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Pakistani-American investors pledge $20 million for Pakistan’s IT sector at California conference

Pakistani-American investors pledge $20 million for Pakistan’s IT sector at California conference
Pakistani-American investors attend Pakistan-US Tech Investment Conference in California on November 11, 2024. (Photo courtesy: Pakistan Embassy US)
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Updated 12 November 2024
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Pakistani-American investors pledge $20 million for Pakistan’s IT sector at California conference

Pakistani-American investors pledge $20 million for Pakistan’s IT sector at California conference
  • Investment conference draws IT firms, venture capitalists and tech professionals from Pakistani diaspora
  • Pakistan’s IT exports face significant challenges from Internet connectivity issues due to firewall installations
Updated 12 November 2024
Arab News Pakistan
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ISLAMABAD: A recently held Pakistan-US Tech Investment Conference in California yielded initial commitments of over $20 million by US-based companies led by Pakistani American entrepreneurs, state-run Associated Press of Pakistan (APP) reported this week, describing the development as a “pivotal moment” for the country’s information technology sector.
The event was inaugurated by Pakistan’s Ambassador to the United States Rizwan Saeed Sheikh on Sunday and was organized by the Pakistani Consulate in Los Angeles. It was supported by Pakistan’s Ministry of IT & Telecom, Ministry of Commerce, Pakistan Software Export Board (PSEB) and the Trade Development Authority of Pakistan (TDAP).
The conference was held at Stanford University and drew a broad range of participants, including IT firms, venture capitalists, tech professionals and prominent members of the Pakistani diaspora, the APP reported. Government officials and journalists were also in attendance. 
“A Pakistan-US Tech Investment Conference, held in California, on Sunday, marked a pivotal moment for Pakistan’s IT sector with an initial commitment of over $20 million by American companies led by Pakistani-American entrepreneurs,” APP reported on Monday. 




Pakistan’s Ambassador to the United States Rizwan Saeed Sheikh speaks during Pakistan-US Tech Investment Conference in California on November 11, 2024. (Photo courtesy: Pakistan Embassy US)

Pakistan’s IT Minister Shaza Fatima Khawaja reiterated the government’s unwavering commitment to advancing the IT sector and achieving an ambitious $25 billion export target during her keynote address. She highlighted strategic initiatives fostering an investor-friendly environment, urging the Pakistani diaspora to seize these opportunities, the state-run media said. 
“Ms. Khawaja said Pakistan’s IT sector was thriving, with exports already exceeding $3 billion,” APP said. “She noted that the government remained fully committed to supporting the IT industry, fostering innovation, and ensuring that the momentum continues to fuel both technological and economic progress.”




Pakistan’s Ambassador to the United States Rizwan Saeed Sheikh (3L), sitting with Pakistan-American investors, speaks during a press briefing at the Pakistan-US Tech Investment Conference in California on November 11, 2024. (Photo courtesy: Pakistan Embassy US)

The conference featured projects in diverse areas including artificial intelligence, fintech, health tech, e-commerce and software development. These initiatives were aimed at generating employment, attracting foreign investment and seamlessly integrating Pakistan’s IT landscape into the global market.
Sheikh urged American businesses to explore Pakistan’s vibrant market and called on the Pakistani-American tech community to act as a bridge for deeper economic collaboration between the two countries. He also addressed common misconceptions, reaffirming Pakistan’s reputation as a flourishing investment destination which he said was also being recognized at the global level.
The PSEB delegation, led by its chief executive officer, included 11 Pakistani startups. A representative from the US State Department’s economic team for Pakistan also attended the event, reinforcing bilateral support from Washington, the state media said. 




Participants gesture for a group photo with Pakistan’s Ambassador to the United States Rizwan Saeed Sheikh during Pakistan-US Tech Investment Conference in California on November 11, 2024. (Photo courtesy: Pakistan Embassy US)

While Pakistan collaborates with countries such as Saudi Arabia and others in IT frequently, its IT exports face significant challenges due to Internet connectivity issues stemming from firewall installations to regulate content and social media platforms. This hinders local tech firms’ ability to communicate with international clients and results in delayed deliveries, loss of business opportunities and a tarnished reputation for Pakistan’s IT industry, ultimately stifling growth and costing millions of rupees in losses.

