ISLAMABAD: Pakistan has decided to invite Chinese companies for investment in seven major sectors of the economy, Privatization Minister Abdul Aleem Khan said on Saturday, amid the South Asian country’s quest for foreign funds to support its economy.
The statement came after a meeting attended by Khan, Commerce Minister Jam Kamal Khan with regard to bilateral trade between Pakistan and China, according to Pakistan’s Privatization Commission.
These major sectors include medical appliances, plastics, clothing, leather, meat, fruit and vegetables, and waste and fodder, while a strategy for joint ventures between Chinese and Pakistani companies has been finalized.
“Cooperation between Chinese companies can increase bilateral trade by $1 billion,” Khan, who is also the chairman of Pakistan’s Board of Investment (BOI), was quoted as saying in a statement by Privatization Commission. “Pakistan wants to open new doors of bilateral trade with China in various fields.”
Khan asked officials to immediately discuss the proposals with investment firms and take measures to set up new industries where maximum supply of electricity was possible. “For Chinese companies, the Pakistani embassy in Beijing should also be taken on board,” he said.
Commerce Minister Jam Kamal also held detailed discussions regarding Chinese companies and trade affairs, according to the statement. He directed his ministry to fully cooperate with and join efforts of the Board of Investment.
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, this month reached a staff-level agreement with the International Monetary Fund (IMF) for a $7 billion loan.
The South Asian country is making desperate attempts to boost foreign investment to cut its reliance on foreign debts to support its $350 billion fragile economy.
Pakistan to invite Chinese companies for investment in seven major sectors
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Pakistan to invite Chinese companies for investment in seven major sectors
- Development comes days after Pakistan reached a staff-level agreement with the IMF for a $7 billion loan
- Islamabad is trying to boost foreign investment to cut its reliance on foreign debts to support economy
Pakistan FM discusses regional situation with Saudi counterpart, urges restraint and dialogue
- This is the second time the two foreign ministers have spoken since the Arab Coalition targeted weapon shipments on Yemen’s Mukalla port
- Saudi Arabia’s foreign ministry has invited factions in south Yemen to hold a dialogue in Riyadh to ‘discuss just solutions to southern cause’
ISLAMABAD: Pakistan’s foreign minister, Ishaq Dar, discussed the regional situation with his Saudi counterpart, Prince Faisal bin Farhan, and called for restraint and dialogue to resolve issues, the Pakistani foreign office said late Friday, amid tensions prevailing over Yemen.
This is the second time the two foreign ministers have spoken this week since the Saudi Arabia-led Coalition to Support Legitimacy in Yemen carried out a “limited” airstrike on Dec. 30, targeting two shipments of smuggled weapons and military equipment sent from the Emirati port of Fujairah to Mukalla in southern Yemen.
A coalition forces spokesperson said the weapons were meant to support the Southern Transitional Council (STC) forces, backed by the United Arab Emirates (UAE), in Yemen’s Hadramaut and Al-Mahra “with the aim of fueling the conflict.” The UAE has since announced withdrawal of its remaining troops from Yemen, rejecting any actions that could threaten the Kingdom or undermine regional stability.
In their telephonic conversation late Friday, the Pakistani and Saudi foreign ministers discussed the latest situation in the region, according to the Pakistani foreign office.
“FM [Dar] stressed that all concerned in the region must avoid any escalatory move and advised to resolve the issues through dialogue and diplomacy for the sake of regional peace and stability,” it added.
Separately, Saudi Arabia’s foreign ministry invited factions in south Yemen to hold a dialogue in Riyadh to “discuss just solutions to the southern cause.”
The ministry statement said the conference in the Saudi capital had been requested by Rashad Al-Alimi, President of the Yemeni Presidential Leadership Council, and the Kingdom urged all factions to participate “to develop a comprehensive vision” that would fulfill the aspirations of the southern people.
Disregarding previous agreements with the Arab Coalition, the STC separatist group launched a sweeping military campaign early in December, seizing the governorates of Hadramaut along the Saudi border and the eastern governorate of Al-Mahra in Yemen’s border with Oman. It also took control of the strategic PetroMasila oilfields, which account for a massive portion of Yemen’s remaining oil wealth.
The advance has raised the spectre of the return of South Yemen, a separate state from 1967 to 1990, while dealing a hammer-blow to slow-moving peace negotiations with Iran-backed Houthi rebels.
Saudi Arabia said the STC action poses a direct threat to the Kingdom’s national security, and regional stability. The Kingdom has reiterated the only way to bring the southern cause to a resolution is through dialogue.
On Thursday, Pakistan’s foreign office expressed solidarity with Saudi Arabia and reaffirmed Islamabad’s commitment to the Kingdom’s security, amid rising tensions in Yemen.
“Pakistan expresses complete solidarity with the Kingdom of Saudi Arabia and reaffirms its commitment to security of the Kingdom,” Pakistani foreign office spokesperson Tahir Andrabi told reporters at a weekly news briefing.
“Pakistan maintains its firm support for the resolution of Yemen issue through dialogue and diplomacy and hopes that Yemen’s people and regional powers work together toward inclusive and enduring settlement of the issue, safeguarding regional stability.”
Pakistan and Saudi Arabia signed a landmark defense pact in September last year, according to which aggression against one country will be treated as an attack against both. The pact signaled a push by both governments to formalize long-standing military ties into a binding security commitment.
