ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb has invited firms in the United States (US) to explore investment opportunities in the South Asian country, the Pakistani government said late Thursday, amid Islamabad’s push to boost investment and trade to support its weak economy.
Pakistan, which recently secured a $7 billion bailout from the International Monetary Fund (IMF), has been making attempts to overcome an economic meltdown that sent its foreign exchange reserves to critically low levels, led to currency devaluation and high inflation.
The Pakistani finance minister is currently in the US to attend the annual World Bank and IMF meetings, where global finance leaders have convened to address challenges such as sluggish international growth, managing debt distress and financing the transition to green energy.
On Thursday, Aurangzeb had a luncheon with members of the US-Pakistan Business Council (USPBC), which aims to enhance trade and investment between the US and Pakistan, in Washington, according to the Press Information Department (PID) of the Pakistani government.
“The minister noted that the presence of over 80 US enterprises in Pakistan reflects the profit potential of a 240 million strong market,” the PID said in a statement. “He invited US firms to take advantage of the government’s investment-friendly policies and the one-window facility offered by the Special Investment Facilitation Council.”
The finance minister acknowledged the contributions of the USPBC in strengthening trade and investment ties between Pakistan and the US, reiterating the prime minister’s invitation to the council to lead a business delegation to Pakistan this year to explore mutually beneficial partnerships.
Pakistan has increasingly sought trade and investment cooperation with allies and beyond in recent months as it navigates the macroeconomic crisis that has drained its resources. The South Asian country has had a flurry of high-level exchanges with Saudi Arabia, Japan, Azerbaijan, Qatar and Central Asian countries in a bid to support its $350 billion fragile economy.
Separately, Aurangzeb attended a series of investor fora organized by Citibank, Standard Chartered and JP Morgan in Washington. During these interactions, he briefed the investors on the Pakistani economy’s performance for the last fiscal year.
“The minister highlighted key reforms in taxation, energy, SOEs [state-owned enterprises], privatization, and right-sizing of the government,” the PID said. “He emphasized the role of provincial governments in raising the tax-to-GDP ratio and discussed the National Fiscal Pact signed by the Federal Government.”
He also addressed investor questions about the Sovereign Wealth Fund, Special Economic Zones, and Power Purchase Agreements being negotiated with Chinese independent power producers.
Finance minister invites US firms to explore investment opportunities in Pakistan
https://arab.news/6jqh4
Finance minister invites US firms to explore investment opportunities in Pakistan
- Muhammad Aurangzeb is currently in the US to attend the annual World Bank and IMF meetings
- Pakistan is seeking to boost trade and investment as it navigates a tricky path to economic recovery
UK announces £108 million to support Pakistani businesses tackle climate change
- Funds will help businesses develop climate technologies, support Pakistan’s private sector
- UK government says program will support the creation of over 100,000 Pakistani jobs
ISLAMABAD: The United Kingdom (UK) government this week announced £108 million in funds to support Pakistani businesses adapt to climate challenges, saying that it would help them develop technologies and meet significant investments required to tackle climate threats.
The announcement was made at the culmination of the two-day visit by British Parliamentary Under-Secretary of State for the Middle East, Afghanistan and Pakistan Hamish Falconer to Islamabad on Friday.
The British government said the funding will support a first-of-its-kind investment facility to deliver climate technologies and private sector support in Pakistan. The program will be delivered in partnership with the International Finance Corporation.
“The UK and Pakistan are committed to tackling tomorrow’s threats today,” Falconer was quoted as saying by the British government on Friday.
“That’s why we’re investing in the expertise needed and supporting local businesses, alongside the Government of Pakistan, to get ahead of the challenges that climate change poses to the Pakistani people and the world.”
According to the Global Climate Risk Index, Pakistan is among the countries most at risk from climate change. The 2022 floods, which experts linked to global warming, impacted over 33 million people, resulted in more than 1,700 deaths and caused an estimated $33 billion in damages.
Pakistan’s economic struggles and high debt burden put a strain on its resources and impinged its ability to respond to the disaster.
Pakistan has also been grappling with increasingly unpredictable weather patterns, including droughts, heatwaves, and heavy rainfall. This year, the country experienced its heaviest April rainfall since 1961, with 59.3 millimeters recorded. Additionally, several regions faced severe heatwaves in May and June.
“The program will leverage the £108m the UK puts in to mobilize 5-6 times that amount of investment from the private sector and will support the creation of over 100,000 Pakistani jobs,” the British government said on its official website.
Pakistan and the UK enjoy strong military, economic and educational ties, with the latter hosting a large Pakistani diaspora.
Recent high-level visits by military leaders from both countries have signalled a deepening of defense ties and cooperation. The strong relationship is built on a shared history and the significant presence of a Pakistani diaspora in the country.
