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Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan

Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan
Saudi Arabia’s Investment Minister Khalid bin Abdulaziz Al-Falih speaks during the inauguration of Pak-Saudi Business Forum 2024 in Islamabad on October 10, 2024. (Photo courtesy: Urdu News)
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Updated 11 October 2024
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Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan

Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan
  • Pakistan and Saudi businesses signed over $2 billion in agreements and memorandums of understanding this week
  • The deals have been signed during a visit to Islamabad by Saudi Investment Minister Khalid bin Abdulaziz Al-Falih
Updated 11 October 2024
KASHIF IMRAN
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ISLAMABAD: Saudi Investment Minister Khalid bin Abdulaziz Al-Falih said on Friday Riyadh and Islamabad needed to enable private sector investments within existing government-to-government mechanisms like the Saudi-Pakistan Supreme Coordination Council (SPSCC) and Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector. 
Islamabad and Riyadh signed an agreement to establish the SPSCC in 2021 to institutionalize and fast-track decision-making and implementation on political, security, economic and cultural areas of collaboration. The body aims to streamline bilateral cooperation between the two countries, particularly to remove hurdles in investment deals. Separately, Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector was created in 2022 to work to upgrade the construction sector and tackle project delays and hurdles. 
On Thursday, Pakistani Prime Minister Shehbaz Sharif and Al-Falih, who is on a three-day visit to Islamabad, oversaw the signing of over $2 billion in agreements and memorandums of understanding (MoUs) between Saudi and Pakistani businesses.
In comments televised on Pakistan’s state APP news agency on Friday, Al-Falih said Pakistan and Saudi Arabia needed to activate work under existing G2G frameworks such as the Permanent Coordination Committee, which is being led by Mohammad Bin Mazyad Al-Tuwaijri, a Saudi politician and minister-ranked adviser at the Royal Court, with Petroleum Minister Dr. Musadik Malik as his Pakistani counterpart. 
“And he [Al-Tuwaijri] has elected to place the Pakistan portfolio within the Royal Court team because he wants to personally have his finger on the pulse of how we are managing [Pakistani investments],” Al-Falih said.
“Within the scope of the G2G, his excellency Al-Tuwaijri and his team have asked MISA [Ministry of Investment for Saudi Arabia] to take the lead on everything about investment, everything about channeling private sector funding, everything about risk mitigation, everything about investment protection, everything about privatization, everything about funding.
“Ultimately what we need to do is enable the private sector.”
The Saudi minister is in Pakistan with a delegation of over 130 businesspeople representing various sectors, including energy, mining, agriculture, tourism, construction, IT and industry. The visit comes as Islamabad seeks closer economic cooperation 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.

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

Ex-FM criticizes ‘foreign interference’ in Pakistani politics, vows to defend nuclear program

Ex-FM criticizes ‘foreign interference’ in Pakistani politics, vows to defend nuclear program
Updated 5 sec ago
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Ex-FM criticizes ‘foreign interference’ in Pakistani politics, vows to defend nuclear program

Ex-FM criticizes ‘foreign interference’ in Pakistani politics, vows to defend nuclear program
  • Bhutto-Zardari’s statement comes days after the US imposed sanctions on entities related to nuclear-armed Pakistan’s missile program
  • It also follows Trump nominee Richard Grenell’s call for the US administration to push for ex-PM Imran Khan’s release from Pakistan jail
Updated 5 sec ago
KASHIF IMRAN

