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Pakistan deputy PM praises UAE for reviving Joint Ministerial Commission after a decade

Pakistan deputy PM praises UAE for reviving Joint Ministerial Commission after a decade
Pakistan Deputy Prime Minister and Foreign Minister Ishaq Dar speaks during a ceremony at Ministry of Foreign Affairs in Islamabad on March 27, 2024. (Photo courtesy: MOFA/File)
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Updated 07 September 2024
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Pakistan deputy PM praises UAE for reviving Joint Ministerial Commission after a decade

Pakistan deputy PM praises UAE for reviving Joint Ministerial Commission after a decade
  • Ishaq Dar discusses trade and investment in a phone call with UAE state minister for foreign affairs
  • The two sides are expected to hold the JMC meeting on October 1, strengthen business-to-business ties
Updated 07 September 2024
Arab News Pakistan
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ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Friday praised the United Arab Emirates for agreeing to hold the Pak-UAE Joint Ministerial Commission (JMC) meeting next month after more than 10 years during a phone call with UAE Minister of State for Foreign Affairs Ahmed bin Ali Al Sayegh.
Dar is currently on a five-day visit to the United Kingdom where he has met top British officials and interacted with members of the Pakistani diaspora.
The Pakistani deputy PM, who also holds the foreign minister’s portfolio, took the UAE minister’s phone call in which they discussed other issues of mutual interest.
“UAE Minister of State for Foreign Affairs, Ahmed bin Ali Al Sayegh, spoke with Deputy Prime Minister/ Foreign Minister @MIshaqDar50 who is currently visiting the UK,” the Pakistan foreign office said in a social media post. “They discussed OIC [Organization of Islamic Cooperation] related issues and key areas of bilateral cooperation in the field of trade and investment.”
“[Dar] welcomed the holding of 12th session of Pak-UAE Joint Ministerial Commission in the UAE next month after a hiatus of 13 years,” the post added.

 
Pakistani media reported earlier last week the Pak-UAE JMC was scheduled to take place on October 1, adding it would focus on different economic and financial fields.
The two countries are expected to hold a joint business council meeting on the sidelines of the JMC and work toward the establishment on greater business-to-business relations.
The UAE is Pakistan’s third largest trading partner after China and the United States. Policymakers in Pakistan consider the Emirates an optimal export destination due to geographical proximity, which minimizes transportation and freight costs while facilitating commercial transactions.
The UAE is also home to more than a million Pakistani expatriates and the second-largest source of remittances to the South Asian country after Saudi Arabia.

Topics: Ishaq Dar Pakistan UAE ties

Pakistan appoints Amna Baloch as new foreign secretary, second woman to hold top post

Pakistan appoints Amna Baloch as new foreign secretary, second woman to hold top post
Updated 18 sec ago
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Pakistan appoints Amna Baloch as new foreign secretary, second woman to hold top post

Pakistan appoints Amna Baloch as new foreign secretary, second woman to hold top post
  • Baloch was last serving as Pakistan’s ambassador to the European Union, Belgium and Luxembourg
  • Before Baloch, the last and only woman to serve as foreign secretary was Tehmina Janjua from 2017-2019
Updated 18 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan has appointed Ambassador Amna Baloch as its 33rd foreign secretary, the foreign office said on Wednesday, making her only the second woman in the country’s history to hold the top slot in the Foreign Service. 

Baloch takes over from Ambassador Syrus Sajjad Qazi who has concluded a 34-year career with the foreign service and is retiring. The last and only woman to serve as foreign secretary was Tehmina Janjua from 2017 to 2019.

“A veteran diplomat, Ambassador Baloch has held several important assignments both in Islamabad and in Pakistan’s Missions abroad,” the foreign office said as it announced the new foreign secretary’s appointment.

“She served as Pakistan’s Consul General to Chengdu, China (2014-2017); High Commissioner to Malaysia (2019-2023); Ambassador to the European Union, Belgium and Luxembourg (2023-2024).”

Baloch has a master’s degree in history and joined the Pakistan Foreign Service in 1991. She has served on various important assignments at the headquarters and missions abroad during her career including Minister Counsellor at Colombo, Sri Lanka, Joint Secretary at the Prime Minister’s Office and Additional Secretary at the Foreign Minister’s office.

Baloch is married and has two daughters.

Topics: Amna Baloch Pakistan Pakistan foreign office

US embassy urges citizens to reconsider travel to Pakistan amid militancy surge

US embassy urges citizens to reconsider travel to Pakistan amid militancy surge
Updated 5 min 22 sec ago
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US embassy urges citizens to reconsider travel to Pakistan amid militancy surge

US embassy urges citizens to reconsider travel to Pakistan amid militancy surge
  • In new travel advisory, US warns citizens not to travel to Azad Kashmir, KP and Balochistan provinces
  • Says militants can launch attacks with “little or no warning,” advises citizens against attending protests
Updated 5 min 22 sec ago
Hasaan Ali Khan

ISLAMABAD: The US embassy in Islamabad this week warned citizens to reconsider traveling to Pakistan “due to terrorism” and “increased risks” of violence in some parts of the country as the South Asian nation faces a surge in militant activity.

