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Pakistan to open new maritime trade corridors to tap East African market — minister

Pakistan to open new maritime trade corridors to tap East African market — minister
Federal Minister for Maritime Affairs Junaid Anwar Chaudhry attends a meeting of the Public Accounts Committee at Parliament House in Islamabad, Pakistan, on March 5, 2025. (Facebook/@JunaidAnwarMNA)
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Updated 19 April 2025
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Pakistan to open new maritime trade corridors to tap East African market — minister

Pakistan to open new maritime trade corridors to tap East African market — minister
  • The East African Community is an eight-nation bloc with a collective GDP of around $345 billion
  • The first phase of the plan will see the launch of direct shipping line between Karachi and Djibouti
Updated 19 April 2025
Ismail Dilawar
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KARACHI: Pakistan plans to launch new maritime trade corridors to strengthen economic ties with the East African Community (EAC), Maritime Affairs Minister Junaid Anwar Chaudhry said on Saturday, describing the move as a strategic push to boost exports and regional connectivity.
The initiative aims to establish direct sea links with EAC member states, which include Kenya, Uganda, Tanzania, Rwanda, Somalia, Burundi, South Sudan and the Democratic Republic of the Congo. The eight-nation bloc has a combined population of over 500 million and a collective GDP of around $345 billion.
“Our goal is to provide Pakistan’s industrialists, exporters and investors with a direct and efficient route to tap into the lucrative East African market,” Chaudhry said in a statement. “This strategic initiative will not only bolster our export potential but will also contribute to Pakistan’s economic growth by opening new avenues for trade and investment.”
He informed the first phase of the plan will involve the launch of a direct shipping line between Karachi Port and Djibouti, a key logistics hub offering access to neighboring markets such as Somalia and Ethiopia. However, he did not specify the exact launch date for the initiative.
The second phase involves the development of Gwadar Port into a long-term export hub focused on African trade.
An inter-ministerial consortium will be established to oversee implementation, coordinating efforts across trade, finance, diplomacy and technology. The government says the goal is to ensure Pakistani businesses are equipped to compete effectively in East Africa, particularly in agriculture, textiles, pharmaceuticals and manufacturing.
“By enhancing trade routes and improving connectivity, Pakistan is positioning itself as a leading player in the expanding East African market,” Chaudhry added.

Topics: maritime trade East African Community Maritime Affairs Minister

Pakistan navy thwarted Indian aircraft carrier threat during latest standoff — PM

Pakistan navy thwarted Indian aircraft carrier threat during latest standoff — PM
Updated 56 sec ago
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Pakistan navy thwarted Indian aircraft carrier threat during latest standoff — PM

Pakistan navy thwarted Indian aircraft carrier threat during latest standoff — PM
  • PM Shehbaz Sharif says Indian aircraft carrier Vikrant reached close to Pakistan by 400 nautical miles before retreating
  • During latest standoff, Indian navy had deployed at least 36 warships which included INS Vikrant-led Carrier Battle Group
Updated 56 sec ago
Arab News Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif said on Monday an Indian aircraft carrier that had reached as close as 400 nautical miles to Pakistan retreated after realizing the country’s navy was prepared to “respond vigorously” during a military confrontation between the two nations earlier this month. 

The United States played a major role in de-escalating the worst fighting in decades between the two nuclear-armed South Asian rivals, who fired missiles and drones onto each other’s territory and fought with gunfire on their de facto border following weeks of tensions after a deadly April 22 attack on tourists in Indian-administered Kashmir that New Delhi blamed on Islamabad. Pakistan denies involvement.. 

On Monday, the Pakistani PM visited the Naval Dockyard in Karachi to pay tribute to the Pakistan navy for its role in Operation Bunyan-um Marsoos, the code-name given by the Pakistan army to what it calls a retaliatory strike launched in the early hours of May 10 after India attacked at least three of its air bases with missiles. 

