Pakistani companies showcase precious gemstones, minerals at international expo in China

People attend International Mineral, Gemstone & Fossil Expo in Nanjing, China, on May 18, 2025. (YouthinJiangsu/X)
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Updated 18 May 2025
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Pakistani companies showcase precious gemstones, minerals at international expo in China

  • Around 10 Pakistani companies are taking part in China Nanjing (International) Mineral, Gemstone & Fossil Expo
  • Pakistani exhibitors present emeralds, tourmalines, topaz, quartz, aquamarine and marble specimens 

ISLAMABAD: Around 10 Pakistani gems and minerals companies are showcasing their specimens at the ongoing China Nanjing (International) Mineral, Gemstone & Fossil Expo to prospective buyers, state-run media reported this week.

The third edition of the expo, which is being held from May 15-19 in the Chinese city of Nanjing, has attracted over 500 exhibitors from more than 50 countries, state-run Associated Press of Pakistan (APP) said in a report on Saturday. Various companies from around the world have displayed minerals, gemstones, fossils, and meteorites at the exhibition. 

“Pakistani exhibitors are presenting a dazzling array of emeralds, tourmalines, topaz, morganite, quartz, aquamarine, pyrite, marble and onyx specimens from regions such as Gilgit Baltistan, Balochistan, and Khyber Pakhtunkhwa,” APP reported. 

It cited a report from Chinese business news website China Economic Net as saying that Pakistani specimens have attracted “significant interest” from international buyers and collectors at the expo. 

Pakistan has significant gemstone reserves, particularly in its northern and northwestern regions, which include a variety of high-quality stones such as peridot, aquamarine, topaz, ruby, and emerald.
There are 18 types of gemstones in Pakistan for which 178 major mining licenses have been issued. 

“Pakistan possesses extraordinary geological treasures, and our trade ties with China are expanding beyond gemstones to industrial minerals,” Ghulam Mustafa, an exhibitor representing the Fine Art Minerals company, told APP. 

“The response to our display has been phenomenal. Visitors are truly impressed by Pakistan’s natural wealth,” he added. 

Muhammad Sadiq from Fine Nagar Gems and Minerals company returned to this year’s exhibition with a larger collection of specimens. 

“Last year feedback was incredibly positive and we are very optimistic about this year sales and orders,” Sadiq said. 

Pakistan hosted an international minerals summit in Islamabad last month. The summit aimed to attract foreign investment in the country’s mining sector, seeing participation from major international companies including Canada-based Barrick Gold and government officials from the United States, Saudi Arabia, China, Turkiye, the United Kingdom, Azerbaijan and other nations. 

Islamabad hopes it can export its precious gemstones and minerals as it eyes sustainable economic growth driven largely by exports. 


Pakistan eyes UAE’s digitalization model to boost public finance reforms

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Pakistan eyes UAE’s digitalization model to boost public finance reforms

  • High-level Pakistani delegation is in UAE to learn from its governance and public sector innovation models
  • Both sides discuss budgeting practices, public finance oversight and tax policy reforms, and common challenges

ISLAMABAD: Pakistan’s State Minister for Finance Bilal Azhar Kayani met his UAE counterpart Mohamed Bin Hadi Al Hussaini on Wednesday, stressing the importance of learning from the Gulf country’s digitalization model to promote e-commerce and macroeconomic stability, the Pakistan embassy in Abu Dhabi said. 

Kayani is leading a senior delegation of Pakistani officials who arrived in the UAE this week to participate in a two-day experience exchange program aimed at learning from the UAE’s governance and public sector innovation models.

The program, running from July 8–9, includes sessions with various UAE ministries and authorities and focuses on innovative approaches to public service delivery, competitiveness, and institutional reform. The initiative is in line with Islamabad’s desire to modernize its public sector and strengthen economic cooperation with the Gulf nation.

“Minister Kayani also outlined Pakistan’s reform agenda to modernize public sector finance and emphasized the importance of learning from the UAE’s digitalization model,” the Pakistani embassy said about Kayani’s meeting with Al Hussaini. 

Kayani expressed Pakistan’s appreciation for the UAE’s continued financial support, the statement said, recognizing it played a vital role in maintaining the country’s economic stability.
 
The two sides held discussions on key aspects of fiscal management, including budgeting practices, public finance oversight and tax policy reforms, the Pakistan embassy in Abu Dhabi said.

“Both ministers shared insights from their respective national experiences, identifying common challenges and opportunities to strengthen institutional capacity and improve governance frameworks,” it said. 
 
Kayani said Pakistan’s reform agenda, spearheaded by Prime Minister Shehbaz Sharif, was focused on e-commerce, digitization and sustained macroeconomic stability.

