ISLAMABAD: A high-level delegation of Chinese companies visiting Islamabad this week has shown “keen interest” in building a special economic zone (SEZ) in the northern Gilgit-Baltistan region, state-run Radio Pakistan reported on Thursday.
GB is administered by Pakistan as an administrative territory and consists of the northern portion of the larger Kashmir region, which has been the subject of a dispute between India and Pakistan since 1947. The impoverished, remote and rugged mountainous territory borders Afghanistan and China and is the gateway of the $65 billion China-Pakistan Economic Corridor (CPEC) infrastructure plan. But the region has so far reaped few rewards.
“Pak-China border region has significant economic and cultural importance, with trade and cultural exchanges between the two regions dating back centuries,” Pakistani Minister for Kashmir and GB Affairs, Amir Muqam, was quoted by Radio Pakistan as saying after he hosted the Chinese delegation led by renowned economist Yuan Jianmin Senior in Islamabad.
Muqam said investing in Gilgit Baltistan could benefit both China and Pakistan and foster economic growth, regional connectivity and a stronger partnership.
“The delegation showed keen interest in construction of a Special Economic Zone in Gilgit Baltistan,” Radio Pakistan added.
GB locals fought pro-India forces and opted to join Pakistan in 1948. But since then Gilgit-Baltistan has not been granted full inclusion by the Pakistani constitution over fears doing so would jeopardize Islamabad’s international stance that all of Kashmir is disputed territory.
The local assembly has few powers. Pakistan’s National Assembly and Senate have no representation from Gilgit-Baltistan, and the region receives only a fraction of the national budget.
The CPEC project had aimed to bring development to the region but that has not happened, a consequence, many residents believe, of the lack of local representation at national levels.
New roads, two hydroelectric power plants, a fiber-optic Internet line, and a special economic zone to boost industrial activities have all been proposed as part of the CPEC project since 2013, but none have been materialized so far.
The only substantial project from the China-Pakistan partnership has been the construction of the Karakoram Highway, completed decades ago.
Pakistan says China wants to build special economic zone in Gilgit-Baltistan
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Pakistan says China wants to build special economic zone in Gilgit-Baltistan
- Mountainous territory is the gateway of the $65 billion China-Pakistan Economic Corridor infrastructure plan
- CPEC project had aimed to bring development to the region but proposed projects have not taken off so far
Pakistan Taliban attack kills four paramilitary troops, police say
- The attack occurred in Kurram district, located on the border with Afghanistan, in Khyber Pakhtunkhwa province
- Pakistani Taliban militants are most active in Pakistan’s northwestern region and regularly target security forces
PESHAWAR: At least four Pakistani paramilitary troops were killed when local Taliban fighters attacked a security checkpoint in a northwestern border region, a police official said on Sunday.
The attack occurred in Kurram district, located on the border with Afghanistan, in Khyber Pakhtunkhwa province, where there has been a rise in violence in recent years.
“Heavily armed militants” launched the attack on Sunday morning, a police official told AFP on condition of anonymity because he was not authorized to speak to the media.
“At least four security personnel were martyred, and seven others were injured,” he said.
Violence has increased in Pakistan since the Afghan Taliban returned to power in Kabul in August 2021.
The Pakistani Taliban — known as Tehreek-e-Taliban Pakistan (TTP) — is the most active militant group in the northwestern region and regularly targets security forces.
Islamabad accuses Kabul’s rulers of failing to root out militants sheltering on Afghan soil as they prepare to stage assaults on Pakistan, a charge the Taliban government denies.
Last week, 13 civilians and five soldiers were killed when suicide bombers drove two car bombs into an army compound in the Bannu district of the same province.
Last year was the deadliest in a decade for Pakistan, home to 250 million people, with a surge in attacks that killed more than 1,600 people, according to the Center for Research and Security Studies, an Islamabad-based analysis group.
