Tag: bilateral relations

  • UAE pledges $10 billion investment in Pakistan’s key economic sectors

    UAE pledges $10 billion investment in Pakistan’s key economic sectors

    The United Arab Emirates (UAE) has pledged $10 billion for investment in promising economic sectors in Pakistan.

    Pakistani Prime Minister Shehbaz Sharif met with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi today, according to a post by Pakistan Television (PTV) on X.

    The meeting focused on a wide range of bilateral issues, including cooperation in political, economic, social, cultural, and defence sectors.

    During the discussion, Prime Minister Sharif emphasised the need to enhance existing cooperation and strengthen the strategic partnership between the two nations. He highlighted key areas such as information technology, renewable energy, and tourism as potential fields for increased collaboration.

    Sharif also outlined steps his government has taken to ensure socio-economic stability and boost investor confidence in Pakistan.

    He reaffirmed Pakistan’s commitment to effectively implement investment cooperation agreements in sectors like energy, port operations, wastewater treatment, food security, logistics, minerals, and banking and financial services.

    Sheikh Mohamed bin Zayed Al Nahyan expressed the UAE’s unwavering support for Pakistan and confirmed the UAE’s commitment to investing $10 billion across various sectors in the country, as stated by PTV.

    The Prime Minister expressed his gratitude to the UAE leadership for hosting 1.8 million Pakistani expatriates and underscored Pakistan’s significant human resource potential that could be utilised in diverse sectors.

  • Bilateral trade talks: Pakistan and US aim to boost economic cooperation

    Bilateral trade talks: Pakistan and US aim to boost economic cooperation

    On Tuesday, Pakistan and the United States (US) reached a consensus to foster close collaboration in various facets of bilateral trade and investment, with the primary objective of amplifying economic cooperation between the two nations.

    Dr Gohar Ejaz, Minister for Commerce and Industries, and Ambassador Katherine Tai, the US Trade Representative, convened a virtual meeting to assess the progress achieved subsequent to the 9th Pakistan-United States Trade and Investment Framework Agreement (TIFA) Council meeting held earlier in the year.

    Ambassador Tai underscored the significance of Pakistan as a pivotal trading partner for the US, recognising the enduring engagement between both countries as an encouraging sign.

    Minister Ejaz apprised Ambassador Tai of the government’s endeavours to enhance the business environment. He proposed the consideration of duty-free access for textile and garment exports to the US, given that Pakistan imports a substantial portion of its cotton from the United States.

    Furthermore, Minister Gohar Ejaz recommended exploring opportunities for joint ventures in textile and industrial manufacturing to enhance bilateral trade.

    The interim minister emphasised that the US serves as a prime destination for IT and ITeS exports from Pakistan, suggesting that both nations can reap mutual benefits from the immense potential in the field of information technology.

  • Pakistan invites Saudi Arabia to invest in key sectors like agriculture, IT, and energy

    Pakistan invites Saudi Arabia to invest in key sectors like agriculture, IT, and energy

    Prime Minister (PM) Shehbaz Sharif has extended a warm invitation to companies from Saudi Arabia, encouraging them to explore exciting investment prospects in various sectors such as agriculture, mining, technology, energy, and more.

    This friendly call was made during a meeting with Saudi Arabia’s Vice Minister for Foreign Affairs, Waleed Abdulkarim El Khereji, held in Islamabad.

    To boost economic partnerships, PM Shehbaz highlighted the creation of a Special Investment Facilitation Council (SIFC). This council is designed to simplify and speed up potential investments from countries in the Gulf Cooperation Council (GCC), with a special focus on enhancing collaborations with Saudi Arabia.

    PM Shehbaz also expressed heartfelt appreciation for Saudi Arabia’s timely financial support, particularly in the aftermath of natural disasters like floods. He acknowledged the Kingdom’s crucial role in helping Pakistan work towards a stable economy.

    He emphasised the importance of the visit by the Saudi delegation, underscoring the shared interest and eagerness on both sides to elevate their long-standing friendly relations to a practical and mutually beneficial economic partnership.

    In a significant earlier announcement, PM Shehbaz revealed plans to auction gifts from the Toshakhana. The funds generated from this auction will be directed towards the well-being of underprivileged individuals, especially those who are orphaned and vulnerable.

  • Bilawal visits Tokyo, says Pakistan needs ‘trade, not aid’

    Bilawal visits Tokyo, says Pakistan needs ‘trade, not aid’

    Pakistan’s Foreign Minister Bilawal Bhutto-Zardari, on his maiden visit to Japan, has declared his intention to boost trade and promote diplomatic ties between the two countries on Sunday. He stated that Pakistan needed trade and not aid.