“He emphasized that Pakistan remains committed to deepening structural reforms, ensuring fiscal responsibility, and promoting transparency and good governance as key pillars of long-term economic resilience,” the statement said. 
 
The two sides also reflected on the memorandum of understanding (MoU) signed between Pakistan’s Planning Ministry and the UAE’s Cabinet Affairs ministry on June 16, 2025.

The MoU reinforces the shared commitment of both governments to modernize governance, build institutional capacity, and develop future-ready public administration systems.

Islamabad considers UAE a vital economic ally as it is Pakistan’s third-largest trading partner after China and the United States. 

The Gulf country is also home to over 1.8 million Pakistani expatriates and is the highest source of foreign remittances for Pakistan after Saudi Arabia. 


Pakistan, Türkiye aim to boost trade to $5 billion, deepen energy and defense ties

Updated 23 min 1 sec ago
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Pakistan, Türkiye aim to boost trade to $5 billion, deepen energy and defense ties

  • Deputy PM Dar announces Karachi special economic zone for Turkish investors
  • Turkish and Pakistani leaders explore joint aerospace and warfare tech initiatives

ISLAMABAD: Pakistan and Türkiye on Wednesday announced plans to expand bilateral trade to $5 billion and deepen cooperation in energy, defense, and strategic infrastructure, as senior ministers from both nations met in Islamabad amid growing regional instability.

Turkish Foreign Minister Hakan Fidan and Defense Minister Yaşar Güler arrived in Pakistan late Tuesday for high-level discussions with political and military leaders. The visit, described by Pakistan’s foreign office as a sign of “deepening strategic ties,” included consultations on regional stability, trade expansion, and defense modernization.

At a joint news conference with Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar, the Turkish foreign minister said both sides were committed to strengthening what has long been a close bilateral partnership.

“Economy, energy, defense industry, education and culture are areas where we are extending our cooperation each day,” Fidan said. “The joint working groups under the High-Level Strategic Cooperation Council — from defense, from energy, from education — are all working in a very productive manner.”

“We are aiming to increase our commercial relations to $5 billion,” he added. “In the field of energy, we are intensifying joint activities in mining and also in precious stones, as well as natural gas and the oil sector.”

Fidan highlighted a recent agreement signed in April between Turkish Petroleum Corporation (TPAO) and a Pakistani state-owned firm to explore offshore oil and gas, calling it a “preliminary step toward broader structural cooperation” in the energy sector.

On defense cooperation, Fidan described joint initiatives as “a strategic step for the security of both countries,” noting that multiple projects in defense manufacturing and technology were already underway.

ECONOMIC ZONE, RAIL REVIVAL

Speaking at the joint press conference, Deputy PM Dar announced several new initiatives aimed at increasing Turkish investment in Pakistan.

 

 

“We are pursuing establishment of a Special Economic Zone dedicated for Turkish entrepreneurs in Karachi,” he said, adding that Pakistan was working to revive the long-dormant Istanbul–Tehran–Islamabad freight train, which was once seen as a key transnational trade route linking South Asia with Europe.

“Our delegations are meeting in coming weeks to finalize the roadmap for its revival,” he said.

Dar added that Turkish companies were being considered for major upcoming infrastructure and energy projects, including the Jinnah Medical Complex, Danish University, offshore drilling operations, and privatization of electricity distribution companies (DISCOs).

The deputy PM said the two nations had also agreed to revive the long-dormant Joint Ministerial Commission after 11 years and the Pakistani minister of commerce and the Turkish minister of defense would be co-chairing a joint session of the Commission in coming weeks.

“All this work will lay a solid foundation for the 8th High-Level Strategic Cooperation Council, which will be held next year in Türkiye and co-chaired by the Honourable President of Türkiye [Recep Tayyip Erdoğan] and the Prime Minister of Pakistan [Shehbaz Sharif],” Dar said.

DEFENSE TIES

In a separate engagement, Turkish Defense Minister Yaşar Güler met with Pakistan’s Air Chief Marshal Zaheer Ahmed Baber Sidhu at the Air Headquarters in Islamabad to assess the state of bilateral defense cooperation and discuss emerging regional threats.

According to Pakistan’s military media wing, Inter-Services Public Relations (ISPR), both sides agreed to set up joint working groups to deepen collaboration in aerospace technologies, advanced training, and new domains of warfare.

Güler praised the operational readiness of the Pakistan Air Force, particularly during its recent conflict with India, and expressed interest in expanding industry-to-industry partnerships.

He also emphasized the importance of joint ventures in disruptive technologies, including unmanned aerial systems, advanced avionics and pilot exchange programs. Both parties pledged to enhance joint air exercises and finalize plans for more intensive training cooperation.

