ISLAMABAD: Pakistani Foreign Minister Shah Mahmood Qureshi said on Tuesday a “new chapter” had been opened in ties between the United States and Pakistan a day after US President Donald Trump welcomed Pakistani premier Imran Khan to the White House in a bid to mend relations and seek help in ending an 18-year-old war in neighboring Afghanistan.
Seated next to Khan in the Oval Office on Monday, Trump spoke about improving trade with Pakistan and said he expected Khan would help negotiate peace in Afghanistan so United States troops could come home.
“We have seen a new beginning; a new chapter is being opened,” Qureshi said at a press conference in Washington. “We should take this positively and hope that things will get better,” he said, adding that Pakistan was focused on “economic diplomacy” and wanted to boost trade with the US.
“The world looks at economics and looks for ways to cater to its own economic needs, so we will try that we also move forward in that direction,” Qureshi said, adding that Trump had accepted Khan’s invitation to visit Pakistan.
During Monday’s meeting, Trump spoke of possibly restoring $1.3 billion in American aid that he had cut last year. Both the leaders also discussed ways to boost bilateral trade as President Trump said the US was willing to invest more in Pakistan and wanted to expand trade by up to 20 times.
President Trump also said bilateral relations between the countries had improved in recent months: “To be honest, we have a better relationship with Pakistan right now than we did when we were paying the money,” he said, referring to last year’s decision to suspend US security assistance to Pakistan to compel it to crack down on militants.
The comments were a far cry from last year when Trump had complained on Twitter that the Pakistanis “have given us nothing but lies & deceit” and “give safe haven” to militants. Pakistan has denied the accusations.
Pakistan’s army chief, General Qamar Javed Bajwa, who accompanied Khan to Washington, also met the top American military officer, chairman of the US Joint Chiefs of Staff General Joseph Dunford in Washington. Analysts believe Bajwa will play a key role in behind-the-scenes discussions, with the military looking to persuade Washington to restore aid and cooperation.
Commenting on optics of the Khan-Trump meeting, foreign affairs expert Dr. Hasan Askari Rizvi said both sides wanted to improve the bilateral relationship through a new framework whose details would be settled in the next few months through meetings between officials of the two governments.
“American support to Pakistan will depend on two things, to what extent Pakistan is willing to facilitate agreement with [Afghan] Taliban and withdrawal of American troops from Afghanistan and secondly if Pakistan continues action against militants on its soil,” Askari said.
“Pakistan’s military to military and civilian government’s relationship with the US will improve manifold in the coming months, if we stop pursuing a dual-track approach,” Rizvi said, referring to accusations in the past that Pakistan was selective in its crackdown on terrorists.
After a one-on-one meeting with Khan, President Trump said he could win the Afghan war in just 10 days by wiping out Afghanistan but did not want to kill 10 million people.
“There is no military solution in Afghanistan,” Khan said in agreement. “If you go all-out military, there would be millions and millions of people who would die.”
“I think Pakistan is going to do a lot [with respect to Afghanistan],” Trump said. “I really do. I think Pakistan is going to make a big difference.”
Pakistan hopeful Khan visit has unleashed “new chapter” in US ties
Pakistan hopeful Khan visit has unleashed “new chapter” in US ties
- FM Qureshi says Trump had accepted invitation for Pakistan visit
- Pakistan wants to focus on economic diplomacy, boost trade, foreign minister says
Pakistan ‘high priority' economic opportunity for us, Saudi top minister says in Islamabad
- 50-member Saudi delegation with representatives of 30 Saudi companies in Pakistan for investment conference
- Pakistan and Saudi Arabia have been working closely in recent weeks to finalize trade and investment deals
ISLAMABAD: Pakistan is a “high-priority economic investment and business opportunity” for Saudi Arabia, the Kingdom’s Assistant Minister of Investment Ibrahim Al-Mubarak said on Monday, as a two-day Pak-Saudi investment conference kicked off in Islamabad.
A 50-member delegation led by Al-Mubarak arrived in Pakistan on Sunday, comprising some 30 Saudi companies from the fields of IT, telecoms, energy, aviation, construction, mining exploration, agriculture and human resource development.
