You are here

  • Home
  • Pakistan’s finance chief discusses trade, investment with Saudi counterpart in Washington

Pakistan’s finance chief discusses trade, investment with Saudi counterpart in Washington

Pakistan’s finance chief discusses trade, investment with Saudi counterpart in Washington
Pakistan’s Finance Minister Muhammad Aurangzeb (fifth from left) meets his Saudi counterpart, Mohammed Al-Jadaan (fourth from right) on the sidelines of World Bank-IMF Annual Meetings in the United States on October 23, 2024. (@Financegovpk/X)
Short Url

https://arab.news/baab5

Updated 23 October 2024
Follow

Pakistan’s finance chief discusses trade, investment with Saudi counterpart in Washington

Pakistan’s finance chief discusses trade, investment with Saudi counterpart in Washington
  • Saudi minister shares kingdom’s energy sector reform experience with Muhammad Aurangzeb
  • The officials from both countries agreed to advance cooperation in areas of mutual interest
Updated 23 October 2024
Arab News Pakistan
Follow

ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Tuesday discussed trade and investment with his Saudi counterpart, Mohammed Aljadaan, during a meeting in the United States, according to an official statement.
The Pakistani minister is currently in Washington, DC, attending the annual meetings of the World Bank and the International Monetary Fund (IMF), where other global finance leaders have also gathered.
Last month, the IMF approved a fresh $7 billion bailout package for Pakistan after recognizing the government’s efforts to implement stringent economic reforms, saying they had contributed to gradual financial stability.
Saudi Arabia, along with other friendly nations such as China and the United Arab Emirates, played a key role in helping Pakistan secure the new IMF loan, which the Islamabad administration deemed essential for further macroeconomic stability.
“Finance Minister, Mr. Muhammad Aurangzeb, met with his Saudi counterpart, H.E. Mohammed Aljadaan, on the sidelines of the World Bank-IMF Annual Meetings in Washington DC,” the Finance Division announced. “Appreciating the historical, fraternal bonds between Pakistan and the Kingdom of Saudi Arabia, the two Ministers resolved to further deepen mutually beneficial economic ties, enhance bilateral trade, and facilitate investments in key sectors.”
“The Saudi Minister also shared his experience of reforms in the energy sector,” the statement continued. “Both sides agreed to advance cooperation in areas of mutual interest.”
Pakistan has actively sought to attract foreign investment while aiming to boost trade with its allies.
In 2023, the government established the Special Investment Facilitation Council (SIFC), a civil-military hybrid body designed to streamline and facilitate foreign business operations, particularly targeting investment from Gulf states.
Alongside these efforts, Pakistan has expressed interest in exporting a larger pool of human resources to the region, enhancing its workforce contribution to the Gulf economies.
Additionally, the country is keen on developing partnerships across various economic sectors, including infrastructure, energy, mining and agriculture, to promote sustainable growth and economic cooperation with its allies.

Topics: Pakistan Saudi Ties

Foreign Office says will repatriate Pakistanis stranded in Syria once Damascus airport reopens

Foreign Office says will repatriate Pakistanis stranded in Syria once Damascus airport reopens
Updated 34 sec ago
Follow

Foreign Office says will repatriate Pakistanis stranded in Syria once Damascus airport reopens

Foreign Office says will repatriate Pakistanis stranded in Syria once Damascus airport reopens
  • Pakistan’s embassy says more than 1,300 Pakistani expatriates and pilgrims are currently stranded in Syria
  • Pakistani pilgrims and expatriates have expressed fears for their safety and called for immediate repatriation
Updated 34 sec ago
SAIMA SHABBIR

