China says willing to deepen military cooperation with Pakistan amid army chief’s visit

The picture shared by Pakistan Army on April 26, 2023, shows Pakistan Army Chief General Asim Munir (center right) receiving guard of honor as he visits People's Liberation Army headquarters during this four-day visit to China. (Photo courtesy: ISPR)
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Updated 26 April 2023
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China says willing to deepen military cooperation with Pakistan amid army chief’s visit

  • Pakistan’s Chief of Army Staff General Asim Munir is on his first official visit to China since assuming office
  • China started providing defense assistance to Pakistan in 1966 before becoming its biggest armament supplier

ISLAMABAD: China’s military is willing to work with the Pakistani armed forces to deepen military cooperation, said the defense ministry in Beijing on Wednesday, as Pakistan’s army chief met with the vice chairman of the Central Military Commission during a four-day visit to his country’s closest ally.

Pakistan and China have a long-standing relationship in various fields, including defense, economy, and development.

According to the Stockholm International Peace Research Institute, China started providing military assistance to Pakistan in 1966 and has emerged as the country’s biggest supplier of armaments, such as fighter jets and guided missile frigates.

“China’s military is willing to work with Pakistan’s military to deepen and expand cooperation and jointly safeguard regional peace and stability,” said Zhang Youxia, the vice chairman of China’s Central Military Commission, according to the statement released by China’s defense ministry.




The picture shared by Pakistan Army on April 26, 2023, shows Pakistan Army Chief General Asim Munir (third right) holding talks with the Chinese military leadership during the former's four-day visit to China. (Photo courtesy: ISPR)

This is the army chief’s first visit to China and his fourth foreign trip since assuming his office last November.

In January, he visited Saudi Arabia and the United Arab Emirates to strengthen defense relationships with both countries.

In February, the British defense ministry invited him to the United Kingdom to discuss security-related strategic issues.

Last year, a senior tri-service Pakistani military delegation, led by former army chief General Qamar Javed Bajwa, visited China on June 9-12 as part of the Pak-China Joint Military Cooperation Committee (PCJMCC).

Before his retirement, General Bajwa visited China again to discuss the security of the China-Pakistan Economic Corridor (CPEC), a $60-billion project launched in 2013 to boost the economy of Pakistan and enhance regional connectivity for prosperity.

 

— With input from Reuters


79 foreign firms, including Middle Eastern investors, enter Pakistan in three years — SECP

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79 foreign firms, including Middle Eastern investors, enter Pakistan in three years — SECP

  • Foreign firms invested about $145 million across energy, logistics, IT and agriculture
  • Pakistani regulator says 19 companies exited market over the same three-year period

KARACHI: Middle Eastern energy and logistics companies including Saudi Aramco, Wafi Energy and DP World expanded their footprint in Pakistan, as 79 new foreign firms commenced operations in the country over the past three years, according to an official statement released on Tuesday.

The figures come as Pakistan seeks to rebuild investor confidence and attract foreign capital to shore up its economy after years of financial turbulence that saw foreign currency reserves shrink, the rupee weaken sharply and inflation surge. Islamabad has been pursuing structural reforms and courting overseas partners to stabilize growth and ease external financing pressures.

“79 new foreign companies commenced operations in Pakistan over the past three years, while foreign firms invested Rs 40.7 billion [$145 million] in key sectors during the same period,” the Securities and Exchange of Pakistan (SECP) said in a statement.

“A total of 61 foreign companies also carried out shareholding transactions involving local entities,” it added. “Of the 61 shareholding transactions, 29 involved transfers to other foreign companies, four to foreign individual investors, 20 to local individual investors, and eight to local corporate entities.”

According to the regulator, several transactions were linked to global corporate restructuring among multinational companies. Saudi Arabia’s Wafi Energy acquired Shell Pakistan’s operations, while Dubai-based PTA Global Holdings secured a majority stake in Lotte Chemical Pakistan.

Saudi Aramco purchased a 40 percent equity stake in Gas & Oil Pakistan Limited, and Switzerland’s Gunvor Group alongside Total Parco Limited acquired equal stakes in TotalEnergies Pakistan.

In logistics, UAE-based DP World entered into a joint venture with Pakistan’s National Logistics Corporation, while investments in the technology and telecommunications sectors included acquisitions and stake purchases involving regional and international firms.

The statement said 1,157 foreign companies are currently registered and operational in Pakistan, with 19 exits recorded over the past three years.