    Giving an address at an event organised by the Pakistani diaspora living in Tokyo, Bilawal maintained that the two countries have agreed to further deepen and enhance their mutually beneficial bilateral cooperation in multiple areas. These include trade, investment, human resource development and exchange, IT, tourism and agriculture sectors.

    “We have also jointly agreed to explore the possibility of working together on targeted programs with higher impact in the domains of solarisation, desalination, and water purification and housing and infrastructure rebuilding in the floods affected areas in Pakistan,” Bilawal said in a joint press stakeout along with his Japanese counterpart Yoshimasa Hayashi, as reported by The News.

    Empowering our workforce

    In addition, the two sides have agreed to conduct language skill assessment tests for the Japanese language in Pakistan to facilitate the movement of skilled workers. The Nation reported that Bilawal underscored the importance of Pakistanis living abroad, stating: “The overseas Paki­stanis are our assets, who are play­ing vital role to promote bilateral ties between Pakistan and Japan. Our population consists of 65 per­cent youth and we want Pakistani youth to get employment in Japan.”

    Potential for growth

    The Foreign Minister met with repre­sentatives of the Japan Interna­tional Development Agency (JICA) and the Japan External Trade Orga­nization (JETRO) to discuss poten­tial for trade and investment. He also stated that Pakistan’s incumbent government was working on economic diplomacy in order to bring prosperity to the country.

    Bilawal also went on to praise Japan’s advancement in IT and other fields, saying Pakistan could learn from them. Both sides have seen a new vigour in their relationship through continued high-level exchanges.

  • Pakistan and Russia aim to strengthen bilateral relations in trade, investment, and energy sectors

    Pakistan and Russia aim to strengthen bilateral relations in trade, investment, and energy sectors

    In an effort to strengthen bilateral relations between Pakistan and Russia, Chairman Senate Muhammad Sadiq Sanjrani engaged in productive talks with Chairman of the Russian Duma, Mr Volodin, during a delegation-level meeting held in Moscow on Wednesday.

    The discussion encompassed various areas of mutual interest and emphasised the significance of parliamentary exchanges in fostering effective diplomacy.

    A press release issued by the Pakistan embassy in Moscow highlighted the consensus reached during the meeting. Both sides expressed their commitment to enhancing parliamentary interaction between the two nations. This step is expected to bolster bilateral ties and pave the way for increased cooperation in trade, investment, and energy sectors.

    Chairman Sanjrani reiterated Pakistan’s dedication to strengthening relations with Russia across all domains of mutually beneficial cooperation. Trade, investment, and energy were particularly emphasised as key areas for future collaboration.

    The significance of continued cooperation in international forums, such as the United Nations and the Shanghai Cooperation Organisation (SCO), was also acknowledged and agreed upon by both parties.

    During the talks, Chairman Sanjrani extended an invitation from the Speaker of the National Assembly of Pakistan to Chairman Volodin, inviting him to visit Pakistan. In a positive response, Chairman Volodin accepted the invitation, reflecting the willingness of both countries to further solidify their ties.

    The meeting between Chairman Senate Sanjrani and Chairman Volodin serves as a significant milestone in the diplomatic efforts between Pakistan and Russia. It highlights the mutual desire to strengthen bilateral relations and lays the groundwork for increased cooperation in various fields, including trade, investment, and energy.

    The forthcoming visit of Chairman Volodin to Pakistan is expected to further enhance the ties between the two nations and open new avenues for collaboration.

  • PM Shehbaz confident of positive outcome in IMF loan talks

    PM Shehbaz confident of positive outcome in IMF loan talks

    Pakistan and the International Monetary Fund (IMF) are on the verge of finalising a long-awaited loan deal, according to Prime Minister Shehbaz Sharif. In an interview with Turkish news agency, the premier expressed hope that the ninth review by the IMF would align with all the terms and conditions, leading to positive news this month.

    Prime Minister Shehbaz Sharif said that Pakistan has diligently fulfilled each and every requirement set by the IMF as prior actions. The country’s commitment to meeting these obligations demonstrates its determination to address economic challenges head-on.

    However, in the event of the IMF talks falling through, the prime minister assured the nation that Pakistan possesses the resilience and fortitude to overcome any obstacles. He drew attention to the fact that the people of Pakistan have faced and triumphed over numerous challenges in the past. If necessary, they are prepared to tighten their belts and rise once again. Shehbaz Sharif credited the government’s ability to navigate these difficulties to the unwavering support of the Pakistani people and the assistance of brotherly and friendly nations.