ISLAMABAD: Pakistan’s Foreign Office said on Sunday that it would repatriate more than 1,300 Pakistanis stranded in Syria once the Damascus airport reopens, following the fall President Bashar Assad’s government.
Syria opposition forces raced into Damascus unopposed on Sunday, overthrowing President Assad and ending nearly six decades of his family’s iron-fisted rule after a lightning advance that reversed the course of a 13-year civil war.
In one of the most consequential turning points in the Middle East for generations, the fall of Assad’s government wiped out a bastion from which Iran and Russia exercised influence across the Arab world. Moscow gave him and his family asylum.
Pakistan’s Foreign Office said it was closely monitoring the evolving situation in Syria as shops and restaurants closed early in line with a curfew imposed by the Syrian opposition and people could be seen briskly walking home with stacks of bread.
“Pakistani nationals are safe in Syria and have been advised to exercise caution. The Embassy of Pakistan in Syria is open for support and advice,” the Foreign Office said on Sunday night.
“As of now Damascus Airport is closed. Our embassy remains in contact with stranded Pakistani nationals, including Zaireen [pilgrims]. It will facilitate their return once the airport opens.”
Pakistan’s embassy in Syria said it was focusing on accommodating Pakistani nationals at a school run by it so that they could have a secure place to stay while it arranges flights for their repatriation to Pakistan.
Muhammad Nafees, an official at the Pakistani embassy in Damascus, told Arab News that Syria’s airports and borders with Jordan and Oman were currently closed, posing a “major challenge” to the repatriation effort.
The official said there were around 1,200 Pakistanis expatriates living in Syria, while around 140 Pakistani pilgrims were stranded in the Sayyidah Zaynab city near Damascus.
“They were supposed to return from the pilgrimage by December 10, but are unable to proceed due to the suspension of flight operations and non-functional airports,” he added.
Separately, Pakistan’s deputy prime minister and foreign minister, Ishaq Dar, held a telephonic conversation with Turkish Foreign Minister Hakan Fidan on the unfolding situation in Syria.
“They also discussed possible cooperation between the two countries for the safety of the Pakistan nationals,” the Pakistani foreign ministry said.
Speaking to Arab News on Sunday, Pakistani pilgrims and expatriates in Syria expressed fears for their safety and called for expediting efforts to repatriate them.
Abeel Hassan, a pilgrim from Pakistan’s Parachinar, said although the situation was calm so far, the pilgrims were worried about their safety.
“Our group consists of 14 people, including women, and we have limited finances and cannot afford an extended stay at the hotel,” he said.
Ilyas Naqvi, a Pakistani expatriate from Islamabad who has been living and working in Sayyidah Zaynab along with his wife and two sons since 2000, wished for immediate repatriation.
“We request that our embassy and the Government of Pakistan act swiftly to evacuate us from Syria as soon as possible as many of us have small children,” he told Arab News, adding that there were around 200 Pakistanis, including women and children, living in Sayyidah Zaynab.
“Although the new forces have not yet threatened the people, everyone is very scared.”

Topics: Syria Damascus airport Arab News Pakistan

Chinese firm to establish textile parks in Pakistan to boost trade, technology transfer — Islamabad’s envoy

Chinese firm to establish textile parks in Pakistan to boost trade, technology transfer — Islamabad’s envoy
Updated 08 December 2024
Follow

Chinese firm to establish textile parks in Pakistan to boost trade, technology transfer — Islamabad’s envoy

Chinese firm to establish textile parks in Pakistan to boost trade, technology transfer — Islamabad’s envoy
  • The textile parks would be set up by Ruyi Shandong Group, which has expanded globally over the past decade through acquisitions, investments
  • It will establish international-standard textile parks in Sindh, Punjab to help generate up to $5 billion in textile exports from Pakistan
Updated 08 December 2024
Arab News Pakistan

ISLAMABAD: The China National Textile and Apparel Council (CNTAC) and Pakistan’s Board of Investment have signed a memorandum of understanding (MoU) for the establishment of textile parks in Pakistan by Chinese firm Ruyi Shandong Group, Pakistani state media reported on Sunday, citing Islamabad’s envoy to Beijing.
The CNTAC is China’s national textile association and an integrated non-profit legal entity that acts as a self-disciplined intermediary for the industry. The understanding between the two sides was reached at the China Textile Conference held in Shaoxing this week.
Focusing on innovation environment, materials, artificial intelligence and production processes, the participants at the conference discussed leading trends in industry innovation, aiming to promote transformation and optimization of the global textile supply chain.
“The textile sector is the backbone of Pakistan’s economy and major contributor to its exports,” Pakistan’s Ambassador to China Khalil Hashmi was quoted as saying by the Radio Pakistan broadcaster.
“These textile parks would enhance bilateral trade, foster technology transfer, and enhance capacity [of Pakistani textile industry].”
Beijing has invested over $65 billion in energy, infrastructure and other projects under the China-Pakistan Economic Corridor (CPEC), a part of China’s Belt and Road Initiative, that aims to connect China to the Arabian Sea through a network of roads, railways, pipelines and ports in Pakistan and help Islamabad expand and modernize its economy.
The textile parks would be set up by Ruyi Shandong Group, one of China’s largest textile and clothing manufacturers, which has expanded globally over the past decade through acquisitions and investments, according to Pakistani officials.
The group has previously invested in a coal power plant in Pakistan under the CPEC and will establish international-standard textile parks in Sindh and Punjab provinces to help generate up to $5 billion in textile exports from Pakistan. The foundation stone of the parks is expected to be laid by the end of this year and they would employ up to 500,000 people.

