First Pakistan-Russia Trade and Investment Forum kicks off in Moscow

Pakistan’s Minister for Board of Investment, Privatization and Communications Abdul Aleem Khan is chairing a meeting in Islamabad, Pakistan on April 25, 2024. (@investinpak/File)
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Updated 01 October 2024
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First Pakistan-Russia Trade and Investment Forum kicks off in Moscow

  • Over 70 Pakistani businesspersons, 100 Russian companies are taking part in event 
  • Ties between Pakistan and Russia, once Cold War rivals, have warmed up in recent years 

ISLAMABAD: Pakistan’s Privatization Minister Abdul Aleem Khan has said Islamabad is seeking enhanced cooperation with Russia in several avenues, as the first ever trade and investment forum between the two countries kicked off in Moscow on Tuesday. 

Khan is leading a delegation of over 70 businesspersons from various sectors in the first ever Pakistan-Russia Trade & Investment Forum in Moscow. According to the state-owned Pakistan Television News, over 100 Russian companies are taking part in the forum as well. 

Speaking at the forum, Khan said the current volume of trade between the two countries does not reflect the true potential of Pakistan and Russia. The minister said today is the “start of new bilateral relations with Russia,” according to PTV News. 

“He said this forum will open new avenues of trade and investment between the two countries,” PTV said, adding that Islamabad attaches “huge importance” to its ties with Moscow. 

According to the PTV, Russian Deputy Trade and Investment Minister Alexey Gruzdev said interactions between the business delegations of both countries will have a positive impact on their bilateral ties. 

Pakistan and Russia, once Cold War rivals, have warmed up to each other in recent years through regular business and trade interactions. As Islamabad seeks to enhance its role as a transit hub for landlocked economies in Central Asia, it has expressed interest in connecting with Russia through Central Asia for bilateral trade.

Islamabad’s ties with Russia also saw significant improvement last year after Pakistan started purchasing Russian crude oil at a discount. Geopolitical tensions triggered fuel prices to more than double in Pakistan last year, forcing the country to opt for cheaper sources of fuel. 

Pakistan also received its first shipment of liquified petroleum gas from Russia in September 2023, marking Islamabad’s second major Russian energy purchase.

Russia’s Deputy Prime Minister Alexei Overchuk arrived in Islamabad last month for a brief visit to the country, seeking to expand trade and investment ties with Pakistan. 


Police lodge case over Karachi mall blaze under mischief, negligence and murder clauses

Updated 57 min 37 sec ago
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Police lodge case over Karachi mall blaze under mischief, negligence and murder clauses

  • The fire broke out at the densely packed Gul Plaza in the heart of Karachi on Jan. 17 and has so far claimed 71 lives
  • Traders have estimated losses at $53.6 million, while the government has announced $35,720 for family of each victim

ISLAMABAD: Police in Pakistan’s southern port city of Karachi have registered a case over a deadly blaze at Gul Plaza, which has so far claimed 71 lives, under mischief, negligence and murder clauses, a senior police official said on Saturday.

The fire broke out at the densely packed commercial complex in the heart of Karachi on Jan. 17, trapping workers and shoppers inside. It burnt for over 24 hours before being brought under control, leaving the building structurally unsafe.

Authorities have not yet confirmed the cause of the fire. Police said preliminary indications pointed to a possible electrical short circuit, though officials stress conclusions will only be drawn after investigations are completed.

A week after the incident, police have registered the first information report (FIR) of the incident under sections 427, 436, 337-H (i) and 322 of the Pakistan Penal Code, according to Deputy Inspector General (DIG) Karachi South Asad Raza.

“The FIR of the Gul Plaza tragedy has been registered under the government’s prosecution, with case number 08/2026 at Nabi Bux police station,” Raza told Arab News.

Section 427 relates to mischief causing damage, 436 concerns mischief by fire or explosive substance, 337-H (i) details punishment for rash or negligent act, and 322 details punishment for homicide.

Deadly fires are a recurring problem in Karachi, a city of more than 20 million people, where overcrowded markets, aging infrastructure, illegal construction and weak enforcement of safety regulations frequently contribute to disasters. Officials say a blaze of this scale is rare.

Identification has been significantly slowed by the condition of the remains recovered from the site, Syed said, noting that many bodies were found in fragments, complicating DNA analysis and prolonging the process for families waiting for confirmation.

Traders have estimated total losses from the fire at up to Rs15 billion ($53.6 million). The Sindh provincial government this week announced compensation of Rs10 million ($35,720) for the family of each person killed in the blaze and said affected shopkeepers would also receive financial assistance.

Separately on Saturday, the Muttahida Qaumi Movement-Pakistan (MQM-P) party urged Prime Minister Shehbaz Sharif to constitute an inquiry commission to hold those accountable whose negligence led to the Gul Plaza inferno.

“Incapability, mistake, apathy, shamelessness, impudence — these should be exposed,” MQM-P’s Farooq Sattar said, calling for an “independent judicial inquiry” into the Gul Plaza tragedy to ensure the truth comes to light.

LAHORE HOTEL FIRE

Meanwhile, a fire erupted at a hotel in the eastern city of Lahore in Pakistan’s most populous Punjab province, according to Rescue 1122 service.

Six people were injured due to the blaze at the hotel in the city’s Gulberg area who were shifted to hospital.

“All necessary steps be taken to quickly control the fire, instructions,” Deputy Commissioner Muhammad Ali Aijaz directed authorities. “Immediate evacuation of all people from the building be ensured.”