Saudi defense minister guest of honor at Pakistan Day parade

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(From left to right) Pakistan's Defense Minister Khawaja Asif, President Asif Ali Zardari, Saudi Arabia’s minister of defense, Prince Khalid bin Salman bin Abdul Aziz Al Saud, and Pakistan Prime Minister Shehbaz Shairf watch Pakistan Day military parade in Islamabad on March 23, 2024. (Photo courtesy: President Office)
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Pakistan President Asif Ali Zardari arrives to attend the Pakistan Day Military parade at Parade Avenue in Islamabad on March 23, 2024. (Radio Pakistan)
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Updated 23 March 2024
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Saudi defense minister guest of honor at Pakistan Day parade

  • Pakistan Day marks adoption of 1940 resolution calling for independent state for Muslims of India 
  • Saturday’s parade kicked off with the fly past of fighter jets of the Pakistan Air Force and Pakistan Navy

ISLAMABAD: The Pakistan Day military parade was held today, Saturday, at the Parade Avenue in the federal capital of Islamabad, with the Saudi defense minister attending as a guest of honor.

The parade is being held on the 84th anniversary of “Pakistan Day,” marked each year to celebrate the adoption of the Lahore Resolution by the Muslim League, which called for the creation of an independent state for the Muslims of India on March 23, 1940.

Saturday’s parade kicked off with the fly past of fighter jets of the Pakistan air force and navy. 

“Newly inducted J-10 C , indigenously built JF-17 , F-16 and Mirage fighter jets as well as AWACs, P-3C Orion and ATR participated in the fly past,” Radio Pakistan reported. “The Saudi Defense Minister is attending the parade as a guest of honor.”

Contingents of the Pakistan army, navy and air force as well as Special Services Group, Frontier Corps, Rangers, Khyber Pakhtunkhwa police and Gilgit Baltistan Scouts marched past the dais, presenting a salute to the chief guest and the guest of honor. Troops from Azerbaijan and China also participated in the parade.

Mechanized columns including tanks, armored personnel carriers, rocket launchers, air defense system, guns, UAVs, short and long range missiles Ra’ad, Nasr, Babur, Shaheen, Ghauri and Ababeel were showcased on the occasion. The army’s engineering corps also presented state of the art equipment.

The parade featured the march and fly past of the helicopters of the navy, air force and army.

“Formations of Sherdils and JF-17 Thunder and F-16 fighter jets presented breathtaking aerobatic maneuvers spreading a range of colors in the skies,” Radio Pakistan said. “Floats depicting culture of Azad Kashmir, Gilgit Baltistan and the four provinces were part of the parade.”

“The sky divers of Special Services Group exhibited free fall from a height of ten thousand feet, carrying national flags and those of services. Afterwards, the national flag was presented to Prime Minister Shehbaz Sharif,” Radio Pakistan added. “The parade culminated with presentation of a special song themed ‘Pochay Jo Naam Koi Tum Pakistan Batana.’”

“PATH TO RECOVERY”

In a message to the nation ahead of the parade on Saturday morning, Pakistani Prime Minister Shehbaz Sharif said his government was committed to putting the country on the path to economic recovery and prosperity with a “cogent policy reform framework.”

“We are completely cognizant of the serious challenges confronting Pakistan currently including inflation, unemployment, circular debt, fiscal and trade deficit, and above all the growing scourge of terrorism,” the prime minister said.

“I can assure you that we stand committed to put Pakistan on the path to economic recovery and prosperity with a cogent policy reform framework. I hope that these measures will bring economic stability and the current wave of high inflation will recede, bringing respite for our citizens.”

Separately, the Pakistan army congratulated the nation on Pakistan Day, saying “this historic day reminds us of the greatest sacrifices and contributions of our forefathers which they made in the struggle for creation of Pakistan.”

“On this day, Armed Forces of Pakistan renew their resolve to defend the motherland and protect its sovereignty and territorial integrity at all times and at any cost, and uphold the national flag.”

“Let’s cherish the vision of our forefathers and strive to fulfill the dreams they had for our beloved homeland. Happy Pakistan Resolution Day,” the foreign office said.


Pakistan finmin meets venture capital firm Gobi as $50 million tech fund proposed

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Pakistan finmin meets venture capital firm Gobi as $50 million tech fund proposed

  • Techxila Fund II aims to empower Pakistani startups in fintech, e-commerce, logistics, supply chain sectors
  • Finance Minister Muhammad Aurangzeb reaffirms commitment to strengthen venture capital landscape 

KARACHI: Finance Minister Muhammad Aurangzeb met a delegation of the global venture capital firm Gobi Partners on Thursday during which it proposed a $50 million tech fund to empower Pakistani startups, the Finance Division said. 

Gobi Partners is a prominent Malaysia-based venture capital firm. Founded in 2002, the firm says it has more than $1.6 billion in assets under management and invested in over 400 companies across 16 locations in Asia. 

Aurangzeb held a meeting with a high-level Gobi Partners delegation, which included its Chairman Thomas Tsao, Managing Partner Naiel Ikram and Investment Associate Abraiz Abdullah at the Finance Division. 

The delegation briefed the finance minister on Gobi’s regional footprint and its investments in Pakistan through the Techxila Fund I, which was launched in 2020 and has supported startups across fintech, e-commerce, and digital infrastructure, the Finance Division said. 

“Gobi Partners also shared a plan regarding Techxila Fund II, with a proposed target size of USD 50 million, aimed at investing in high-potential sectors including fintech, logistics, health technology, and software services,” the Finance Division said. 

“The firm expressed its intention to anchor the fund with its own capital and mobilize participation from domestic and international institutional investors.”

The Techxila Fund II aims to empower startups in Pakistan as well, focusing on fintech, e-commerce, logistics and supply chain and health tech, according to an earlier statement from Gobi Partners. 

Aurangzeb underscored the Pakistani government’s commitment to strengthening its venture capital and innovation landscape, saying it is a part of its broader strategy to promote private sector-led growth, deepen financial markets and support technology-driven economic diversification. 

The delegation highlighted the importance of further strengthening the enabling framework for venture capital in Pakistan, the Finance Division said.

“In this regard, they suggested encouraging greater participation by domestic financial institutions in venture capital and private equity, as well as considering tax pass-through status for venture capital and private equity fund investments to facilitate local investor participation,” it added. 

The meeting takes place amid Pakistan’s aggressive attempts to increase foreign investment in recent years. The South Asian country has aimed to consolidate recent economic gains such as lower inflation and higher foreign exchange as it targets sustainable economic growth.