Pakistan says Hong Kong conglomerate discussing $1 billion investment in maritime sector

Federal Minister for Maritime Affairs, Qaiser Ahmed Shaikh (left), meets Andy Tsoi, Managing Director for the Middle East & Africa Division, Hutchison Ports, in Islamabad, Pakistan, on January 23, 2025. (APP)
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Updated 24 January 2025
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Pakistan says Hong Kong conglomerate discussing $1 billion investment in maritime sector

  • Pakistan maritime affairs minister holds meeting with Hutchison Ports officials
  • Proposal includes upfront $200 million in foreign direct investment for Pakistan

ISLAMABAD: A Hong Kong-based multinational conglomerate has expressed interest in investing $1 billion in Pakistan’s maritime sector to improve the South Asian nation’s port infrastructure, the maritime ministry said on Thursday.

Hutchison Ports, a subsidiary of CK Hutchison Holdings, is a leading global port operator and logistics company, operating in 52 ports across 26 countries in Asia, Europe, the Americas, and Australia. It provides container terminal operations, cargo handling, logistics, port management, transportation, and distribution services.

Pakistan’s seaports in Karachi, located along the Arabian Sea, are essential for global trade and provide job opportunities for thousands of citizens. The country has been actively working on restructuring and enhancing its port infrastructure. 

On Thursday, Maritime Affairs Minister Qaiser Ahmed Shaikh held a meeting with a high-level delegation from Hutchison Ports, led by the company’s Managing Director for the Middle East and Africa, Andy Tsoi, to discuss the $1 billion investment plan, the maritime affairs ministry said.

“This groundbreaking proposal includes an upfront $200 million Foreign Direct Investment,” the ministry said, adding that the investment would focus on modernizing the Karachi International Container Terminal and South Asia Pakistan Terminals Limited “with advanced automation technologies, enhancing operational efficiency and adopting eco-friendly solutions.”

The plan includes introducing “electrified and remote-control equipment” to reduce carbon emissions and establishing a state-of-the-art warehousing depot for Pakistan’s growing trade sector as well as funding to improve roads around the south wharf to ensure “smooth container traffic flow and boost supply chain efficiency.”

The development comes amid Pakistan’s efforts to boost trade and seek international partnerships to expand maritime activities.

In August 2024, state media reported that Danish shipping firm Maersk was in discussions with local authorities to invest $2 billion in Pakistan’s port and transport infrastructure over the next two years. 

In October last year, the maritime minister signed an agreement with Denmark’s Minister Morten Bodskov to restructure Pakistan’s maritime sector and provide technical training at its ports.


EU mission to host business, investment forum in Pakistan this year — finance ministry

Updated 55 min 4 sec ago
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EU mission to host business, investment forum in Pakistan this year — finance ministry

  • The forum aims to foster collaboration and discuss how Pakistan can continue to attract European businesses, investment
  • Finmin thanks EU envoy for the initiative, underscores his government’s commitment to supporting EU businesses in Pakistan

