ISLAMABAD: Pakistan’s deputy prime minister and foreign minister, Senator Ishaq Dar, has held an inter-ministerial meeting to review preparations for the upcoming Pakistan-Qatar Bilateral Political Consultations in Doha next week, Pakistani state media reported on Sunday.
The bilateral talks in Doha, starting on Feb. 5, are expected to cover key areas, including trade, investment, defense collaboration, and mutual diplomatic interests.
Besides leading Pakistan’s delegation at the talks, Dar will hold meetings with the Qatari leadership, a Pakistani foreign office spokesperson said on Friday.
During Sunday’s meeting, officials briefed the deputy prime minister on the status of various Pakistan-Qatar initiatives, the Radio Pakistan broadcaster reported.
“The deputy prime minister and foreign minister underscored that preparations should be made for substantive, productive and result oriented discussions in Doha,” the report read.
The talks come months after Prime Minister Shehbaz Sharif visited Qatar in Oct. 2024 to bolster economic cooperation between the two countries. Sharif led delegation-level talks with the Qatari emir, Sheikh Tamim bin Hamad Al-Thani, before holding a separate meeting with him to discuss a wide array of issues.
“The leaders reviewed the entire spectrum of Pakistan-Qatar relations, exploring potential avenues for enhanced cooperation in trade, potential areas of investment, energy, and culture,” Sharif’s office said at the time.
Pakistan and Qatar have longstanding economic, defense and cultural relations. In 2022, the Qatar Investment Authority committed $3 billion for projects in Pakistan, spanning airport management, renewable energy and hospitality.
The talks between both countries are occurring at a time when Islamabad is seeking to boost foreign investment and trade to support its dwindling economy, which is on a tricky path to recovery since Pakistan avoided a default in June 2023.
Pakistan deputy PM reviews preparations for key talks with Qatar next week
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Pakistan deputy PM reviews preparations for key talks with Qatar next week
- The bilateral talks in Doha, starting on Feb. 5, are expected to cover areas such as trade, investment and defense collaboration
- They come at a time when Pakistan is seeking to boost foreign investment and trade to put its fragile economy on path of recovery
Pakistan’s foreign investment dropped 19% during first nine months of FY25— central bank
- Foreign portfolio investment dropped by 514% in July-March FY25 period, says state bank
- Pakistani financial analysts attribute decline to political uncertainty, lack of ease of doing business
KARACHI: Pakistan’s foreign investment declined by 19% to $1.3 billion during the first nine months of this fiscal year through March, recent data from Pakistan’s central bank said, with analysts attributing the slump to political uncertainty and lack of ease of doing business.
As per the State Bank of Pakistan’s (SBP) latest data, foreign direct investment (FDI) in Pakistan rose by 14% to $1.64 billion in the same period, compared to $1.44 billion the country attracted a year ago.
However, the total foreign investment also includes foreign portfolio investment (FPI), which are foreign investments in a country’s stocks, bonds and other securities. The SBP said FPI dropped by a staggering 514% as foreigners sold $269 million of the country’s equity and debt during July-March this fiscal year. Last year, foreign investors were holding $65 million in Pakistan’s stocks and bonds during the same period.
Pakistan’s government has said the country is on its path to economic progress. Pakistan formed the Special Investment Facilitation Council (SIFC) in 2023 after coming to the brink of a sovereign default. The SIFC is a civil-military body that aims to attract foreign investment in minerals, agriculture, livestock, tourism, defense and other important sectors.
“Although the SIFC has been instrumental in generating leads for foreign investment, the actual materialization of flows has been weak due to hurdles in executing these,” Shankar Talreja, director of research at brokerage firm Topline Securities Limited, told Arab News on Friday.
Prime Minister Shehbaz Sharif has tasked his government to increase exports to $60 billion in the next five years, seeking to boost its foreign exchange reserves.
However, the country’s foreign reserves have declined to $10.6 billion during the week ended Apr. 11, as per the SBP’s figures. The amount is hardly enough to cover two months of imports whereas the International Monetary Fund (IMF) wants Pakistan to increase its reserves to support three months of imports.
Pakistan’s Information Minister Attaullah Tarar and the finance ministry’s spokesperson Qamar Sarwar Abbasi did not respond to Arab News’ request for comments.
While Sharif’s government has signed various memoranda of understanding (MoUs) with several countries over the past year, it has not been able to attract even $3 billion in investment since the last two decades, since FY09, as per the central bank’s data.
Talreja said some foreign companies wanted to make major investments in Pakistan’s refinery sector but frequent changes in the country’s tax structure led to a “hue and cry” from them.
“The ease of doing business is quite low in Pakistan due to higher taxes and frequent bubbles in the economy led by inconsistent macro policies,” Talreja explained.
’ZERO GROWTH IN PER CAPITA INCOME’
Financial analyst Sana Tawfik said besides political uncertainty and a high cost of doing business, Pakistan’s fragile balance of payment position has been a permanent concern for risk-averse investors.
These investors have seen Islamabad approach the IMF for frequent financial bailouts whenever it has tried to achieve an import-driven 5-6 percent growth, she said.
