The US State Department on Thursday imposed sanctions on a Chinese research institute and several companies it said have been involved in supplying Pakistan’s ballistic missile program.
Washington similarly targeted three China-based companies with sanctions in October 2023 for supplying missile‐applicable items to Pakistan.
Department spokesperson Matthew Miller said in a statement that the Beijing Research Institute of Automation for Machine Building Industry had worked with Pakistan to procure equipment for testing rocket motors for the Shaheen-3 and Ababeel systems and potentially for larger systems.
The sanctions also targeted China-based firms Hubei Huachangda Intelligent Equipment Co, Universal Enterprise, and Xi’an Longde Technology Development Co, alongside Pakistan-based Innovative Equipment and a Chinese national, for knowingly transferring equipment under missile technology restrictions, Miller said.
“As today’s actions demonstrate, the United States will continue to act against proliferation and associated procurement activities of concern, wherever they occur,” Miller said.
The embassies of China and Pakistan in Washington did not immediately respond to requests for comment.
US imposes sanctions on suppliers to Pakistan’s ballistic missile program
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US imposes sanctions on suppliers to Pakistan’s ballistic missile program
- State Department says a Chinese research institute worked with Pakistan to procure equipment for Shaheen-3, Ababeel systems
- The latest sanctions also targeted three China-based firms alongside Pakistan-based Innovative Equipment and a Chinese national
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.
