Abu Dhabi crown prince discusses bilateral ties with PM Khan

Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces Sheikh Mohammed bin Zayed Al-Nahyan along with Pakistan PM Imran Khan arrive at Prime Minister House in Islamabad on Jan. 2, 2019. (Supplied)
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Updated 03 January 2020
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Abu Dhabi crown prince discusses bilateral ties with PM Khan

  • The visiting royal instructs the Khalifa Fund to allocate $200 million for economic projects in Pakistan
  • The United Arab Emirates is already Pakistan’s largest trading partner in the Middle East

ISLAMABAD: Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces Sheikh Mohammed bin Zayed Al-Nahyan departed for his country on Thursday after finishing his day-long official visit to Pakistan.
Prime Minister Imran Khan received the crown prince at the Nur Khan air base in Rawalpindi earlier in the day and drove the visiting royal to the Prime Minister House.
The UAE crown prince was accompanied by a high-level delegation and he held a one-on-one meeting with the PM that was followed by a luncheon.
Both the leaders exchanged views on bilateral matters and regional and international issues of common interest. The crown prince also instructed the Khalifa Fund for Enterprise Development to allocate $200 million to support small and medium enterprises (SMEs) in Pakistan, the UAE state news agency, WAM, reported.

"The Prime Minister expressed satisfaction at the frequent exchange of high-level visits between Pakistan and the UAE and the steady development of cordial ties between the two fraternal countries," said an official statement.

"The Prime Minister highlighted the positive contributions of more than 1.6 million expatriate Pakistani community, which considers UAE as their second home," the statement added. "Prime Minister Imran Khan also thanked the UAE leadership and its people for their commitment to Pakistan's socio-economic development, focused in particular on health, education and youth."

Islamabad said the visit illustrated the strength and substance of the Pakistan-UAE special relationship, based on commonalities of faith, cultural affinities, and a shared resolve to take mutual cooperation to a new level.
Pakistan’s Foreign Ministry Spokesperson Aisha Farooqui said on Thursday that “our relationship goes back decades. This is a relationship that is both wide and deep.”
She said at a weekly press briefing that the entire spectrum of bilateral relations and regional and international issues of common interest were discussed during the meeting.
“Frequent exchange of high-level visits between Pakistan and UAE is reflective of the importance that the two countries attach to their fraternal ties. Whenever the two leaderships meet all major issues are discussed in detail,” Farooqui said.
The UAE is Pakistan’s largest trading partner in the Middle East and a major source of investment. The Gulf country is also among Pakistan’s prime development partners in education, health, and energy sectors — hosting more than 1.6 million Pakistani expatriates, which contribute remittances of around $4.5 billion annually to the GDP, the foreign office said in a statement.
Dr. Vaqar Ahmed, senior economist and joint executive director of Sustainable Development Policy Institute (SDPI), told Arab News that this was a significant visit since Pakistan was seeking diplomatic support to extend its economic ties.
“Pakistan aims to win support of friendly countries on the FATF, Kashmir, and related matters of geo-strategic nature,” Ahmed said, adding that “the Board of Investment has already been pursuing investors from the UAE and we hope that the private sector of the Gulf state will show interest in special economic zones of Pakistan.”
“Pakistan already has strong economic ties with the UAE. However, there is a need to boost diplomatic efforts so that placement for skilled and unskilled labor can be ensured,” he continued.
Javed Hafeez, former ambassador and expert on foreign affairs, said that the visit of Crown Prince Zayed Al-Nahyan reaffirmed the importance the UAE attached to its ties with Pakistan.
“The UAE has made significant investments in the Pakistan’s banking and telecommunications sectors. It has been providing sizeable humanitarian assistance as well. Both South Asia and the Gulf region are passing through a crucial period,” Hafeez noted, adding that periodic consultations were necessary in the interest of regional peace and security.
“Pakistan will expect more investments from the UAE, particularly in the field of tourism. EXPO 2020 will be an opportune occasion for Pakistan to promote its exports to the world,” he said.
On Wednesday, UAE Ambassador to Pakistan Hamad Obaid Al-Zaabi said in a statement that the visit “will further strengthen the bonds of friendship between the two brotherly countries.”
The UAE crown prince last visited Islamabad in January 2019 on PM Khan’s invitation.
Khan visited the UAE several times since August 2018 after assumed the country’s top political office in order to secure financial assistance to tackle Pakistan’s economic crisis. The UAE pledged $3 billion in balance-of-payments support and oil supply on deferred payments.
Last week, UAE Culture Minister Sheikh Nahyan bin Mubarak Al-Nahyan met with PM Khan and President Arif Alvi in Islamabad.
“It was our endeavor to further strengthen the existing bilateral engagement at all levels and in all fields, including trade, investment, energy, culture and tourism,” the president said after the meeting.
He also highlighted that 1.6 million Pakistanis living in the Emirates were a bridge between the two countries and contributed to UAE’s development.