Cannot allow Islamabad protest, Pakistan interior minister tells ex-PM Khan’s party
- Jailed Imran Khan’s party has called for “long march” to Islamabad on Nov. 24 to demand his release
- Pakistani authorities block roads, seal off motorways ahead of opposition’s Islamabad protest
ISLAMABAD: Pakistan’s Interior Minister Mohsin Naqvi on Saturday discussed the prevailing political situation in the country with former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) Chairman Gohar Ali Khan, warning him that the government will not allow the party to stage a protest sit-in or rally in the capital.
Thousands of Khan supporters are expected to arrive in Islamabad on Sunday for a “long march” to the capital. The PTI’s march is primarily aimed at pressurizing the government to end the jailed Khan’s imprisonment, which has lasted for over a year, on what his party contends are politically motivated charges.
The party also aims to raise its voice against alleged rigging in the Feb. 8 general elections while calling for measures to ensure judicial independence, which it says has been undermined by the 26th constitutional amendment. The government denies this.
The Islamabad High Court (IHC) on Thursday directed the government to form a committee to hold discussions with the PTI. The court said that if no breakthrough was reached between the two parties, then the government would be responsible for maintaining law and order. It said that in that case, “no protest or rally or for that matter sit-in shall be allowed.”
“Mohsin Naqvi informed Barrister Gohar about the post-Islamabad High Court order situation,” state broadcaster Radio Pakistan reported. “He said we are bound by the high court’s order and cannot permit any procession, sit-in or rally.”
The minister informed the PTI chairman about the engagements of the 80-member high-level delegation accompanying the president of Belarus, who will be in Islamabad from Nov. 24-27.
“Barrister Gohar said he will inform the Interior Minister about the final response after party consultation,” the state media said.
MOTORWAYS, MAJOR ARTERIES SEALED
Pakistan’s National Highways and Motorway Police (NHMP) said on Friday that motorways across the country leading to Islamabad have been sealed from various areas to protect people’s lives ahead of the PTI’s planned protest.
Authorities sealed off major arteries and roads with shipping containers leading to Islamabad from the surrounding Rawalpindi city, including at the Faizabad terminal, and other areas on Friday.
In a notification released on Friday, the NHMP cited intelligence reports that protesters were planning to disrupt law and order in the capital, adding that they would be armed with sticks and slingshots.
“To prevent any untoward situation and to protect the lives of the people, motorways have been closed from various locations,” the NHMP said.
“The lives and property of the people will be guaranteed at all costs. Those who take the law into their hands will be dealt with strictly.”
Hours earlier on Friday, the NHMP had shared a notification on social media platform X in which it had said that certain sections of the motorway were closed due to maintenance work. These sections were: M-1 Islamabad to Peshawar, M-2 Islamabad to Lahore, M-3 Lahore to Abdul Hakeem, M-4 Pindi Bhattian to Multan, M-14 Hakla to Yarik and M-11 Lahore to Sialkot.
As per local media reports, the Metro Bus service between the twin cities of Islamabad and Rawalpindi will be suspended on Nov. 24 while a ban on public gatherings has been imposed in Punjab from Nov. 23-25 ahead of the PTI’s march.
Earlier this week, Pakistan’s interior ministry had authorized the deployment of paramilitary Punjab Rangers and Frontier Corps troops in Islamabad 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.
Cop among two killed in separate IED blasts in northwestern Pakistan
- No group has so far claimed responsibility for blasts which took place in Bajaur tribal district
- Seventy-five police personnel have been killed, 113 injured in militant attacks in KP this year
PESHAWAR: A police constable and a civilian were killed in separate Improvised Explosive Device (IED) blasts in northwestern Pakistan on Saturday, police said, as Islamabad struggles to contain surging militancy in its Khyber Pakhtunkhwa (KP) province.
The IED blasts took place in the northwestern Bajaur tribal district on Saturday morning, killing one cop and a civilian.
As per official data, 75 police personnel have been killed and 113 injured in militant attacks and targeted assassinations in KP province this year.
“Both blasts were reported in the premises of Loi Mamund police station earlier today,” Bajaur Police spokesperson Muhammad Israr told Arab News.
No group has claimed responsibility for the blasts so far.
“An IED was placed in front of the policeman’s house which detonated when he was leaving home for duty at around 9:30 am in Mena village of Loi Mamund,” Israr added.
He said the other blast took place around 8:00 am in Irab village, also located within the vicinity of Loi Mamund police station, in which one person was killed.
Israr said police have started investigating both incidents.
Pakistan blames the surge in militancy in KP province, which borders Afghanistan, on the Pakistani Taliban militants that it alleges have found safe havens in Afghanistan.
Kabul denies the allegations and urges Pakistan to resolve its security challenges on its own. Relations between the two countries have deteriorated since November 2022 when a fragile truce between the Pakistani state and the Pakistani Taliban broke down.