    Highlighting the close bilateral relations between Pakistan and Turkiye, the prime minister described them as “one soul, two hearts that beat together.” He took the opportunity to congratulate the people of Turkiye on President Erdogan’s re-election, considering it a “wonderful development.” The deep bond between the two nations sets the stage for enhanced cooperation in the near future.

    PM Shehbaz Sharif outlined plans for Pakistan and Turkiye to strengthen their collaboration, particularly in the areas of biogas, solar energy, and hydropower. By focusing on these sectors, both countries aim to bolster trade and achieve mutual growth. The emphasis on renewable energy sources aligns with the global trend towards sustainable development and underscores the commitment of Pakistan and Turkiye to fostering a greener future.

    As Pakistan and the IMF move closer to finalising the loan deal, there is renewed hope for the country’s economic stability and growth. The government’s determination to meet the IMF’s requirements and the unwavering support of the Pakistani people serve as strong foundations for overcoming challenges and securing a brighter future. Furthermore, the prospects for increased cooperation with Turkiye in key sectors pave the way for mutually beneficial partnerships and contribute to regional progress.

    With anticipation building, all eyes are now on the impending announcement that will mark a significant milestone in Pakistan’s economic journey. The successful conclusion of the loan deal will not only provide much-needed financial assistance but also serve as a testament to Pakistan’s commitment to reform and progress.

  • US expresses confidence in Pakistan’s economic policies and offers support for bilateral relations

    US expresses confidence in Pakistan’s economic policies and offers support for bilateral relations

    On Wednesday, Finance Minister Senator Ishaq Dar reaffirmed the federal government’s commitment to the International Monetary Fund (IMF) programme during a meeting with US Embassy Charge’d Affaires Andrew Schofer at the Finance Division.

    Dar informed Schofer about the ongoing programme and assured him that the government was dedicated to completing it. Schofer expressed his confidence in Pakistan’s economic policies and programs and offered his support to strengthen economic and trade relations between the two nations.

    The finance minister also discussed the current economic challenges and policy decisions taken by the government to stabilize and promote sustainable and inclusive growth. Both parties exchanged their views on the notable bilateral relations between the US and Pakistan.

    Dar thanked the US Charge’d Affaires and reiterated the government’s desire to expand bilateral trade and investment ties. The meeting followed a report published by The News that stated the IMF and Pakistani authorities were holding each other responsible for the delay in reviving the stalled programme.

    It is still uncertain how Pakistan will proceed to accomplish the current IMF programme, which expires on June 30, 2023.

  • US Ambassador assures Pakistan of continued assistance for IMF bailout programme

    On Thursday, US Ambassador to Pakistan Donald Blome reassured Finance Minister Ishaq Dar that Washington would continue to assist Islamabad in unlocking a long-stalled International Monetary Fund (IMF) bailout. This bailout is intended to help the liquidity-challenged country’s economy avoid imminent default. The assurance was given during a meeting between the finance minister and the ambassador in the federal capital.

    According to details, the envoy was briefed on the progress of the Washington-based lender’s programme. During the meeting, FinMin Dar requested the US ambassador’s assistance in unlocking the bailout programme. He also informed him about a $2 billion commitment from Saudi Arabia and ongoing talks with the United Arab Emirates for financing $1 billion. The minister expressed the need for additional resources and financing, to which Blome promised cooperation from the United States.

    According to an official statement from the Ministry of Finance, Dar briefed the envoy on the country’s economic outlook and the challenges faced by the nation. He also shared the government’s pragmatic policy decisions aimed at stabilising and growing the economy.

    The statement noted that Blome expressed confidence in the government’s policies and programmes, supporting them for the economic sustainability of the country and the socio-economic upliftment of the masses. He extended his support to promote bilateral economic, investment, and trade relations between both countries.

    The two sides discussed matters of common interest and showed an interest in enhancing the existing bilateral relations between both countries. They also talked about various economic avenues through which both countries can strengthen their ties. This meeting with Blome took place days after FinMin Dar met with UAE’s ambassador to Pakistan, Hamad Obaid Ibrahim Salim Al-Zaabi, to discuss economic relations.

    Since early February, Islamabad has been hosting an IMF mission to negotiate a series of policy measures aimed at securing $1.1 billion in funding for the cash-strapped economy, which is on the verge of collapse.

    The IMF has requested Pakistan to secure assurances on external financing from friendly countries and multilateral partners to fund its balance of payment gap for this fiscal year, ending in June. The funds are part of a $6.5 billion bailout package the IMF approved in 2019, which analysts say is critical for Pakistan to avert defaulting on external payment obligations.