Women investors await Pakistan-IMF talk results to decide on stock investments
- IMF has sent a team of experts to see if the South Asian nation is complying with the conditions it has set under the $7 billon program
- A successful review will not only lead to the release of about $1 billion to cash-strapped Pakistan, but also open new avenues for investors
KARACHI: Woman investors in Pakistan are “cautiously” looking at the country’s ongoing talks with the International Monetary Fund (IMF) and will buy more shares in companies listed on the bourse, if the negotiations succeed.
Woman investors in Pakistan’s commercial capital of Karachi hope that Islamabad’s negotiations with the global lender for a review of its $7 billion program would end on a positive note, thus allowing the market sentiments to boost.
The Washington-based lender has sent a team of experts, led by Nathan Porter, to see if the South Asian nation is complying with the conditions it has set under its reforms-oriented extended fund facility (EFF).
A successful review would not only lead to the release of about $1 billion to cash-strapped Pakistan, but also open new avenues for investors who have been buying and selling company shares at the Pakistan Stock Exchange (PSX).
“I will be putting more money into the stock market for sure and I would be advising my clients to do the same,” said Saniya Bilal Doni, a 33-year-old CFA charter holder who has been actively investing in Pakistan’s stocks, real estate and gold markets for the last four years.
The mother of two holds a finance degree from the University of Toronto and prefers to make long-term, dividend-based investments in what she called “well performing” banking, real estate, fertilizers and technology stocks that make her portfolio keep growing. Doni though did not quote any numbers to show how big her investment portfolio is.
Having worked for various asset management funds in Canada and Abu Dhabi after completing her graduation in 2013, Doni now is managing her family’s portfolio as well as advising high net-worth individuals on how they should manage their investment portfolios.
She expects more money to come into Pakistan’s economy as a result of a successful IMF review that would help the stocks market increase more.
“All the stocks should technically go up. Yes, that has an impact because as an economy we are unfortunately dependent on IMF’s funding,” she said.
“I am paying attention to all of that, especially as I, you know, make changes to the portfolio, if any, and also if I advise clients.”
Inflation-hit Pakistan has about 350,000 registered individuals who invest in stocks, according to Najeeb Ahmed Khan Warsi, head of online trading at Foundation Securities Ltd.
This number looks dismal given the fact that Pakistan is the world’s fifth most populous nation, with more than 240 million people. The number of woman investors at 5 percent is even negligible.
Like others, these woman investors are also concerned about the outcome of Pakistan’s talks with the IMF, which usually take a couple of weeks to conclude.
“As an investor I am very cautious at the moment. I am holding on to my stocks. I am holding on to my investments. I am very careful with that,” said Isra Ghous Rasool, a 22-year-old business management student who bought some Shariah-complaint stocks a year and half ago to prove that women too can invest in stocks.
Pakistan’s central bank has almost halved the interest rates to 12 percent since June last year and made the booming stocks market an attractive place for investors like Doni and Rasool. The stock gauge KSE-100 Index almost doubled last year and gained 87 percent in US dollars terms to make Pakistan one of the world’s best performing markets.
Women like Doni and Rasool think that being investors makes them financially independent and empowered enough to have more control over their finances and choices without depending on their male relatives.
“I have a better relationship with money. I am able to dictate what I want in life and be able to actually pay for it,” said Doni, who sees another rate cut coming on March 10 when Pakistan’s central bank is scheduled to revise the borrowing rate.
“I am definitely looking for more opportunities in the stock market.”
Doni thinks investments help people hedge inflation which though now has eased to a single digit, but was seen peaking to 38 percent in May 2023.
Despite such good examples, Pakistan remains a male-dominated society where women tend to stay away from financial markets and use traditional saving methods like running committees.
Maham Alavi, a 40-year-old Pakistani brand manager, is running an all-women group of investors on Facebook from the Saudi capital Riyadh for the past decade.
Her Facebook group, Women Investment Forum, has now expanded to 15,000 members, about half of them being confident investors or analysts working in different fields in and outside Pakistan.
Alavi herself vets all the Facebook profiles to avoid an online scam.
