Pakistan, Saudi Arabia sign memorandum of understanding for environmental cooperation

Pakistani prime minister’s advisor on climate change, Malik Amin Aslam, left, and Saudi environment minister Abdulrahman bin Abdulmohsen Al-Fadhli signing an MoU in Riyadh, Saudi Arabia on February 9, 2022. (Photo courtesy: @aminattock/Twitter)
Short Url
Updated 09 February 2022
Follow

Pakistan, Saudi Arabia sign memorandum of understanding for environmental cooperation

  • The understanding will allow Pakistan to export its workers who undertook forestation initiatives in their own country to the kingdom
  • Experts on both sides will also hold consultations and share relevant information in the first stage of mutual cooperation

ISLAMABAD: Saudi Arabia and Pakistan have signed a wide-ranging memorandum of understanding (MoU) to cooperate in nine important environmental areas to control pollution and protect nature, confirmed a senior government functionary on Wednesday.

Last year, Prime Minister Imran Khan addressed a letter to Saudi Crown Prince Mohammed bin Salman in which he praised the kingdom’s massive tree-plantation project and offered his country’s full support to the initiative.

He was subsequently invited by the Saudi authorities to attend the Middle East Green Initiative Summit in October.

The two sides decided to assist each other with their environmental projects, making it possible for their top officials in the area to sign the recent MoU in Riyadh.

“This is an umbrella memorandum of understanding and a wide-ranging document which has been signed for the first time between Pakistan and Saudi Arabia to establish partnership in green programs,” Malik Amin Aslam, the Pakistani prime minister’s advisor on climate change, told Arab News from Riyadh over the phone.

He said that he signed the document with the Saudi environment minister Abdulrahman bin Abdulmohsen Al-Fadhli in the kingdom's capital.

Malik said the signing of the document was a success of green diplomacy between the two countries.

“This initiative will allow us to focus on nine different areas of cooperation which include both green areas such as nature protection, biodiversity, forestation and also brown areas which include pollution control and management of toxic waste,” he continued.

 

 

The prime minister’s aide informed that experts from both sides would hold consultations and share relevant information in the first stage of mutual cooperation.

“The Saudi minister wanted the Pakistani experts who worked on the billion-tree tsunami project to immediately visit the kingdom and finalize their plantation plan,” he said.

He added that plants grown in Pakistan would be shifted to Saudi Arabia in the next phase of cooperation.

Aslam informed that Saudis were very keen to use their waste water for plantation in the urban areas.

“We have also discussed Miyawaki forest technique with them which we have successfully implemented in Pakistan and which uses very little water and suits the Saudi environment,” he added.

He said Pakistan would also export its workforce of people who undertook forestation initiatives in their own country to the kingdom in the coming months.

“This is a very wide-ranging MOU which allows deeper cooperation in areas of nature protection and plantation of national parks,” he continued. “Pakistan has already expanded its national parks by 50 percent from 30 to 45 percent in the last one year.”

The advisor hoped this cooperation would open a new chapter in the Saudi-Pak bilateral relationship.

“Pakistan is going to start a carbon offset program very soon,” he informed. “We are in the final stages of the development of a policy in this area in which the Saudis are likely to take deep interest.”

Aslam said the government had worked with the World Bank to get an estimation of blue carbon in the country, including mangroves, tidal marshes and sea grass.

“We will be moving ahead in this area by floating a blue bond,” he added. “This can also become a very important area for collaboration between the two countries.”


Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects 

Updated 8 sec ago
Follow

Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects 

  • Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
  • Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight

ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.

The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.

Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.

“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement. 

“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”

Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.

Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.

Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said. 

Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.

Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.

Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.

In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.