
Earlier this year, Pakistan’s parliament passed a law regulating public gatherings in Islamabad, specifying timings for rallies and designating specific areas. The law prescribes three-year jail terms for participants in illegal assemblies and 10-year imprisonment for repeat offenders.
Pakistan’s interior ministry has already approved the deployment of paramilitary forces in Islamabad to manage the anticipated law and order situation during the protests.
The security situation has also become a paramount concern due to Belarusian President Aleksandr Lukashenko’s three-day visit to Islamabad starting Monday, during which several investment deals and memorandums of understanding are expected to be signed between the two countries.
 


In rare message, Imran Khan’s wife says he won’t seek revenge if back in power

Updated 21 November 2024
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In rare message, Imran Khan’s wife says he won’t seek revenge if back in power

  • Bushra Bibi says the protest date will only change from Nov. 24 if Khan shares another public course of action
  • Her message marks a rare foray into the public eye, underscoring her emerging role as a central PTI figure

ISLAMABAD: In a rare public message on Thursday, Bushra Bibi, the wife of Pakistan’s jailed ex-prime minister Imran Khan, assured state institutions he harbors no plans for revenge upon returning to power, as she rallied support for a protest planned by Pakistan Tehreek-e-Insaf (PTI) next week.
The PTI is organizing the rally in Islamabad on November 24, demanding Khan’s release, who has been in prison since August last year following his arrest on corruption charges.
The protest also aims to highlight the party’s allegations of electoral rigging in the February 8 general elections. The planned demonstration reflects the deepening political polarization in Pakistan, with Khan’s supporters and other political factions locked in an increasingly bitter political conflict.
Khan’s combative rhetoric against state institutions, including the powerful military— whom he has accused of orchestrating his ouster in an April 2022 no-confidence vote— has further entrenched divisions.
Despite his incarceration, Khan has remained defiant, which many interpret as evidence of his determination to seek retribution against rivals if he regains power. In her video message, however, Bibi dismissed the perceptions, emphasizing Khan’s commitment to forgiveness and unity.
“I want to tell the [state] institutions that it is completely wrong to think that Khan will take revenge on anyone,” she said in the video. “Khan says taking revenge on people after coming into power is akin to inviting God’s displeasure.”
“He has said that the time he has spent in jail has brought him closer to God,” she continued. “He has also said that he has learned that when you come into power, you should open the door to forgiveness, not the door to oppression.”
Bibi’s appeal marked a rare foray into the public eye, underscoring her emerging role as a central figure in the PTI’s efforts to build momentum for Khan’s release. She remained in the same jail with Khan in a case involving the illegal sale of state gifts before her release on bail in October.
Bibi called on party supporters to participate in the November 24 rally, saying there was no plan to change the protest date.
“The date can only be changed on one condition that Khan comes out and himself announces the next course of action to the public,” she said. “Otherwise, under no circumstances can the date of Nov. 24 be changed.”
Khan’s arrest and imprisonment have become a flashpoint for political tensions in Pakistan. The PTI alleges that the cases against Khan are politically motivated, aimed at sidelining the former premier and dismantling his party.
Meanwhile, the coalition government has taken measures to suppress PTI’s rallies, citing concerns over public safety and order, particularly in light of the planned protest in Islamabad.
Bibi asked people to come out and protest in her message, calling it their duty to fighter for the rule of law in the country.
 


Pakistan government open to talks with Imran Khan’s party, refuses to allow Nov. 24 protest

Updated 21 November 2024
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Pakistan government open to talks with Imran Khan’s party, refuses to allow Nov. 24 protest

  • Interior Minister Mohsin Naqvi says negotiations cannot take place amid ‘threats’ from PTI
  • He says it is not possible to allow a rally in Islamabad ahead of a Belarusian delegation visit

ISLAMABAD: Pakistan’s Interior Minister Mohsin Naqvi on Thursday suggested the government was open to talks with former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party but ruled out allowing its planned protest in Islamabad on November 24, ahead of a high-level visit by a Belarusian delegation.
The PTI has announced a “long march” to Islamabad on November 24, primarily demanding the release of Khan, who has been imprisoned since August last year on charges the party contends are politically motivated.
Additionally, the party’s protest is also meant to raise its voice against alleged rigging in the February 8 general elections while calling for measures to ensure judicial independence, which it believes has been undermined by the 26th constitutional amendment.
On Monday, Islamabad’s district magistrate imposed a two-month-long ban on gatherings of more than five people in the capital, invoking Section 144 of the Code of Criminal Procedure. This provision allows the government to prohibit political assemblies, rallies, demonstrations, sit-ins and other activities for a specified period.
Addressing the media in Islamabad, the interior minister said the government was fully prepared to stop the protest, with Punjab police, Rangers and Frontier Constabulary (FC) troops assisting the Islamabad police in operational duties.
“Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur and Barrister Gohar Khan met Imran Khan twice in the past two days,” Naqvi said, amid speculation that the PTI leaders discussed the option of negotiating with the government. “If they wish to initiate talks [with the government], they should do it. If they want to hold talks, they should tell us.”
The minister added, however, that no talks were possible if the PTI headed to Islamabad and “wielded sticks against us” on November 24.
“Let me tell you one thing: negotiations don’t take place with threats, though I personally feel talks should take place between everyone,” he said.
In response to a question, Naqvi clarified that no talks were currently underway with Khan, who is facing a new case related to violence at a PTI rally that took place in September while the ex-premier was in jail.
Highlighting the upcoming visit of Belarus President Alexander Lukashenko and his 10 cabinet ministers to Pakistan on a three-day visit next week, Naqvi said no permission could be granted for any rally or protest in the federal capital.
He added that a decision on whether to suspend mobile signals in Islamabad ahead of the protest would be finalized by Friday night.
Just a day earlier, it emerged that Pakistan’s interior ministry had authorized the deployment of paramilitary Punjab Rangers and FC forces in Islamabad since November 7 to maintain law and order.
Pakistan’s parliament also passed a law earlier this year to regulate public gatherings in Islamabad, specifying timings for rallies and designating specific areas. The law prescribes three-year jail terms for participants in illegal assemblies and 10-year imprisonment for repeat offenders.
 