Topics: Pakistan US Ties Pakistan IT industry Pakistani investors

Pakistan’s second consignment of flood relief items for Malaysia arrives in Kuala Lumpur

Pakistan’s second consignment of flood relief items for Malaysia arrives in Kuala Lumpur
Updated 12 December 2024
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Pakistan’s second consignment of flood relief items for Malaysia arrives in Kuala Lumpur

Pakistan’s second consignment of flood relief items for Malaysia arrives in Kuala Lumpur
  • Pakistan dispatched 40 tons of essential items such as lifejackets, tents, blankets and sleeping bags
  • Torrential rains and floods in Malaysia and Thailand this month killed at least 30, displaced thousands
Updated 12 December 2024
Shahjahan Khurram

ISLAMABAD: Pakistan’s second consignment of humanitarian assistance for the flood-hit people of Malaysia arrived in Kuala Lumpur on Thursday, the National Disaster Management Authority (NDMA) said. 

Pakistan dispatched a consignment of 40 tons of relief items from Islamabad on Wednesday night for the flood-hit people of Malaysia. Torrential rains and floods killed over 30 in Malaysia and Thailand and displaced tens of thousands in the two countries this month. 

“Upon arrival, the consignment was received by representatives of the Pakistan Embassy in Malaysia and the Malaysian National Disaster Management Agency (NADMA),” the NDMA said. 

It said the consignment featured essential supplies such as tents, blankets, quilts, mats, sleeping bags and life jackets.

The anti-disaster authority said it remains steadfast in its commitment to providing humanitarian assistance to Malaysia’s flood affectees. 

Pakistan sent its first shipment of 40 tons of relief items to Malaysia on Dec. 8.

Pakistan is one of the worst affected countries due to climate change impact, suffering cataclysmic floods in 2022 that killed over 1,700 people and destroyed critical infrastructure inflicting losses worth Rs33 billion.

Topics: Pakistan Malaysia ties Flood in Malaysia

Polio officer in northwestern Pakistan reports threats to life for vaccinating children

Polio officer in northwestern Pakistan reports threats to life for vaccinating children
Updated 12 December 2024
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Polio officer in northwestern Pakistan reports threats to life for vaccinating children

Polio officer in northwestern Pakistan reports threats to life for vaccinating children
  • Mirzali Khan, a polio officer in Jamrud, says masked men threatened to shoot him if he continued vaccinating children
  • Pakistan has witnessed surge in polio cases and attacks on vaccinators in recent months by religiously motivated militants
Updated 12 December 2024
WASIM SAJJAD

PESHAWAR: A polio officer from Pakistan’s northwestern Jamrud town said on Thursday that unidentified armed men recently threatened to shoot him dead if he did not stop vaccinating children, amid a surge in polio infections and attacks on vaccinators in the country.

Religiously motivated militants, including the Tehreek-e-Taliban Pakistan, have frequently launched attacks on polio vaccination teams in Pakistan in the past. These groups accuse polio vaccination teams of using inoculation campaigns to sterilize Pakistani children based on a Western conspiracy.

Two policemen guarding a polio vaccination team were killed on Oct. 29 in the northwestern Orakzai district while in another attack, a polio worker and a police constable were killed when militants attacked a polio team in northwest Pakistan’s Bajaur district on Oct. 12.

“On Dec. 7, I was on the way in Gudar area when two masked men, one of whom was carrying a pistol, intercepted and told me what I was doing was improper and I should stop it,” Mirzali Khan, the operational officer in Jamrud for Pakistan’s anti-polio program, told Arab News over the phone.

Khan said the masked men threatened to shoot him if he “continued vaccinating children,” adding that he had immediately registered a police complaint at the nearby police station.

Khan said the incident had left him depressed, saying that he wanted safety and security for his family.

Jamrud Police Station’s Station House Officer (SHO) Shah Khalid confirmed that Khan had filed a complaint over the incident.

“The details were processed to the Counter-Terrorism Department (CTD) for further details to look into the matter,” Khalild told Arab News.

Ihtisham Ali, adviser to the Khyber Pakhtunkhwa chief minister on health, told Arab News several polio volunteers and police officials guarding them have been killed by militants during anti-polio campaigns in the past.

He said the government plays its role in ensuring the safety of polio volunteers and that their safety was the provincial government’s top priority. 

“We will tackle the case with concerned authorities after investigation,” Ali said.

Pakistan, along with neighboring Afghanistan, remains the last polio-endemic country in the world. It has so far reported 59 cases of the infection this year.