“To the Saudi government and Saudi companies, Pakistan is considered a high-priority economic investment and business opportunity,” Al-Mubarak said as he addressed the investment summit.
“We believe in the great potential of Pakistan’s economy, demographics and talent as well as location and natural resources.”
Al-Mubarak said this was his second visit to Pakistan in two weeks and many influential leaders from globally renowned Saudi companies were part of his delegation.
“Today, we want to connect you [Pakistan] all to Saudi companies who desire to continue building their international presence, for Saudi Arabia’s ambitions do not stop at our borders and we would like to see Pakistan as one of our leading international partners,” the Saudi official added.
“So, this gathering provides a wonderful opportunity for them [Saudi companies] to develop a deeper understanding of the great opportunities available for investment in Pakistan and to learn about related regulations, requirements, and incentives.”
INVESTMENT PUSH
Pakistan and Saudi Arabia have been closely working in recent weeks to increase bilateral trade and investment deals, with Crown Prince Mohammed bin Salman last month reaffirming the Kingdom’s commitment to expedite an investment package of $5 billion.
The Saudi business delegation’s visit comes on the heels of one by Sharif to Riyadh from Apr. 27-30 to attend a special two-day meeting of the World Economic Forum.
On the sidelines of the WEF conference, the Pakistani PM met and discussed bilateral investment and economic partnerships with the crown prince and the Saudi ministers of finance, industries, investment, energy, climate, and economy and planning, the adviser of the Saudi-Pakistan Supreme Coordination Council and the presidents of the Saudi central bank and Islamic Development Bank.
This was Sharif’s second meeting with the crown prince in a month. Before that he also met him when he traveled to the Kingdom on April 6-8. The Saudi foreign minister was also in Pakistan last month, a trip during which Pakistan pitched projects worth at least $20 billion to Riyadh.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as a top source of remittances to the cash-strapped South Asian country. During the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia was recorded at $2.482 billion, with Pakistan’s exports of $262.58 million and Saudi exports of $2.219 billion.
Saudi Arabia has often come to Pakistan’s aid in the past, regularly providing it oil on deferred payments and offering direct financial support to help stabilize its economy and shore up forex reserves.
As things stand, Pakistan desperately needs to shore up its foreign reserves and is in talks with the International Monetary Fund (IMF) for a new bailout deal, for which it needs to signal that it can continue to meet requirements for foreign financing which has been a key demand in previous loan packages.
Last year Pakistan set up the Special Investment Facilitation Council, a body consisting of Pakistani civilian and military leaders and specially tasked to promote investment in Pakistan. The council is so far focusing on investments in the energy, agriculture, mining, information technology and aviation sectors and specifically targeting Gulf nations.
Pakistan Securities And Exchange Commission approves PIA restructuring
- Pakistan’s national airline has accumulated hundreds of billions of rupees in arrears and losses over the years
- Pakistan last year agreed to overhaul loss-making public entities in exchange for a financial bailout from IMF
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has approved the restructuring scheme of the country’s national airline, the privatization ministry confirmed on Sunday, marking a significant milestone in the government’s endeavors to privatize the loss-making entity.
Pakistan has identified 25 public sector enterprises for privatization that have accumulated billions in losses, including the Pakistan International Airlines (PIA), banks, hotels and power generation and distribution companies. Pakistan agreed in June 2023 to overhaul its loss-making state-owned enterprises (SOEs) as part of a deal with the International Monetary Fund (IMF) for a $3 billion bailout package. The government resolved to privatize PIA shortly after finalizing the IMF agreement.
However, the country’s progress in privatization has been stalled for decades due to political inertia and various challenges, including legal, licensing and ownership issues. In March, the government created PIA Holding Company (Holdco) to expedite the national carrier’s privatization by managing the airline’s liabilities and assisting in its transfer to potential investors.
On May 4, the Competition Commission of Pakistan (CCP) green-lighted PIA’s acquisition by Holdco, saying it would not have any material impact on the market. On Sunday, the privatization ministry said the SECP had agreed to the transfer of PIA’s non-core assets and liabilities to Holdco.
“This order marks a significant milestone in the collaborative efforts of the Privatization Commission (PC), Finance Division, Aviation Ministry and Pakistan International Airlines to restructure the national carrier,” the ministry said.