Topics: Pakistan China Ties

Pakistan receives 72,000 applications for government Hajj scheme as Dec. 10 deadline approaches

Pakistan receives 72,000 applications for government Hajj scheme as Dec. 10 deadline approaches
Updated 08 December 2024
Follow

Pakistan receives 72,000 applications for government Hajj scheme as Dec. 10 deadline approaches

Pakistan receives 72,000 applications for government Hajj scheme as Dec. 10 deadline approaches
  • Saudi Arabia has allotted Pakistan a quota of 179,210 pilgrims for upcoming Hajj pilgrimage
  • Pakistan allowed intending pilgrims to pay Hajj fees in installments for the first time this year
Updated 08 December 2024
Hasaan Ali Khan

KARACHI: Pakistan has received 72,000 applications for this year’s Hajj pilgrimage under the government scheme, the religious affairs ministry said on Sunday, two days before the expiry of Dec. 10 deadline to submit applications.
Saudi Arabia has allotted Pakistan a total quota of 179,210 pilgrims for the upcoming Hajj pilgrimage, which would be divided equally between the government and private schemes. Around 15 Pakistani banks started receiving applications from intending pilgrims on Nov. 18
The government last week extended the Dec. 3 deadline to submit applications to Dec. 10 to receive applications for 21,000 seats still vacant. All applications received till Dec. 3 have been accepted, including the ones received through the sponsorship scheme.
“Two days are left to enter the government Hajj scheme,” the religious affairs ministry said in a statement. “Designated banks will continue receiving Hajj applications on Monday and Tuesday.”
Last year, Pakistan surrendered 21,000 Hajj seats to Saudi Arabia due to a shortage of applications, but this year the government is hopeful of achieving the required number of applications till December 10.
The religious affairs ministry last month announced the country’s Hajj 2025 policy, allowing pilgrims for the first time to pay Hajj fees in installments.
Under the government scheme, the first installment of Hajj dues, Rs200,000 ($717), must be deposited along with the Hajj application, while a second installment of Rs400,000 ($1,435) has to be deposited within ten days of the balloting. The remaining amount has to be deposited by Feb. 10 next year.
According to the religious affairs ministry, overseas Pakistanis can also sponsor their loved ones for the pilgrimage. The ministry has also launched the “Pak Hajj 2025” mobile application to guide and facilitate pilgrims. The app is available for both Android and iPhone users.
The Pakistani government has also announced a reduction in airfares for Hajj 2025, with a Rs14,000 ($50) drop in ticket prices. Pilgrims enrolled in the federal program will now pay Rs220,000 for airfare, down from last year’s Rs234,000.
National carrier Pakistan International Airlines (PIA), Saudi Airlines and other private airlines have agreed to the relief package, according to the Pakistani government.

Topics: Hajj 2025 Pakistan Hajj mission Hajj applications

Ex-PM Khan’s party announces jirga in Peshawar on Dec. 13 to discuss grievances

Ex-PM Khan’s party announces jirga in Peshawar on Dec. 13 to discuss grievances
Updated 08 December 2024
Follow

Ex-PM Khan’s party announces jirga in Peshawar on Dec. 13 to discuss grievances

Ex-PM Khan’s party announces jirga in Peshawar on Dec. 13 to discuss grievances
  • Khan’s party on Nov. 24 led thousands of supporters to Islamabad, seeking to pressure the government to release the ex-premier from jail
  • The protests resulted in clashes that government says killed four law enforcers, while the party says 12 supporters were killed in crackdown
Updated 08 December 2024
REHMAT MEHSUD

