ISLAMABAD: Turkish President Recep Tayyip Erdogan will visit Pakistan with a high-level delegation from Feb.12-13, Pakistan’s foreign office said on Tuesday, during which he will co-chair the session of a high-level strategic cooperation council focusing on bilateral trade, investment and other priority sectors between the two countries, and oversee the signing of several agreements.
The Pakistan-Turkiye High Level Cooperation Council (HLSCC) was established in 2009 as a framework for consultations at the highest political level between the two sides. Several joint standing committees under the HLSCC cover vital sectors such as trade, investment, banking, finance, culture, tourism, energy, defense, agriculture and others.
Six sessions of the HLSCC have been conducted since it was founded, with the last one held in Islamabad from Feb. 13-14, 2020.
Erdogan’s high-level delegation will comprise ministers, senior officials and corporate leaders, the foreign office said.
“During the visit, Prime Minister Shehbaz Sharif and President Erdogan will co-chair the 7th Session of the Pakistan-Turkiye High Level Strategic Cooperation Council (HLSCC),” the foreign office said. “At the conclusion of the Session, a Joint Declaration and a number of important agreements/MoUs are expected to be signed. The two leaders will also address a joint press stakeout.”
Erdogan will hold bilateral meetings with Sharif and President Asif Ali Zardari, the foreign office said, adding that the Turkish president will address the Pakistan-Turkiye Business and Investment Forum with Sharif. The forum will bring together leading investors, companies and businesspersons from both sides, the statement said.
“The visit of Turkish President and the holding of the 7th Session of the HLSCC would serve to further deepen the brotherly relations and enhance multifaceted cooperation between the two countries,” the foreign office said.
Turkiye and Pakistan enjoy cordial relations with one another that has expanded to cooperation in several sectors between the two nations. Both agreed to enhance the bilateral trade volume to $5 billion last year in May when Turkish Foreign Minister Hakan Fidan arrived in Pakistan’s capital on a two-day visit.
Pakistan has been eagerly reaching out to international partners and close allies since last year in its quest to escape a prolonged macroeconomic crisis by strengthening cooperation in business, investment and other sectors.
Pakistan’s economic crisis has drained its financial resources, weakened its national currency and triggered inflation in the country. The South Asian country has repeatedly stated its desire to achieve sustainable economic growth through foreign trade and investment, long-term reforms and by promoting exports.
Erdogan to visit Pakistan from Feb. 12-13 to strengthen cooperation in bilateral trade and investment
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Erdogan to visit Pakistan from Feb. 12-13 to strengthen cooperation in bilateral trade and investment
- Turkish president to co-chair Pakistan-Turkiye High Level Cooperation Council session with PM Shehbaz Sharif, says FO
- HLSCC focuses on trade, investment, banking, finance, culture, tourism, energy, defense, agriculture and other sectors
Pakistan stocks recover as oil supply fears ease after Islamabad seeks Red Sea route— analyst
- Pakistan has sought Saudi help to secure oil supplies via Red Sea port after Iran’s closure of Strait if Hormuz
- Analyst says higher crude oil prices, expectations of IMF releasing next loan tranche also triggered bullish activity
ISLAMABAD: Pakistani stocks marked a sharp recovery when trading closed on Thursday, as institutional activity increased following Islamabad’s move to seek crude oil supplies through the Red Sea port eased oil supply fears, a financial analyst said.
Pakistani stocks have recorded a sharp decline this week, with the benchmark KSE-100 index recording its largest-ever single-day decline on Monday when it plunged 16,089 points. Escalating conflict in the Middle East triggered panic selling at the Pakistani bourse, forcing a temporary trading halt on Monday.
The KSE-100 index, however, gained 3.49 percent or 5,433.46 points to close at 161,210.67 when trading ended on Thursday, up from the previous close of 155,777.21 points, according to Pakistan Stock Exchange’s (PSX) data.
Pakistan’s Petroleum Minister Ali Pervaiz Malik met Saudi Ambassador Nawaf bin Said Al-Malki on Wednesday to discuss Iran’s closure of the key Strait of Hormuz, which has threatened Pakistan’s energy supply. Roughly 20 percent of the global oil and gas supply passes through the route. Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted, the petroleum ministry said on Wednesday.
“Stocks staged a sharp recovery at PSX amid institutional activity on easing fuel supply fears after KSA [Kingdom of Saudi Arabia] commits oil supplies through the Red Sea port,” Ahsan Mehanti, chief executive officer at Arif Habib Commodities, told Arab News.
He said higher global crude oil prices and expectations of the International Monetary Fund releasing its next tranche of the $7 billion loan for Pakistan also helped bullish activity at the PSX.
An IMF mission was in Pakistan to hold talks on the third review of a $7 billion Extended Fund Facility multi-year program, and for the second review of the $1.4 billion Resilience and Sustainability Facility this week.
However, the delegation left for Türkiye amid tensions in the Gulf. Pakistani officials have said talks are likely to continue virtually in the coming days.
Pakistani brokerage Topline Securities said in its daily market review report that strong institutional buying “turned the tide” on Thursday after the market’s recent overreaction to regional issues.
The report added that Hub Power Company (HUBC), Oil & Gas Development Company (OGDC), Fauji Fertilizer Company (FFC), Engro Corporation (ENGROH), and Meezan Bank Limited (MEBL) collectively contributed 2,197 points to the KSE benchmark’s gain.
Topline Securities said 723 million shares were traded on Thursday, with K-Electric Limited (KEL) stealing the spotlight as more than 1.17 billion shares changed hands.
Pakistani investors are closely monitoring developments in the Gulf, particularly around energy routes and further retaliatory actions, as the conflict’s trajectory remains uncertain.
