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Saudi investment minister in Pakistan, will sign up to 25 agreements

Special Saudi investment minister in Pakistan, will sign up to 25 agreements
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Pakistan Commerce Minister Jam Kamal speaks during the Pak-Saudi Business Forum 2024 in Islamabad on October 10, 2024. (Screengrab/PTV World)
Special Saudi investment minister in Pakistan, will sign up to 25 agreements
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Pakistan’s Privatization Minister Abdul Aleem Khan welcomes Saudi Investment Minister Khalid bin Abdulaziz Al-Falih as he arrives with a high level delegation at Nur Khan Airbase in Rawalpindi on October 9, 2024. (Photo courtesy: Privatization Ministry)
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Updated 10 October 2024
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Saudi investment minister in Pakistan, will sign up to 25 agreements

Saudi investment minister in Pakistan, will sign up to 25 agreements
  • Al-Falih is expected finalize $2 billion business proposals while in Pakistan
  • Riyadh this year pledged to expedite $5 billion investment package for Pakistan
Updated 10 October 2024
SAIMA SHABBIR
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ISLAMABAD: A high-level Saudi delegation led by the Kingdom’s Investment Minister Khalid bin Abdulaziz Al-Falih will sign 25 agreements in various fields during its three-day visit to Islamabad, the Pakistani president’s office said on Thursday. 
Al-Falih, whose visit comes ahead of the Shanghai Cooperation Organization (SCO) Summit next week, is in Islamabad from Oct. 9-11 and will take part in a joint investment forum today, Thursday, as Islamabad hopes $2 billion in investment proposals will be finalized during the Saudi dignitary’s visit. 
Al-Falih’s trip comes as Pakistan seeks closer cooperation in trade, defense, energy and other sectors with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.
Pakistan and Saudi Arabia in particular have been working closely in recent months to increase bilateral trade and investment, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier this year to expedite a $5 billion investment package for the South Asian country.
“The Saudi delegation will sign 25 agreements in various fields,” President Asif Ali Zardari’s office said in a statement. “These agreements will usher in a new era of bilateral economic cooperation.”
The press release added that Saudi Arabia was planning to invest in Pakistan’s construction, infrastructure, mining, agriculture and information technology sectors. 
“The Saudi minister will have a busy schedule in Pakistan of meetings with representatives of private companies and top government officials of KSA while bilateral trade and investment between Pakistan and Saudi Arabia, mutual agreements and important Memorandums of Understanding will also be signed,” the Pakistani Prime Minister’s Office said in a statement after the Saudi delegation’s arrival on Wednesday night.
An invitation to the investment forum, which began on Thursday morning, showed it would include speeches by Al-Falih as well as Pakistan’s Petroleum Minister Musadik Malik, Commerce Minister Jam Kamal Khan and Privatization Minister Abdul Aleem Khan.
Aleem Khan on Wednesday called the Saudi visit a “welcome step,” and “an important milestone” for the investment sectors of both nations.
“Private companies of Pakistan are fully ready for investment and bilateral business from Saudi Arabia,” the PMO said, quoting Khan. 
During his visit, Al-Falih will meet top Pakistani leaders and interact with the country’s business community.
“The delegation comprises representatives from various sectors, including energy, mining, minerals, agriculture, business, tourism, industry, and manpower,” Radio Pakistan reported. 
Last month the International Monetary Fund’s board approved a long-awaited $7 billion bailout deal for Pakistan’s struggling economy. The IMF said the new program will require “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from Pakistan’s development and bilateral partners.”

Topics: Pakistan Saudi Ties Pakistan economy Saudi investment in Pakistan Saudi Investment Minister Khalid Al-Falih

Pakistan to curb movement of Chinese nationals, diplomats during SCO summit

Pakistan to curb movement of Chinese nationals, diplomats during SCO summit
Updated 11 sec ago
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Pakistan to curb movement of Chinese nationals, diplomats during SCO summit

Pakistan to curb movement of Chinese nationals, diplomats during SCO summit
  • Balochistan Liberation Army separatist group claimed responsibility for attack in Karachi in which two Chinese nationals killed 
  • Meeting of the SCO, which comprises nine full members including China, India, Iran, Russia, will take place in Islamabad on Oct. 15-16
Updated 11 sec ago
Arab News Pakistan

