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Pakistan invites global stakeholders to invest in priority sectors during WEF summit

Pakistan invites global stakeholders to invest in priority sectors during WEF summit
Pakistan’s finance minister Muhammad Aurangzeb speaks during a meeting of Pakistan Business Council in Karachi on December 16, 2024. (Ministry of Finance/File)
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Updated 21 January 2025

Pakistan invites global stakeholders to invest in priority sectors during WEF summit

Pakistan invites global stakeholders to invest in priority sectors during WEF summit
  • Pakistan’s finance minister is in Davos to attend annual WEF summit from Jan. 20-24
  • Invites global investors to invest in agriculture, IT, mining, minerals and energy sectors

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb on Tuesday invited global investors and stakeholders to invest in Pakistan’s priority sectors during the ongoing World Economic Forum (WEF) summit in Davos. 

Aurangzeb is in the Swiss city to attend the WEF’s annual summit from Jan. 20-24 where the world’s top business and political leaders are meeting to address key global and regional challenges.

Pakistan, which has struggled with a prolonged economic crisis for the past two years, is struggling to bring about an economic revival. Prime Minister Shehbaz Sharif’s coalition government has vowed to do that by privatizing state-owned enterprises, reducing interest rates, slashing inflation and increasing exports to achieve a 6 percent growth rate in the coming years. 

“Global stakeholders are invited to support Pakistan’s journey by investing in priority sectors such as agriculture, IT, renewable energy, mining and minerals, textiles and apparels, pharmaceuticals, while capitalizing on Special Economic Zones (SEZs),” Aurangzeb wrote in an article for the WEF. 

The minister said Pakistan is addressing structural inefficiencies in revenue collection, energy and SOEs. 

“Rightsizing the federal government, reforming SOEs, and fostering export-led growth will strengthen internal revenue streams and reduce reliance on international funding programs,” he added. 

He said Pakistan was on a path to economic recovery, noting that inflation had dropped to 4.1 percent, and foreign exchange reserves now provide over two months of import coverage.

The Pakistani finance minister said the current account had recorded a surplus for three consecutive months while the country’s goods exports have risen by 7.1 percent, 

“Pakistan’s global default risk has dropped by 93 percent, signaling renewed faith in the country’s fiscal stability,” he said. 

“Local and foreign investors, including global giants like Aramco, BYD and Samsung, are contributing to this economic revival, reflecting Pakistan’s potential as a lucrative investment hub.”

The minister said the cornerstone of Pakistan’s economic transformation is visionary leadership and political will. 

“With a remarkable workforce, abundant natural resources, and immense production potential, Pakistan is poised to soar to new heights – contributing to regional stability and global economic progress,” he said. 

Aurangzeb’s activities at the forum would include taking part in panel discussions on the rising global debt burden on developing economies. 
He will also take part as a panelist in a discussion on the revolutionary impact of new technologies, especially Artificial Intelligence and automation, in promoting trade and investment, the finance ministry said this week. 
It said the minister will also give interviews to selected international media representatives during the summit.


Pakistani journalist on trial rejects ‘baseless’ charges over tax authority corruption report

Pakistani journalist on trial rejects ‘baseless’ charges over tax authority corruption report
Updated 22 sec ago

Pakistani journalist on trial rejects ‘baseless’ charges over tax authority corruption report

Pakistani journalist on trial rejects ‘baseless’ charges over tax authority corruption report
  • Shahbaz Rana’s report on removal of 25 senior tax officials triggered complaint now before the court
  • Press unions decry the trial, saying the report was based on authentic official records and documents

KARACHI: A senior Pakistani journalist on Saturday dismissed as “baseless” charges filed against him in connection with a story on corruption in the Federal Board of Revenue (FBR), after being put on trial in an Islamabad court that has alarmed the media community.

Shahbaz Rana, who works with the English-language broadsheet The Express Tribune, faces a complaint filed by an FBR official who claimed his story was defamatory and scandalous. The article in question said Prime Minister Shehbaz Sharif had sacked 25 FBR officers, all in higher pay grades, based on reports by three intelligence agencies questioning their financial integrity and professional competence.

The complainant also nominated Sharif and other officials.

Speaking to Arab News, Rana said he was reporting on the issue on the basis of authentic official documents.

“This case against me is baseless,” he said over the phone. “First, my report regarding the 25 officers of the Federal Board of Revenue (FBR) was based not only on authentic documents and was true, but was also publicly acknowledged by Prime Minister Shehbaz Sharif himself, who referred to it twice in his speeches.”