“I started this group in Sep 2016 with the intent to learn myself and gather as many women as I could because the PSX had always been a male-dominated field in Pakistan,” she told Arab News from Riyadh.
Women Investment Forum is an educational group and does not tell its members where to invest or what to buy.
“That is their decision to make. We try to empower them so they can make decisions themselves,” said Alavi, a mother of two.
Pakistan’s stock exchange also organizes workshops and awareness sessions to promote financial literacy among women that makes them financially independent. One such event is being organized by the PSX on March 10 in Karachi to celebrate the International Women’s Day.
Both Doni and Rasool are equally critical of the prevailing political uncertainty in the country that by and large keeps investor sentiments dampened in Pakistan.
Pakistan is facing a political crisis since April 2022, when prime minister Imran Khan was ousted from power through a parliamentary no-trust vote. Khan remains in jail and his Pakistan Tehreek-e-Insaf party keeps agitating on roads across Pakistan demanding the release of its political prisoners, including Khan.
“Political noise does play a huge role and whenever I’m trying to, you know, encourage, overseas Pakistanis to invest into Pakistani stock market or, you know, real estate, this is their number one concern,” said Doni, while sitting in her home office in Karachi’s Clifton area.
Rasool said political uncertainty has a huge impact on stock fundamentals. Recalling how the stock market had reacted to the arrest of Khan, she said a lot of stocks were oversold and a lot of investors had opted for selling their holdings in panic.
In their Women’s Day message, Alavi, Doni and Rasool said women, who make up half of Pakistan’s total population, should at least start learning about making investments in stocks for long-term gains.
“The IMF guys are right now in the country, so things are on the upward trajectory. If you’re still on the fence, on the sidelines, at least equip yourself with the right knowledge,” Doni urged.
In Pakistan’s capital, hundreds of women march to demand equality
- Women, politicians and activists take part in annual march on International Women’s Day in Islamabad
- Women carry placards, shout slogans to demand end to gender-based violence at Islamabad press club
ISLAMABAD: Hundreds of women carrying placards and shouting slogans for equality took to the streets of Pakistan’s capital on Saturday afternoon, demanding an end to gender-based violence and sexual harassment in the South Asian country.
The Aurat March — Urdu for “women’s march” — began in 2018 as a single march for International Women’s Day held in Pakistan’s southern port city of Karachi. However, it has become an annual event held in multiple cities.
The marches have faced opposition from religious conservatives who allege the group receives Western funding as part of a plot to promote obscenity in Pakistan. The organizers deny this, saying the marches are locally funded with grassroots participation and focus on equal rights and opportunities for women.
This year’s march by the Islamabad chapter of the Aurat March was organized under the theme: “Feminist Politics vs Patriarchal State.” Aurat March said this year’s protest aimed to confront an oppressive state that seeks to silence women, minorities and transgenders. Hundreds of men and women, including activists and people from all walks of life, gathered at the National Press Club on Saturday to register their protest.
“The main reason for celebrating this day (Mar. 8) has always been that we resolve to continue our struggle,” Ismat Raza Shahjahan, a leader of the left-wing Awami Workers Party, told Arab News.
“And at the same time we will defend the rights we have secured and move forward with the agenda of gender equality.”
Shaheena Kausar, one of the march’s organizers, criticized police for stopping the Aurat March from marching beyond a few miles from the National Press Club. She regretted the authorities’ decision to not grant permission to Aurat March to hold its gathering beyond the press club.
“This time as well we had applied in advance and also went for meetings [for a no-objection certificate] but we were not given the NOC,” Kausar told Arab News.
“You can see, they stopped us a few meters after we marched.”
When asked why the Islamabad chapter of the Aurat March had held its gathering on Mar. 8 despite it being the month of Ramadan, in which Muslims fast from dawn till dusk, Kausar said:
“If the injustices against women are not stopping in Ramadan, then how can the march be stopped?”