ISLAMABAD: Former Pakistani foreign minister Bilawal Bhutto-Zardari on Friday criticized “foreign interference” in Pakistan’s politics, saying that its real target was the South Asian country’s nuclear program.
Bhutto-Zardari’s statement came days after US President-elect Donald Trump’s special envoy nominee Richard Grenell urged the President Joe Biden administration to use its last days in power to push for former prime minister Imran Khan’s release from prison so he could run for office in Pakistan.
Grenell has been in the news in Pakistan in recent weeks over social media posts calling for the release of Khan from prison. His comments came more than a week after the US State Department imposed sanctions on four entities related to nuclear-armed Pakistan’s long-range ballistic-missile program, including on the state-owned defense agency that oversees the program.
Speaking at a Pakistan Peoples Party rally in Larkana, Bhutto-Zardari said Pakistan was currently facing internal issues, economic crisis and a surge in militancy as well as several difficulties on the external front, which required unity of all political stakeholders.
“No one is worried about Pakistan’s democracy, human rights or about a prisoner in Pakistan,” he said, without naming anyone.
“Imran [Khan] is only an excuse, but the target is Pakistan’s atomic program.”
Bhutto-Zardari said Pakistan’s opponents were looking at the country’s nuclear capability with an “evil eye.”
“They wish that no Muslim country should have such [nuclear] power and they are trying to deprive you of this power some way or the other,” he said.
“As long as the Pakistan Peoples Party is there, we will not let anyone make a compromise on our atomic power.”
Speaking to reporters on Thursday, Pakistan’s Foreign Office Spokesperson Mumtaz Zahra Baloch declined to comment on Grenell’s statement, while Pakistan’s Defense Minister Khawaja Asif this week alleged that Western voices backed by Israel were demanding Khan’s release from prison as part of an “anti-Pakistan campaign.”
Pakistan has been gripped by political unrest and uncertainty since Khan’s ouster from power through a parliamentary no-confidence vote in April 2022. He blames his removal from the PM’s office on his political rivals led by PM Shehbaz Sharif and the all-powerful military. Both reject the charge.
Khan has been in jail since August last year on a slew of cases he says are politically motivated to keep him away from power.

Pakistan’s cabinet approves policy guidelines for trade in carbon market

Pakistan’s cabinet approves policy guidelines for trade in carbon market
Updated 28 December 2024
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Pakistan’s cabinet approves policy guidelines for trade in carbon market

Pakistan’s cabinet approves policy guidelines for trade in carbon market
  • The new guidelines will establish regulatory framework for governing both voluntary and compliance carbon market activities
  • These markets are carbon pricing mechanisms that enable governments, non-state actors to trade greenhouse gas emission credits
Updated 28 December 2024
KASHIF IMRAN

ISLAMABAD: Pakistan’s federal cabinet on Friday approved policy guidelines for trade in carbon markets that help channel financial resources to reduce carbon emissions and mitigate their contribution to climate change.
Carbon markets are carbon pricing mechanisms enabling governments and non-state actors to trade greenhouse gas emission credits. There are two types of carbon markets: compliance and voluntary. In compliance markets such as national or regional emissions trading schemes, participants act in response to an obligation established by a regulatory body.
In voluntary carbon markets, participants are under no formal obligation to achieve a specific target. Instead, non-state actors such as companies, cities or regions seek to voluntarily offset their emissions, for example, to achieve mitigation targets such as climate neutral, net zero emissions.
The new guidelines aim to establish a clear regulatory framework for governing both voluntary and compliance carbon market activities in Pakistan, following international requirements and good practices.
“The federal cabinet approved policy guidelines for trading in the carbon market on the recommendation of the Ministry of Climate Change and Climate Coordination,” Prime Minister Shehbaz Sharif’s office said in a statement after the meeting.
Pakistan’s Ministry of Climate Change marked Nov. 16 as the Pakistan Pavillion’s “Carbon Market Day” and organized a high-level event on carbon markets at the UN COP29 climate summit to cement Pakistan’s commitment to participation in the new global carbon market.
Nearly 200 governments agreed on the framework that sets up a centralized global mechanism with clear rules and procedures for countries and companies involved in carbon credit transactions.
Pakistan’s policy guidelines aim to foster investments in energy, agriculture and forestry sectors, according to state media. Through these carbon markets, businesses will be encouraged to adopt eco-friendly technologies and reduce greenhouse gas emissions.
Under Article 6 of the Paris Agreement Crediting Mechanism (PACM), developing countries can host emissions reduction and removal projects and trade the resulting carbon credits internationally as a means to generate new revenue streams and unlock investment in ambitious climate action.
Pakistan’s “Carbon Market Policy Guidelines” outline a cohesive strategy and authorization criteria, which prioritizes investment in resilience and climate change adaptation, and works closely with provincial governments, the UN Environment Program says on its website.
“While these guidelines offer cultural and geographical nuance for each province’s differential needs, they set stringent quality control criteria, thus ensuring high-quality project development with substantial co-benefits. Finally, countries will experience a competitive and cost-efficient framework that emphasizes fairness in benefit distribution,” the document says.
A number of project opportunities have already been identified on the basis of which the government of Pakistan intends to initiate dialogues on Article 6 collaboration, according to the UN.