Pakistani families urge President Raisi to release cargo crew detained in Iran as he visits Karachi

Updated 6 sec ago
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Pakistani families urge President Raisi to release cargo crew detained in Iran as he visits Karachi

  • Jalal Ahmed, the cargo boat captain, was on his way from Dubai to Somalia when he was caught by Iran four years ago
  • The families of detained Pakistanis say they have not been informed of the charges against Ahmed, others on the boat

KARACHI: Families of Pakistani crew members aboard a cargo boat, which set sail from Dubai to Somalia but was detained by Iran four years ago, appealed to Iranian President Ebrahim Raisi on Tuesday for their release, citing a lack of cooperation from Iranian authorities.
Raisi, who arrived in Pakistan on Monday for a three-day visit, flew to Karachi today after a brief stopover in Lahore. During his stay in Karachi, the Iranian president is slated to meet with government officials and businessmen.
The family of Jalal Ahmed, the captain of the cargo boat, along with others, staged a demonstration in front of the Karachi Press Club to highlight the difficulties they have faced in securing the release of their loved ones, who have been incarcerated in Iran’s Minab city for the past four years.
“We have come here because my brother is imprisoned in the city of Minab in Iran,” Gul Saba, Ahmed’s sister, told Arab News while urging Pakistan’s President Asif Ali Zardari and Prime Minister Shahbaz Sharif to intervene in the matter to secure the release of the detained crew members.
“We also appeal to Iran’s President Ebrahim Raisi to release our brother and the other ten [people] who accompanied him,” she continued.
Saba added her 45-year-old brother, who has three children, was transporting cargo from Dubai to Somalia when his ship was stopped by the Iranian authorities.
She said her family members had traveled to Iran, but there had been no response from Iranian authorities.
“No statement has come [from Iranian officials] regarding why [the Pakistani crew members] have been imprisoned,” she added. “There may be no crime involved as their cargo ship was legal.”
Arab News could not independently verify the claims made by the affected family.
Jawad Jalal, Ahmed’s 10-year-old son, also participated in the protest along with his mother, Sadia Ahmed, and aunt Saba.
“When I was six, my father was imprisoned in Iran,” he said while reminiscing how Ahmed escorted him to school before being detained.
“He should be released so he can drop me off at school once again,” he continued, holding a placard emblazoned with the demand for his father’s release from Iranian prison.


Pakistan says will reconstitute panel on ‘enforced disappearances’ after US report points out rights abuses

Updated 22 min 42 sec ago
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Pakistan says will reconstitute panel on ‘enforced disappearances’ after US report points out rights abuses

  • Pakistan has long been plagued by disappearances of political workers, rights activists and professionals
  • Families say people picked up by security forces often disappear for years, security agencies deny involvement

ISLAMABAD: Pakistan will be reconstituting a committee to address the longstanding issue of “enforced disappearances,” Law Minister Azam Nazeer Tarar said on Tuesday, hours after the release of a US report highlighting rights abuses in the South Asian country.

Over the years, hundreds of political workers, rights activists and professionals have gone missing in Pakistan, particularly in the northwestern Khyber Pakhtunkhwa and the southwestern Balochistan provinces, where militants have waged a war against the state for decades.

Families say people picked up by security forces often disappear for years, and are sometimes found dead, with no official explanation. Pakistani security agencies deny involvement in such disappearances.

Speaking at a press conference in Islamabad, Tarar noted the former Pakistan Democratic Movement (PDM) government had formed a committee on the issue with the representation of all stakeholders.

“Now the work is being initiated on this again on the directives of the prime minister. A committee is going to be reconstituted, there will be parliamentary presence in that committee,” he said. “There is no lack of seriousness on the government’s part to resolve this issue.”

