Pakistan congratulates Labour Party’s Keir Starmer on UK election win

Keir Starmer, leader of Britain’s Labour party, reacts as he speaks at a reception to celebrate his win in the election, at Tate Modern, in London, Britain, July 5, 2024. (REUTERS)
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Updated 05 July 2024
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Pakistan congratulates Labour Party’s Keir Starmer on UK election win

  • Jaded electorate handed Labour landslide victory, punishing Conservatives for 14 years of economic and political upheaval
  • Conservatives set to have seats in House of Commons cut down to around 130, the worst in party’s two-century history

ISLAMABAD: Pakistan’s top political leadership on Friday congratulated British Labour Party leader Keir Starmer for his historic victory in his country’s national elections, hoping the two countries would further strengthen their ties under his leadership.

The Labour Party swept to power after more than a decade in opposition, as a jaded electorate handed the party a landslide victory, punishing the governing Conservatives after 14 years of economic and political upheaval. With almost all the results in, Labour had won 410 seats in the 650-member House of Commons and the Conservatives 118.

Starmer will officially become prime minister today, leading his party back to government less than five years after it suffered its worst defeat in almost a century. However, he will formally take over after a carefully choreographed ceremony in which King Charles III will formally ask him to form the new government.

“Congratulations to Sir Keir Starmer on the landslide victory of the Labour Party in the general elections,” Prime Minister Shehbaz Sharif said in a social media post. “Looking forward to working closely with the new UK government, under Sir Starmer’s wise and able leadership, to further strengthen and broaden the Pakistan-UK partnership.”

President Asif Ali Zardari also wrote a message of felicitation on his social media account, saying he hoped the new UK leader would “play his role in addressing shared challenges faced by the world.”

As votes came in, British PM Rishi Sunak left the prime minister’s residence and headed to Buckingham Palace to offer his resignation to King Charles III. He said earlier he took responsibility for his party’s loss and that he had called Starmer to congratulate him.

After more than a decade in power under five different prime ministers, Sunak’s Conservatives are set to have their seats in the 650-seat House of Commons cut down to around 130. That would be the Tories’ worst result in the party’s two-century history and one that would leave it in disarray.

Britain has experienced a run of turbulent years — some of it of the Conservatives’ own making and some of it not — that has left many voters pessimistic about their country’s future.

The UK’s exit from the European Union followed by the COVID-19 pandemic and Russia’s invasion of Ukraine battered the economy, while lockdown-breaching parties held by then-Prime Minister Boris Johnson and his staff caused widespread resentment and anger.

- With inputs from AP


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.