Pakistan’s efforts to contain polio have been hit hard with repeated militant attacks against vaccinators and law enforcers guarding them.

The masses’ doubts regarding polio campaigns were exacerbated in 2011 when the US Central Intelligence Agency set up a fake vaccination program to gather intelligence on former Al-Qaeda chief Osama bin Laden.

Topics: anti-polio program Attack on polio team Polio Campaign attacked polio campaign in Pakistan

Pakistan hosts Islamic Capital Markets Conference in push to make financial system Shariah-compliant

Pakistan hosts Islamic Capital Markets Conference in push to make financial system Shariah-compliant
Updated 12 December 2024
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Pakistan hosts Islamic Capital Markets Conference in push to make financial system Shariah-compliant

Pakistan hosts Islamic Capital Markets Conference in push to make financial system Shariah-compliant
  • Islamic Capital Markets promote Shariah-compliant securities and instruments as alternatives to conventional ones
  • Finance minister says 56 percent of market capitalization at the Pakistan Stock Exchange comprises Shariah-compliant securities
Updated 12 December 2024
SAIMA SHABBIR

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb highlighted the importance of Islamic capital markets in helping the country remain on the road to economic stability, as the South Asian nation hosted the second International Islamic Capital Markets Conference & Expo in Karachi on Thursday. 

Islamic Capital Markets are a sub-sector of capital markets that promote Shariah-compliant securities and instruments as alternatives to conventional ones.

The minister was addressing the inaugural session of the conference that opened on Thursday in Karachi, Pakistan’s financial hub, where senior officials such as Dr. Sami Al-Suwailem, acting director general of the Islamic Development Bank Institute, Akif Saeed, chairman of the Securities Exchange Commission of Pakistan, Saleemullah, deputy governor of the State Bank of Pakistan, and other senior delegates were in attendance. 

The minister noted that Islamic finance, specifically Islamic capital markets, can play a pivotal role in Pakistan’s economic progress as instruments such as sukuk, equity funds, and Shariah-compliant investment vehicles not only attracted investment but also reduced reliance on interest-based borrowing.

“In his keynote address to the session, the finance minister described the conference as reflective of Pakistan’s growing commitment to fostering a robust Islamic capital market, highlighting the country’s dedication to transforming its financial ecosystem in line with Shariah principles,” Pakistan’s Finance Division said in a press release. 

 Aurangzeb revealed that as of June 30, 2024, 56 percent of market capitalization at the Pakistan Stock Exchange comprises Shariah-compliant securities.

“In the collective investment segment, 48 percent of assets under management of mutual funds, 66 percent of assets under management of voluntary pension funds, and 95 percent of assets under management of REITs are already Shariah-compliant,” the press release said.

“These statistics deflect the progress that we have made over a year.”

 Aurangzeb said that a growing interest in Shariah-compliant investment products was a testament to the increasing global demand for ethical and sustainable financial solutions. 

“The steady and healthy growth of Islamic finance, both in Pakistan and internationally, reflects the shifting preferences of investors toward value-based financial systems,” he said.

The minister noted that the full realization of Islamic finance’s potential was not possible without the collaborative efforts of scholars, financial institutions, regulatory bodies, and industry practitioners. 

They, he said, can address existing challenges, develop innovative Shariah-compliant financial products and build public trust. 

“We must ensure that Islamic finance is not only rooted in Shariah principles but also practical, transparent, and capable of meeting the evolving needs of our people,” Aurangzeb said.

Topics: Pakistan economy Islamic Capital Markets Finance Minister Muhammad Aurangzeb

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors
Updated 12 December 2024
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Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors

Pakistan stocks smash 113,000 mark on strong performance by energy, fertilizer sectors
  • KSE-100 index climbed 2784.61, or 2.51 percent, to stand at 113,594.82 points at 2:48pm
  • Investors confident of significant interest rate cut at next monetary policy meeting on Dec. 16
Updated 12 December 2024
Hasaan Ali Khan

ISLAMABAD: Pakistani stocks continued their record-breaking streak on Thursday, crossing the 113,000-point mark for the first time during intra-day trading, with the strong performance of energy and fertilizer shares contributing to the gains. 

The benchmark KSE-100 index climbed 2784.61, or 2.51 percent, to stand at 113,594.82 points at 2:48 pm, from the previous close of 110,810.21 points. 