Pakistan has seen a number of high-profile attacks in recent months, including when separatist militants killed over 50 people in the country’s largest province of Balochistan in a string of coordinated attacks on army and paramilitary camps, police stations, railway lines and highways last month. Elsewhere in the country, particularly the northwestern Khyber Pakhtunkhwa province, religiously motivated groups like the Pakistani Taliban have also stepped up attacks, daily targeting security forces convoys and check posts, and carrying out targeted killings and kidnappings of security and government officials.

“Reconsider travel to Pakistan due to terrorism,” the US Embassy said in a new travel advisory issued on Tuesday. “Some areas have increased risk. Do not travel to Balochistan province and Khyber Pakhtunkhwa (KP) province, including the former Federally Administered Tribal Areas (FATA), due to terrorism [and] the immediate vicinity of the India-Pakistan border and the Line of Control due to terrorism and the potential for armed conflict.”

Highlighting risks, the embassy said militants could launch attacks with “little or no warning,” targeting transportation hubs, markets, shopping malls, military installations, airports, universities, tourist attractions, schools, hospitals, places of worship, and government facilities. 

It advised its citizens against going to protests, saying Pakistani law prohibited protests without an official permit and US citizens could be detained for participation or for posting “critical” social media content against the Pakistan government and military.

“Pakistan’s security environment remains fluid, sometimes changing with little or no notice,” the advisory said. “There are greater security resources and infrastructure in the major cities, particularly Islamabad, and security forces in these areas may be more readily able to respond to an emergency compared to other areas of the country.”

If US citizens did decide to travel to Pakistan, the embassy advised them, among other measures, to monitor local media for breaking events, remain aware of surroundings, particularly around public markets, restaurants, police installations, places of worship, government and military institutions and other locations, avoid demonstrations or other large gatherings, have evacuation plans that did not rely on US government assistance and keep travel documents up to date and easily accessible.

Topics: Pakistan US Ties US Embassy Militancy

Visa aims for 10-fold rise in Pakistani use of digital payments

Visa aims for 10-fold rise in Pakistani use of digital payments
Updated 11 September 2024
Reuters
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Visa aims for 10-fold rise in Pakistani use of digital payments

Visa aims for 10-fold rise in Pakistani use of digital payments
  • Partnership with 1Link to enhance remittances and payment security
  • Pakistan has 120,541 point of sales machines, according to central bank data
Updated 11 September 2024
Reuters

KARACHI: Visa plans to increase the number of businesses accepting digital payments in Pakistan tenfold over the next three years, the payments giant’s general manager for Pakistan, North Africa and Levant told Reuters.

The comments from Leila Serhan came as Visa announced a strategic partnership with 1Link, Pakistan’s largest payment service provider, aimed at streamlining remittances into the South Asia country and encouraging digital transactions.

Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations. Only 60 percent of its 137 million adult population, or 83 million adults, have a bank account, based on central bank estimates.

Visa is investing in building digital payment infrastructure in the country, aiming to make digital payments less costly and more manageable.

Currently, Pakistan has 120,541 point of sales (POS) machines, according to central bank data.

Visa intends to significantly increase this number. 

“Some businesses have more than one POS machine. We’re aiming at ten-folding businesses’ acceptance (of digital transactions),” said Serhan.

The strategy involves technology that transforms phones into payment instruments and accepting various forms of payment, including QR and card tap. Visa aims to expand beyond large cities and mainstream businesses to include smaller merchants.

The 1Link deal aims to improve the process for sending and receiving remittances, including bolstering payments security, boosting such transactions via legal channels.

As one of the top remittance recipients globally, Pakistan relies heavily on funds from overseas Pakistanis, which constitute a vital source of foreign exchange and significantly contribute to the country’s GDP.

“We’re really looking forward to finishing this technical integration in the coming months, and I think it’s going to be a game changer for a lot of the consumers in Pakistan,” said Serhan.

The partnership with 1Link will also enable 1Link’s PayPak cards to be accepted on Visa’s Cybersource Platform for online transactions, despite PayPak being a competitor in digital payments.

Pakistan signed a $7 billion bailout deal with the International Monetary Fund in July, which includes reforms such as raising revenue and documenting the economy.

“Digital payments are going to be at the heart of what the government wants to do from a digitization perspective, and we will continue to partner with them,” Serhan said. 

