Pakistan deputy PM directs authorities to finalize investment proposals with ‘friendly countries’

Deputy Prime Minister of Pakistan, Ishaq Dar, chairs inter-ministerial meeting on investment project proposals with friendly countries in Islamabad, Pakistan, on April 3, 2025. (@ForeignOfficaPk/X)
Short Url
Updated 04 April 2025
Follow

Pakistan deputy PM directs authorities to finalize investment proposals with ‘friendly countries’

  • Ishaq Dar chairs meeting on Pakistan’s investment proposals with friendly countries, says state media
  • Says participants reviewed potential investments in infrastructure, petroleum, trade, and IT sectors

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar this week directed authorities to finalize selected proposals to bolster trade and investment with “friendly countries,” state-run media reported. 

Islamabad has increasingly eyed foreign trade and investment that benefits its priority sectors in a bid to bolster its fragile $350 billion economy. 

It formed the Special Investment Facilitation Council (SIFC) government body in 2023 to attract foreign investment in agriculture, livestock, mining and minerals, energy, tourism and other sectors from China, Saudi Arabia, the United Arab Emirates, Central Asian countries and other Gulf states. 

“Deputy Prime Minister/Foreign Minister (DPM/FM) Senator Mohammad Ishaq Dar on Thursday directed that selected proposals should be finalized, reaffirming Pakistan’s priority to bolster economic, trade, and investment ties with friendly countries,” state-run Associated Press of Pakistan (APP) reported. 

Dar issued the instructions while chairing the fourth inter-ministerial meeting on Pakistan’s investment project proposals with friendly countries, APP said. 

“During the meeting, the committee reviewed briefs on potential investments in key sectors, including infrastructure, petroleum, trade, and information technology (IT),” the state-run media said. 

Saudi Arabia is one of the countries Pakistan has aggressively pushed to forge closer business and investment deals with in recent months. 

The two countries signed 34 business agreements last year for a whopping $2.8 billion. Sharif’s office said seven out of 34 MoUs signed with Saudi Arabia had been actualized into agreements worth $560 million. 

In April 2024, the Kingdom also pledged to expedite a $5 billion investment portfolio for Islamabad.

Pakistan hopes foreign trade and investment deals with allies will help shore its foreign reserves and strengthen its fiscal position weakened considerably by a prolonged macroeconomic crisis.  


Pakistan assembly speaker to attend upcoming Gaza conference in Turkiye

Updated 6 sec ago
Follow

Pakistan assembly speaker to attend upcoming Gaza conference in Turkiye

  • Istanbul to host pro-Palestine conference for speakers of various Muslim countries on Apr. 18
  • Pakistan parliament approved resolution on Monday condemning Israel’s bombardment of Gaza

ISLAMABAD: Pakistan’s National Assembly Speaker Ayaz Sadiq announced on Tuesday he would attend an upcoming conference on Gaza being hosted this month by Turkiye and would present his country’s stance on Israel’s military aggression. 

Turkish Parliament Speaker Numan Kurtulmus has invited his counterparts from Palestine, the United Arab Emirates (UAE) and Egypt, among other nations, to an Apr. 18 meeting of the pro-Palestine Parliamentary Speakers Group in Istanbul.

Speaking to reporters at a press conference, Sadiq said he had been invited by the Turkish parliament speaker to attend the conference. 

“So, god willing, I will go there [to the conference] and say the hard truth about Gaza,” he said. “I will present Pakistan’s stance.”

Sadiq said Pakistan is raising the issue of Gaza with foreign delegations that arrive in the country similar to the way it raises the issue of the disputed Kashmir territory. 

“It is very disappointing to see videos from there [Gaza] on what is happening there, the way people are being subjected to injustice,” he said. “It feels painful that maybe Islamic countries were not able to play our role the way we could have played it.”

Israel and Hamas agreed to a ceasefire in January that lasted eight weeks before Israel resumed the war last month. 

The initial ceasefire agreement was meant to bring the sides toward negotiating an end to the war, something Israel has resisted doing because it wants to defeat Hamas first.

Since the ceasefire fell apart last month, Israel has blocked aid from entering Gaza and its forces have also seized swaths of the coastal enclave in a bid to ratchet up pressure on Hamas to agree to a deal more aligned with Israel’s terms.

Hundreds have been killed in Gaza since the ceasefire collapsed. 

Pakistan’s parliament on Monday passed a unanimous resolution condemning Israel’s “heinous” wave of hostilities in the Palestinian territory, demanding an unconditional ceasefire in Gaza.