The minister said they visited the Quetta, the capital of Balochistan province, met with stakeholders there as well as reviewed reports on the matter from the tenure of the caretaker government.

Tarar said 10,200 cases of “missing persons” had been registered in the Commission of Inquiry on Enforced Disappearances (CIoED), out of which around 8,000 cases had been addressed.

He, however, said the issued could not be resolved “overnight,” adding that there had been no “concrete evidence” of the involvement of state agencies in these cases.

The law minister’s comments came hours after a report released by the US State Department said Pakistan’s government “rarely” took steps to identify and punish officials who may have been involved in rights abuses in 2023, pointing out incidents of extrajudicial killings, torture, enforced disappearances, violence against journalists and restrictions on media freedom.

“The government rarely took credible steps to identify and punish officials who may have committed human rights abuses,” the State Department said, pointing out Pakistan last year had seen incidents of restrictions on freedom of expression and media, violence against journalists, unjustified arrests, disappearances of journalists, censorship and criminal defamation laws.

Pakistan’s actions in recent months to restrict Internet and mobile services throughout the country, especially on days when elections are held, have invited criticism from rights organizations and Washington.

The interior ministry last week confirmed it had banned social media platform X in February to protect national security, maintain public order, and preserve the country’s “integrity.”

The South Asian country has seen an uptick in violence, mainly suicide attacks, since November 2022 when a fragile truce between militants and the state broke down.

Pakistan has since then carried out military operations against the Pakistani Taliban or the Tehreek-e-Taliban Pakistan (TTP) and a Baloch separatist militant organization, the Balochistan Liberation Army (BLA) in the country’s two western provinces that border Afghanistan.


Saudi Arabia to invest $5 billion to boost Pakistan’s economy – planning minister

Updated 23 April 2024
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Saudi Arabia to invest $5 billion to boost Pakistan’s economy – planning minister

  • Ahsan Iqbal says the national economy can reach a $3 trillion mark by 2047 with 9% growth rate
  • He informs a summit the government plans to maximize investment from UAE, Kuwait and Qatar

KARACHI: Federal Minister for Planning and Development Ahsan Iqbal announced on Tuesday Saudi Arabia was expected to invest $5 billion in Pakistan, adding the administration in Islamabad was also trying to secure investment from other Gulf states to strengthen the national economy.

Amid economic challenges, Pakistan has been actively trying to attract foreign investment and established the Special Investment Facilitation Council (SIFC), a civil-military hybrid body, last year for the purpose.

The SIFC was created to serve as a single window for all foreign investment activities, offering a simplified and more direct route for international investors interested in various sectors such as mining, agriculture, energy, information technology and defense manufacturing.

The body was tasked to address procedural bottlenecks, accelerate policy reforms and create a more favorable investment climate, with a special focus on Gulf economies.

“Saudi Arabia will soon invest $5 billion in Pakistan and in this regard, Prime Minister Shehbaz Sharif will soon visit Saudi Arabia, followed by an expected visit of the Saudi Crown Prince Mohammed bin Salman to Pakistan,” the Planning Commission of Pakistan quoted the minister as saying in an official statement.

Iqbal issued the statement while speaking at a business summit in Islamabad.

He mentioned that discussions were ongoing with the United Arab Emirates, Kuwait and Qatar to maximize investment in Pakistan.

The planning minister said if Pakistan managed to increase its exports to $100 billion in the next seven to eight years, it would achieve a significant economic takeoff.

He maintained that Pakistan could become a $2 trillion economy by 2047 with 7 percent growth, adding it could also reach a $3 trillion mark by maintaining 9 percent growth.
 


Pakistan, Saudi Arabia and Uzbekistan ink ‘landmark’ agreement to promote trade, investment

Updated 23 April 2024
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Pakistan, Saudi Arabia and Uzbekistan ink ‘landmark’ agreement to promote trade, investment

  • As per agreement, Uzbekistan’s largest bank and a Pakistani firm will support investors in all three countries
  • Partnership to attract foreign investment particularly in key sectors of energy, infrastructure and agriculture

ISLAMABAD: Pakistan, Saudi Arabia and Uzbekistan have signed a “landmark” partnership agreement to boost economic cooperation and create new opportunities for investors in the region, Pakistan’s state-run television reported on Tuesday.

