Connect with us

Latest News

Pakistan, Uzbekistan agree to further deepen, expand strategic partnership

Pakistan, Uzbekistan agree to further deepen, expand strategic partnership

Published

on

Pakistan, Uzbekistan agree to further deepen, expand strategic partnership
Pakistan, Uzbekistan agree to further deepen, expand strategic partnership

Pakistan and Uzbekistan on Thursday agreed to further deepen and expand their strategic partnership in all areas and decided to conclude a treaty on strategic partnership.

This was agreed during the meeting held here between Prime Minister Imran Khan and President Shavkat Mirziyoyev, who was a two-day (March 3-4) state visit of Pakistan at the invitation of the former.

According to a joint statement “Next Steps in the Strategic Partnership” issued here, leaders of the two countries held comprehensive consultations and considered all aspects of bilateral relations, paying special attention to the development of cooperation in the trade and economic sphere, science and technology, culture, education, security and defense and regional connectivity.Emphasizing the centuries-old historical, religious, cultural and scientific ties between the two peoples and based on previously reached agreements, “the parties agreed to further deepen and expand strategic partnership in all areas and in this context, decided to conclude a treaty on strategic partnership.”

The two leaders also exchanged views on issues of global and regional importance, intensifying contacts in international forums, including within the framework of the United Nations, Organization of Islamic Cooperation, Shanghai Cooperation Organization and Economic Cooperation Organization.

They reaffirmed their commitment to close interaction based on common positions and to continue the practice of mutual support at international and regional forums on all issues of mutual interest.

The Prime Minister congratulated President of Uzbekistan on the chairmanship of the Shanghai Cooperation Organization (SCO) and the Economic Cooperation Organization (ECO) in 2022 and expressed Pakistan’s full support for Uzbekistan’s activities within the SCO and OIC, including the holding of the SCO Summit in the second half of 2022.

The President of Uzbekistan expressed the readiness to provide support to Pakistan’s initiative to create a poverty alleviation mechanism during the period of Uzbekistan’s chairmanship in the SCO.

Welcoming the 30th anniversary of the establishment of bilateral diplomatic relations, the two leaders agreed to celebrate this milestone in a befitting manner by organizing joint activities.

President Shavkat Mirziyoyev shared his vision on the “New Uzbekistan” strategy and stated that the reform process was aimed at the socio-economic interests of the people of Uzbekistan and the region as a whole.

The Strategy lays emphasis on strengthening economic diplomacy and sets tasks to bring existing relations with South Asia, in particular with Pakistan, to a new level of strategic partnership, he added.

Highlighting the achievements in the socio-economic sphere, Prime Minister Imran Khan outlined his vision of the “Naya Pakistan” centered on social justice and economic security.

He said that Pakistan’s main emphasis has shifted from geo-politics to geo-economics.

The Prime Minister shared details about the “Ehsaas” program aimed at reducing poverty and underscored that Pakistan’s “Qaumi Sehat Card” (National Health Card) program is the first initiative in the field of medical micro-insurance for the citizens of Pakistan.

The two leaders stressed the importance of developing institutionalized cooperation between the two countries within the five main pillars of Pakistan’s “Vision Central Asia” political and diplomatic, trade and investment, energy and connectivity, security and defense and people-to-people relations.

Noting with satisfaction the intensification of the exchange of high-level visits between the two countries, the leaders warmly recalled the positive agreements in the areas of trade and investment, customs, military education, culture and tourism, as well as visa facilitation for representatives of business community and tourist groups, reached within the framework of official visit of Prime Minister Imran Khan to the Republic of Uzbekistan on July 15-16, 2021.

The two leaders agreed to expand cooperation between the parliamentary bodies, exchange visits of the leaders of the Senate and the National Assembly of Pakistan and the Legislative Chamber and the Senate of the Oliy Majlis of the Republic of Uzbekistan and hold meetings between the established inter-parliamentary groups of friendship and cooperation.

The leaders noted with satisfaction that over the past five years, bilateral trade has increased fivefold, and despite the pandemic, it grew by another 50 percent last year.

The two leaders welcomed the signing of Preferential Trade Agreement between Uzbekistan and Pakistan and the entry into force of the Transit Trade Agreement. These agreements are the sign of the beginning of a new era in bilateral trade relations and will serve to increase mutual trade by utilizing existing opportunities.