Pakistan mulls US oil imports to ease trade imbalance

Updated 15 April 2025
Follow

Pakistan mulls US oil imports to ease trade imbalance

  • Pakistan said that it would send a delegation to the US in the coming weeks to negotiate new tariffs
  • Countries are scrambling to find ways to lower their US tariff burdens, including buying more US oil and gas

KARACHI: Pakistan is considering importing crude oil from the United States for the first time to offset a trade imbalance that triggered higher US tariffs, according to a government source directly involved with the proposal and a refinery executive.
Countries are scrambling to find ways to lower their US tariff burdens, including buying more US oil and gas, as President Donald Trump’s sweeping import duties rattle economies and markets.
“It is one of the products being reviewed ahead of a delegation leaving for the US to talk about tariffs,” said a government source directly involved with the proposal to the prime minister to buy more US crude.
“It is under active consideration. We are exploring opportunities and the structure to do it, but the PM has to approve it,” he said.
Trump has imposed a 10 percent baseline tariff on all imports to the US and higher duties on dozens of other countries. Pakistan faces a 29 percent tariff due to a trade surplus with the US of about $3 billion, although that is subject to the 90-day pause Trump announced last week.
The refinery executive told Reuters that the idea is to buy US crude equivalent to Pakistan’s current imports of oil and refined products, or about $1 billion of oil.
The sources declined to be named as the proposal is in its preliminary stage.
Pakistan’s petroleum ministry did not immediately respond to a request for comment.
Pakistan imported 137,000 barrels per day of crude in 2024, mostly light grades from the Middle East, with Saudi Arabia and the United Arab Emirates among its top suppliers, data from analytics firm Kpler showed. Oil imports amounted to $5.1 billion in 2024, data from Pakistan’s central bank showed.
In February, Saudi Arabia, through the Saudi Fund for Development (SFD), extended a $1.2 billion financing facility to Pakistan for the import of oil products for a year. The SFD has provided approximately $6.7 billion to Islamabad for oil products since 2019.
Before Trump’s partial tariff pause last week, Pakistan said that it would send a delegation to the US in the coming weeks to negotiate new tariffs.
Several big energy importers are looking to buy more from the US to ease trade surpluses.
Last Friday, Indian state gas firm GAIL India Ltd. issued a tender to buy a 26 percent stake in a US liquefied natural gas (LNG) project and import LNG, while Japan, South Korea and Taiwan have discussed participating in an LNG project in the US state of Alaska.


Uzbekistan Airways to launch direct flights between Tashkent, Islamabad from May

Updated 15 April 2025
Follow

Uzbekistan Airways to launch direct flights between Tashkent, Islamabad from May

  • Airline already operates bi-weekly flights between Tashkent and Lahore on Wednesdays and Fridays
  • Uzbekistan Airways also exploring plans to introduce direct flights to Karachi in the near future, APP reports

ISLAMABAD: Uzbekistan Airways is set to launch direct flights between Tashkent and Islamabad starting May 24 in a “significant step toward enhancing bilateral connectivity,” state-run APP news agency reported on Tuesday.
The new route is expected to bolster people-to-people exchanges, trade and tourism between Uzbekistan and Pakistan, APP said, quoting the Uzbek Embassy in Islamabad. The airline already operates bi-weekly flights between Tashkent and Lahore on Wednesdays and Fridays.
“In the initial phase, the airline will operate weekly flights every Saturday,” the state news agency said. 
“Discussions are currently ongoing with Pakistan’s Civil Aviation Authority to finalize the necessary logistical and regulatory arrangements. Subject to demand and operational considerations, the frequency of flights is expected to increase over time.”
In addition to the Tashkent-Islamabad route, Uzbekistan Airways is also exploring plans to introduce direct flights to Karachi, Pakistan’s largest city and economic hub, in the near future.
“The expansion of Uzbekistan Airways’ flight network is anticipated to offer greater convenience for travelers, while simultaneously contributing to increased tourism and stronger economic and cultural exchanges between Uzbekistan and Pakistan,” the APP report said.


Pakistan moves to amend company laws to curb financial crimes under FATF guidelines

Updated 15 April 2025
Follow

Pakistan moves to amend company laws to curb financial crimes under FATF guidelines

  • SECP plans to introduce centralized registry of Ultimate Beneficial Owners of corporate companies 
  • UBO register helps to prevent crimes such as money laundering, financing terrorism, tax fraud and corruption

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) said on Tuesday it had proposed amendments to the Companies Regulations 2024 to set up a centralized UBO Registry for the corporate sector in line with guidelines on financial transparency by the Financial Action Task Force (FATF).
UBOs (Ultimate Beneficial Owners) are the owners or the persons who are in charge of a company. A UBO register helps to prevent financial and economic crimes such as money laundering, financing terrorism, tax fraud, and corruption. The register makes it clear to whom money is sent so any potential financial crimes cannot be hidden behind a corporation. 
“In terms of the proposed changes, companies would be required to submit UBO information, already being obtained from their shareholders, to the Commission [SECP] through the eZfile portal along with other relevant regulatory returns/forms,” the SECP said in a statement.
“This information can be accessed by Financial Institutions, as and when required.”
Pakistan was removed in 2022 from a FATF grey list that warranted increased surveillance for terrorism financing. Pakistan was listed in 2018 because of “strategic counter-terrorist financing-related deficiencies.”
“In line with FATF standards, the centralized corporate UBO Registry will ensure maintenance of an accurate, up-to-date and comprehensive UBO data. This reform is expected not only to highlight Pakistan’s commitment to global best practices but also strengthens investor confidence in the country’s financial ecosystem,” SECP said.
The Commission said the centralized registry concept was aimed at boosting financial transparency and aligning Pakistan’s ‘Anti-Money Laundering and Countering the Financing of Terrorism’ framework with global standards set by FATF, the Organization for Economic Cooperation and Development (OECD) and other international organizations.