It said the SECP has directed the Pakistan Stock Exchange, the Central Depository Company and the National Clearing Company to ensure Holdco’s “smooth listing.”
The PIA has accumulated hundreds of billions of rupees in arrears and losses over the years, forcing successive Pakistani governments to dole out billions of rupees from their budgets to keep the loss-making public entity afloat.
The PIA’s woes were compounded after 2020 when the airline was already struggling financially while its flights were grounded due to the coronavirus pandemic. When the national airline resumed operations in May 2020, a domestic PIA flight crash in Karachi killed 97 out of 99 people on board, prompting an initial inquiry that pointed to a number of safety failures.
The inquiry sparked a disclosure from authorities that nearly a third of PIA’s pilots may have falsified their qualifications, prompting the European Union Aviation Safety Agency (EASA), the US Federal Aviation Administration (FAA) and other regulators to ban PIA flights.
Prime Minister Shehbaz Sharif has vowed to privatize the airline and warned Pakistan’s bureaucracy that he would not tolerate delays in the process. Sharif has assured Pakistan’s business community several times that the process to privatize the national airline would be a transparent one.
Pakistan thrash South Korea 4-0 in Azlan Shah Cup hockey clash
- Pakistani players Abdul Hanan Shahid, Arshad Liaqat, Ghazanfar Ali and Sufiyan Khan score goals
- This is Pakistan’s second victory in the tournament after their win over hosts Malaysia on Saturday
ISLAMABAD: Pakistan’s field hockey team beat South Korea 4-0 in their second match of the Sultan Azlan Shah Cup this week, state-media reported on Monday, as the South Asian side continued their impressive run in the tournament.
The 30th edition of the prestigious field hockey tournament is being played in Ipoh, Malaysia from 4-11 May. The cup will be contested between six teams, namely Canada, Japan, Malaysia, New Zealand, Pakistan and Korea. Pakistan’s national hockey team made a triumphant start to the tournament on Saturday, defeating hosts Malaysia by 5-4 in a thrilling match.
The green shirts continued their impressive form on Sunday, beating South Korea in what was a one-sided contest.
“Pakistan in their second match beat South Korea by four goals to nil at Ipoh on Sunday,” the state-run Radio Pakistan reported on Monday.
Pakistani players Abdul Hanan Shahid, Arshad Liaqat, Ghazanfar Ali and Sufiyan Khan scored goals to ensure the national team dominated the match. Pakistan’s defense did an impressive job to contain the Korean hockey team, thwarting their efforts to score a single goal.
“Pakistan will play their third match against Japan in Ipoh, Malaysia tomorrow,” Radio Pakistan reported. “The match will start at 3:15 p.m.”
The Sultan Azlan Shah Cup 2024 will see a round-robin stage at first where all six participating teams will play against each other once, followed by positional playoffs.
The teams finishing in the bottom two places of the league stage will contest in a fifth-place classification match. Teams finishing in third and fourth place in the pool stage will compete for bronze, while the top two teams will play in the final for the title.
Pakistani journalists condemn Israel’s decision to ban Al Jazeera, demand ‘earliest restoration’
- PM Netanyahu’s cabinet shut down network for as long as Gaza war continues, saying it threatened national security
- Pakistan Federal Union of Journalists credits Al Jazeera for reporting “independently” on Israel’s war in Gaza
ISLAMABAD: Pakistan’s most prominent association of journalists strongly condemned Israel’s move to ban international news organization Al Jazeera on Sunday, describing it as a “brutal curb on press freedom,” urging journalist bodies around the world to raise their voices for the Qatar-based network.
The statement comes after Israeli Prime Minister Benjamin Netanyahu’s cabinet voted unanimously to close Al Jazeera’s operations in Israel. The decision came weeks after Israel’s parliament passed a law allowing the temporary closure of foreign broadcasters considered to be a threat to its national security as the months-long war in Gaza drags on.
Later on Sunday, Israeli police raided Al Jazeera’s premises in East Jerusalem while satellite and cable providers took the broadcaster off air.
“Workers strongly condemn the Israeli decision of banning telecast of Al Jazeera TV and demand its earliest restoration,” the Pakistan Federal Union of Journalists (PFUJ) said in a press release. “The PFUJ-Workers terms the decision a brutal curb on press freedom and demand that Israeli govt should give right to every media organization to work freely.”