“Pakistan’s macroeconomic situation is no doubt improving but then we have to see how sustainable this improvement is,” Tawfik, the head of research at Arif Habib Limited, told Arab News.
Pakistan, Turkiye demand immediate ceasefire in Gaza, separate state for Palestinians
- Prime Minister Shehbaz Sharif meets Turkish President Recep Tayyip Erdogan in Ankara
- Both leaders discuss cooperation in energy, mining, military and defense, says Sharif’s office
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif and Turkish President Recep Tayyip Erdoğan on Tuesday called for an immediate ceasefire in Gaza, reiterating their demand for the establishment of a separate and independent state for the people of Palestine.
Sharif is in Ankara on a two-day official visit to discuss bilateral ties between the two states, the regional situation and economic opportunities.
Pakistan and Turkiye have both repeatedly condemned Israel for its military campaign in Gaza, which has claimed the lives of over 51,000 Palestinians since October 2023.
“We strongly condemn the brutal killings of over 50,000 innocent Palestinians, including women and children,” Sharif said during a joint press conference with Erdogan.
“We have called for an immediate ceasefire and unhindered flow of humanitarian assistance for the Palestinian people. We renewed our call for a viable, independent and contiguous Palestinian state with pre-1967 borders and Al-Quds Al-Sharif as its capital,” he added.
Erdogan praised Pakistan for always adopting a “resolute” stance on the Palestinian issue, noting that Islamabad had given one of the strongest reactions to the ongoing “genocide” in Gaza.
“We will continue to work together toward the establishment of an independent and sovereign Palestinian state on the basis of 1967 borders with East Jerusalem as its capital and on the basis of its territorial integrity,” the Turkish president said.
Erdogan urged Turkish investors to develop joint business projects in Pakistan, saying that he discussed promoting mutual investments in Pakistan with Sharif and the allocation of a free economic zone for Turkish companies in the South Asian country.
“We wish to further develop our relations in the fields of military and defense industry through joint projects,” he said.
In a separate statement, Sharif’s office said he discussed the importance of enhancing economic collaboration with Turkiye, especially through joint ventures and bilateral investments, with Erdogan.
The Prime Minister’s Office said Sharif highlighted opportunities for cooperation in the fields of energy and mining, joint ventures in defense and agri production.
The PMO said Sharif also spoke about enhancing regional and bilateral connectivity to boost trade and deepen cooperation in emerging technologies such as artificial intelligence and cybersecurity.
Pakistan and Turkiye enjoy close cultural, historical and military relations which they are now expanding into the realms of trade, economy and investment as both countries seek to develop their economies.
As long-standing allies and strategic partners, Pakistan and Turkiye maintain a tradition of regular exchanges and have institutionalized leadership-level mechanisms such as the High-Level Strategic Cooperation Council (HLSCC).
The 7th session of the HLSCC was held in Islamabad on Feb 12-13 this year, and co-chaired by Sharif and Erdogan.
Pakistan stresses importance of trade corridors to increase investment at G-24 moot
- Muhammad Aurangzeb attends G-24 Finance Ministers and Central Bank Governors’ Meeting in Washington
- Finance minister stresses importance of greater financial and technical support among developing countries
KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Wednesday stressed the importance of regional trade corridors and enhanced connectivity to ensure increased investment and cooperation among nations, the Finance Division said.
Aurangzeb was speaking at the G-24 Finance Ministers and Central Bank Governors’ Meeting in Washington. The Pakistani finance minister is currently on a visit to Washington to attend the 2025 spring meetings of the IMF and the World Bank Group, where he has held a series of high-level engagements on the sidelines.
Pakistan has increased the importance of regional connectivity in its economic policy in recent years. The South Asian country is part of the China-Pakistan-Economic Corridor (CPEC), a multi-billion-dollar project that connects both countries via an infrastructure network of roads, railways and energy projects. Islamabad is also pushing for greater connectivity for trade and investment with Central Asian countries, Afghanistan, Turkiye and the Middle East.
“He [Aurangzeb] underscored the importance of regional trade corridors, enhanced connectivity and South-South cooperation as key drivers for increasing investment and trade flows,” the Finance Division said.
“He also stressed the need for greater financial and technical support among developing countries to navigate global economic challenges effectively.”
The minister highlighted the recent financial reforms undertaken by his government, pointing out the macroeconomic stability achieved by Pakistan. He lauded the “strong resilience” of the country’s banking system and the government’s ongoing structural reforms, the Finance Division said.
“Minister Aurangzeb emphasized the need to maintain the reform trajectory in view of evolving geopolitical dynamics, demand fragmentation, rising protectionism, and the risks of spillovers and exogenous shocks, including trade tariffs,” it added.
Earlier on Tuesday, Aurangzeb met IMF Managing Director Kristalina Georgieva, reassuring her that Islamabad would stay the reform course mandated by the global lender.
His engagements also included a meeting with World Bank Group President Ajay Banga. Aurangzeb commended the World Bank’s leadership in developing a transformative Country Partnership Framework (CPF) — a decade-long strategic roadmap centered around measurable impacts and outcomes.