Death toll from sectarian clashes in Pakistan’s Kurram district surges to 54
- Sectarian clashes since Thursday have wounded at least 86 in Kurram, says hospital official
- KP Chief Minister sends high-level delegation to Kurram district to assess security situation
ISLAMABAD: The death toll from sectarian clashes in the northwestern Pakistani tribal district of Kurram rose to 54 on Saturday, a senior hospital official said, as fear grips the restive area days after an attack killed members of the Shiite minority.
Forty-one people were killed on Thursday when gunmen opened fire on vehicles carrying members of the minority Shiite community in the Kurram tribal district.
The assault, one of the deadliest attacks in recent years in the area, took place in the district where sectarian clashes have killed dozens of people in recent months. As per various media reports, clashes continued until Saturday, leaving more people deal in the district.
“So far, we have received almost 54 dead and another 86 wounded from the clashes,” Dr. Mir Hassan Jan, medical superintendent at the district headquarters hospital in Parachinar, one of Kurram’s main towns, told Arab News.
“In addition, we have referred 16 seriously wounded to Peshawar who were in critical condition,” he added.
Dr. Jan said bodies had been brought to the hospital since Thursday, forcing him to instruct all medics at the hospital to remain on duty around the clock.
No one immediately claimed responsibility for the attack, which came a week after authorities reopened a key highway in the region that had been closed for weeks following deadly clashes.
Previous clashes in July and September killed dozens of people and ended only after a tribal council called for a ceasefire.
Shop owners in Parachinar announced a three-day strike on Friday to protest the attack while locals described an atmosphere of fear across the district following the incident.
Separately, Khyber Pakhtunkhwa (KP) Chief Minister Ali Amin Gandapur sent a high-level delegation comprising provincial Law Minister Advocate Aftab Alam, KP chief secretary, commissioner Kohat Division and deputy inspector general (DIG) of the Kohat division to Kurram to assess the situation there.
The delegation would take members of the local jirga, or tribal council, into confidence and attempt to restore law and order in the area, said Hashim Khan, media officer to the KP law minister.
“After the visit, the delegation will submit a detailed report to the chief minister,” Khan told Arab News.
“The provincial government will then comprehensive measures to control the situation in Kurram with the input of tribal elders.”
‘TRANSPARENT INQUIRY’
Separately, mourners on Saturday demanded the government hold a transparent inquiry into the incident.
“A transparent inquiry of this incident should be carried out,” Hayat Abbas Najafi, one of the mourners, told Reuters in Parachinar.
“We call on the government as well as security institutions that Parchinar, which is a great part of Pakistan, should be saved from sectarianism and should be provided safety and security.”
Sajjad Hussain, another mourner, said among those killed were infants as young as six months old and women.
“They were innocent passengers. What was their fault,” he asked.
With inputs from Reuters
UAE promotes Arab culture and cuisine at three-day festival in Karachi
- UAE consulate in Karachi kicks off celebrations ahead of nation’s National Day
- UAE is one of Pakistan’s largest trading partners and major source of remittances
KARACHI: The United Arab Emirates (UAE) Consul General in Karachi this week paid a visit to promote several stalls selling Arab cuisine and highlighting Arab culture at a three-day festival in Pakistan’s southern port city of Karachi, ahead of the Gulf nation’s National Day.
Sindh’s Culture Minister Syed Zulfiqar Ali Shah inaugurated the three-day Sindh Craft Festival on Friday which showcases traditional shawls, quilts, handlooms, and caps made by artists from all over Sindh at Karachi’s famous Port Grand entertainment hub.
UAE Consul General Dr. Bakheet Ateeq Al Rumaithi visited the festival on Friday to highlight Arab cuisine and review stalls promoting Arab culture at the festival. The UAE consulate is gearing up for celebrations to mark the nation’s 53rd National Day on Dec. 2.
“Various stalls have been set up at Port Grand keeping in mind Arab culture,” the UAE Consulate in Karachi said in a statement on Friday.
Al Rumaithi noted that women, children and the elderly were all taking part in the three-day cultural festival.
“We have a centuries-old relationship with Pakistan which is strengthening,” he observed.
The UAE is one of Pakistan’s largest trading partners and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE ministry of foreign affairs. The UAE-Pakistan trade volume rose to $7.9 billion in 2023, up 12 percent from 2022.
In May this year, Prime Minister Shehbaz Sharif said the Emirates had committed $10 billion to invest in promising economic sectors in Pakistan. The Pakistan Business Council (PBC), set up this September at the Sharjah Chamber of Commerce and Industry, also aims to increase Pakistan’s bilateral trade volume with the UAE to $40 billion in three years.
The UAE is also home to more than a million Pakistani expatriates and the second-largest source of remittances to Pakistan after Saudi Arabia.
