Pakistan eyes $50 billion trade potential with Central Asia amid economic crisis

A driver walks near trucks in Termez Cargo Centre near the city of Termez, some 800 kms from Uzbekistan capital Tashkent, on October 18, 2021. (Photo courtesy: AFP/File)
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Updated 07 September 2023
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Pakistan eyes $50 billion trade potential with Central Asia amid economic crisis

  • Pakistan’s caretaker commerce minister pledges to enhance bilateral trade with Uzbekistan to $1 billion this year
  • Army chief also visited Uzbekistan this week in a trip widely believed to be aimed at generating foreign investment

ISLAMABAD: Pakistani caretaker commerce minister, Dr. Gohar Ejaz, this week highlighted the country’s potential to enhance trade with Central Asian to $50 billion, as the cash-strapped South Asian country looks to bolster trade relations and foreign investments.

Pakistan has been desperately seeking foreign investment as it reels from an economic crisis that has seen its national currency depreciate to historic lows against the US dollar and its foreign exchange reserves plummet to critically low levels. The last few weeks have been marred by nationwide protests and strikes over record fuel and electricity bills. 

As part of its recovery plan, Pakistan set up a hybrid civil-military investment council in June to attract international investments particularly in agriculture, mining, minerals, and other sectors. Caretaker Prime Minister Anwaar-ul-Haq Kakar confirmed on Monday Islamabad was expecting investments to the tune of $25 billion each from Saudi Arabia and the UAE within the next two to five years.

“Federal Minister for Commerce, Dr. Gohar Ejaz Unveils $50 Billion Trade Potential with Central Asia on Independence Day Celebration of Uzbekistan,” Pakistan’s Ministry of Commerce said in a statement earlier this week. 

Ijaz pledged to enhance Pakistan’s bilateral trade with Uzbekistan to $1 billion within the current year, the ministry said, adding that Pakistan and Uzbekistan had made “substantial progress” in bilateral trade, increasing it from $27 million in 2019-20 to $126.05 million in 2022-23.

“A roadmap has already been signed to boost bilateral trade and facilitate investment by eliminating non-tariff trade barriers,” the statement added.

Islamabad and Tashkent have taken steps to bolster bilateral trade this year including signing a $1 billion trade agreement in February to encourage the exchange of goods and services between the two countries. The agreement was followed by the arrival in Pakistan of a convoy of trucks carrying liquefied petroleum gas (LPG) from Uzbekistan via Afghanistan in June.

Pakistan’s army chief General Syed Asim Munir also visited Uzbekistan this week in what was widely believed to be a trip to generate appetite for foreign investments, and enhance military-to-military cooperation and defense collaboration.


Pakistani driver killed by missile debris in UAE, shattering economic future of families back home

Updated 20 min 34 sec ago
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Pakistani driver killed by missile debris in UAE, shattering economic future of families back home

  • Pakistani driver killed by falling debris during missile interception in Abu Dhabi amid escalating Middle East conflict
  • Death leaves more than a dozen dependents in Pakistan without income after eight years of overseas work

ISLAMABAD: For days, Nazar Ali told his daughter-in-law a gentle lie: authorities in the United Arab Emirates (UAE) had confiscated all mobile phones and her husband, Mureeb Zaman, would call home as soon as he got it back.

In reality, Zaman, a 40-year-old Pakistani driver who had spent eight years working in the UAE to lift his family out of poverty, had already been killed by missile fragments during an aerial interception over Abu Dhabi amid an escalating conflict in the Middle East.

The conflict began on Feb. 28 after the United States and Israel launched strikes on Iran following weeks of escalating tensions between Tehran and its regional adversaries. The attacks triggered retaliatory drone and missile strikes by Iran targeting commercial and US-linked interests across the Gulf region, prompting air defense systems in several countries to intercept projectiles in the skies above major cities.

As interceptors met incoming missiles over the Emirati capital that night, falling debris struck Zaman, ending years of work he hoped would secure a better future for his five children in one of Pakistan’s most volatile regions.

“I found out the same day because nowadays it is the age of the Internet,” Ali, Zaman’s father, told Arab News during a condolence gathering at his residence last week.

“I myself was in the market at that time when I received the news [of his death], but I did not tell the family.”

Zaman had been supporting three households in his hometown in Pakistan’s northwestern Bannu district, including the family of his late younger brother. The region, located in the province of Khyber Pakhtunkhwa near the Afghan border, has witnessed a surge in militancy and counterinsurgency operations in recent years.

The 40-year-old was one of millions of Pakistani migrant workers in Gulf countries whose remittances are a vital source of foreign exchange for Pakistan’s fragile economy.

He is also among the first reported Pakistani casualties of the recent escalation. Two Pakistani nationals have been killed so far in aerial interceptions in the UAE, while another Pakistani died last week in a similar incident in Iranian waters off Pakistan’s southwestern Balochistan province, according to authorities.

Zaman’s life abroad was measured in long-distance phone calls and carefully saved earnings, while his wife, four daughters and one son lived in a single room at their family home in Bannu.

“He used to say that ‘When I come on Eid, God willing, I will build a room for you’,” Ali, his grieving father, said.

For Zaman, working in the UAE represented an escape from the insecurity and economic hardship that have long plagued his hometown, where militant attacks targeting security forces and civilians have periodically disrupted daily life.

Family members said he had hoped to return home for the upcoming Eid Al-Fitr holiday, encouraged by military operations against militant groups in Khyber Pakhtunkhwa that had raised hopes of greater stability in the region.

Adnan Gul, Zaman’s nephew, remembered his uncle as a warm and optimistic man who often spoke about building a better future for his family.

“His wish was to have a good home, a settled family, and a good, peaceful life,” Gul said.

Recalling Zaman as a cheerful man who loved food and rarely lost his temper, Gul added: “With younger people he behaved like one of them, and with elders he behaved like an elder.”

“He had many wishes, but unfortunately all those wishes remained unfulfilled.”

Now, Zaman’s death has left his extended family facing an uncertain future.

Relatives fear the loss of his income could disrupt the education of his children, who attend school while also memorizing the Holy Qur’an.

“He used to say these things and tell me ‘Not to tire yourself too much because you have already done a lot of hard work’,” Ali, his father, said, his voice trailing off.

“But such a day came that Allah Almighty once again left us [helpless], and we don’t know what will happen next.”

Buried in his hometown, Zaman is remembered through the photographs he shared with family members on WhatsApp and the Eid gifts he had already purchased before his death.

“When a person leaves this world, only memories remain,” Gul said.