Pakistani PM pitches investments, improved business climate in stopover visit to UK

Pakistan Caretaker Prime Minister Anwaar-ul-Hag Kakar, right, meets United Kingdom's Foreign Secretary Rt. Hon. James Cleverly, in London on September 25, 2023. (PID)
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Updated 26 September 2023
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Pakistani PM pitches investments, improved business climate in stopover visit to UK

  • Kakar meets senior leaders of London’s capital and financial markets, prominent British-Pakistani business heads
  • Discusses “multifaceted bilateral relations and resumption of PIA flights” with British foreign secretary

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar on Monday met the UK’s foreign secretary as well as financial and capital market leaders and top British-Pakistani and other business groups on a stopover visit to London on his way back from New York to attend the UN General Assembly.

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. The council has identified five sectors as priority for seeking investment, 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.

Last week, Kakar used his visit to New York for the UN General Assembly as an opportunity 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.

On Monday, senior leaders of London’s capital and financial markets called on Kakar in London and expressed “keen interest in exploring promising investment opportunities in the financial and capital market of Pakistan, reflecting a growing mutual interest in expanding economic collaboration,” the PM’s Office said in a statement released after his meeting with notable investment firms, including Fidelity International Limited (FIL), Wellington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Oxford Frontier Capital, GuarantCo, JP Morgan, Kalrock Capital, and UBL UK.

“Prime Minister Kakar informed the delegation about Pakistan’s current economic landscape, highlighting government measures for external account improvement,” the PM office said.

“He said that recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability. He said positive indicators, including inflows from the World Bank, Asian Development Bank, and friendly nations, contributed to reduced inflation, stabilized reserves, and revival of industrial growth.”

Kakar also spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive impact of a Stand-By Arrangement (SBA) with the IMF, agreed in June. He highlighted economic improvements such as reduced inflation and improved trade after the removal of restrictions on imports and fiscal measures for monetary support and medium-term inflation targets.

“Furthermore, the Prime Minister highlighted Pakistan’s pro-investment efforts, introducing the Special Investment Facilitation Council,” the PMO said. “This initiative, led by the Prime Minister himself, streamlines investment processes, attracts investments in key sectors, and fosters long-term growth by simplifying the business landscape.”

Kakar separately met prominent British-Pakistani businessmen in London and highlighted positive economic indicators resulting from reforms pursued by his government, including a strengthening of the rupee, reduced inflation, and expected economic growth.

 “The Prime Minister spoke about Pakistan’s investment-friendly approach, mentioning incentives and ease-of-business reforms,” the PMO said. “He introduced the Special Investment Facilitation Council, chaired by himself, to streamline investment in key sectors through a single-window platform. This initiative aims to enhance ease of doing business, remove bureaucratic hurdles, and create a long-term investment roadmap.”

Kakar also shared the government’s resolve and commitment to privatize loss-making state-owned enterprises and urged overseas Pakistanis to take advantage of the opportunities for investment in Pakistan. He invited diaspora business leaders “to invest, especially in Special Economic Zones, to contribute to Pakistan’s economic recovery.”

The PMO said the business leaders “conveyed their strong interest in expanding their business operations in Pakistan while actively seeking to increase their investments in the country.”

Abdullah Kamani, a leading British businessman and the co-founder and executive chairman of Boohoo Group, separately called on Kakar. Boohoo Group plc is a British online fashion retailer, aimed at 16–30-year-olds. The business was founded in 2006, and had sales in 2019 of £856.9 million. It specializes in own brand fashion clothing.

“Kamani expressed keen interest in establishing long-term buying linkages with Pakistan and the ambition to create a comprehensive supply chain in the country, encompassing organic cotton to apparel production,” the PM’s office said. “They also hoped for improved Pakistan-UK air connectivity to facilitate increased imports from Pakistan.”

Kakar conveyed Pakistan’s commitment to facilitating investment and offered support in establishing manufacturing facilities within the country, particularly within Special Economic Zones (SEZs). He urged Boohoo Group to consider opening buying houses in Pakistan and invited the company to send a buying delegation to Pakistan.

Kakar also met UK’s Foreign Secretary James Cleverly on Monday and discussed “all areas of mutual interest, including multifaceted bilateral relations, and resumption of PIA flights.”