“Lower T-Bill yields, leading up to next week’s monetary policy, are driving investor enthusiasm,” Head of Equities at Intermarket Securities Raza Jafri told Arab News. “Index heavyweight energy and fertilizer contribute most to today’s rise.”

Arif Habib Corporation Chief Executive Officer Ahsan Mehanti attributed the record-breaking streak to surging global crude oil prices, upbeat Pakistan Oil Fields sales, car sales, cement dispatches data for November 2024 and the Asian Development Bank raising the growth forecast to three percent for FY25.

“These factors played the role of a catalyst in the record surge,” he told Arab News. “Stocks showed record bullish activity after government bonds yields fell by up to 100bps in the State Bank of Pakistan auction expected to bring significant policy easing next week.”

Stocks have been performing well this week on the back of investor confidence of a significant interest rate cut by the central bank at the next monetary policy meeting on Dec. 16.

Pakistan’s central bank has already slashed interest rates by 700 basis points (bps) in four consecutive meetings since June, bringing it to 15 percent.

According to a poll by Topline Securities, 71 percent of participants expect the central bank to announce a minimum rate cut of 200bps next week. 

Pakistan’s annual consumer inflation also slowed to 4.9 percent in November, lower than the government’s forecast and the lowest in nearly six years. This is down from 38 percent last year.

Trade data released by the Pakistan Bureau of Statistics also supports positive investor sentiment as the trade deficit narrowed by 7.39 percent during the first five months (July-November) of the current fiscal year, standing at $8.651 billion, compared to $9.341 billion during the same period last year.

Exports rose by 12.57 percent to hit $13.69 billion, while imports increased by 3.90 percent to $22.342 billion during this period. November’s trade deficit narrowed even further, dropping by 18.60 percent year-on-year to $1.589 billion compared to $1.952 billion in November 2023.

Topics: Pakistan Pakistan Stock Exchange trade

Pakistan’s Imran Khan, wife indicted in second graft case involving state gifts

Pakistan’s Imran Khan, wife indicted in second graft case involving state gifts
Updated 12 December 2024
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Pakistan’s Imran Khan, wife indicted in second graft case involving state gifts

Pakistan’s Imran Khan, wife indicted in second graft case involving state gifts
  • Couple is accused of undervaluing gifts from a state repository and buying them at a lesser price
  • Khan, who has been in jail since August 2023, says all cases against him are politically motivated
Updated 12 December 2024
Arab News Pakistan

ISLAMABAD: A special court in Islamabad on Thursday indicted jailed ex-premier Imran Khan and his wife in a case involving the sale of gifts from a state repository, his Pakistan Tehreek-e-Insaf (PTI) said. 

The reference, popularly called the new Toshakhana case, was filed in July and involves a jewelry set worth over €380,000 gifted to Bushra Khan, the former first lady, by a foreign dignitary when Khan was prime minister from 2018-2022. The couple are accused of undervaluing the gift and buying it at a lesser price from the state repository. Both deny wrongdoing. This is the second case against the couple involving the sale of gifts from the state repository. 

Khan has been in jail since August last year following his conviction in four cases, two of which have been suspended, including an original one relating to state gifts, and he was acquitted in the rest. He was also granted bail in the new Toshakhana case last month but remains behind bars in other cases. Bushra has been out on bail since October. 

“This is a classic example of how a politically motivated case is being driven to keep one man in prison,” the PTI said in a statement sent to reporters, confirming his and Bushra’s indictment by a special court of the Federal Investigation Agency.

Khan’s convictions earlier this year prevented him from contesting the Feb. 8 election. The former prime minister and his party allege the cases are politically motivated and were a ploy by the then caretaker government, Pakistan’s electoral watchdog, the powerful military and his political rivals, led by the Pakistan Muslim League-Nawaz (PML-N) party, to keep Khan and his party away from elections. All deny the allegations. 

Khan, who was ousted from office after a parliamentary vote in April 2022, has since waged an unprecedented campaign of defiance against the country’s powerful military, which is thought to be aligned with the government. The military denies it interferes in politics. 

Khan continues to remain popular among the masses, especially the youth, with his party’s rallies drawing thousands of people. The PTI has held several rallies over the past few months to build public pressure to secure his release from prison. 

Four troops and 12 PTI supporters were killed in the latest protest in Islamabad last month after security forces raided the protest site to disperse demonstrators who had gathered at a square that is in the federal capital’s heavily-policed red zone, home to key government and diplomatic buildings as well as the Supreme Court. 

Topics: Imran Khan

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