PFUJ credited Al Jazeera for reporting “independently” on Israel’s war in Gaza, calling on journalist bodies around the world to raise their voices for freedom of media and support the Doha-based news channel.
“If we do not discharge our duty of raising voice for Al Jazeera the other will use the practice to silent voices in their regions,” the statement concluded.
Al Jazeera criticized Israel’s decision to ban its broadcast in a report, saying that it is one of the few international media outlets to remain in Gaza throughout the war, broadcasting “bloody scenes of air attacks and overcrowded hospitals, and accusing Israel of massacres.”
“The Network vehemently rejects the allegations presented by Israeli authorities suggesting professional media standards have been violated,” Al Jazeera said in a statement. “It reaffirms its unwavering commitment to the values embodied by its Code of Ethics.”
Israel’s move can heighten the Jewish state’s tensions with Qatar, which funds Al Jazeera, especially at a time when the Gulf country is playing a key role in mediating efforts to stop the war in Gaza.
Tim Dawson, the deputy general secretary of the International Federation of Journalists, told Al Jazeera Israel’s decision was a “retrograde and ridiculous decision.”
“Closing down media, closing down television stations is a sort of thing that despots do,” he said.
Two-day Pakistan-Saudi investment conference kicks off in Islamabad
- 50-member Saudi delegation comprising 30 Saudi companies arrived in Islamabad on Sunday
- Pakistan and Saudi Arabia have been working closely in recent weeks on finalizing investment deals
ISLAMABAD: A two-day Pakistan-Saudi investment conference is set to begin in Islamabad today, Monday, a day after a high-powered business delegation arrived in Pakistan from Riyadh to discuss trade and investments.
The 50-member Saudi delegation is led by Assistant Minister of Investment Ibrahim Al-Mubarak and comprises some 30 Saudi companies from the fields of information technology, telecoms, energy, aviation, construction, mining exploration, agriculture and human resource development.
“[Pakistani commerce] ministry had selected a large number of Pakistani companies in the respective sectors whose officials would have business-to-business meetings with their Saudi counterparts, and would hopefully enter into business and investment deals,” Pakistani news wire APP said.
“Pakistan would welcome and fully facilitate investments and partnerships from Saudi Arabia in IT, minerals, textiles, food security, engineering and energy sectors.”
During the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia was recorded at $2.482 billion, with Pakistan’s exports of $262.58 million and Saudi exports of $2.219 billion.
Pakistan and Saudi Arabia have been closely working in recent weeks to increase bilateral trade and investment deals, with Crown Prince Mohammed bin Salman also reaffirming the Kingdom’s commitment to expedite an investment package of $5 billion.
The business delegation’s visit comes on the heels of one by Sharif to Riyadh from Apr. 27-30 to attend a special two-day meeting of the World Economic Forum.
On the sidelines of the WEF conference, the Pakistani PM met and discussed bilateral investment and economic partnerships with the crown prince and the Saudi ministers of finance, industries, investment, energy, climate, and economy and planning, the adviser of the Saudi-Pakistan Supreme Coordination Council and the presidents of the Saudi central bank and Islamic Development Bank.
This was Sharif’s second meeting with the crown prince in a month. Before that he also met him when he traveled to the Kingdom on April 6-8. The Saudi foreign minister was also in Pakistan last month, during which Pakistan pitched projects worth at least $20 billion to Riyadh.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as a top source of remittances to the cash-strapped South Asian country.
Saudi Arabia has often come to Pakistan’s aid in the past, regularly providing it oil on deferred payments and offering direct financial support to help stabilize its economy and shore up forex reserves.
As things stand, Pakistan desperately needs to shore up its foreign reserves and is in talks with the International Monetary Fund (IMF) for a new bailout deal, for which it needs to signal that it can continue to meet requirements for foreign financing which has been a key demand in previous loan packages.
Last year Pakistan set up the Special Investment Facilitation Council, a body consisting of Pakistani civilian and military leaders and specially tasked to promote investment in Pakistan. The council is so far focusing on investments in the energy, agriculture, mining, information technology and aviation sectors and specifically targeting Gulf nations.