During his visit to Washington, Aurangzeb is expected to meet finance ministers from China, the United States, United Kingdom, Saudi Arabia and Turkiye, as well as officials of global credit rating agencies, commercial and investment banks.
Pakistani Catholics hold vigils, praise Pope Francis for raising voice for Gaza
- Pontiff had reiterated call for Gaza ceasefire during last public appearance on Easter Sunday
- Pope remembered as revered advocate for peace, interfaith dialogue, and rights of the poor
LAHORE: Catholics in Pakistan have been holding prayers and vigils for Pope Francis, the first Latin American leader of the Roman Catholic Church who died on Monday, remembering him as an advocate for peace and praising him for speaking up for the “oppressed” in Gaza.
The pope was 88 and had suffered a serious bout of double pneumonia this year, but his death came as a shock after he had been driven around St. Peter’s Square in an open-air popemobile to greet cheering crowds on Easter Sunday.
In the eastern Pakistani city of Lahore, a small number of Catholics in the Muslim-majority country held prayers and a candlelight vigil for Pope Francis at the Cathedral Church of the Resurrection.
Church leaders and worshippers described the pope as a revered advocate for peace, interfaith dialogue, and the rights of the poor. The pontiff had reiterated his call for an immediate ceasefire in Gaza during his brief appearance before thousands of Catholic pilgrims gathered in St. Peter’s Square for the Vatican’s open-air Easter Sunday mass.
“Pope Francis was a personality who spoke above all for humanity. All his services conveyed a message of peace and harmony. Even his last words, which we can call his final will, were a prayer to God for peace,” priest Irfan Fiaz, 34, said.
“Pope Francis always prayed for the people, for our country, and constantly carried the message of brotherhood, peace, and security. And this message was not just limited to words, he practiced what he preached. There was harmony between his words and actions.”
Syed Mehmood, 50, chairman of a local peace committee, appreciated the pope for speaking up for the rights of Muslims and the “oppressed in Palestine and Gaza.”
“Wherever there was oppression against humanity, whenever there was injustice, the voice of Pope Francis was the first and the loudest to be heard, and his strong voice made a real impact,” Mehmood told AFP.
OIC urges member states to implement science, technology agenda during Islamabad meeting
- COMSTECH is holding three-day summit to discuss agenda to promote science and technology among member states
- Representatives from 15 OIC institutions, including those from Saudi Arabia, Malaysia, Türkiye, Bangladesh participate
Islamabad: An Organization of Islamic Cooperation (OIC) official on Tuesday urged member states to intensify their efforts in implementing the OIC’s Science, Technology and Innovation (STI) Agenda 2026 to ensure sustainable development.
The Ministerial Standing Committee of the Organization of Islamic Cooperation for Scientific and Technological Cooperation (COMSTECH) is organizing the sixth meeting of the OIC steering committee for the implementation of the organization’s Science, Technology and Innovation (STI) Agenda 2026 from Apr. 22-24 in Islamabad.
The OIC’s STI Agenda 2026, launched at the First OIC Summit on Science and Technology in Astana, Kazakhstan in 2017, is a strategic framework to advance science and technology by fostering collaboration, promoting sustainable development and enhancing the scientific capabilities of member states.
“I stress the utter importance of intensifying our efforts in implementing the OIC STI Agenda 2026 until it expires,” Ambassador Aftab Ahmed Khokhar, the OIC’s assistant secretary general for science and technology, said in his address during the meeting’s inaugural session.
This high-level meeting is being attended by the heads and representatives of 15 OIC institutions from Saudi Arabia, Kazakhstan, Türkiye, Jordan, Uganda, Bangladesh, Malaysia, and Pakistan.
The STI agenda’s progress is reviewed through regular meetings of the OIC Steering Committee. These meetings assess achievements, identify challenges and set future directions for the agenda’s implementation.
Khokhar highlighted the urgency of reviewing the STI Agenda, addressing associated challenges and outlining a way forward to ensure impactful outcomes.
“The OIC STI agenda, which is expiring in 2026, may be extended for another 10 years from 2027 to 2037, splitting into several shorter time frames with measurable and realistic actions to be executed,” he said.
COMSTECH Coordinator General Prof. Dr. M. Iqbal Choudhary said that with a population of 2 billion people across 57 countries, the OIC is focused on equipping its youth with science and technology to drive socioeconomic change.
“The OIC STI Agenda 2026 focuses on 12 priorities including ensuring quality education for all, enhancing youth employability through skills and training, and securing access to food, water, and energy as essential foundations for sustainable development,” Choudhary told Arab News.
He said it was very important to understand climate change and its impact on human life, highlighting it as one of the key areas where member states were working together under the STI agenda.
The COMSTECH official said Pakistan and Saudi Arabia could lead the Muslim world in this field. He noted that in recent years, the Kingdom under Crown Prince Mohammed bin Salman’s leadership, has achieved major milestones in science and technology-driven socio-economic development.
“I think Pakistan and Saudi Arabia can work together not only for bilateral benefit and cooperation but also to benefit other countries in the Muslim world,” Chaudhary explained.
He said Saudi Arabia had a leader’s role to play in developing an economically inclusive Muslim world through the use of science, technology and industry.