The ISPR said the meeting reflected the “shared commitment of both the brotherly nations to enhance strategic cooperation, solidify defense ties and promote lasting institutional linkages between the Armed Forces of Pakistan and Türkiye.”


Pakistan to pilot digital currency, following trend set by Gulf and Asian regulators

Updated 09 July 2025
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Pakistan to pilot digital currency, following trend set by Gulf and Asian regulators

  • Central bank governor says legislation for virtual assets near final stage, pilot for digital rupee expected soon
  • Central banks globally are exploring use of digital currencies as interest in blockchain-based payments grows

KARACHI/SINGAPORE: Pakistan’s central bank is preparing to launch a pilot for a digital currency and is finalizing legislation to regulate virtual assets, Governor Jameel Ahmad said on Wednesday, as the country ramps up efforts to modernize its financial system.

Central banks globally are exploring the use of digital currencies as interest in blockchain-based payments grows. Pakistan’s move follows similar steps by regulators in China, India, Nigeria and several Gulf states to test or issue digital currencies through controlled pilot programs.

Speaking at the Reuters NEXT Asia summit in Singapore, Ahmad said Pakistan was “building up our capacity on the central bank digital currency” and hoped to roll out a pilot soon.

He was speaking on a panel alongside Sri Lanka’s central bank governor, P. Nandalal Weerasinghe, with both discussing monetary policy challenges in South Asia.

Ahmad added that a new law would “lay down the foundations for the licensing and regulation” of the virtual assets sector and that the central bank was already in touch with some tech partners.

The move builds on efforts by the government-backed Pakistan Crypto Council, set up in March to drive virtual asset adoption. The PCC is exploring bitcoin mining using surplus energy, has appointed Binance founder Changpeng Zhao as a strategic adviser and plans to establish a state-run bitcoin reserve.

It has also held talks with US-based crypto firms, including the Trump-linked World Liberty Financial.

In May, the State Bank of Pakistan clarified that virtual assets were not illegal. However, it advised financial institutions not to engage with them until a formal licensing framework was in place.

“There are risks associated, and at the same time, there are opportunities in this new emerging field. So we have to evaluate and manage the risk very carefully, and at the same time not allow to let go the opportunity,” he said on the panel.

TIGHT GRIP, FALLING RATES

On the monetary policy front, Ahmad said the central bank would continue to maintain a tight policy stance to stabilize inflation within its 5–7 percent medium-term target.

Pakistan has cut its benchmark rate from a peak of 22 percent to 11 percent over the past year, as inflation fell sharply from 38 percent in May 2023 to 3.2 percent in June, averaging 4.5 percent in the 2025 fiscal year just ended, a nine-year low.

“We are now seeing the results of this tight monetary policy transfer, both on our inflation as well as on the external account,” he said.

Ahmad also said Pakistan was not overly exposed to dollar weakness, noting that the country’s foreign debt was mostly dollar-denominated and only 13 percent comprised Eurobonds or commercial loans.

“We don’t see any major impact,” he said, adding that reserves had risen to $14.5 billion from under $3 billion two years ago.

Ahmad said Pakistan’s current three-year $7 billion IMF program, which runs through September 2027, was on track and had already resulted in reforms in fiscal policy, energy pricing and the foreign exchange market.

“We are confident that after that (IMF program), maybe we will not require an immediate (follow-up).”

Pakistan’s central bank governor was asked during the panel whether Pakistan had financing plans lined up for upcoming military equipment purchases, particularly imports from China.

He responded that he was not aware of such plans, and said the central bank’s mandate remained ensuring smooth interbank market functioning and maintaining ample foreign exchange “so that there is no problem as far as trade financing is concerned.”


Turkiye urges dialogue after Pakistan-India tensions, condemns Israeli attacks on Iran and Gaza

Updated 31 min 21 sec ago
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Turkiye urges dialogue after Pakistan-India tensions, condemns Israeli attacks on Iran and Gaza

  • Fidan praises Pakistan’s “calm attitude” during May tensions, warns of “severe results” of conflict between nuclear-armed states
  • Turkish foreign minister says Israeli strikes on Iran shift focus from Gaza “genocide,” calls for ceasefire, coordinated support for Palestinians

ISLAMABAD: Turkish Foreign Minister Hakan Fidan on Wednesday urged Pakistan and India to pursue “meaningful and efficient dialogue” to avoid future conflict, warning that an air war between the neighbors earlier this year highlighted the “severe” risks of escalation between two nuclear-armed states. 

In May 2025, the most intense India–Pakistan military confrontation in decades erupted following an April 22 attack in Indian-administered Kashmir, which killed 26 people. New Delhi, without providing evidence, said Islamabad was behind the assault, which denies the charge.