ISLAMABAD: The European Union (EU) mission in Pakistan will be hosting a business and investment forum in Islamabad this year, the Pakistani finance ministry said on Friday.
The statement came after EU Ambassador to Pakistan Riina Kionka’s meeting with Finance Minister Muhammad Aurangzeb, which focused on a range of matters of mutual interest, particularly business and investment ties between the EU and Pakistan.
During the meeting, the two figures discussed opportunities for European businesses in Pakistan and emphasized the need to create an enabling investment climate to harness the growing appetite for expansion, according to the Pakistani finance ministry.
Dr. Kionka said the EU had already mapped over 300 European companies in Pakistan and there were many more present, extending an invitation to Senator Aurangzeb to attend the business and investment forum, which the EU mission is planning to host in Islamabad in mid-May.
“The forum aims to foster collaboration and discuss how Pakistan can continue to attract European business [and] investment,” the finance ministry said. “She emphasized that European companies were increasingly viewing Pakistan as a hub for potential business opportunities, especially in light of the upcoming forum.”
Pakistan, currently bolstered by a $7 billion International Monetary Fund (IMF) program, is seeking foreign investment and an increase in trade to revive its fragile $350 billion economy.
Aurangzeb thanked the EU envoy for taking the initiative to host the forum, underscoring the government’s commitment to supporting EU businesses in Pakistan, facilitating their operations, and ensuring timely repatriation of dividends and profits.
He expressed appreciation for the EU’s support for Pakistan, particularly the importance of the Generalized Scheme of Preferences Plus (GSP+) facility, which has been a critical enabler of Pakistan’s efforts to drive export-led growth.
The GSP+ scheme grants beneficiary countries’ exports duty-free access to the European market in exchange for voluntarily agreeing to implement 27 international core conventions, including on human and civil rights. In October 2023, the EU unanimously voted to extend GSP+ status until 2027 for developing countries, including Pakistan.
“The Minister also emphasized the need for a more proactive approach in reaching out to European capitals for constructive engagement on key issues, including the continuation of the GSP Plus facility, which is vital for Pakistan’s trade relations with the EU in the coming years,” the finance ministry said.
“Both leaders reaffirmed their shared commitment to enhancing the economic and trade ties between Pakistan and the European Union, and to creating a thriving and mutually beneficial business environment for both sides.”


At UNSC, Pakistan calls for ceasefire, technocratic government in Sudan

Updated 14 March 2025
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At UNSC, Pakistan calls for ceasefire, technocratic government in Sudan

  • The war between Sudan’s army and Rapid Support Forces has displaced around 12 million people since 2023
  • Pakistan’s envoy says any scheme that undermines UN Charter principles will further complicate the conflict

ISLAMABAD: Pakistan’s Permanent Representative to the United Nations (UN) Ambassador Munir Akram has called for the establishment of an independent technocratic government in Sudan to manage the transitional period and urged warring parties to declare a ceasefire, Pakistani state media reported on Friday.
The war between Sudan’s army and the paramilitary Rapid Support Forces (RSF), which erupted in April 2023 over disputes regarding the integration of the two forces, has killed tens of thousands of people, displaced millions and left half of the Sudanese population facing hunger.
The conflict has also triggered waves of ethnically driven violence, largely blamed on the RSF, leading to a severe humanitarian crisis. The UN says that nearly two-thirds of Sudan’s population, or more than 30 million people, will need aid this year.
“The appointment of an independent prime minister and formation of an independent national technocratic government to oversee the transitional period could be steps in a positive direction,” the Associated Press of Pakistan (APP) news agency quoted Akram as saying at a meeting of the UN Security Council (UNSC) to discuss the Sudan situation.
“The conflict will not be resolved on the battlefield [and] war will only bring more death and destruction to the Sudanese people.”
Akram condemned the signing of a charter by the RSF and its allies for a parallel governing authority in Sudan.
“Any such external intervention and any scheme that undermines the UN Charter principles will further complicate the conflict, prevent an early solution and further undermine regional and international peace and security,” he said.
The Pakistan envoy urged warring parties in Sudan to abide by the international humanitarian law and facilitate humanitarian assistance in the affected areas.
United Nations Children’s Fund (UNICEF) Executive Director Catherine Russell said the Sudanese children were enduring “unimaginable suffering and horrific violence,” calling for an immediate end to the conflict.
“This is not just a crisis, it is a poly-crisis affecting every sector, from health and nutrition to water, education and protection,” she said.
“I met with families and children who are living through this nightmare. Their stories are heartbreaking – and demand immediate action.”