The leaders welcomed the convening of 7th session of the Uzbek-Pakistan Intergovernmental Commission on Trade, Economic and Scientific and Technical Cooperation, 2nd round of Bilateral Political Consultations, the Joint Business Forum and the 4th meeting of the Business Council, held on February 28, March 2, 2022.

They welcomed the understandings reached as a result of these meetings in textiles, pharmaceuticals, building materials, banking and finance, the chemical industry and other areas.

The leaders noted with satisfaction the interregional cooperation and linkages.

The leaders recalled the outcomes of the International Conference “Central and South Asia: Regional connectivity. Challenges and Opportunities” held on July 15-16 2021 in Tashkent.

The two leaders agreed on the need to fast track measures to further expand the connectivity agenda and economic integration.

They acknowledged key role of agreed connectivity corridors which envisage expansion of trade links through offering investment opportunities in the transport network, power pipelines and Special Economic Zones in the interests of the two countries, region and beyond.

The leaders reaffirmed the important role of the Termez-Mazar-e-Sharif-Kabul-Peshawar railway project for the future of the region. It was agreed to evolve a joint “Road Map”, which includes measures to develop a feasibility study for the project and start construction work on both sides.

They acknowledged that the Trans-Afghan Railway project is the most economical and shortest route connecting Central Asia with Pakistan’s ports of Karachi, Gwadar and Qasim.

The two leaders agreed to strengthen cooperation in the field of air, rail and road connectivity.

Recognizing with satisfaction the steady development of bilateral cooperation in security and defense, the two leaders agreed to intensify dialogue and constructive cooperation between the armed forces of both countries, including through inter-staff talks and joint military exercises, training and exchange of professional experience.

They welcomed the establishment of Uzbekistan-Pakistan Joint Commission on Security which held its first meeting in Islamabad on November 2, 2021.

Prime Minister Imran Khan and President Shavkat Mirziyoyev acknowledged the common cultural heritage and centuries-old fraternal ties and reaffirmed their commitment to further expanding cultural ties and relations between the two nations.

In this regard, they welcomed the holding of the first Joint Seminar on the life of Zaheeruddin Muhammad Babur in Islamabad.

The leaders reviewed the progress of joint cultural and media projects, including the translation of Pakistani serials into Uzbek language and joint production on Babur.

The leaders agreed to strengthen the cooperation between the leading education institutions of the two countries.

The leaders praised the development of cooperation in the field of tourism and welcomed the signing of the Memorandum of Understanding on ziyarat tourism.

In order to facilitate tourism and business linkages between the two countries, the Leaders agreed to launch regular flights on the routes “Tashkent – Lahore” and “Islamabad – Tashkent”.

The leaders expressed deep concern on the continuing trend of Islamophobia. Supporting the efforts of the Organization of Islamic Cooperation to mark the International Day against Islamophobia on 15 March, the sides agreed to cooperate in the UN General Assembly.

Uzbekistan expressed its full support for Pakistan’s candidacy for non-permanent membership in the UN Security Council for 2025-2026.

The leaders agreed to continue providing humanitarian assistance to Afghanistan and emphasized that peace and stability in Afghanistan is essential to advance connectivity agenda which will lead to regional prosperity.

The importance of economic assistance to Afghanistan and un-freezing of Afghan foreign bank reserves was also stressed.

Read more: Statement of the Ministry of Foreign Affairs of the Republic of Azerbaijan on the occasion of the 30th anniversary of the Khojaly Genocide

Uzbekistan expressed its gratitude to Pakistan for hosting 17th extraordinary session of the Council of Foreign Ministers of the Organization of Islamic Cooperation on Afghanistan on December 19, 2021.

Prime Minister Imran Khan briefed the Uzbek side on the latest developments in Jammu & Kashmir, including concerns, position and pressing issues at the moment.

The leaders stressed the importance of cooperation and dialogue to resolve all outstanding regional disputes and achieve the goal of lasting peace, stability and prosperity in the region and beyond.

President Shavkat Mirziyoyev expressed his thanks to the Prime Minister of Imran Khan and the people of Pakistan for the warm welcome and hospitality accorded to him personally and the Uzbek delegation and expressed his best wishes for their continued progress and prosperity.

President Shavkat Mirziyoyev invited Prime Minister Imran Khan to pay an official visit to Uzbekistan at a convenient time.