Pakistan seal final spot in Under-19 cricket tri-series with dominant win over UAE

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Pakistan seal final spot in Under-19 cricket tri-series with dominant win over UAE

  • Pakistan posted their highest total of the tournament, amassing 314 for five in 50 overs
  • UAE’s innings ended at 123 in 37 overs, setting the stage for Pakistan-Afghanistan clash

ISLAMABAD: Half-centuries by Farhan Yousuf, Haroon Arshad, Shahzaib Khan and Usman Khan powered Pakistan’s Under-19 cricket team to a commanding 191-run victory over the United Arab Emirates in the fifth match of the U19 tri-series at the ICC Cricket Academy Ground in Dubai on Friday.
The victory secured Pakistan’s place in the final, where they will face Afghanistan U19 on Tuesday, November 26, at the same venue.
This was Pakistan’s second win over UAE in the tournament, having defeated them by 10 wickets in the opening match.
“Pakistan U19 earn an emphatic 191-run win over UAE U19,” the Pakistan Cricket Board announced in a social media post. “They will play the tri-series final on Tuesday.”
The Pakistan team edged Afghanistan by 13 runs in their previous encounter but suffered a loss to them earlier in the series.
After electing to bat, Pakistan posted their highest total of the tournament, amassing 314 for five in 50 overs.
Left-handed openers Shahzaib Khan (71 off 84) and Usman Khan (50 off 64) provided a solid foundation with a 96-run opening stand. Farhan Yousuf (63 off 50) and Haroon Arshad (54 off 34) then built on the momentum with a brisk 75-run partnership for the fourth wicket, while Faham-ul-Haq contributed a steady 37 off 48. For UAE, Noorullah Ayubi and Uddish Suri picked up two wickets each.
Chasing 315, UAE struggled from the outset, collapsing to 52 for five within 16 overs.
Ayaan Misbah (17 off 46) and Uddish Suri (32 not out) attempted to stabilize the innings with a 21-run stand for the sixth wicket, but Misbah fell to Umar Zaib in the 26th over.
UAE’s innings ended at 123 in 37 overs, with Umar Zaib taking four for 51 and Naveed Ahmed Khan claiming three wickets.
The final group match of the series will be played between Afghanistan and UAE on Sunday, November 24.
 


Pakistan PM vows to ‘break any hand’ threatening relations with Saudi Arabia

Updated 22 November 2024
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Pakistan PM vows to ‘break any hand’ threatening relations with Saudi Arabia

  • Statement comes after Imran Khan’s wife released a video message widely viewed as critical of the Kingdom
  • Pakistan and Saudi Arabia are close allies, with nearly 3 million Pakistanis living and working in the Kingdon

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday vowed strict action against anyone attempting to undermine Pakistan’s close relations with Saudi Arabia, declaring that his government would “break any hand” threatening ties between the two nations.
Sharif’s statement appeared to reference recent remarks by Imran Khan’s wife, Bushra Bibi, who in a rare public message on Thursday assured state institutions that her jailed husband would not seek revenge against political opponents if he returned to power.
She also made remarks in her video message that were widely viewed as implying that the Saudi government had opposed Khan when he was prime minister from 2018-22.
“Such venom-spitting is an unforgivable crime,” Sharif said while addressing a ceremony on Friday. “I, as the prime minister of Pakistan, want to announce that the nation will break any hand trying to undermine the Pakistan-Saudi friendship.”
“This is not a joke,” he continued. “The allegation is beyond understanding. The biggest national interest is being slaughtered to serve the short-term political interest.”
He criticized the former first lady, whose husband’s PTI party is currently in opposition, saying that the Kingdom had never demanded anything in return from Pakistan for extending economic and diplomatic support but instead always “opened its doors.”
“I think there can be no greater enmity against Pakistan than this [issuing such comments],” he said, adding that Khan’s Pakistan Tehreek-e-Insaf (PTI) party was sacrificing the country’s interest for its political interests.
Sharif said “no one will be allowed to play” with Pakistan’s interests when it concerned “brotherly allies” such as Saudi Arabia.
Earlier, Defense Minister Khawaja Asif also addressed the issue in a press conference, highlighting that over 2.8 million Pakistanis were working in the Kingdom, sending billions of dollars in remittances back to their country every year.
“Our cordial and friendly relationship with Saudi Arabia should not be affected due to someone’s political gains,” he said. “Such a controversial statement is an effort to save PTI’s sinking ship.”
Khan was ousted from the prime minister’s office in a parliamentary vote of no-confidence in 2022, alleging that he was removed by his political rivals and the all-powerful military at the behest of the United States. All three parties deny the accusation.
The cricketer-turned-politician has been in prison since August last year, facing a slew of legal challenges. He denies any wrongdoing, claiming that all cases against him are politically motivated to keep him in jail.
His PTI party is set to kick off a “long march” to stage a protest in Islamabad on Nov. 24, aiming to pressure the government into releasing Khan from prison. Authorities have refused to grant permission to hold the gathering and imposed a ban on public assembly in the capital for two months.