PM Sharif stresses need for diversity, inclusion as Hindus celebrate Holi in Pakistan

Updated 14 March 2025
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PM Sharif stresses need for diversity, inclusion as Hindus celebrate Holi in Pakistan

  • There are over 5 million Hindus in Pakistan who have often complained of discrimination, blasphemy accusations, abduction and forced conversions
  • Authorities, striving to improve Pakistan’s image regarding religious tolerance, have repeatedly asserted commitment to equal rights for all citizens

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday stressed the importance of diversity and inclusion to build a stronger nation as he wished Hindus celebrating Holi in Pakistan.
The Hindu festival, which heralds the start of spring, is observed at the end of the winter season on the last full moon of the lunar month.
There are more than 5 million Hindus in Pakistan who have often complained of discrimination, blasphemy accusations, abduction and forced conversions.
Pakistani authorities, striving to improve the country’s image regarding religious tolerance, have repeatedly asserted the state’s commitment to diversity and equal rights for all citizens.
“I extend my heartfelt greetings to our Hindu community in Pakistan on the joyous occasion of Holi. The vibrant energy that surrounds this festivity mark the arrival of spring, symbolizing love and the triumph of good over evil,” Sharif said on X.
“While celebrating new beginnings, renewal, and the strengthening of relationships, this occasion also highlights the importance of diversity and the power of inclusion in building a stronger, more unified nation.”
Hindu men, women and children celebrate the festival by spraying colored powder solutions into the air through water guns and water-filled balloons and smearing it on each other. The devotees serve visitors with delicacies such as gujia, shakkarpaare, matri and dahi-bade as well as desserts and drinks.
People also gather around a lit bonfire and perform various rituals on the eve of Holi, symbolizing the victory of good over evil and removal of the old and the arrival of the new.
In Pakistan, major Holi festivities are witnessed in Tharparkar, Karachi and a number of other cities.
“May this festival of colors fill your lives with happiness, health success, and prosperity,” Sharif said on X. “Happy Holi!”


IMF review talks keep stock investors jittery in Pakistan

Updated 14 March 2025
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IMF review talks keep stock investors jittery in Pakistan

  • Pakistan stock market has seen four bullish runs and as many bearish sessions since an IMF team arrived in Pakistan this month
  • Analysts says the talks with the IMF will have a ‘direct impact’ on stocks such as energy, cement and even the cost of borrowing

KARACHI: Stock investors have been trading cautiously since last week when an International Monetary Fund (IMF) mission arrived in Pakistan to review the country’s economic performance under its reforms-oriented, $7 billion loan program, analysts said on Thursday.
Pakistan’s stocks turned green on Thursday after losing more than 300 points in the last three sessions, with the benchmark KSE-100 index gaining 0.9 percent to close at 115,094.23 points. The stocks, which have gained about 3 percent since March 3 when the IMF experts landed in the country, have been fluctuating and witnessed four bull-runs and as many bearish sessions.
While the IMF and the government remain tightlipped about what they are discussing behind the closed doors, local media reports claim that the two sides are not on the same page over issues relating to Pakistan’s revenue shortfall, debt sustainability, and the resolution of the country’s power sector debt. The central bank unexpectedly maintaining the interest rate at 12 percent this week is being seen as another negative for stocks investors.
“The stock market is jittery because of the IMF review along with other factors,” Sana Tawfik, head of research at Karachi-based Arif Habib Ltd., told Arab News.
She said the market was mainly reacting to news reports about the IMF expressing concern over Pakistan’s tax shortfall of around Rs600 billion ($2.1 billion) and rejecting the government’s plans to resolve the lingering circular debt that was expected to increase to as much as Rs1 trillion by June.
The IMF wants Pakistan to increase its tax-to-GDP ratio, which is the lowest in the region, to 13 percent by taxing incomes from agriculture, real estate and retail sectors. Pakistan, however, fell short of the IMF-backed tax collection target this year.
“There is a concern in the market that this tax shortfall may upset the review,” Tawfik said, adding that the selling pressure and a lack of a proper trigger were other drags on the stock index.
Ahsan Mehanti, chief executive officer at Arif Habib Commodities Ltd., said the issues being discussed with the IMF would have a “direct impact” on stocks, including energy, cement and even the cost of borrowing that is directly related to economic growth.
“Generally higher interest rates are negative for the stocks and we believe the IMF certainly does play a role in the central bank’s decisions,” Mehanti told Arab News.
Pakistan’s policymakers avoid squeezing the interest rate much at a time when the IMF is reviewing the release of its first tranche under the $7 billion program.
“The market expects IMF’s proposal may be growth negative owing to higher interest rates to check inflation risks, thin LSM (large-scale manufacturing) growth in case of a cut in the PSDP (public sector development program) or refusals of circular debt plans,” the commodity analyst said.
But Amjad Waheed, chief executive officer at the NBP Fund Management Ltd., held a different view and said the recent fluctuation looked more like a case of profit-taking as investors booked handsome profits during the last couple of years, when the stock market rose as much as 84 percent.
“The IMF talks are ongoing stable and as per routine. I haven’t heard of any tough conditions that the IMF is going to set,” said Waheed, who manages billions of rupees of investor savings.
“People have earned enough and some people now booking profit is normal. The market corrects a bit because of profit-taking.”
The fund manager said some investors might be selling their stocks as their expectation for a rate cut of as much as 1,500 basis points could not materialize because of Monday’s decision by the central bank.
“As an investor I am very conscious at the moment. I am holding on to my stocks. I am holding on to my investments. I am very careful with that,” Isra Ghous Rasool, a 22-year-old stock investor from Karachi, told Arab News in a recent interview.