ISLAMABAD: Pakistani authorities are seeking to curb the movements of Chinese citizens during the Shanghai Cooperation Organization meeting next week because of a security risk from militant groups targeting them, according to three security officials and an internal security note.
The decision came after two Chinese engineers were killed in a bombing near Pakistan’s Karachi international airport on Sunday. The suicide bombing was claimed by separatist militant group, the Baloch Liberation Army (BLA). 
The meeting of the SCO, which comprises nine full members, including China, India, Iran and Russia, is scheduled for Oct. 15 and 16 in Islamabad. Chinese Premier Li Qiang is expected to arrive in the city prior to the meeting.
“Orders have been received from concerned authority that Chinese move of all types including intra-city/ inter-city/ airport etc to be ceased from 14 to 17 Oct 24 in connection with SCO summit and various delegations visit,” the security alert, shared with several Pakistani security agencies and seen by Reuters, said.
Three top security officials who received the alert said it had also been conveyed to Chinese authorities.
“All concerned to make sure that Chinese are conveyed it in advance so that important moves are adjusted before that. No violations will be accepted during this period,” the alert said.
The Chinese embassy in Islamabad and Pakistan’s interior ministry did not respond to a Reuters request for comment.
The bombing was the latest in a string of attacks against Chinese nationals in Pakistan over the last four years, including a March suicide bombing that killed five Chinese engineers working on a hydropower project.
Beijing has called on Islamabad publicly to implement more stringent security measures.
BLA, the biggest of several ethnic insurgent groups that has fought the federal government for decades, targets Chinese interests — including the strategic port of Gwadar on the Arabian Sea — as it accuses Beijing of helping Islamabad exploit local resources. It has previously killed Chinese citizens and attacked China’s consulate in Karachi.
The port development is part of Beijing’s $65 billion investment in road, rail and infrastructure building under President Xi’s Belt and Road Initiative (BRI).
The security officials said senior staff responsible for Chinese security in Karachi had been removed from service following the latest attack, which took place in a highly secure area. 
Pakistan’s interior ministry is primarily responsible for the security of Chinese nationals and their interests.
“Let’s wait two, three days, things will be clear,” Interior Minister Mohsin Naqvi told a press conference in Islamabad when asked about the security lapse.
Separately, as part of SCO summit security arrangements, a foreign office letter requested diplomats and UN personnel residing in Islamabad to restrict their movements and remain confined to the Diplomatic Enclave and Red Zone areas during the conference days. 
The Diplomatic Enclave houses foreign embassies and residents of diplomats working in Pakistan and is located inside the Red Zone, home to important government buildings like the Prime Minister House, President House, National Assembly and the Supreme Court.
“In this regard, it is advised that all diplomats may consider limiting their movements during this period [Oct. 15-16], both within and outside the city,” the ministry of foreign affairs said in a notification this week. “It is further advised that activities be confined primarily to the diplomatic enclave and Red Zone areas.”
The notice said the Pakistani government had put in place “heightened” security measures for the safety of incoming dignitaries and delegates to ensure the summit’s success, urging diplomatic missions to follow daily traffic updates.
“The Ministry appreciates the understanding and cooperation of all diplomatic missions ... and looks forward to their support in ensuring the success of this [SCO] event,” it added. 
With inputs from Reuters

Topics: Pakistan foreign office Shanghai Cooperation Organisation (SCO)

Head of Pakistan’s Punjab calls for diplomacy with India to tackle smog

Head of Pakistan’s Punjab calls for diplomacy with India to tackle smog
Updated 3 min 11 sec ago
Reuters
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Head of Pakistan’s Punjab calls for diplomacy with India to tackle smog

Head of Pakistan’s Punjab calls for diplomacy with India to tackle smog
  • Pakistani city of Lahore, India’s capital Delhi are among most polluted cities in the world
  • Rising air pollution can cut life expectancy by more than five years per person in South Asia
Updated 3 min 11 sec ago
Reuters

ISLAMABAD: The chief minister of Pakistan’s most populous province called for “climate diplomacy” with neighbor and arch-rival India to combat smog ahead of the winter months, which are accompanied by dangerous levels of pollution in both nations.
“We should talk to them, this is called climate diplomacy. We should do it with India,” said Chief Minister Maryam Nawaz Sharif, adding the two nations needed to coordinate actions to temper toxic smog, which winds carry across the border.
Relations between India and Pakistan have gone through periods of thaw but have been largely frozen since they downgraded diplomatic ties in tit-for-tat moves in 2019.
When cooler temperatures take hold, pollution spirals. The Pakistani city of Lahore and India’s capital Delhi are among the most polluted cities in the world.
Air quality deteriorates in cooler months, as temperature inversion traps pollution closer to the ground, packing hospital wards with patients with respiratory problems.
Rising air pollution can cut life expectancy by more than five years per person in South Asia, one of the world’s most polluted regions, according to a report published last year which flagged the growing burden of hazardous air on health.
India’s foreign minister will visit Pakistan next week to attend the Shanghai Cooperation Organization summit, the first such visit in nearly a decade. However India’s government has ruled out discussions of bilateral relations during the visit.