Topics: visa Pakistan Digital payments PoS 1Link

Aramco says will launch first branded gas station in Pakistan by year end

Aramco says will launch first branded gas station in Pakistan by year end
Updated 11 September 2024
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Aramco says will launch first branded gas station in Pakistan by year end

Aramco says will launch first branded gas station in Pakistan by year end
  • Aramco completed acquisition of 40 percent stake in Gas & Oil Pakistan Ltd. in May this year
  • Kingdom in April reaffirmed commitment to expedite Pakistan investment package of $5 billion
Updated 11 September 2024
SAIMA SHABBIR

ISLAMABAD: Saudi oil giant Aramco said on Wednesday it would launch its first branded retail gas station in Pakistan by the end of the year, having already completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO) in May.

Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply. GO, one of Pakistan’s largest retail and storage companies, is involved in the procurement, storage, sale and marketing of petroleum products and lubricants.

“We are working to launch our first Aramco-branded gas station in Pakistan by the end of the year,” the Saudi oil company’s media department told Arab News in an emailed statement. “Will share more information when the site is commissioned.”

A Pakistan Board of Investment (BOI) official said Aramco’s acquisition of GO represented the oil giant’s first downstream retail investment in Pakistan and signaled the company’s growing retail presence in high-value markets. 

In March, Aramco also acquired a 100 percent equity stake in Esmax Distribución SpA, a leading diversified downstream fuels and lubricants retailer in Chile.

“Our global retail expansion is gaining pace and this acquisition [of GO] is an important next step on our journey,” Yasser Mufti, Aramco Executive Vice President of Products & Customers, said in a statement in May when the GO deal was completed. 

“Through our strategic partnership with GO, we look forward to supplying Aramco’s high-quality products and services to valued customers in Pakistan. We are also delighted to welcome another high-caliber addition to Aramco’s growing network of global partners, and look forward to combining our resources and expertise to unlock new opportunities and further grow the Aramco brand overseas.”

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian nation.

In February 2019, Pakistan and Saudi Arabia inked investment deals totaling $21 billion during a visit by Saudi Crown Prince Mohammed bin Salman to Islamabad. The agreements included about $10 billion for an Aramco oil refinery and $1 billion for a petrochemical complex at the strategic Gwadar Port in Balochistan.

Both countries have been working in recent months to increase bilateral trade and investment, and the Kingdom in April this year reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.

Topics: Aramco Pakistan Gas & Oil Pakistan Ltd. Pakistan Saudi Ties Arab News Pakistan

Pakistan to launch Shariah-compliant certificates worth $178.6 million this month

Pakistan to launch Shariah-compliant certificates worth $178.6 million this month
Updated 11 September 2024
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Pakistan to launch Shariah-compliant certificates worth $178.6 million this month

Pakistan to launch Shariah-compliant certificates worth $178.6 million this month
  • State minister highlights government’s commitment to promoting Islamic banking 
  • Central bank has set target to increase Pakistan’s Islamic banking share to 35% by 2025
Updated 11 September 2024
Arab News Pakistan

ISLAMABAD: Pakistan’s State Minister for Finance Ali Pervaiz Malik said on Tuesday new Shariah-compliant certificates worth $178.6 million would be launched this month to facilitate lending activity under an interest-free system, state-run media reported.

A Shariah-compliant certificate is a document issued by the Federal Shariah Court verifying that a financial product or transaction conforms to Islamic principles and laws. Last year, the Securities and Exchange Commission of Pakistan (SECP) issued the first-ever Shariah-compliant certificate to two real estate investment trusts. In April, it also issued a license to the first Shariah-compliant brokerage house in Pakistan.

“In response to the Calling Attention Notice, Minister of State for Finance Ali Pervaiz Malik said new Shariah-compliant certificates worth $178.6 million will be launched this month,” Radio Pakistan said on Tuesday, as the minister briefed the National Assembly about the government’s “commitment to promoting Islamic banking” in the country. 

Earlier this week, Pak-Qatar Family Takaful Limited (PQFTL), a leading Pakistani Shariah-compliant family insurance provider, introduced an instant withdrawal facility for its customers, which would allow participants to withdraw partial funds in case of emergencies with ease and instant access through the company’s mobile app or its online portal. 

Last year, Pakistan’s central bank set a target to increase the share of Islamic banking in the country to 35% by 2025.

In 2021, the Federal Shariat Court, which determines whether Pakistani laws comply with Islamic law, directed the government to eliminate interest from the country’s banking system by 2027. 

At present, the share of Islamic banking in the overall commercial banking system in the country is 20%.

Pakistan has six full-fledged Islamic banks offering a wide range of products and the annual growth rate of Islamic banks’ assets and deposits has been 25% and 22% respectively over the last five years, according to central bank data.

Topics: Pakistan Shariah-compliant certificates Ali Pervaiz Malik Pak-Qatar Family Takaful Limited

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