ISLAMABAD: Jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party will hold a jirga, or meeting of elders, in the northwestern Pakistani city of Peshawar on December 13 to discuss its grievances with the federal government, a senior PTI figure said on Sunday, following last month’s protests by Khan supporters in Islamabad that turned violent.
Khan’s party on Nov. 24 led thousands of supporters to Islamabad, seeking to pressure the government to release the ex-premier from jail and order an audit of Feb. 8 national election results. The protests resulted in clashes that Pakistan’s government says killed four law enforcers and injured hundreds of others.
The PTI has named 12 people and says it has evidence they lost their lives during the crackdown, however, several PTI members have given varied accounts of casualties during the protests. Pakistani authorities have denied the casualties, saying security personnel had not been carrying live ammunition during the protests.
The PTI has since been demanding a judicial probe into the crackdown in Islamabad on Nov 25 and during similar protests across the country on May 9 last year, which it says killed eight people. The party also demands the release of all arrested political workers.
Speaking at a press conference in Peshawar, PTI’s Omar Ayub said thousands of their supporters had been injured during the Islamabad protests, while more than 5,000 had since been arrested by the federal authorities.
“A jirga will be held in Peshawar on December 13,” Ayub told reporters. “We will contact all parties and pay a tribute to our martyrs.”
Khan’s PTI party has staged several protests this year to demand the release of the ex-premier, who has been in jail since August last year on a slew of charges, as well as to challenge results of the Feb. 8 national election, which it says were manipulated to keep the party from coming to power in the country. The Pakistani government and election authorities deny this.
Last week, Khan threatened to launch a civil disobedience movement and asked supporters to converge on Dec. 13 in Peshawar, the capital of the Khyber Pakhtunkhwa (KP) province which is ruled by his party.
Ayub said the ex-premier had formed a negotiation committee, comprising himself, KP Chief Minister Ali Amin Gandapur, Asad Qaiser and Hamid Raza. He, however, did not clarify who the committee would hold talks with.
“If our demands were not met, then we will head toward civil disobedience,” he added.

Topics: Pakistan Tehreek-e-Insaf (PTI) Former Pakistani Prime Minister Imran Khan Omar Ayub Khan PTI protests

Authorities set up tourist facilitation centers amid snowfall in Pakistani resort town of Murree

Authorities set up tourist facilitation centers amid snowfall in Pakistani resort town of Murree
Updated 08 December 2024
Follow

Authorities set up tourist facilitation centers amid snowfall in Pakistani resort town of Murree

Authorities set up tourist facilitation centers amid snowfall in Pakistani resort town of Murree
  • Official advises citizens to take precautionary measures and avoid unnecessary travel
  • In 2022, 22 people died in their vehicles trapped by heavy snowfall, snarl-ups in Murree
Updated 08 December 2024
KASHIF IMRAN

ISLAMABAD: Authorities have established 13 facilitation centers for tourists in the Pakistani hill station of Murree, the Punjab Provincial Disaster Management Authority (PDMA) said on Sunday, amid continuing rain and snowfall in the resort town.
The development comes after the National Disaster Management Authority (NDMA) urged authorities to take precautionary measures and advised travelers to exercise caution while traveling to hilly areas, with cold weather and smog expected to grip several parts of the country this week.
The Punjab PDMA said on Sunday that rain and snowfall were likely to continue in Murree over the next 24 hours, which could affect the flow of traffic on roads in and around the resort town.
“The [Murree] administration must remain alert and there should be no negligence,” Punjab PDMA Director-General Irfan Ali Kathia said in a statement.
“Snow should be cleared from roads through heavy machinery and the flow of traffic must be ensured.”
In Jan. 2022, 22 snow tourists died in their vehicles trapped by heavy snowfall and traffic snarl-ups in the resort town.
Kathia requested tourists to check the weather conditions before setting out on their journey and to exercise caution.
“Efforts are being made to ensure that no untoward incident occurs,” he added.

Topics: murree snowfall Murree district administration PDMA

Latest updates

Trump taps his attorney Alina Habba to serve as counselor to the president
Trump taps his attorney Alina Habba to serve as counselor to the president
Apple to launch online store in Saudi Arabia in 2025
Apple plans to expand the coed foundation offerings, with the next cohort scheduled for spring 2025. (REUTERS)
UN Security Council to meet Monday on Syria: diplomatic sources
A general view of a Security Council meeting at United Nations headquarters, Friday, Sep. 1, 2024. (AP)
Saudi Arabia, Azerbaijan discuss bolstering energy cooperation
Saudi Arabia, Azerbaijan discuss bolstering energy cooperation
How Syria rebels’ stars aligned for Assad’s ouster
How Syria rebels’ stars aligned for Assad’s ouster

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.