As per the terms of the agreement, Uzbekistan’s largest bank Ansher Capital will work closely with KASB Securities Limited (KASB), a leading Pakistani stock and commodity brokerage firm, to provide financial advisory and corporate finance services to investors in all three countries, the state media said. 

Both firms will support investors and traders in Pakistan, Uzbekistan and Saudi Arabia by providing expert guidance on navigating financial markets, the Pakistan Television (PTV) said. 

“In a significant development, Uzbekistan, Pakistan, and Saudi Arabia have signed a landmark partnership agreement aimed at promoting investment and trade between the three countries,” PTV said. 

“The partnership is expected to expand the market and attract foreign investment, particularly in key sectors such as energy, infrastructure, and agriculture.”

The report said that the agreement is also expected to strengthen trade ties between the three countries, with a focus on increasing trade volumes and promoting economic integration. 

“The partnership will enable businesses to tap into new markets and access new investment opportunities, creating jobs and driving economic growth,” PTV said.

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 the top destination for remittances to the cash-strapped South Asian country.

Saudi Foreign Minister Prince Faisal bin Farhan arrived in Pakistan last week for a two-day visit aimed at strengthening bilateral economic cooperation and pushing forward previously agreed investment deals. Pakistan has said it pitched investment projects worth $30 billion to Riyadh during Prince Faisal’s visit.

Islamabad has sought trade and economic partnerships with bilateral partners and allies as it seeks to navigate a macroeconomic crisis that has seen its reserves plummet to historic lows and its currency weaken significantly. 


Pakistan’s finance minister says new IMF loan agreement targeted for early July

Updated 23 April 2024
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Pakistan’s finance minister says new IMF loan agreement targeted for early July

  • The quantum and duration of new loan is still not clear, though the government wants at least a three-year program
  • Muhammad Aurangzeb says the modalities of the new loan will be thrashed out with an IMF delegation next month

ISLAMABAD: Pakistan’s finance minister Muhammad Aurangzeb said on Tuesday the country planned to discuss the contours of a new loan program with an International Monetary Fund (IMF) delegation next month while hoping to reach a staff-level agreement with the global lender by early July.

Pakistan secured a $3 billion IMF bailout last year to avert a sovereign default and hopes to receive the final tranche later this month. However, the government wants a fresh IMF loan since the country continues to face tough economic challenges and plans to implement structural reforms.

“We are still hoping that we can get into a staff-level agreement by the time June is done or early July so that we can move on,” the finance minister said while addressing a news conference.

He informed he had good discussions with IMF and World Bank officials during the spring meetings held by both international lending organizations in Washington.

Aurangzeb maintained it was not right to say that the IMF was imposing strict conditions on Pakistan since the country needed to carry out reforms on its own to strengthen its economy.

“This is Pakistan’s program which is helped, supported, assisted by the fund,” he said. “This is how we have to see it since this is the way ownership will come.”

He maintained the country’s foreign reserves were increasing and would reach about $10 billion by the end of June this year well before the new IMF program.

“Once the final tranche comes from the IMF, end of this week, we will be over $9 billion,” he told the media. “By the time we end June, we will be anywhere between $9-10 billion, which is going to be equivalent to two months of import cover.”

The finance minister noted the country had made progress since its foreign reserves dipped to nearly $3.4 billion last year.

He said the stock market was also hitting all-time highs and foreign buyers were entering the market.

“The gross domestic product growth is expected to be at 2.6 percent in the current fiscal year,” he said, adding the government was taking steps to attract foreign investment and keep the current account and fiscal deficits within reasonable limits.

“The current account deficit has been reduced to $1 billion after a 74 percent reduction in FY24,” the minister said, adding the inflation was expected to remain at 24 percent during the ongoing fiscal year, while the trade deficit had been reduced to $17 billion following a 24.9 percent decrease.

He said the quantum and duration of the new IMF program was yet not clear, though the government wanted to secure at least a three-year loan package.

Pakistan and IMF have said they are already in discussions for the new loan.

Aurangzeb said structural reforms carried out by the government include increasing the government’s tax revenue-to-GDP ratio to 13 percent to 14 percent in next two or three years from the current level of around 9 percent, reducing losses of state-owned enterprises through their privatization, and better management of the debt-laden energy sector.

With input from Reuters