“The Prime Minister particularly praised the Navy’s critical role in safeguarding sea lines of communication and ensuring the uninterrupted flow of maritime trade, while maintaining absolute maritime sovereignty through a layered and assured seaward defense,” state broadcaster Radio Pakistan reported.

In his address, Sharif said Indian aircraft carrier Vikrant had retreated after “sensing the preparedness” of the Pakistan Navy. 

During the latest standoff, the Indian navy had deployed at least 36 warships which included an INS Vikrant-led Carrier Battle Group including 8 to 10 warships

“Indian Navy’s [aircraft carrier] Vikrant had reached close to Pakistan by 400 nautical miles, but after suffering immense losses inflicted by Paki­stan Air Force and Pakistan Army [in May 10 retaliatory strikes], Vikrant retreated, sensing the preparedness of the Pakistan Navy to respond vigorously,” Sharif said. 

India’s navy is believed to hold significant advantage over Pakistan’s, boasting a larger fleet and more diverse capabilities. India’s navy includes aircraft carriers, destroyers, and a substantial submarine fleet, allowing it to project power beyond regional waters, whereas Pakistan’s navy is primarily focused on coastal defense in the Arabian Sea. 

India’s navy comprises over 293 vessels, including two aircraft carriers, 13 destroyers, and 18 submarines, making it a “blue-water” navy with the ability to operate in global maritime zones. INS Vikramaditya and INS Vikrant give India the capability for air power projection and anti-ship operations. 

Pakistan’s navy operates 121 ships, with no aircraft carriers or destroyers. 

Topics: Pakistan Prime Minister Shehbaz Sharif Naval Chief Admiral Naveed Ashraf Ceasefire

Pakistan cenbank launches ‘cashless’ Eid Al-Adha campaign to promote digital payments

Pakistan cenbank launches ‘cashless’ Eid Al-Adha campaign to promote digital payments
Updated 43 min 8 sec ago
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Pakistan cenbank launches ‘cashless’ Eid Al-Adha campaign to promote digital payments

Pakistan cenbank launches ‘cashless’ Eid Al-Adha campaign to promote digital payments
  • Campaign aims to streamline sale and purchase of sacrificial animals in 54 designated cattle markets
  • Campaign aims to streamline sale and purchase of sacrificial animals in 54 designated cattle markets
Updated 43 min 8 sec ago
Ismail Dilawar

KARACHI: Pakistan’s central bank this week announced it has launched a “Go Cashless” nationwide campaign aimed at promoting digital payments and reducing reliance on cash transactions within designated cattle markets in the days leading up to Eid Al-Adha.

The State Bank of Pakistan (SBP) has undertaken efforts recently to encourage digital transactions in line with Pakistan’s broader economic reforms, which are aimed at strengthening financial systems and increasing transparency in the country. 

Pakistan is a cash-dominated market where a significant portion of transactions, particularly in the informal sector, are conducted using cash. 

Millions of Pakistanis are expected to buy sacrificial animals this year at thousands of cattle markets across the country before the Eid Al-Adha festival in June. These cattle are bought mostly via cash each year. 

“The State Bank of Pakistan (SBP) has initiated a nationwide ‘Go Cashless’ campaign to promote digital payments and reduce reliance on cash transactions within cattle markets during the upcoming Eid-ul-Azha,” the SBP said in a statement on Monday. 

It said the initiative is in line with the central bank’s goal of fostering digital financial inclusion throughout Pakistan, and will run from May 20 until June 6 or the night of Eid Al-Adha.

“In partnership with the banking industry, the campaign aims to streamline the sale and purchase of sacrificial animals in 54 designated cattle markets across the country,” the statement said. 

The central bank said within these cattle markets, digital payment solutions can be utilized for various transactions, including the purchase of sacrificial animals, payment for necessities such as water and feed, and settlement of parking fees. 

The SBP said to support buyers and merchants, it has temporarily raised transaction limits effective from May 19 to June 15, 2025 for the following accounts:

For branchless banking level-1 accounts, Asaan Account/Asaan Digital Account and Merchant Accounts, the SBP said it has eliminated daily transaction limits and increased the per-month limit to Rs5,000,000 [$17,694].