Topics: federal cabinet Pakistan Prime Minister Shehbaz Sharif Carbon market

Bosch, Jansen put South Africa on top against Pakistan

Bosch, Jansen put South Africa on top against Pakistan
Updated 19 min 18 sec ago
AFP
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Bosch, Jansen put South Africa on top against Pakistan

Bosch, Jansen put South Africa on top against Pakistan
  • Bosch, batting at number nine, enabled South Africa to take a 90-run first innings lead
  • Bowlers made it count by taking three wickets before Pakistan could wipe out the deficit
Updated 19 min 18 sec ago
AFP

CENTURION: Debutant Corbin Bosch hit 81 not out and left-arm fast bowler Marco Jansen claimed two late wickets as South Africa took control on the second day of the first Test against Pakistan at SuperSport Park on Friday.
Bosch, batting at number nine, enabled South Africa to take a 90-run first innings lead — and the bowlers made it count by taking three wickets before Pakistan could wipe out the deficit.
Pakistan finished the day on 88 for three — still two runs behind.

Pakistan’s Babar Azam plays a side shot during day two of the Test cricket match between South Africa and Pakistan, at the Centurion Park in Centurion, South Africa, on December 27, 2024. (AP)

South Africa would qualify for next year’s World Test Championship final for the first time with a victory in either match of this two-Test series.
The contest was evenly poised when opening batsman Aiden Markram was eighth man out for 89 with South Africa on 213 for eight — just two runs ahead of Pakistan’s first innings total of 211.
Four South African wickets had fallen for 35 runs either side of lunch, with Naseem Shah taking three in a fiery spell, and it seemed probable the sides would start the second innings almost on level terms.

Pakistan’s Naseem Shah bowls during day two of the Test cricket match between South Africa and Pakistan, at the Centurion Park in Centurion, South Africa, on December 27, 2024. (AP)

But Bosch, who has a first-class batting average above 40, batted with freedom and a wide variety of strokes as he shared stands of 41 with Kagiso Rabada (13) and 47 with Dane Paterson (12) to turn a narrow lead into a substantial one.

Bosch hit 15 fours in a 93-ball innings.
“It was a huge momentum shift and it was probably worth more than a hundred,” said Markram, who captained Bosch and Rabada when South Africa won the Under-19 World Cup in Dubai in 2014.

It was the continuation of a remarkable debut for Bosch, 30, who took four for 63 in the first innings and was clocked at 147kmh, the fastest of any bowler in the match.
Bosch, whose Test cricketer father Tertius died when Corbin was five years old, was low on the list of potential Test fast bowlers at the start of the season.
But a lengthy list of injuries to bigger-name players, as well as good recent form, opened the door for him.
“He’s a really talented guy and in the last few years he’s really put his head down and worked to get his opportunity,” said Markram.
Bosch shared the new ball with Kagiso Rabada at the start of Pakistan’s second innings but did not take a wicket and left the field at the end of a three-over stint.
Saim Ayub and Shan Masood, who both made 28, put on 49 for the first wicket before Rabada bowled Ayub.

South Africa’s Marco Jansen (second right) celebrates with his teammates after taking the wicket of Pakistan’s Shan Masood during day two of the Test cricket match between South Africa and Pakistan, at the Centurion Park in Centurion, South Africa, on December 27, 2024. (AP)

Jansen followed up by having Masood caught at third slip and first innings top-scorer Kamran Ghulam caught at gully for eight before bad light stopped play.
Markram said it was a typical Centurion pitch, providing assistance for the fast bowlers.

“While I was batting it did feel that at any time the ball could nip past your edge,” he said.
Markram cautioned South Africa would need to bowl well to press home their advantage on Saturday.
“If you’re not going to land the ball in the right areas it’s still going to be nice to bat on,” he said.