German coach hopes more teams tour Pakistan to make hockey ‘bigger’ in country

Updated 14 March 2025
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German coach hopes more teams tour Pakistan to make hockey ‘bigger’ in country

  • Germany’s U-21 team clean sweep Pakistan in four-match series played in Lahore, Islamabad
  • The visit marks first time in 21 years any German hockey team toured the South Asian nation

ISLAMABAD: Impressed with the hospitality extended by Pakistani fans during the German junior hockey team’s first tour to Pakistan in 21 years, the visiting team’s coach Mirko Stenzel hoped on Thursday that more international teams would tour the South Asian country to make the sport “bigger” here.
Germany’s Under-21 hockey team, current world champions, arrived in Pakistan last week to play a four-match series in the country. This marked the first time an international German hockey team visited Pakistan in 21 years, and the return of international hockey to the country after nearly a decade and a half.
Since the September 11 attacks in the United States, foreign teams have been reluctant to travel to Pakistan in many sports and the South Asian country was left completely isolated as a sporting venue after militants attacked the Sri Lankan cricket team in Lahore in March 2009.
The visiting world champions beat Pakistan 4-0 in the four-match series, three of which were played in the eastern city of Lahore while the final fixture was played in Pakistan’s capital Islamabad on Thursday. Germany outclassed Pakistan 4-1 to win the final match and lift the trophy.
“I can imagine that once the first start [of an international tour] has taken place with us here, then a lot of other countries will think about it,” Stenzel told Arab News.
“And hopefully for Pakistan and for hockey as well, I hope it is going to get bigger and bigger.”
Field hockey, Pakistan’s national sport, once propelled the country to Olympic gold and global glory, but the game has waned in popularity and participation over the past two decades. Poor management, lack of infrastructure and the rise of cricket has contributed to the decline.
The failure to adapt to modern demands, including fitness and artificial turfs, has further deepened the crisis.
Stenzel said the experience for the German players in the U-21 squad was “really amazing” as most of them had not traveled outside Europe ever.
“It’s been very interesting for them to see what Pakistan is like, the love for hockey, the hospitality,” he said.
German skipper Johan Wehnert was all praises for the Pakistan team, saying that despite the 4-0 series sweep, the green shirts are a “pretty good team.”
“They are pretty strong in counter-attacks and technically they are very, very strong,” Wehnert said. “It was very difficult for us to defend against them.”
About Pakistan’s chances in the upcoming Men’s Junior Hockey World Cup tournament, the German skipper said the green shirts can play for “good places” in the tournament.
Wehnert praised the hospitality extended by fans in Pakistan, noting that the German side had many opportunities to see the country.
“The people are very friendly, not cheering always [only] for Pakistan but also for Germany,” he said. “We are very happy about it.”
Like Stenzel, Wehnert was all praises for Pakistan’s spicy cuisine.
“We tasted some Pakistani dishes, I liked very much the chicken biryani,” the German skipper said, smiling. “I think it was very nice and everyone liked it here.”