Muslim Rababis of Lahore struggle to keep alive centuries-old Sikh kirtan musical tradition

Updated 16 min 30 sec ago
Follow

Muslim Rababis of Lahore struggle to keep alive centuries-old Sikh kirtan musical tradition

  • Rababis are Muslims who perform sacred devotional music of Sikhism, passing down the craft from one generation to the next
  • 13th generation Rababi Ustad Moeen Ahmed Chand complains about lack of respect for community, few opportunities to perform

LAHORE: Ustad Moeen Ahmed Chand pumped the external bellows of his harmonium with one hand and pressed the keys on the keyboard with the other as he sat on the floor of his small, run-down house nestled in a narrow street in Pakistan’s eastern city of Lahore.

Chand comes from a long line of Rababis, Muslim singers who were the original custodians of Sikhism’s kirtan tradition, a sacred form of devotional music. 

Rababis trace their origins to Bhai Mardana (1459-1534), a Muslim musician who was one of the closest companions of Sikhism’s founder Baba Guru Nanak (1469-1539). Mardana traveled across South and Central Asia with Nanak, singing songs of divine wisdom and playing the rabab string instrument from where the Rababi community gets its name, awakening diverse audience with Sikhism’s messages of peace, unity, and oneness. 

Over the course of centuries, Rababis have added other instruments such as the tabla and the harmonium to the kirtan tradition, which is passed on from father to son through the generations. Today, it is Chand, 50, who carries forward the art and is fiercely protective of it, struggling to keeping alive the essential but often overlooked part of the history of Sikh and Indian classical music.

Chand, who lives close to Lahore’s iconic Mughal-era Shalimar Gardens, recalled that his love for kirtan took root as a child watching his father laying bricks in the morning and practicing music in the evening. 

“Watching them, I also developed a love for it [kirtan], I also took this path,” Chand, 50, told Arab News at his home on Nadeem Street near Lahore’s Malik Park. “I am the 13th generation [of Rababis in my family] … Next in line is my son.”

Before the partition of India and the birth of Pakistan in 1947, Chand’s grandfather was a renowned Rababi at Amritsar’s Golden Temple, one of the holiest sites in Sikhism. Back then, all Rababis used to get stipends from the Golden Temple.

“The temple would send us money and in those days even 200 rupees [$0.72] would amount to Rs25,000 [$90] to Rs30,000 [$108], even Rs100,000 [$360] of today,” Chand said.

But then the family moved to Lahore after the end of British colonial rule and funds from Sikh temples dried up.

“After partition, our elders faced a lot of hardships, worked as laborers, had to work very hard to survive, but with the blessings of Maharaj [Guru Nanak] they never left kirtan,” Chand said. 

“NOBODY CALLS US TO PLAY”

Despite his family preserving the kirtan for 13 generations, there is little demand for performances by Rababis now, other than at special events like Guru Nanak’s birth anniversary celebrations. This has forced musicians like Chand to diversify their portfolios, taking up the Sufi devotional music form popularly known as the qawwali, which he performs at seasonal melas and annual events such as annual death anniversary celebrations of Sufi saints of the Indian subcontinent. 

“Nobody calls us to play anymore. Once a year tourists come from abroad on Sri Guru Nanak Dev’s birth anniversary, then they call us now and then,” the musician lamented. “All we want is a consistent and reliable source of income.”

Chand’s disciple, his nephew Mohsin Ali Chand, a 32-year-old tabla player, agreed about the lack of respect for the craft and the family that was struggling to carry it forward.

“We are not very respected here [in Pakistan]. In India we are respected,” Mohsin told Arab News as he sat cross-legged at Chand’s house, his fingers softly tapping the top of a pair of tabla drums. 

“There people give us a lot of veneration and love and they respect and value us.”

More than the lack of public appreciation, Chand said the commercialization of music had drained the soul of kirtan, and of the Rababis still practicing it.

“My message for my Rababi brothers is that sing kirtan like we recite our holy books,” he said. “Kirtan should come from the heart.”

Chand also warned against imitators of the craft who had “commercialized kirtan. The only way to become a Rababi was to be mentored by another Rababi, the passing down of the skill from an “ustaad” [teacher] to a “shagird” [student], Chand said. 

“My only request is to stop lying,” the musician added. “Let the rightful Rababis get the work. Be honest, be truthful, the teacher you’ve learned from, take their name.”