Topics: Pakistan Smog

Riyadh says will give share of $200 billion annual construction contracts to Pakistan

Riyadh says will give share of $200 billion annual construction contracts to Pakistan
Updated 10 October 2024
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Riyadh says will give share of $200 billion annual construction contracts to Pakistan

Riyadh says will give share of $200 billion annual construction contracts to Pakistan
  • Investment minister Al-Falih expected finalize $2 billion business proposals while in Pakistan
  • Saudi crown prince this year pledged to expedite $5 billion investment package for Pakistan
Updated 10 October 2024
Falak Mahmood Khan & SAIMA SHABBIR

ISLAMABAD: Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih said on Thursday the Kingdom wanted to give a large share of $200 billion in annual construction and material procurement contracts to Pakistan. 
Al-Falih was addressing a joint business forum in Islamabad, which is hoping to finalize at least $2 billion in investment proposals during the Saudi dignitary’s three-day visit. 
Saudi Arabia is set to become the world’s largest construction market as the Kingdom pours vast amounts of money into projects aimed at overhauling and diversifying the economy. The country’s total construction output value is forecast to reach $181.5 billion by the end of 2028, up almost 30 percent from 2023 levels, according to a 2024 report by global property consultancy Knight Frank.
“Saudi Arabia is the largest construction site in the world and we will in the next few years be awarding construction and material procurement contracts reaching about $1.8 trillion,” Al Falih said as he addressed the Pak-Saudi Business Forum 2024. 
“Last year, the value of construction and EPC [engineering, procurement, and construction] procurement, including materials, was $150 billion, this year that’s $180 billion and it will be about $200 billion annually of contract and material procurement awards year after year.
“Fortunately for our partners here in Pakistan, a lot of the input into those contracts is going to be imported and we want it to be imported from Pakistan. All things being equal, in fact, we will compromise a little bit to make it come from Pakistan.”
Al-Falih’s visit to Islamabad comes as Pakistan seeks closer cooperation in trade, infrastructure, energy and other sectors with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.
Pakistan and Saudi Arabia in particular have been working closely in recent months to increase bilateral trade and investment, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment this year to expedite a $5 billion investment package for the South Asian country.
Earlier on Thursday, the Pakistani president’s office said 25 agreements would be signed during Al-Falih’s visit. 
“These agreements will usher in a new era of bilateral economic cooperation,” a statement from President Asif Ali Zardari’s office said, adding that Saudi Arabia was planning to invest in Pakistan’s construction, infrastructure, mining, agriculture and information technology sectors. 
“The Saudi minister will have a busy schedule in Pakistan of meetings with representatives of private companies and top government officials of KSA while bilateral trade and investment between Pakistan and Saudi Arabia, mutual agreements and important Memorandums of Understanding will also be signed,” the Pakistani Prime Minister’s Office said in a statement after the Saudi delegation’s arrival on Wednesday night.
“Private companies of Pakistan are fully ready for investment and bilateral business from Saudi Arabia,” the PMO said, quoting Pakistani Privatization and Investment Minister Abdul Aleem Khan. 
During his visit, Al-Falih will meet top Pakistani leaders and also interact with the country’s business community. He comes with a delegation of over 130 members. 
“The delegation comprises representatives from various sectors, including energy, mining, minerals, agriculture, business, tourism, industry, and manpower,” Radio Pakistan reported. 
Last month, the International Monetary Fund’s board approved a long-awaited $7 billion bailout deal for Pakistan’s struggling economy. The IMF said the new program will require “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from Pakistan’s development and bilateral partners.”