“The public is strongly encouraged to take advantage of these convenient and secure digital financial services during the Eid-ul-Azha period,” the central bank said.

Pakistan has witnessed significant growth in digital transactions in recent years. The SBP said in a statement last month that its instant payment system, Raast, processed over 892 million transactions amounting to Rs20 trillion ($72 billion) since its launch in 2021. 

In the second quarter of fiscal year 2025 alone, Raast handled 795.7 million transactions worth Rs6.4 trillion ($23.04 billion)., it added. 

Topics: Pakistan cashless payment eid al-adha

Two soldiers killed as militants ambush security forces convoy in northwest Pakistan— army 

Two soldiers killed as militants ambush security forces convoy in northwest Pakistan— army 
Updated 19 May 2025
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Two soldiers killed as militants ambush security forces convoy in northwest Pakistan— army 

Two soldiers killed as militants ambush security forces convoy in northwest Pakistan— army 
  • Nine militants killed by security forces in Lakki Marwat, Bannu and North Waziristan districts, says military 
  • Islamabad has struggled to contain militancy since a 2022 truce between state, Pakistani Taliban collapsed
Updated 19 May 2025
Arab News Pakistan

ISLAMABAD: Pakistan military’s media wing said on Monday that two soldiers were killed were militants ambushed a security forces’ convoy in the country’s northwestern province bordering Afghanistan. 

The Inter-Services Public Relations (ISPR) said it conducted an intelligence-based operation (IBO) in the northwestern Lakki Marwat district on Sunday night, where five Pakistani Taliban militants were killed. In the second IBO in the northwestern Bannu district, the military said two militants were killed by security forces. 

However, in the North Waziristan district, Pakistani Taliban militants ambushed a security forces convoy in which two militants were killed and also two soldiers. 

“However, during the intense fire exchange, two brave sons of soil, Sepoy Farhad Ali Turi (age: 29 years, resident of District Kurram) and Lance Naik Sabir Afridi (age: 32 years, resident of District Kohat) having fought gallantly, paid the ultimate sacrifice and embraced shahadat [martyrdom],” the ISPR said. 

The military’s media wing said sanitization operations were being conducted to eliminate any other “Khawarji” found in the area, the term the army uses for Tehreek-e-Taliban Pakistan (TTP) or Pakistani Taliban militants. 

“Security forces of Pakistan are determined to wipe out the menace of terrorism perpetrated by Indian proxies, and such sacrifices of our brave soldiers further strengthen our resolve,” the ISPR said. 

The Pakistan military described TTP militants as “Indian-sponsored,” emphasizing its earlier allegations that New Delhi funds and arms militants in Pakistan. 

India, however, denies using militant proxies in Pakistan. 

Pakistan has struggled to contain a surge in militancy in KP since a fragile truce between the Pakistani Taliban and Islamabad broke down in November 2022. The TTP and other militant groups have frequently targeted security forces convoys and check-posts, besides carrying out targeted killings and kidnappings of law enforcers and government officials in recent months.

Pakistan says the takeover of Kabul by the Afghan Taliban in 2021 has emboldened the TTP as it is able to operate out of and launch attacks from safe havens in neighboring Afghanistan. Kabul denies the allegation.

Topics: Pakistan Army

Pakistan says $2 billion received since creation of special investment council 

Pakistan says $2 billion received since creation of special investment council 
Updated 19 May 2025
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Pakistan says $2 billion received since creation of special investment council 

Pakistan says $2 billion received since creation of special investment council 
  • Pakistan formed Special Investment Facilitation Council in 2023 to attract foreign investment in priority sectors
  • Minister says SIFC plays crucial role in removing “bureaucratic hurdles” that earlier discouraged investors 
Updated 19 May 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Federal Minister for Parliamentary Affairs Dr. Tariq Fazal Chaudhry said on Monday that the country has received $2 billion in foreign investment since the Special Investment Facilitation Council (SIFC) was formed in 2023. 