India responded on May 7 by launching a series of airstrikes targeting what it called suspected militant infrastructure in Pakistan. Pakistan retaliated with its own drone, artillery, and missile strikes. After four days of hostilities, a US-mediated ceasefire was agreed on May 10, halting the confrontation amid global alarm over the risk of escalation.

“In April-May, there has been tension experienced between Pakistan and India, which we closely followed, and all the international society has seen the wisdom-oriented and calm attitude of Pakistan,” Fidan said during a press conference in Islamabad.

“This tension has been an important indicator that when two nuclear powers come face to face that this is going to have very severe results,” he added. 

“We have actually seen this ceasefire as an important decision, and in order to eliminate similar tensions, we believe that there has to be meaningful and efficient dialogue between the parties. As Turkiye, we’re always ready to support this so that there will be peace and there will not be any clashes.”

Fidan, along with the Turkish defense minister, is visiting Pakistan as part of efforts to deepen bilateral ties and discuss regional security challenges, including the ongoing war in Gaza and rising tensions in the Middle East after Israel’s attacks on Iranian nuclear facilities and other targets last month.

“Unfortunately, the attacks have actually shaken the trust first toward the international regime on the prevention of nuclear expansions, and we have actually conveyed our messages to the parties [US, Iran] for the restart of the nuclear negotiations,” Fidan said.

“We’re in constant contact with Pakistan, and both countries are contacting both parties of the conflict. Turkiye believes that there has to be peaceful resolutions through negotiations, and we will continue to have a constructive contribution to this.”

Commenting on the Israeli military campaign in Gaza, which began in October 2023, Fidan said Turkiye condemned the ongoing Israeli attacks and supported an immediate and lasting ceasefire.

“Israel attacks are, and aggressions are, not just a risk for our region but for the whole world. At this current status quo, we do hope that the ceasefire will be permanent,” he said.

He added that the Israeli strikes on Iran had diverted international attention from what he described as the “massacre in Gaza and the genocide in Gaza.”

“Today, we [Turkiye and Pakistan] also discussed about the joint steps that we can take for our Palestinian brothers,” Fidan said.

“Within this plan, the Israel attacks and aggression should end, and we hope that peace will be brought to Gaza and calm will be established. We will continue to support the Palestinian people and the Palestinian cause.”


Gulf remittances drive record $38.3 billion inflow to Pakistan in FY25, surpassing IMF loan package

Updated 09 July 2025
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Gulf remittances drive record $38.3 billion inflow to Pakistan in FY25, surpassing IMF loan package

  • Remittances rose by around $8 billion from FY24’s $30.25 billion, marking a sharp 27 percent increase
  • Saudi Arabia topped FY25 remittance sources with $9.34 billion, followed by UAE with $7.83 billion

KARACHI: Pakistan received a record $38.3 billion in workers’ remittances during the last fiscal year, reporting an increase of about $8 billion over a 12-month period that exceeds the country’s ongoing International Monetary Fund (IMF) loan program, according to official data and analysts on Tuesday.

The remittance surge from $30.25 billion in FY24 helped shore up the country’s foreign reserves, prompting experts to says it is likely to push the current account into surplus for the first time in over a decade.

The IMF Executive Board approved a $7 billion Extended Fund Facility (EFF) for Pakistan in April 2024, spanning 37 months, after acknowledging Islamabad’s structural reforms and stabilizing macroeconomic indicators.

The government described the bailout as critical to reviving an economy that had faced a prolonged financial crisis and balance-of-payments stress over the past two years.

“Remittances have actually rescued Pakistan beyond expectations. It was a significant jump of over $8 billion in annual remittances, which is more than the whole IMF program funding,” Shankar Talreja, head of research at Topline Securities Limited, told Arab News after the central bank released remittance figures for the last fiscal year.

“Thanks to the remittances, we will be able to record a current account surplus for the first time after 13 years of deficit and for only the second time in the last two decades,” he added.

According to the State Bank of Pakistan, Saudi Arabia led all contributors during FY25, with remittances totaling $9.34 billion, followed by the United Arab Emirates at $7.83 billion, the United Kingdom at $5.99 billion and the United States at $3.72 billion.

Remittances from Gulf Cooperation Council (GCC) countries excluding Saudi Arabia and the UAE totaled $3.71 billion, while EU countries contributed $3.53 billion.

Commenting on the data, Mohammed Sohail, CEO of Topline Securities, wrote on social media: “Record Remittances When Most Needed. In a year marked by economic challenges, overseas workers stepped up: Pakistan received a record USD 38.3 billion in remittances in FY25 — up 27 percent.”

The fiscal year average stood at approximately $3.19 billion per month, well above the average of $2.52 billion in FY24.