“Furthermore, I did not name any of the 25 officials, including the complainant, in my report,” he added. “Moreover, although the complainant has made the prime minister a party to this case, the charge has been filed solely against me. This baseless case should not stand.”

Journalist bodies including the Pakistan Federal Union of Journalists (PFUJ), the Rawalpindi-Islamabad Union of Journalists, and the National Press Club have sharply criticized the legal proceedings.

In an emergency meeting held on Friday, they said they had reviewed the official records underlying the news report.

Participants said not only did these documentations exist, but there were also videos of the prime minister that confirmed the report’s accuracy.

The meeting expressed astonishment that in a petition which names the prime minister of Pakistan, the finance Secretary, the interior secretary, the establishment secretary, and the Islamabad inspector general of police as parties, no notice has been issued to any of these co-respondents, while an indictment has been filed solely against Rana.

They noted that Rana’s office was raided for his arrest and that a one-sided trial was now proceeding at great speed.

PFUJ President Afzal Butt termed the trial court’s actions a violation of fair-trial principles and called on the Islamabad High Court to take immediate notice so that justice could be ensured.

The participants of the meeting also noted that denying a well-known investigative journalist in Islamabad the right to a fair trial in this way casts doubt on the entire justice system, adding it has also caused deep concern throughout the journalistic community.


Police surgeon confirms sexual violence against three minors in Karachi child-abuse case

Police surgeon confirms sexual violence against three minors in Karachi child-abuse case
Updated 7 min 30 sec ago

Police surgeon confirms sexual violence against three minors in Karachi child-abuse case

Police surgeon confirms sexual violence against three minors in Karachi child-abuse case
  • Arrested suspect accused of abusing 100 children, charged under law carrying death penalty
  • Police officials say abuse went undetected for nine years until a shopkeeper raised the alarm

KARACHI: Authorities in Karachi said on Saturday they had confirmed sexual violence against at least three of four minor girls examined after the arrest of a man accused of abusing nearly 100 children over nine years.

The case surfaced earlier this week when one of the alleged victims stole a USB drive from the suspect and took it to a shop to copy a movie. The shopkeeper found hundreds of videos of child abuse on the device and alerted police.

Shabbir Ahmed, a juice vendor originally from Abbottabad, was arrested on Thursday, and investigators said they had recovered more than 400 clips showing assaults on over 100 girls aged between five and 12, some targeted repeatedly over several years.

“Today, four victim girls, one aged seven, two aged ten and one aged 12, were brought in for examination,” Karachi police surgeon Dr. Summaiya Syed told Arab News. “Findings in three of them are suggestive of sexual violence, and medicolegal documentation has been completed.”

Police said on Friday Ahmed began abusing children in 2016, luring them with small amounts of money and assaulting them inside his shuttered shop in the city’s Qayyumabad neighborhood.

A diary recovered from the suspect contained names and records of more than 85 victims, noting their ethnicity. The most recent assault is believed to have taken place on Sept. 4.

The suspect has now been charged under Section 376(3) of the Pakistan Penal Code, which carries the death penalty or life imprisonment for raping a minor. A judicial magistrate has granted police five-day remand for interrogation.

At least five families have lodged formal complaints so far, and more are expected as medical examinations continue, police said.

Child sexual abuse remains widespread in Pakistan. Sahil, a local NGO, recorded 3,364 incidents in 2024, while the Sustainable Social Development Organization (SSDO) documented 5,398 cases between 2019 and 2023.

One of the country’s most notorious cases emerged in Kasur, Punjab province, where between 2006 and 2015 hundreds of videos of mostly male children being abused were circulated illegally, sparking nationwide outrage.


Pakistan’s Zardari praises President Xi’s vision, vows deeper ties on China visit

Pakistan’s Zardari praises President Xi’s vision, vows deeper ties on China visit
Updated 13 September 2025

Pakistan’s Zardari praises President Xi’s vision, vows deeper ties on China visit

Pakistan’s Zardari praises President Xi’s vision, vows deeper ties on China visit
  • The president said this while addressing the 2025 Golden Panda International Cultural Forum awards ceremony
  • Discussion during President Zardari’s visit will encompass Pakistan-China bilateral relations, Islamabad says

ISLAMABAD: Pakistan’s President Asif Ali Zardari on Friday hailed Chinese President Xi Jinping’s “visionary” global security initiative and pledged to deepen cultural, educational and diplomatic ties with Beijing.

The president said this while addressing the 2025 Golden Panda International Cultural Forum awards ceremony, which saw the awards given in film, television drama, animation and documentary categories.