Pakistan’s government formed the SIFC in June 2023 to attract international investment in key economic sectors such as tourism, livestock, trade, infrastructure, mining and minerals. 

The government decided to form the hybrid civil-military forum after Islamabad narrowly avoided a sovereign default in 2023 before it was saved by a last-gasp bailout program by the International Monetary Fund (IMF). 

“Since its inception, more than $2 billion in foreign investment has flowed into Pakistan, and our economic indicators are improving,” Chaudhry informed lawmakers during a question hour at the National Assembly, the lower house of Pakistan’s parliament. 

Responding to a question by lawmaker Shazia Marri, Chaudhry said the SIFC played a crucial role in removing “bureaucratic hurdles” that previously discouraged international investors. 

Answering a supplementary question from lawmaker Arshad Abdullah, the minister acknowledged that Pakistan’s bureaucratic processes had long deterred global investors. 

“In our system, even setting up a petrol pump requires 21 NOCs (no objection certificates), while in Indonesia, only one NOC is needed to establish an industry,” Chaudhry said. 

He stressed that the SIFC’s goal is to eliminate such inefficiencies. 

“We are moving from manual to automated systems to streamline investment processes,” he shared. 

Since its inception in 2023, the SIFC has also been instrumental in ensuring several trade and investment deals were signed between Pakistan and its regional allies Saudi Arabia and the United Arab Emirates were signed. 

Topics: Special Investment Facilitation Council (SIFC)

Pakistan explores collaboration opportunities with UAE-based banks for economic growth 

Pakistan explores collaboration opportunities with UAE-based banks for economic growth 
Updated 19 May 2025
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Pakistan explores collaboration opportunities with UAE-based banks for economic growth 

Pakistan explores collaboration opportunities with UAE-based banks for economic growth 
  • Pakistan finmin meets representatives of Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank
  • Pakistan finance ministry says Islamabad open to commercial partnerships that contribute to economic growth
Updated 19 May 2025
Ismail Dilawar

KARACHI: Finance Minister Muhammad Aurangzeb on Monday held meetings with three UAE-based banks which concluded with both sides expressing their desire to explore potential avenues for collaboration for economic growth, Pakistan’s finance ministry said. 

The ministry held a series of virtual meetings with three UAE-based banks, Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank. The meeting, chaired by Aurangzeb, focused on the banks’ support for Pakistan’s development and fiscal objectives, the finance ministry said.

“The meeting concluded with mutual interest in continuing the dialogue and exploring potential avenues for collaboration,” the finance ministry said. 

“The finance minister reaffirmed Pakistan’s openness to quality commercial partnerships that contribute to economic growth, development financing, and investor confidence.”

Aurangzeb said Pakistan is on the path to macroeconomic stability. He noted that this year, Pakistan’s forex reserves are approaching the $14 billion mark, which would provide the nation with three months of import cover.

Pakistan has undertaken structural, financial reforms in recent months mandated by the International Monetary Fund (IMF) in exchange for bailout programs from the international lender. 

These include increasing its tax base, introducing reforms in the energy sector and privatizing loss-making public assets. Aurangzeb underscored that the government is “firmly committed” to long-term reforms. 

“We have broken away from the old boom and bust cycle,” the minister said. “The current stability is backed by difficult but necessary reforms— and we are staying the course.”

He shared that Pakistan is set to reach a tax-to-GDP ratio of 10.6 percent by June 2025, with a target of 11 percent in the next fiscal year, the ministry said. 

“During the interactive sessions, senior executives of the three banks acknowledged the progress and shared their comments and views on Pakistan’s economic plans,” the statement said. 

The UAE is Pakistan’s third-largest trading partner after China and the US, and a major source of foreign investment, with over $10 billion invested in the last two decades.

The Gulf country is also home to over a million expatriates from Pakistan, the second-largest overseas Pakistani community globally, and a major source of remittances.

Topics: Pakistan UAE relations

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