Pakistani stocks surge past 97,000 as investor confidence grows on economic reforms

Updated 21 November 2024
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Pakistani stocks surge past 97,000 as investor confidence grows on economic reforms

  • Analysts attribute rally to strong economic data, rising optimism over government reforms
  • Stock market has remained bullish since the government slashed policy rate in November

ISLAMABAD: The Pakistan Stock Exchange (PSX) on Thursday gained 1,700 points, surging past the 97,000 mark during intra-day trading for the first time, with analysts attributing the rally to strong economic data and rising investor optimism over government reforms.
The benchmark KSE-100 index rose by 1,781.94 points, or 1.86 percent, to close at 97,328.39. It touched an unprecedented peak of 97,437.15 during intra-day trading.
Analyst Ahsan Mehanti of Arif Habib Corporation said surging foreign exchange reserves and speculations over the government’s decisions on economic reforms and privatization “played a catalyst role in the record surge at the PSX.”
“Stocks are bullish, led by scrips across the board as investors weigh a drop in government bond yields and robust economic data for current account surplus, remittances, exports and foreign direct investments,” Mehanti told Arab News.
In October, Pakistan’s external current account recorded a surplus of $349 million, marking the third consecutive month of surplus and the highest in this period. The current account reflects a nation’s transactions with the world, encompassing net trade in goods and services, net earnings on cross-border investments and net transfer payments.
A surplus indicates that a country is exporting more than it is importing, thereby strengthening its foreign exchange reserves.
A bullish trend has been observed in the stock market since Pakistan’s central bank cut its key policy rate by 250 basis points, bringing it to 15 percent earlier this month. Economic indicators have also steadily improved since securing a 37-month, $7 billion bailout from the International Monetary Fund (IMF) in September.
In the past, the country faced a prolonged economic crisis that drained its foreign exchange reserves and saw its currency weaken amid double-digit inflation. Last year, Pakistan narrowly avoided a sovereign default by clinching a last-minute $3 billion IMF bailout deal.


Saudi mission in Pakistan condemns militant attack that killed 12 soldiers this week

Updated 21 November 2024
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Saudi mission in Pakistan condemns militant attack that killed 12 soldiers this week

  • The embassy extends condolences to victims’ families and the Pakistani people in a statement
  • The statement reiterates the kingdom’s position ‘rejecting all forms of violence and terrorism’

ISLAMABAD: The Saudi embassy in Pakistan on Thursday condemned a militant attack on a joint security checkpoint in the northwestern Khyber Pakhtunkhwa province that killed 10 army soldiers and two Frontier Constabulary (FC) personnel, extending condolences to the victims’ families and the Pakistani people.
The attack, which occurred on Tuesday, targeted a joint army and paramilitary check post in the Mali Khel area of Bannu District, where militants detonated an explosive-laden vehicle after troops repelled their attempt to storm the post, according to the Pakistan military. Six militants were killed during the exchange of gunfire that followed.
“The Embassy expresses the Kingdom of Saudi Arabia’s condemnation of the attack on a joint checkpoint in the city of Bannu in the Khyber Pakhtunkhwa province of Pakistan, which resulted in the death and injury of a number of people,” the Saudi diplomatic mission in Islamabad said in a statement.
“The Embassy reiterates the Kingdom’s position rejecting all forms of violence and terrorism,” it added. “The Embassy extends its deepest condolences and sincere sympathy to the families of the victims, the government and the people of Pakistan, and wishes the injured a speedy recovery.”
Pakistan’s northwestern Khyber Pakhtunkhwa province has experienced a resurgence of militant violence in recent months, with a growing number of attacks on security forces and infrastructure despite the country’s efforts to combat militancy.
The region has long been a hotspot for insurgent activity, with militants frequently targeting military and paramilitary personnel.
Saudi Arabia has consistently expressed its support for Pakistan’s fight against extremist violence, emphasizing the importance of international cooperation to tackle militancy and ensure regional stability.