Pakistani stocks break psychological 99,000 barrier on optimism over rates, reserves

Updated 22 November 2024
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Pakistani stocks break psychological 99,000 barrier on optimism over rates, reserves

  • An analyst attributes the intraday rally to broad-based gains across most economic sectors
  • The stock market has remained bullish since the government slashed policy rate in November

ISLAMABAD: The Pakistan Stock Exchange (PSX) on Friday breached a major psychological barrier, surging past 99,000 points during intra-day trading before settling at 97,798.23, as analysts attributed the rally to investor optimism driven by falling lending rates and higher foreign exchange reserves.
The benchmark KSE-100 index climbed 2,057.40 points by 11:10 am, reaching 99,385.79 points from the previous close. However, the index closed at 97,798.23, marking an increase of 469.84 points or 0.48 percent.
Analyst Ahsan Mehanti of Arif Habib Corporation said bank levies on large deposits, surging global oil prices, and rupee stability were fueling investor optimism.
“Stocks remained bullish, led by scrips across the board, as investors weighed falling lending rates and the imposition of bank levies on large deposits following a drop in government bond yields,” he told Arab News. “Surging global crude oil prices, rupee stability, and higher forex reserves played a catalytic role in the record surge at the PSX.”
Last month, 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.


US vows to be ‘steadfast partner’ after deadly attack in Pakistan’s Kurram district

Updated 22 November 2024
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US vows to be ‘steadfast partner’ after deadly attack in Pakistan’s Kurram district

  • American diplomatic mission says Pakistanis deserve to live free from harm, danger and threat
  • It offers condolences to victims’ families after 41 people were killed by unknown gunmen this week

KARACHI: The United States on Friday condemned a deadly attack in Pakistan’s Kurram district that killed 41 people this week, reaffirming its commitment to stand with Pakistan in ensuring the safety of its citizens against such militant attacks.
Unidentified gunmen targeted vehicles carrying Shiite community members in the Kurram district of Khyber Pakhtunkhwa province on Thursday, in one of the deadliest sectarian attacks in recent years. The assault, which also left many critically injured, occurred in a region already plagued by deadly clashes in recent months.
“The United States will remain a steadfast partner as Pakistan works to ensure the safety and security of all its citizens,” Jonathan Lalley, the spokesperson of the US diplomatic mission in Pakistan, said in a statement. “We stand in solidarity with Pakistan and the people of Khyber Pakhtunkhwa in this difficult time.”
Lalley expressed condolences to the victims’ families and called for a full recovery for the injured.
“The Pakistani people deserve to live free from harm, danger, and threat, and to feel protected and secure in their daily lives,” he added.
No group has claimed responsibility for the attack, which followed the reopening of a key highway in the region after it was closed for weeks due to sectarian violence.
Kurram, a volatile district near the Afghan border, has been a flashpoint for sectarian clashes between Sunni and Shiite communities, adding to the challenges of maintaining security in the area.
The US-Pakistan forged a counterterrorism partnership in the aftermath of the September 11, 2001, attacks, to address regional security challenges. Over the years, however, the relationship faced friction, while the US-led international forces were in Afghanistan.
Despite the tensions, both countries reaffirmed their commitment to security cooperation and counterterrorism efforts, especially in the wake of the US military withdrawal from Afghanistan in 2021.
The commitment to security partnership reflects a shared goal of combating extremism and ensuring regional stability.
 


Pakistan, Malaysia agree to enhance military cooperation with focus on air force training

Updated 22 November 2024
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Pakistan, Malaysia agree to enhance military cooperation with focus on air force training

  • Malaysian air chief praises PAF’s advancements in indigenization on his first Pakistan visit
  • His Pakistani counterpart reaffirms commitment to training Malaysian Air Force personnel

ISLAMABAD: Pakistan and Malaysia have agreed to deepen bilateral military cooperation, with a particular emphasis on joint training and air power collaboration, Pakistan’s military said on Friday.
The understanding was reached during a meeting between Pakistan Air Force (PAF) Chief Air Chief Marshal Zaheer Ahmed Baber Sidhu and Royal Malaysian Air Force Chief General Tan Sri Dato’ Sri Mohd Asghar Khan bin Goriman Khan at Air Headquarters in Islamabad.
“The [Pakistan] Air Chief reaffirmed his commitment to enhancing military partnership between the two Air Forces through joint training initiatives, particularly within the realm of air power,” the Inter-Services Public Relations (ISPR) said in a statement. “These initiatives will encompass provisioning of both basic and tactical level training for personnel of the Malaysian Air Force.”
The Malaysian air chief, making his first visit to Pakistan, praised the PAF’s advancements in indigenization and technological innovation. He also expressed interest in bolstering ties through enhanced collaboration in training, maintenance and operational excellence.
The meeting included discussions on defense cooperation, joint exercises and technology sharing, ISPR said, highlighting the robust defense relationship between the two nations.
During his visit, the Malaysian official toured the National Aerospace Science & Technology Park Silicon and the PAF Cyber Command, where he was briefed on Pakistan’s advanced operational capabilities.
He also lauded the innovative projects displayed at the ongoing International Defense Exhibition IDEAS-2024 in Karachi.
Earlier, the Malaysian air chief was presented with a guard of honor upon his arrival, ISPR added.