Topics: Pakistan Saudi Ties Saudi investment in Pakistan Saudi Investment Minister Khalid Al-Falih

World Bank raises South Asia growth forecast to 6.4% on India demand, quicker recoveries in Pakistan

World Bank raises South Asia growth forecast to 6.4% on India demand, quicker recoveries in Pakistan
Updated 10 October 2024
Reuters
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World Bank raises South Asia growth forecast to 6.4% on India demand, quicker recoveries in Pakistan

World Bank raises South Asia growth forecast to 6.4% on India demand, quicker recoveries in Pakistan
  • The upward revision confirms South Asia as the fastest growing emerging economy region monitored by the World Bank
  • Bank projected Pakistan’s economy would grow by 2.8% in current fiscal year on recovery in manufacturing, easing monetary policy
Updated 10 October 2024
Reuters

NEW DELHI/LONDON: The World Bank raised its growth forecast for South Asia to 6.4 percent in 2024 from an earlier estimate of 6.0 percent, citing the strength of domestic demand in India and quicker recoveries in crisis-hit countries such as Sri Lanka and Pakistan.
India’s economic growth forecast for the current fiscal year, ending in March 2025, was revised to 7 percent year-on-year, up from April’s estimate of 6.6 percent, helped by a rebound in agricultural output and increased private consumption.
“You have an emerging class of consumers in India that’s driving the economy forward, you have recoveries from crises in Sri Lanka and in Pakistan, you also have a tourism-led recovery in Nepal and Bhutan,” Martin Raiser, World Bank Vice President for South Asia, told Reuters.
The upward revision confirms South Asia as the fastest growing emerging economy region monitored by the World Bank. The Washington-based lender projects South Asia will see robust 6.2 percent growth annually for the following two years.
Raiser said there was “significant upside potential” to growth with greater integration of South Asian countries into the global economy, but countries needed to stick with economic reform programs to sustain momentum.
On Wednesday, India’s central bank maintained its GDP growth forecast at 7.2 percent for the current fiscal year and shifted its policy stance to neutral.
The World Bank projected Pakistan’s economy would grow by 2.8 percent in the current fiscal year, which started in July, an increase from the previous estimate of 2.3 percent, aided by a recovery in manufacturing and easing monetary policy.
Sri Lanka, which is clawing its way out of a sovereign debt default and its worst economic crisis in decades, saw the biggest upward revision, with growth expected to come in at 4.4 percent this year and 3.5 percent in 2025.
Nepal’s growth forecast was raised to 5.1 percent from 4.6 percent for the 2024/25 fiscal year beginning mid-July, and Bhutan’s to 7.2 percent from 5.7 percent.
But Bangladesh’s growth forecast was downgraded to 4.0 percent from 5.7 percent for the fiscal year 2024/25, spanning from July to June, reflecting a slowdown in garment exports amid recent social unrest.
The World Bank recommended the region should boost women’s labor force participation — currently the lowest globally at 32 percent. Raising employment among women to levels comparable to those among men could raise output by as much as one-half in the long term, the report said.
“Bringing more women into the labor force could add significantly to the production potential,” said Raiser.

Suspected militants shoot police in vehicle in northwest Pakistan, killing 2 officers

Suspected militants shoot police in vehicle in northwest Pakistan, killing 2 officers
Updated 10 October 2024
AP
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Suspected militants shoot police in vehicle in northwest Pakistan, killing 2 officers

Suspected militants shoot police in vehicle in northwest Pakistan, killing 2 officers
  • Attack happened in Tank, a city in Khyber Pakhtunkhwa province bordering Afghanistan
  • No group has claimed responsibility, but suspicion is likely to fall on Tehreek-e-Taliban Pakistan
Updated 10 October 2024
AP

PESHAWAR: Suspected militants riding on a motorcycle opened fire on a vehicle carrying police officers Thursday in a former stronghold of the Pakistani Taliban, killing two of them and wounding two others, police said.
The attack happened in Tank, a city in Khyber Pakhtunkhwa province bordering Afghanistan, local police official Sher Afzal said.
No group has claimed responsibility, but suspicion is likely to fall on the Pakistani Taliban, known as the Tehreek-e-Taliban Pakistan or TTP, who often target security forces.
The TTP are outlawed in Pakistan. They are separate from but a close ally of the Afghan Taliban who control neighboring Afghanistan.
The latest violence came a day after at least three people were killed in clashes in the northwestern town of Jamrud between police and supporters of a banned right group Pashtun Protection Movement or PTM, which authorities say supports TTP.
The government has also barred PTM from holding rallies in the northwest, allegedly because the demonstrations are against the interests of Pakistan. PTM denies backing the Pakistani Taliban, and tension was growing Thursday after the group vowed to resist the ban on their rallies.

Topics: Pakistan Army

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