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 deputy PM speaks with Iranian FM as Saudi Arabia intercepts missiles and drones
- Ishaq Dar expresses concern over evolving regional situation as both officials agree to remain in contact
- Pakistan earlier reminded Tehran of its mutual defense pact with Saudi Arabia during diplomatic outreach
ISLAMABAD: Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar spoke with Iranian Foreign Minister Seyyed Abbas Araghchi on Friday amid escalating tensions in the Gulf, including recent missile and drone attacks targeting Saudi Arabia that were intercepted by the Kingdom’s air defenses.
The call comes as Islamabad remains in contact with both Tehran and Gulf states to prevent the widening Iran conflict from spilling further across the region, particularly after attempted strikes on Saudi territory, a sensitive development for Pakistan, which signed a mutual defense pact with the Kingdom last year.
Pakistan’s foreign ministry said Dar raised concerns about the evolving regional situation during the conversation.
“Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar spoke this evening with the Foreign Minister of Iran, Seyyed Abbas Araghchi,” the ministry said in a statement.
“The DPM/FM expressed concern over the evolving regional situation. The two agreed to remain in touch on the developments,” it added.
The ministry did not share details of the conversation, though it came amid fast-moving developments in the region, with Saudi Arabia saying its air defenses intercepted multiple missiles and drones early on Friday.
Earlier this week, Prime Minister Shehbaz Sharif’s adviser on political affairs Rana Sanaullah said Pakistan was in contact with Iran to discourage attacks on Gulf countries and prevent misunderstandings.
“Such attacks should not be carried out from Iran’s side,” he told Geo TV.
Prior to that, the deputy prime minister told Pakistan’s Senate that Islamabad had engaged both Iran and Saudi Arabia at the outset of Iran’s retaliation in the region, reminding Tehran of its defense agreement with Saudi Arabia and conveying assurances from Riyadh that Saudi territory would not be used against Iran.
Pakistan says its administration is striving to end the conflict, though the United States-Israeli strikes on Iran, which triggered the war and led to its spillover, have only intensified.
Iranian President Masoud Pezeshkian said on Friday some countries had begun mediation efforts but insisted Tehran would defend its sovereignty.
Meanwhile, US President Donald Trump has called for Iran’s “unconditional surrender” on his Truth Social platform as the confrontation shows little sign of easing.
