ISLAMABAD: Pakistan’s state-owned bank and the China-Pakistan International Silk Road Industry Investment Management Company Limited this week signed an agreement to facilitate investment in key projects to promote industrial cooperation and establish special economic zones, state-run media reported on Sunday.

Islamabad views Beijing as one of its most reliable foreign partners in recent years, which has invested over $65 billion in energy and infrastructure projects in Pakistan as part of the China-Pakistan Economic Corridor (CPEC). 

The development takes place as Pakistan eyes foreign investment in key economic sectors whilst it grapples with a macroeconomic crisis. Prime Minister Shehbaz Sharif has repeatedly said his government wants to break the “begging bowl” and is targeting mutually beneficial economic partnerships with allies. 

The agreement between the National Bank of Pakistan (NBP) and China-Pakistan International Silk Road Industry Investment Management Company Limited was signed on Saturday at the Pakistan embassy in Beijing in the presence of Aslam Chaudhry, Pakistan’s minister of economic affairs. 

“He [Chaudhry] informed that special economic zones are being established across Pakistan where the Chinese enterprises could relocate their industry and export products to different countries taking advantage of preferential agreements signed by Pakistan with various countries,” state broadcaster Radio Pakistan reported. 

The minister said Pakistan, with a population of over 225 million people, is itself a “big market” and that Chinese companies could benefit from it.

Chaudhry urged Pakistan urged Chinese entrepreneurs to set up their industrial units in Pakistan. 

“He opined that the MoU would help the Chinese companies for investment in different projects and promote industrial cooperation between the two countries,” Radio Pakistan said. 

Pakistan has been making efforts to attract foreign investment since last year when it set up the Special Investment Facilitation Center (SIFC). The hybrid civil and government body was formed last year to attract investment in key economic sectors including tourism, agriculture, minerals and others. 

JERUSALEM: An aide to Prime Minister Benjamin Netanyahu confirmed on Sunday that Israel had accepted a framework deal for winding down the Gaza war now being advanced by US President Joe Biden, though he described it as flawed and in need of much more work.
In an interview with Britain’s Sunday Times, Ophir Falk, chief foreign policy adviser to Netanyahu, said Biden’s proposal was “a deal we agreed to — it’s not a good deal but we dearly want the hostages released, all of them.”
“There are a lot of details to be worked out,” he said, adding that Israeli conditions, including “the release of the hostages and the destruction of Hamas as a genocidal terrorist organization” have not changed.
Biden, whose initial lockstep support for Israel’s offensive has given way to open censure of the operation’s high civilian death toll, on Friday aired what he described as a three-phase plan submitted by the Netanyahu government to end the war.
The first phase entails a truce and the return of some hostages held by Hamas, after which the sides would negotiate on an open-ended cessation of hostilities for a second phase in which remaining live captives would go free, Biden said.
That sequencing appears to imply that Hamas would continue to play a role in incremental arrangements mediated by Egypt and Qatar — a potential clash with Israel’s determination to resume the campaign to eliminate the Iranian-backed Islamist group.
Biden has hailed several ceasefire proposals over the past several months, each with similar frameworks to the one he outlined on Friday, all of which collapsed. In February he said Israel had agreed to halt fighting by Ramadan, the Muslim holy month that began on March 10. No such truce materialized.
The primary sticking point has been Israel’s insistence that it would discuss only temporary pauses to fighting until Hamas is destroyed. Hamas, which shows no sign of stepping aside, says it will free hostages only under a path to a permanent end to the war.
In his speech, Biden said his latest proposal “creates a better ‘day after’ in Gaza without Hamas in power.” He did not elaborate on how this would be achieved, and acknowledged that “there are a number of details to negotiate to move from phase one to phase two.”
Falk reiterated Netanyahu’s position that “there will not be a permanent ceasefire until all our objectives are met.”
Netanyahu is under pressure to keep his coalition government intact. Two far-right partners have threatened to bolt in protest at any deal they deem to spare Hamas. A centrist partner, ex-general Benny Gantz, wants the deal considered.
Hamas has provisionally welcomed the Biden initiative.
“Biden’s speech included positive ideas, but we want this to materialize within the framework of a comprehensive agreement that meets our demands,” senior Hamas official Osama Hamdan told Al Jazeera on Saturday.
Hamas wants a guaranteed end to the Gaza offensive, withdrawal of all invading forces, free movement for Palestinians and reconstruction aid.
Israeli officials have rejected that as an effective return to the situation in place before Oct. 7, when Hamas, committed to Israel’s destruction, ruled Gaza.
In the ensuing Israeli assault that has laid waste to much of the impoverished and besieged coastal enclave, more than 36,000 Palestinians have been killed, Gaza medical officials say.