Topics: Pakistan vs South Africa Pakistan cricket

Pakistan’s deputy PM praises late Manmohan Singh for fostering regional peace

Pakistan’s deputy PM praises late Manmohan Singh for fostering regional peace
Updated 28 December 2024
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Pakistan’s deputy PM praises late Manmohan Singh for fostering regional peace

Pakistan’s deputy PM praises late Manmohan Singh for fostering regional peace
  • Ishaq Dar says former Indian premier relied on dialogue and believed in collective progress
  • Deputy PM’s statement comes at a time of strained diplomatic ties between India and Pakistan
Updated 28 December 2024
Arab News Pakistan

ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar on Friday expressed grief over the death of former Indian Prime Minister Manmohan Singh, praising his leadership for prioritizing dialogue and mutual understanding to address regional issues, which improved ties between the two nuclear-armed rivals.
Singh, an economist and the first Sikh to serve as India’s premier, passed away on Thursday at the age of 92. Born in Gah, a village in what is now Pakistan’s Chakwal district, Singh’s family migrated to India following the partition in 1947.
He studied at Oxford and Cambridge, earning recognition as a scholar before spearheading economic reforms that lifted India out of a financial crisis in the early 1990s.
“His approach to regional issues reflected his belief that mutual understanding, dialogue, and cooperation were essential for collective progress,” Dar said in a social media post on X, formerly Twitter. “He played a notable role in improving Pakistan-India bilateral relations during his tenure as Prime Minister.”


He added “the people and the Government of Pakistan extend their heartfelt condolences to Dr. Manmohan Singh’s family, and to the people and the Government of India.”
The deputy prime minister’s statement comes at a time of strained diplomatic ties between India and Pakistan, with both countries having downgraded their bilateral relations in 2019 following India’s revocation of Jammu and Kashmir’s special constitutional status.
Regular border skirmishes and accusations of cross-border militancy have further exacerbated tensions.
Singh is widely regarded as a key architect of India’s economic liberalization, credited with steering the country through a severe balance-of-payments crisis in 1991 as finance minister.
His tenure as prime minister was characterized by steady economic growth and efforts to improve relations with neighbors, though his critics cite challenges in domestic and foreign policy toward the end of his term.

Topics: Manmohan Singh Foreign minister Ishaq Dar Pakistan India Ties

Pakistan installs first smog cleaning tower in Lahore for field testing

Pakistan installs first smog cleaning tower in Lahore for field testing
Updated 27 December 2024
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Pakistan installs first smog cleaning tower in Lahore for field testing

Pakistan installs first smog cleaning tower in Lahore for field testing
  • Lahore, Pakistan’s second-largest city, often ranks among the most polluted places in world
  • Smog towers are large-scale air purifiers that create localized zones of improved air quality
Updated 27 December 2024
Arab News Pakistan

ISLAMABAD: Pakistan has installed its first locally designed smog cleaning tower in Lahore, a city that frequently ranks among the most polluted in the world during the winter season, the Environmental Protection Agency of Punjab announced this week.
Smog towers are large-scale air purifiers designed to reduce pollution by filtering out fine particulate matter and other harmful pollutants. Using fans, the towers draw in polluted air, which passes through high-efficiency filters to capture PM2.5 and PM10 particles, which pose severe health risks. The cleaned air is then released back into the surrounding area, improving local air quality.
While smog towers offer potential short-term relief, their efficacy in addressing large-scale urban air pollution remains debated.
“Pakistan’s first locally designed Smog Cleaning Tower installed in Lahore,” the provincial environmental agency said in a social media post this week. “A 15-day field test will be conducted to assess its performance for further installations.”

 
The smog tower, located in Mehmood Booti, is capable of purifying 50,000 cubic meters of air per hour and is designed to reduce harmful PM2.5 particulate matter.
Lahore, Pakistan’s second-largest city, suffers from severe air pollution during the winter, largely due to the phenomenon of smog. A combination of vehicle emissions, industrial output and crop burning in Punjab contributes to hazardous levels of fine particulate matter, with the city often topping global rankings for poor air quality.
Residents endure weeks of poor visibility, health warnings and respiratory illnesses as the Air Quality Index (AQI) frequently exceeds 300, categorized as “hazardous” by international standards. This year, the AQI reached unprecedented levels in several cities of Punjab, rising well over 1,000.
Smog towers can create localized zones of improved air quality, especially in high-density urban areas. However, they are expensive to build and maintain, with limited coverage areas.

Topics: Smog Clean Tower Pakistan Smog Lahore Smog

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