Pakistan PM discusses trade, investment and connectivity with Central Asian leaders on SCO summit margins

Prime Minister Shehbaz Sharif (R) meets with Prime Minister of Belarus, Roman Golovchenko on the sidelines of Shanghai Cooperation Organisation Council of Heads of Government Meeting on October 15, 2024. (Government of Pakistan)
Short Url
Updated 15 October 2024
Follow

Pakistan PM discusses trade, investment and connectivity with Central Asian leaders on SCO summit margins

  • Top officials from China, Russia, India, Iran and several Central Asian states are attending the two-day summit in Islamabad
  • On Tuesday, PM Shehbaz Sharif warmly greeted the visiting dignitaries, including Indian FM, at a dinner he hosted in their honor

ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday met with Central Asian leaders and discussed trade, investment and regional connectivity on the sidelines of a two-day Shanghai Cooperation Organization (SCO) summit in Islamabad, Sharif’s office said.
The prime ministers of China, Kyrgyzstan, Tajikistan, Russia, Belarus, Kazakhstan and Uzbekistan as well as Iran’s first vice president and the Indian external affairs minister are in Islamabad to attend the summit on October 15-16.
The Pakistani government has declared a three-day holiday in the federal capital of Islamabad since Monday, with schools and businesses closed to ensure security of foreign leaders attending the high-profile regional summit.
In a meeting with Kazakhstan PM Olzhas Bektenov on Tuesday, Sharif reaffirmed Pakistan’s commitment to work with all member states in advancing the SCO’s principles and purposes, according to the Pakistan PM’s office.




Prime Minister Shehbaz Sharif meets with Prime Minister of Kazakhstan Olzhas Bektenov on the sidelines of Shanghai Cooperation Organisation Head of Government Meeting on October 15, 2024. (Government of Pakistan)

“Noting the warm and excellent bilateral relations between the two countries, Prime Minister Sharif emphasized the need to enhance trade and investment, while also focusing on regional connectivity and security,” Sharif’s office said in a statement.
To achieve this shared objective, he stressed the need to maintain regular and high-level contacts, including through institutional mechanisms of bilateral engagement.
In his meeting with Tajikistan PM Qohir Rasulzoda, the Pakistan premier said both countries should further cement cooperation across all spheres of shared interest, according to Sharif’s office.
He conveyed Pakistan’s strong desire to strengthen ties with Kyrgyzstan in trade and investment during a meeting with Akylbek Japarov, chairman of the Cabinet of Ministers of the Kyrgyz Republic. In his meeting with Turkmen Foreign Affairs Minister Rashid Meredov, Sharif welcomed the participation of Turkmenistan in the summit as a “special guest.”




Prime Minister Shehbaz Sharif (R) meets Akylbek Japarov, Chairman of the Cabinet of Ministers of the Kyrgyz Republic, on the sidelines of SCO Council of Heads of Government (CHG) Meeting in Islamabad on October 15, 2024. (Government of Pakistan)

During the meetings, Central Asian leaders congratulated the Pakistani premier on the successful organization of the SCO summit and lauded Pakistan’s positive role as the SCO chair, Sharif’s office said.
Pakistan wants to position itself as a regional trade hub and to leverage its strategic geopolitical position and enhance its role as a pivotal trade and transit hub connecting China and Central Asia with the rest of the world. In recent months, there has been a flurry of visits, investment talks and economic activity between Pakistan, China and Central Asian states, including Uzbekistan, Azerbaijan, Tajikistan and Turkmenistan.
In a bilateral meeting with Belarusian PM Roman Golovchenko, Sharif noted that regular high-level exchanges had added positive momentum to the cordial ties between the two countries.
“This momentum needed to be sustained so as to realize the full potential of bilateral cooperation, particularly in the areas of trade, investment, agricultural machinery and joint production of tractors and connectivity,” he was quoted as saying.
On Tuesday, Sharif also hosted a dinner in honor of the visiting foreign dignitaries, wherein he was seen greeting and shaking hands with the attendees, including Indian External Affairs Minister Subrahmanyam Jaishankar.

Sharif is due to preside over a meeting of the SCO Council of Heads of Government and deliver the opening remarks on Wednesday, followed by statements from leaders of participating countries during the session, according to the Pakistani foreign office. The documents reflecting outcomes of the meeting will also be signed during the session, which will conclude with Sharif’s closing remarks.
Foreign office said Pakistan’s Deputy Prime Minister Ishaq Dar and SCO Secretary General Zhang Ming will interact with media to share a communiqué after the concluding session on Wednesday.
Pakistani authorities have locked down the capital to ensure security of foreign leaders attending the SCO summit. The government has deployed troops and blocked key roads, announcing alternate routes for the residents.


Pakistan, ADB sign $730 loan agreements to boost SOE reforms, energy infrastructure

Updated 25 December 2025
Follow

Pakistan, ADB sign $730 loan agreements to boost SOE reforms, energy infrastructure

  • Both sign $330 million Power Transmission Strengthening Project and $400 million SOE Transformation Program loan agreements
  • Economic Affairs Division official says Transmission Project will secure Pakistan’s energy future by strengthening national grid’s backbone

KARACHI: Pakistan and the Asian Development Bank (ADB) on Thursday signed two loan agreements totaling $730 million to boost reforms in state-owned enterprises (SOEs) and energy infrastructure in the country, the bank said.

The first of the two agreements pertains to the SOE Transformation Program worth $400 million while the second loan, worth $330 million, is for a Power Transmission Strengthening Project, the lender said. 

The agreements were signed by ADB Country Director for Pakistan Emma Fan and Pakistan’s Secretary of Economic Affairs Division Humair Karim. 

“The agreements demonstrate ADB’s enduring commitment to supporting sustainable and inclusive economic growth in Pakistan,” the ADB said. 

Pakistan’s SOEs have incurred losses worth billions of dollars over the years due to financial mismanagement and corruption. These entities, including the country’s national airline Pakistan International Airlines, which was sold to a private group this week, have relied on subsequent government bailouts over the years to operate.

The ADB approved the $400 million loan for SOE reforms on Dec. 12. It said the program seeks to improve governance and optimize the performance of Pakistan’s commercial SOEs. 

Karim highlighted that the Power Transmission Strengthening Project will enable reliable evacuation of 2,300 MW from Pakistan’s upcoming hydropower projects, relieve overloading of existing transmission lines and enhance resilience under contingency conditions, the Press Information Department (PID) said. 

“The Secretary emphasized that both initiatives are transformative in nature as the Transmission Project will secure Pakistan’s energy future by strengthening the backbone of the national grid whereas the SOE Program will enhance transparency, efficiency and sustainability of state-owned enterprises nationwide,” the PID said. 

The ADB has supported reforms by Pakistan to strengthen its public finance and social protection systems. It has also undertaken programs in the country to help with post-flood reconstruction, improve food security and social and human capital. 

To date, ADB says it has committed 764 public sector loans, grants and technical assistance totaling $43.4 billion to Pakistan.