ISLAMABAD: Pakistan Navy said on Thursday its flotilla visited Iran’s Port Bandar Abbas where officials of the two navies held talks before a passage exercise was held.
According to the navy’s media release, Pakistan Navy ships Rasadgar and Azmat, along with Pakistan Maritime Security Agency (PMSA) ship Dasht, visited Port Bandar Abbas during their overseas deployment.
The flotilla was led by Commander 14th Destroyer Squadron, Commodore Muhammad Umair.
“The Mission Commander, along with the Commanding Officers, held meetings with naval leadership of Iran,” the statement said. “During these interactions, matters of mutual interest, Navy-to-Navy engagements, and cooperation in maritime security were discussed.”
Both the PN and PMSA ships later conducted a Passage Exercise with an Iranian Navy ship, the statement said.
It added that the exercise aimed to enhance interoperability between the two navies and promote shared learning through coordinated activities.
“The visit of the PN flotilla to Iran is expected to further strengthen existing diplomatic ties and cordial relations between the two nations,” Pakistan Navy said.
A passage exercise is a routine drill involving the navies of friendly foreign countries that occurs while visiting each other’s ports or during a rendezvous at sea.
Pakistan Navy regularly partakes in bilateral exercises with regional countries to stem the spread of illegal maritime activities such as human smuggling, piracy and drug trafficking.
Pakistan Navy flotilla arrives in Iran, holds bilateral passage exercise
https://arab.news/jzpja
Pakistan Navy flotilla arrives in Iran, holds bilateral passage exercise
- Pakistan, Iran navy commanders discuss matters of mutual interest, cooperation in maritime security
- Exercise aimed to promote shared learning through coordinated activities between both navies
Pakistan’s finance chief says country shifting from aid to trade, investment with Gulf nations
- Aurangzeb says remittances from the GCC topped $38 billion last fiscal year, projected at $42 billion this time
- He tells an international media outlet discussions on a free trade agreement with the GCC are at an advanced stage
ISLAMABAD: Pakistan is no longer seeking aid-based support and is instead pivoting toward trade- and investment-led partnerships, Finance Minister Muhammad Aurangzeb said in an interview with an international media outlet circulated by the finance division on Monday, acknowledging longstanding economic backing from Gulf countries.
Aurangzeb spoke to CNN Business Arabia at a time when Pakistan seeks to consolidate macroeconomic stability after a prolonged crisis marked by soaring inflation, currency pressure and external financing gaps.
Aurangzeb said the government’s economic direction, articulated by Prime Minister Shehbaz Sharif, aims to replace reliance on external assistance with sustainable growth driven by investment and exports, particularly from partners in the Gulf Cooperation Council (GCC), which includes Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain.
“We are not looking for aid flows anymore,” he said. “For us, we are very clear ... that going forward is really trade and investment, which is going to bring sustainability and be win-win for our longstanding bilateral partners in GCC and for Pakistan.”
“This FDI [foreign direct investment] is going to help us in terms of GDP growth [and] more employment opportunities as we go forward,” he continued. “So, you know, all hands are on deck at this point in time to make this materialize.”
Aurangzeb said Pakistan’s shift was underpinned by improving macroeconomic indicators following an 18-month stabilization program.
He noted that inflation, which peaked at 38 percent in 2023, has fallen to single-digit levels, while the country has posted primary fiscal surpluses and kept the current account deficit within targeted limits, adding that foreign exchange reserves now cover about 2.5 months of imports.
The finance chief described recent international assessments as external validation of the government’s reform path.
“All three international credit rating agencies are now aligned in terms of their upgrades and outlook for Pakistan this year,” he said, adding that the successful completion of the second review under the International Monetary Fund’s loan program, approved by the lending agency’s executive board, reinforced confidence in Pakistan’s economic management.
The finance minister said reforms across taxation, energy, state-owned enterprises, public finance and privatization were central to consolidating stability and supporting growth.
He pointed out Pakistan’s tax-to-GDP ratio had risen to about 10.3 percent from 8.8 percent at the start of the reform program and is on track to reach 11 percent, driven by efforts to widen the tax base to include under-taxed sectors such as real estate, agriculture and wholesale and retail trade, while tightening compliance through technology-based monitoring.
Aurangzeb also highlighted the role of the GCC in supporting Pakistan’s external position, particularly through remittances.
He said inflows reached about $38 billion last fiscal year and are projected to rise to nearly $42 billion this time, with more than half originating from GCC states, reflecting the contribution of Pakistani nationals working in the region.
The finance chief said Pakistan was actively engaging Gulf partners to attract investment in sectors including energy, oil and gas, mining, artificial intelligence, digital infrastructure, pharmaceuticals and agriculture, while discussions on a free trade agreement with the GCC were at an advanced stage.
