ISLAMABAD: Prime Minister Imran Khan has said that the two-day meeting of the Council of Foreign Ministers (CFM) of the Organization of Islamic Cooperation (OIC) in Pakistan is taking place at a critical moment in world history, asking Muslim countries to prepare themselves for emerging global realities.
Pakistan will host the 48th session of the OIC CFM conference in Islamabad starting March 22.
The meeting is annually held to take important decisions and adopt new policies by OIC member states.
“Structures of the global security and economic order established in 1945 have been eroded by the repeated unilateral use of force, a new ‘cold war’ and growing inequalities among and within nations, exacerbated by the COVID-19 pandemic, the impact of climate change and the technology revolution,” the prime minister wrote in an article exclusively published by Arab News. “Islamic countries must carefully navigate these ‘new realities’ and actively shape the emerging world order to realize their individual and collective interests.”
However, Khan maintained the Muslim world should focus on internal disputes instead of getting involved in great power rivalries. He also emphasized that Islamic countries should do their best to prevent foreign interference and intervention.
Given the volatile situation of the world, the prime minister asked the OIC member countries to think in terms of developing their own security architecture.
“The OIC should seriously consider establishing its own peace and security architecture to promote conflict resolution through dialogue and negotiations whenever disputes arise among Muslim countries or between them and non-Muslim countries or entities,” he maintained.
Khan added the OIC must continue to support the just causes of Palestine and Kashmir for self-determination and liberation from foreign occupation.
“Although these goals are daunting,” he continued, “I am convinced that the arc of history bends toward justice.”
He also emphasized the significance of resolving conflicts in Syria, Libya and Yemen while pointing out it was the first time in 40 years that Afghanistan had got a “real opportunity” to restore peace and security.
He noted that the Muslim world should join other developing countries in mobilizing resources for recovery from the coronavirus pandemic and demanded fair and equal treatment in the international finance, trade and taxation architecture.
Referring to one of the major causes championed by his administration, Khan said: “We must boldly arrest and reverse the outflow of billions of dollars each year from our countries to ‘safe havens’ through corruption, fraud, tax evasion and tax avoidance.”
He also urged OIC nations to prepare themselves for a knowledge-driven, integrated and digital global economy of the future.
“Finally, we must promote global respect for our faith, Islam, and offer protection to every Muslim everywhere. We must object vigorously to the defamation or denigration of Islam, our Holy Book or our Holy Prophet, peace be upon him,” he maintained.
PM Khan urges OIC nations to brace for ‘new realities’ amid shifting world order
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PM Khan urges OIC nations to brace for ‘new realities’ amid shifting world order
- In an exclusive article for Arab News, Khan says the OIC must consider developing its own peace and security architecture
- The prime minister says Islamic countries should resolve internal disputes instead of getting involved in great power rivalries
Ex-PM Khan party reiterates call for judicial probe into May 2023 violence in Pakistan
- Khan’s brief arrest on May 9, 2023 saw hundreds of his supporters allegedly ransack state buildings and vandalize public property
- A Pakistani military spokesman on Tuesday said it was important to punish May 9 perpetrators to restore trust in the justice system
ISLAMABAD: Jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) opposition party on Tuesday reiterated its call for a judicial probe into violent protests that hit Pakistan on May 9, 2023 over Khan’s brief arrest in a graft case.
Khan’s arrest saw hundreds of his supporters allegedly pour into the streets across the country, ransacking military and other properties. Thousands were arrested in the aftermath and some were tried by military courts after the authorities promised to bring the perpetrators and instigators of the violence to justice.
The PTI says the May 9 incident was a “false flag operation” and the subsequent crackdown was aimed at keeping Khan, who was ousted from power in a parliamentary no-trust vote in April 2022, and his party from returning to power in Pakistan’s national election held in February this year, after being delayed for months.
Asked about the claims, a Pakistani military spokesman said on Tuesday the May 9 incident was not related to the military alone, but to the whole of Pakistan, noting that the protesters had attacked military installations, burnt the residence of the founder of Pakistan and vandalized martyrs’ monuments.
The spokesman, Maj-Gen Ahmed Sharif Chaudhry, said the perpetrators and facilitators of the riots needed to be brought to justice as per the constitution and law of the land to preserve the credibility and faith in the country’s justice system.
“See, all this what he has said, we challenge him on these things that all what he is saying, its proofs should be brought before the people,” Raoof Hasan, the PTI information secretary, said at a press conference.
“And the easiest way for that is, what we started demanding immediately after May 9, that an independent, transparent judicial inquiry be instituted, which established who committed the crime and who were behind them.”
Last week, the PTI also issued a circular and urged party members to hold rallies in every provincial assembly constituency to commemorate the May 9 protests, citing directives from Khan who has been in jail since August last year.
Khan, 71, was ousted in 2022 after falling out with Pakistan’s powerful military leaders who many say backed him into power in 2018. In opposition, he waged an unprecedented campaign of defiance against the military establishment which has directly ruled the South Asian nation for nearly half of its history.