The declaration was signed in duplicate on March 3, 2022 in Islamabad in Uzbek and English.

Earlier, Pakistan and Uzbekistan have expressed commitment to revive the traditional cooperative partnership through improved connectivity.

At a joint press stakeout with Uzbek President Shavkat Mirziyoyev in Islamabad on Thursday, Prime Minister Imran Khan said it is matter of satisfaction that trade between the two brotherly countries increased by 50 per cent in last one year while joint ventures between the business communities of the two countries enhanced by 5 per cent.

The Prime Minister said we have decided to resume direct flights between the two countries that will not only improve connectivity but will help promote tourism and trade.

He said train route with Uzbekistan will help boosting linkages with Central Asian States which will also benefit the war torn Afghanistan.

The Prime Minister said both countries will jointly produce a film on Mughal Emperor Zahir-ud-Din Muhammad Babur.

He said he has shared his narrative on human rights violations in Indian Illegally Occupied Jammu and Kashmir to the Uzbek President.

The Prime Minister said the United Nations should fully implement the international law against human rights violations in the Indian illegally occupied Jammu and Kashmir.

Over Afghanistan issue, the Prime Minister said we will be lobbying to unfreeze the assets of Afghanistan.

He said campaign will be launched to devise ways and suggest measures for the recognition of Afghanistan.

Earlier, the two countries signed different Memorandum of Understandings including Strategic Partnership and Preferential Trade Agreement.

Other agreements include cooperation in the field Television and Radio, Promotion of Pilgrimage Tourism, cooperation in the field of environment and climate change, Action Plan of practical measures in the field of security and cooperation in Railways.

Business

Saudi investment and falling inflation cause Pakistani stocks to soar.

Published

on

By

The benchmark KSE-100 Index increased by more than 1.50 percent on Monday, driven by the possibility of significant Saudi investment. Investors are now more optimistic that the central bank will soon begin a cycle of interest rate cuts, and another IMF programme is very much on the horizon.

The KSE-100 Index increased by 910.25 points, or 1.27 percent, by 1:29 pm PST to close at 72,812.34, having reached an intraday high of 73,060.74.

Additionally on Monday, Ibrahim Al Mubarak, the deputy minister of investments for Saudi Arabia, stated that his nation preferred Pakistan’s economic growth and thought it was the best place to make investments.

The news is definitely good for equities that have been cheap since their market capitalization peaked in 2017, as many industries—energy, agriculture, technology, and mining being the primary ones—can now attract much-needed foreign investment.

The inflation of Pakistan

The consumer price index (CPI) for April increased by 17.3 percent, the lowest level since May 2022. This led to the benchmark index rising by 1244.45 points, or 1.76 percent, during the last session on Friday of last week.

This indicates that, like in March, annual inflation declined for the fourth straight month in April and stayed below the current record high interest rates of 22 percent. like a result, the State Bank of Pakistan may decide to begin reducing interest rates at its upcoming meeting on June 10.

While the pattern seen on Friday was also influenced by a market correction, the persistence of this most recent upswing indicates that investors are anticipating an economic recovery in the context of falling inflation and impending Saudi Arabian investment.

IMF APPEAL

In the meantime, the IMF continues to play a significant role in Pakistan, influencing not just public policy but also private sector initiatives and the lives of common citizens. Furthermore, the market was undoubtedly helped by the world’s largest lender’s most recent announcement of the upcoming transaction negotiations.

The Bretton Woods Institution said on Sunday that a delegation was scheduled to visit Pakistan this month to talk about a new initiative, prior to Islamabad starting the annual budget-making process for the upcoming fiscal year.

Although Pakistan’s $3 billion short-term programme helped prevent a sovereign default last month, Prime Minister Shehbaz Sharif’s administration has emphasised the necessity for a new, longer-term initiative.

The IMF responded to Reuters via email, saying that a mission is anticipated to visit Pakistan in May to review the FY25 budget, policies, and reforms under a proposed new programme for the wellbeing of all Pakistanis.

MERCURABLE BY SAMPLE

Meanwhile, it has been claimed that Saudi Crown Prince Mohammed bin Salman would pay a visit to Pakistan later this month. The kingdom has been making massive investments all over the world in an effort to become a more significant player in world affairs.

Read more: According to Musadik Malik, Pakistan is all about business and no longer focused on help.