In Pakistan, just 21 percent of women are in the workforce and less than 20 percent of girls in rural areas are enrolled in secondary school, according to the United Nations. Only 12 women were directly elected to parliament out of 266 seats in last year’s election.
Much of Pakistani society operates under a strict code of “honor,” with women beholden to their male relatives over choices around education, employment and who they can marry. Hundreds of women are killed by men in Pakistan every year for allegedly breaching this code.
Moin, an Islamabad resident and a father of three daughters, said he has been coming to the Aurat March’s annual event ever since it started to demand equal rights for women.
“Why do I come? Well, to change the country, to sort of give a voice to help women and girls to work shoulder-to-shoulder with men,” Moin told Arab News.
“Otherwise, we don’t have a future.”
Six of a family killed, four injured in roof collapse in Pakistan’s Karachi
- Authorities are investigating reason for roof collapse, says state-run media
- Dead include women and children, Injured persons shifted to nearby hospital
ISLAMABAD: At least six members of a family were killed while four others were injured during the wee hours of Sunday when the roof of a house in Pakistan’s Karachi city collapsed, state-run media reported.
The incident took place in Karachi’s Gulshan-e-Maymar area at the Afghan Camp colony. Among the six dead were also women and children, the state-run Associated Press of Pakistan (APP) said.
The family living in the house was originally from the northwestern district of Bannu in Khyber Pakhtunkhwa (KP), APP reported.
“Authorities have launched an investigation into the incident to determine its cause,” APP said. “Rescue sources shifted the injured to a nearby hospital for immediate medical attention.”
Roof collapses, especially during extreme weather conditions, are common in Pakistan. Thousands of makeshift houses built using scrap or locally available materials such as corrugated metal sheets, wood, plastic, mud and cardboard are more susceptible to collapses.
These homes are typically found in informal settlements, slums and squatter areas.
Pakistan, Bangladesh resolve to strengthen ties and trade cooperation during OIC meeting
- Pakistan’s Foreign Minister Ishaq Dar meets Touhid Hossain, Bangladesh’s adviser on foreign affairs, in Jeddah
- Once bitter foes, ties between both countries improved after fall of Sheikh Hasina’s government last year
ISLAMABAD: The governments of Pakistan and Bangladesh this week expressed satisfaction at the upward trajectory of ties between the two nations, resolving to enhance bilateral cooperation in trade and other sectors during a meeting between their senior officials, state-run media reported.
After decades of strained ties between the two nations, Islamabad and Dhaka have warmed up to each other after the fall of former prime minister Sheikh Hasina’s government last year.
The meeting between Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar and Bangladesh’s Adviser for Foreign Affairs Md. Touhid Hossain took place in Jeddah during the sidelines of the Organization of Islamic Cooperation (OIC) Council of Foreign Ministers summit.
“The meeting took place in a cordial environment, reflecting the fraternal sentiments from both sides,” state broadcaster Radio Pakistan reported on Saturday.
“Both the dignitaries expressed satisfaction over the upward trajectory of bilateral relations,” it added. “They agreed to enhance bilateral cooperation in all areas of mutual interest.”
Dar highlighted the two countries’ historical, religious, and cultural linkages, expressing Pakistan’s desire to enhance bilateral cooperation in areas of trade and people-to-people contacts, Radio Pakistan said.
Established together as one independent nation in 1947, Bangladesh won liberation from then-West Pakistan in 1971. Relations between the two countries continued to deteriorate Hasina’s administration, which prosecuted several members of the Jamaat-e-Islami (JI) party for war crimes relating to the 1971 conflict.
However, relations between Pakistan and Bangladesh have improved since Hasina was ousted in a bloody student-led protest in August 2024. Islamabad’s ties with Dhaka have also improved as Bangladesh’s relations with India, where Hasina has sought refuge, have deteriorated.
Last month, Bangladesh confirmed it was resuming direct trade with Pakistan after 50 years. The country’s food ministry said it would receive 50,000 tons of rice from Pakistan in March.