Arguably Pakistan’s most popular politician, Khan says the cases against him are “politically motivated,” aimed at keeping him from returning to power. The military denies it.
Pakistani conglomerate Engro looks to go global, main investor says
- The expansion plans include looking at telecom infrastructure in the Middle East, North Africa, and Central Asia
- Engro Corp. has a market capitalization of $694 million on the Pakistan Stock Exchange and assets of $2.9 billion
KARACHI: Pakistan’s largest conglomerate, Engro Corp, is looking to expand into new markets, including the Middle East, Central Asia and Africa, the chemicals-to-energy company’s largest investor said on Tuesday.
Speaking to Reuters in a rare interview, Samad Dawood, vice chairman of Dawood Hercules Corp, which owns 40 percent of Engro Corp, said the company was also considering global liquefied natural gas (LNG) opportunities as well as hydrogen energy.
The expansion plans include looking at telecoms infrastructure in the Middle East, North Africa, and Central Asia, while it is looking at Africa to expand its fertilizer businesses, he said.
Engro Corp. has a market capitalization of 193 billion rupees ($694 million) on the Pakistan Stock Exchange and assets of 802 billion rupees ($2.9 billion), according to public data.
The group has businesses across multiple sectors in Pakistan, including energy, fertilizer, telecommunications and consumer goods.
It owns 56 percent of Pakistan’s first LNG terminal, Engro Elengy Terminal Pakistan, which was set up in the southern city of Karachi in 2015. Dutch energy logistics giant Royal Vopak owns the remaining 44 percent.
The terminal fulfils 15 percent of Pakistan’s natural gas demand.
Dawood said Engro will continue to invest in the energy sector despite having sold its coal-based assets, and was exploring new avenues for sustainable energy production.
He said the company was talking to technology providers in the hydrogen energy sector to figure out how to use ammonia as an energy transition solution.
Dawood added that Pakistan was far from being energy-secure and there were plenty of opportunities to invest further in the power sector.
Pakistan has moved toward reliance on LNG after its own domestic gas supplies dwindled fast as consumption in the industrial and residential sectors increased.
’DREAMER’
Dawood said the global push was inspired by his late elder brother Shahzada, who perished last year in the ill-fated Titan’s voyage to explore the Titanic wreckage — an accident that made global headlines when the deep-sea submersible imploded and killed all five people on board.
“He (Shahzada) was much more of a dreamer and pushing us to become more international and building that curiosity and engaging with the outside world,” Dawood said.
The Dawood family also faced a protracted legal ordeal in Pakistan where the company was accused of getting illegal favors from the government.
The case, which lasted years, finally ended last week with the country’s accountability watchdog dropping the case entirely. Dawood says the matter hurt the family deeply and even impacted their businesses and potential investors.
The company’s plans to push ahead are taking shape, Dawood said. On Monday, the boards of Engro and Dawood Hercules approved in principle a restructuring plan to allow them more capital flexibility.
Dawood said the restructuring will allow for participation in “opportunities that the entire economy provides,” adding that the boards wanted the flow of capital to be completely seamless between the two organizations.
He said Engro would be able to expand its investment mandate to include exploring opportunities created by multinational corporations divesting from Pakistan’s troubled markets.
Saudi Arabia’s Crown Prince expected to visit Pakistan ‘any time’ during May — FM Dar
- The development comes after a flurry of high-level engagements between Pakistan and Saudi Arabia in recent weeks
- Both countries have been working closely to increase bilateral trade and investment in several diverse sectors
ISLAMABAD: Ishaq Dar, Pakistan’s deputy prime minister and foreign minister, on Tuesday said the much-awaited visit of Saudi Arabia’s Crown Prince Mohammed bin Salman to Islamabad was on the cards and could materialize “any time” during the month of May.
The statement follows a series of high-level engagements between the two countries, including the visits of Pakistan PM Shehbaz Sharif to the Kingdom and a visit of Saudi Foreign Minister Faisal bin Farhan to Islamabad.
The visit by the Saudi Crown Prince would mark his first trip to Pakistan in the last five years. His previous visit took place in February 2019 during the tenure of former prime minister Imran Khan.
“That visit [of Saudi Crown Prince] is due, which will happen any time during May,” Dar told reporters at a media briefing in Islamabad. “We will receive the final dates from there [Saudi Arabia] and as a foreign ministry, we are in touch and his visit as of now is on the cards.”
The Saudi Crown Prince accepted PM Sharif’s invitation to visit Pakistan during their meeting in Ramadan, according to Dar.
“He [Saudi Crown Prince] said that he will visit Pakistan after the initial government-to-government (G2G) and business-to-business (B2B) meetings,” the Pakistani foreign minister said.
Pakistan and Saudi Arabia have been working closely in recent weeks to increase bilateral trade and investment deals, with Crown Prince Mohammed bin Salman last month reaffirming the Kingdom’s commitment to expedite an investment package of $5 billion.
