Pakistan to attract over $27 billion from Saudi Arabia, other countries in coming years— state media 

A Pakistani dealer counts US dollars at a currency exchange shop in Karachi on November 30, 2018. (AFP/File)
Short Url
Updated 06 October 2024
Follow

Pakistan to attract over $27 billion from Saudi Arabia, other countries in coming years— state media 

  • Notable investors include Saudi Arabia, UAE, Kuwait and Azerbaijan, says state media 
  • Says investment’s main objective is to stabilize economy by developing its key sectors

ISLAMABAD: Pakistan is set to secure more than $27 billion in foreign direct investment from Asian and European countries including Saudi Arabia, United Arab Emirates, Kuwait and others in the coming years, state-run media reported on Sunday. 

Facing a prolonged economic crisis, Pakistan has turned to regional allies in the Middle East and Central Asia in recent months for foreign investment. The South Asian country sees foreign investment as the answer to an economic crisis that has seen its foreign reserves decline considerably and currency weaken over the past two years. 

“With the facilitation of the Special Investment Facilitation Council, the government is set to attract more than twenty-seven billion dollars in foreign direct investment from Asian and European countries in the coming years,” state broadcaster Radio Pakistan reported. 

The SIFC is a hybrid civil-military government body formed in 2023 to fast-track decision-making and attract investment in Pakistan’s critical sectors such as minerals, IT, defense and agriculture. The body aims to attract international investments, particularly from Gulf countries. 

“Among the notable investors, Saudi Arabia has pledged to invest five billion dollars, while the UAE and Kuwait want to invest ten billion dollars each, while Azerbaijan has expressed desire to invest two billion dollars,” Radio Pakistan said. 

It said the investment’s main objective is to assist in “stabilizing” Pakistan’s economy by developing its key sectors. 

Radio Pakistan said Azerbaijan is “particularly keen” to invest in Pakistan’s space industry projects, hydrometeorology and climate change initiatives.

“In addition to these investments, the Shaanxi Coal and Chemical Industry Group of China wants to contribute to Pakistan’s energy sector by exploring technological advancements and joint ventures in energy, petrochemicals, and industrial development,” it said. 

It said Pakistan is set to engage with Denmark’s “renowned mining companies” to modernize its mining industry using advanced technologies.


Pakistan, Iraq agree on tighter coordination over pilgrims under new regulated travel system

Updated 4 sec ago
Follow

Pakistan, Iraq agree on tighter coordination over pilgrims under new regulated travel system

  • New system requires all Iraq-Iran pilgrimages to be organized by licensed groups under state oversight
  • Long-running “Salar” model relied on informal caravan leaders, leading to overstays and missing pilgrims

ISLAMABAD: Pakistan and Iraq this week agreed to closely coordinate on the management and security of Pakistani pilgrims, as Islamabad rolls out a new, tightly regulated travel system aimed at preventing overstays, undocumented migration and security breaches during religious visits to Iraq and Iran.

The understanding was reached during a meeting between Pakistan’s Interior and Narcotics Control Minister Mohsin Naqvi and Iraq’s Interior Minister General Abdul Amir Al-Shammari on Thursday evening, where both sides discussed measures to facilitate pilgrims while strengthening oversight, Pakistan’s interior ministry said.

The agreement comes as Pakistan dismantles its decades-old pilgrim travel model and replaces it with a centralized, licensed system after authorities confirmed that tens of thousands of Pakistani pilgrims had overstayed or gone missing abroad over the past decade, triggering concerns from host governments.

“You have, for the first time during your tenure, taken effective measures to organize pilgrim groups, which are commendable,” Al-Shammari told Naqvi, according to Pakistan’s interior ministry.

“All pilgrims included in the list provided by Pakistan’s Ministry of Interior will be allowed to enter Iraq,” he added, making clear that only travelers cleared under the new system would be permitted.

Naqvi said Pakistan would strictly enforce return timelines under the revised framework.

“Pilgrims traveling to Iraq will not be allowed to stay beyond the designated period,” he said, adding that relevant authorities in both countries would remain in close coordination.

Both interior ministers also agreed to strengthen information-sharing and joint mechanisms on security cooperation, counterterrorism and the prevention of human smuggling, officials said.

“The safety, dignity, and facilitation of Pakistani pilgrims is the top priority of the Government of Pakistan,” Naqvi said.

Al-Shammari said he would visit Pakistan soon to finalize a joint roadmap to further improve pilgrim facilitation, security coordination and broader bilateral cooperation, according to the interior ministry.

Pakistan’s government has overhauled its pilgrim travel regime this year, abolishing the long-running “Salar” system under which informal caravan leaders managed pilgrimages. The move followed official confirmation that around 40,000 Pakistani pilgrims had overstayed or disappeared in Iran, Iraq and Syria over the past ten years.

Under the new Ziyarat Management Policy, only licensed Ziyarat Group Organizers (ZGOs) are allowed to arrange pilgrimages, with companies held directly responsible for ensuring pilgrims return on time. Authorities have completed security clearance for 585 companies seeking registration, while scrutiny of applications remains ongoing.

Islamabad has also barred overland travel for major pilgrimages, including Arbaeen, citing security risks in Pakistan’s southwestern Balochistan province, meaning all travel to Iraq and Iran is now restricted to regulated air routes.

Tens of thousands of Pakistani pilgrims travel each year to Iraq and Iran to visit some of the most revered shrines in Shia Islam, including the mausoleums of Imam Ali in Najaf and Imam Hussain in Karbala in Iraq, and major religious sites in Mashhad and Qom in Iran. Pilgrimages peak during religious occasions such as Arbaeen, when millions of worshippers converge on Karbala from across the region. The scale of travel, often involving long stays and cross-border movements, has long posed logistical, security and migration-management challenges for Pakistani authorities and host governments alike.