Tag: Economic Partnership

  • 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.

  • Cabinet Committee grants approval for UAE to build cargo terminal at Karachi Port

    Cabinet Committee grants approval for UAE to build cargo terminal at Karachi Port

    The Cabinet Committee on Inter-Governmental Commercial Transactions has granted approval for the proposed collaboration between Pakistan and the United Arab Emirates (UAE) aimed at establishing a bulk and general cargo terminal at East Wharf, Karachi Port.

    Before the agreement is finalised, it will undergo ratification by the federal cabinet, following which the governments of Pakistan and UAE will officially sign it. The draft agreement, which has been endorsed by the cabinet committee, encompasses various essential aspects.

    These include the terms and conditions of the agreement, the cost estimation for the terminal’s reconstruction, the terminal’s expected lifespan, its maximum cargo handling capacity, the dimensions of the quality wall, royalty details, land rent per square meter in the bonded areas, storage charges, dock labour charges, upfront payment arrangements (adjustable and non-adjustable), as well as the quantum and type of investment involved.

    The Cabinet Committee on Inter-Governmental Commercial Transactions meeting, where the draft agreement received approval, was chaired by Finance Minister Senator Mohammad Ishaq Dar on Monday.

    The committee’s decision was based on a summary presented by the Ministry of Maritime Affairs, which outlined the proposed government-to-government agreement between UAE and Pakistan for fostering cooperation in the development of the bulk and general cargo terminal at Karachi Port’s East Wharf. The agreement operates under the framework of the Inter-Governmental Commercial Transaction Act 2022, as indicated by the Ministry of Finance.

  • 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.