PM Sharif discussed increasing bilateral trade and investment in his meeting with the Crown Prince during Sharif’s visit to Saudi Arabia on April 6-8, according to Dar.
It was followed by the visit of a Saudi ministerial delegation, led by FM Prince Faisal, to Islamabad on April 15-16, during which Pakistan presented the Saudi delegation with an investment menu that was “meticulously prepared after extensive efforts.”
Following Sharif’s talks with the Crown Prince and other top Saudi officials in Riyadh, a 50-member, high-level delegation, led by the Kingdom’s Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan on Sunday to explore investment opportunities in the South Asian country.
“The Saudi Assistant Investment Minister has brought prominent private Saudi companies for B2B meetings as government could only involve in major projects such as Reko Diq, petrochemicals and mining,” he said, adding that his government had aligned Pakistani companies for matchmaking.
“While bilateral trade volume will be bolstered through the private sectors of both sides, the government will facilitate this process as demonstrated by our recent efforts.”
Dar said Pakistan’s future looked “promising” due to the rapid progress made on the bilateral trade and investment agenda, on the directives of the Saudi Crown Prince.
Pakistan and Saudi Arabia enjoy strong trade, defense, and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as a top source of remittances to the cash-strapped South Asian country.
‘Wide potential’: Pakistani PM invites Japanese industrialists to invest in electric vehicle industry
- The delegation, led by Japan’s Ambassador Wada Mitsuhiro, met PM Shehbaz Sharif to discuss various opportunities in Pakistan
- PM Sharif says his government has formed committee to resolve issues faced by Japanese firms expanding businesses in Pakistan
ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday met with a delegation of Japanese industrialists in Islamabad and urged them to invest in Pakistan’s electric automotive industry, Sharif’s office said, amid country’s push to attract foreign investment.
The delegation, led by Japan’s Ambassador to Pakistan Wada Mitsuhiro, met the prime minister to discuss various opportunities in Pakistan, according to PM Sharif’s office.
The Pakistan premier noted that Japan and Pakistan were longstanding friends and the two countries should further promote trade and investment ties in various sectors.
“There is a wide potential for investment in the electric vehicle industry in Pakistan and Japanese companies with the best technology can take full advantage of it,” Sharif was quoted as saying by his office.
“All problems faced by Japanese industrialists and businessmen will be overcome together.”
He noted that his government had formed a committee to resolve the issues faced by Japanese companies, who were expanding their businesses in Pakistan.
During the meeting, the Japanese ambassador informed the prime minister about the arrival of a delegation of 20 well-known Japanese companies to Pakistan in July, which would prove to be an important milestone for the promotion of investment and trade between the two countries.
“The delegation informed the Prime Minister that Japanese companies have started local production of hybrid vehicles in Pakistan,” Sharif’s office said. “The Prime Minister welcomed this move.”
The development comes amid Pakistan’s efforts to attract foreign investment to keep the frail $350 billion South Asian economy afloat.
The cash-strapped nation last month completed its $3 billion International Monetary Fund (IMF) program which helped avert a default last year, but the government of PM Sharif has stressed the need for a fresh, longer-term program.
Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.
PM Sharif says Saudi business delegation’s visit to benefit Pakistan’s economic future
- The prime minister says the Saudi minister leading the delegation described it as ‘a new era’ for Pakistan
- Pakistan is seeking foreign investment to navigate a path to economic recovery as it seeks another IMF bailout
ISLAMABAD: Prime Minister Shehbaz Sharif expressed confidence on Tuesday the Saudi business delegation’s visit to Pakistan would prove beneficial for his country while applauding his cabinet ministers for playing a constructive role in their dealings with the visiting investors.
The delegation, which comprised representatives of 30-35 Saudi companies, was led by the kingdom’s Saudi Assistant Minister of Investment Ibrahim Al-Mubarak and arrived in Pakistan on Sunday.
Its members held several business-to-business meetings to explore investment opportunities in various economic sectors of the country.
The prime minister said in the opening remarks of the cabinet meeting the delegation was satisfied with its engagements in Pakistan before returning to the kingdom. He particularly mentioned the head of the delegation, saying he praised the performance of Pakistani ministers.
“He said, ‘We are very satisfied and happily returning.’ And he said, ‘I will report that we have seen a new era in Pakistan.’ In this, the commerce minister has a very big role, as does the ministers of petroleum and finance,” the PM told the cabinet meeting.
“It augurs very well for our future,” he added.
The kingdom’s business delegation’s visit to Islamabad followed Saudi Foreign Minister Prince Faisal bin Farhan’s visit to Islamabad last month, when he was briefed by the authorities on various avenues to invest in the country.
Pakistan is trying to navigate a path to economic recovery by securing an International Monetary Fund bailout.
It also needs foreign investment to help fight a chronic balance of payments crisis.