It makes sense that after years of political unrest and economic hardship, his presence and the Saudi investment will aid Pakistan in establishing itself as a desirable location for investors.

The explanation is straightforward: Saudi Arabia continues to be a significant actor in world politics. Nonetheless, the globe has begun to view MBS, the crown prince’s nickname, as a role model due to his policies of diversifying his nation’s economy and elevating the kingdom to a centre of commerce.

Continue Reading

Latest News

Today, 190 million pounds in NAB reference cases and cypher will be heard by the IHC.

Published

on

By

The founder of Pakistan Tehreek e Insaf (PTI) has filed a bail petition against a 190 million pound NAB reference, and the Islamabad High Court (IHC) is set to hold a hearing today.

Chief Justice Aamer Farooq of the IHC and Justice Tariq Mehmmod Jahangiri, the other member of the two-member bench, will hear the matter promptly at 12 p.m.

Presenting the arguments before the court will be the prosecutor from the National Accountability Bureau (NAB) during the hearings.

In addition, today is scheduled for the hearing of the petitions filed by Shah Mehmood Qureshi and PTI founder Imran Khan opposing indictment in the cypher case.

At precisely 2 pm, the cypher case hearing will be presided over by a second two-member bench made up of CJ Aamer Farooq and Justice Mian Gul Hassan Aurangzeb.

Here, the prosecution’s arguments will be made in front of the bench by the Federal Investigation Agency (FIA) prosecutor.

Continue Reading

Business

Saudi investment is most suited for Pakistan, according to Ibrahim Al-Mubarak

Published

on

By

Ibrahim Al Mubarak, the deputy minister of investments for Saudi Arabia, stated on Monday that his nation thought Pakistan was the best place to invest and wanted to see it flourish economically.

Speaking at the opening ceremony of the two-day Pakistan-Saudi Arabia Investment Forum 2024 in Islamabad, he stated that Saudi entrepreneurs were open to making investments in a variety of industries and that a significant portion of Pakistanis were contributing significantly to the growth of the kingdom.

ON THE DRIVING SEAT: PRIVATE SECTOR

Muhammad Aurangzeb, the finance minister, stated in his speech that the private sector should take the “driving seat” in order to revitalise the economy.

The finance minister stated, “The ministers and bureaucracy would have to lay back,” adding that the role of the government was to establish a framework.

According to Aurangzeb, the finance ministry was always there to support traders and company owners as he pursued economic reforms as part of the government’s objective.

Using the better rupee exchange rate as an example, he claimed that successful policies were bringing about economic stability.

The minister also mentioned that the government was trying to draw in foreign investment, but he also emphasised the need for continued policies to maintain economic stability and urged collaboration between the public and private sectors to build a robust economy.

Investing in Saudi Arabia

A high-level group of 50 Saudi businesspeople and investors, together with government representatives, arrived in Pakistan earlier on Sunday to attend an event aimed at encouraging investment from the oil-rich Gulf State.

Continue reading: Saudi entrepreneurs arrive in Islamabad as Pakistan seeks foreign investment

This happened only a few days after Saudi Arabia hosted Prime Minister Shehbaz Sharif for a Special Meeting on Global Collaboration, Growth, and Energy for Development in Riyadh. During his visit, he also had talks on a number of topics with Crown Prince Mohammed bin Salman.

SUMMARY CONVERSATIONS

The audience was informed by Commerce Minister Jam Kamal that every attempt would be made to facilitate international investors and have fruitful discussions between Pakistan and Saudi Arabia.

Representatives from thirty Saudi firms made the comments while in Pakistan looking for opportunities to engage in a range of industries, such as agriculture, aviation, human resources, and minerals.

Islamabad has been depending on Saudi investment to spark economic activity in the nation, which will not only boost investor confidence domestically but also aid in persuading businessmen from other countries to prioritise Pakistan, given that the country’s economy is crippled by inflation and high interest rates.

Not a shortage of proficient labourers

In his speech, Saudi Arabia’s Minister of Petroleum, Musadik Malik, emphasised the country’s recent rapid progress as well as the necessity of deepening the two countries’ already-existing bilateral relations.

He claimed that Gwadar would soon become a global transit hub and that Pakistan possessed abundant mineral riches. Malik assured the audience that Pakistan did not lack skilled labour.

It’s a narrative in progress. Details will be provided later.

Continue Reading

Trending