Zardari arrived in Chengdu on Friday on a ten-day China visit, which comes on the heels of an official trip to China by Prime Minister Shehbaz Sharif last week, during which Islamabad signed investment agreements and joint ventures worth $8.5 billion with Beijing.

Speaking at the ceremony, the Pakistan president said the forum reminded them how cultures unite people and how art and television can connect different civilizations.

“We share China’s vision for uniting civilizations. Education and people-to-people ties have deepened the brotherhood between Pakistan and China,” he said.

“The world today is undergoing radical changes. In the times of dramatic changes, China, under President Xi, has shown us the path of a win-win solution. I wish to commend the President for his visionary Global Security Initiative.”

Presented at the Boao Forum in April 2022, President Xi’s Global Security Initiative (GSI) aims to uphold the principle of indivisible security, build a balanced, effective and sustainable security architecture, and oppose the building of national security on the basis of “insecurity in other countries.”

“This initiative reflects a deep commitment to peace, stability, and cooperation in an increasingly complex world,” Zardari said. “We are ready to work with China, with all other nations, to promote understanding and culture and tolerance.”

Pakistan views China as an important strategic ally and investment partner, which has funneled billions of dollars into the country under the China-Pakistan Economic Corridor (CPEC) energy and infrastructure project for over a decade.

Beijing is Pakistan’s largest trading partner, with bilateral trade topping $25 billion in recent years, while Chinese firms have also invested heavily in Pakistan’s power, transport, infrastructure and telecom projects.

During his ten-day visit, President Zardari will be visiting Chengdu and Shanghai cities, and the Xinjiang Uygur Autonomous Region till Sept. 21 to meet Chinese leaders, according to the Pakistani foreign office.

“The discussions will encompass Pakistan-China bilateral relations, with a particular focus on economic and trade cooperation, CPEC and future connectivity initiatives,” it said this week.


Pakistan, Egypt condemn Israeli strikes on Doha, discuss upcoming OIC summit

Pakistan, Egypt condemn Israeli strikes on Doha, discuss upcoming OIC summit
Updated 13 September 2025

Pakistan, Egypt condemn Israeli strikes on Doha, discuss upcoming OIC summit

Pakistan, Egypt condemn Israeli strikes on Doha, discuss upcoming OIC summit
  • Israel attempted to kill the political leaders of Hamas with the attack in Doha on Tuesday
  • The strike has risked derailing efforts to broker a ceasefire in nearly two-year war on Gaza

ISLAMABAD: Pakistan and Egypt on Saturday condemned Israeli airstrike targeting Hamas leaders in Qatar’s capital of Doha, the Pakistani foreign ministry said, with the two sides also discussing modalities for an upcoming Organization of Islamic Cooperation (OIC) summit in Doha.

Israel attempted to kill the political leaders of Hamas with the attack in Doha on Tuesday, a strike that risked derailing United States-backed efforts to broker a truce in Gaza and end the nearly two-year-old conflict.

The attack was widely condemned in the Middle East and beyond as an act that could escalate tensions in a region already on edge, while Pakistan on Friday pledged its support to Qatar for the defense of its sovereignty.

On Saturday, Pakistan’s foreign minister Ishaq Dar spoke with his Egyptian counterpart Dr. Badr Abdelatty about the recent developments in the Middle East as well as the OIC foreign ministers’ meeting in Doha.

“Both leaders strongly condemned the Israeli unprovoked illegal strikes on Doha, and discussed the modalities and details of the forthcoming OIC Council of Foreign Ministers in Doha, scheduled for Sunday, 14 September,” the Pakistani foreign office said after their conversation.

The development comes a day after the OIC, which is currently chaired by Turkiye, urged the UN Security Council to “take firm measures” against Israel following its airstrike in Doha.

Delivering a statement on behalf of the OIC, Turkiye’s UN envoy Ahmet Yildiz condemned “in the strongest terms this despicable and unwarranted attack against the State of Qatar and in flagrant violation of its territorial sovereignty and national security.”

“There is no doubt that this dastardly action constitutes a blatant violation of the norms of international law and certainly the Charter of the United Nations, much as it represents an overt threat to both the security of the Middle East region and indeed international peace and security,” Yildiz said.

On Saturday, Qatar’s Foreign Ministry said an emergency Arab-Islamic Summit in Doha will discuss a draft resolution on Israel’s attack against the Gulf state, according to the Qatar News Agency (QNA).

“The summit will discuss a draft resolution on the Israeli attack on the State of Qatar, submitted by the preparatory meeting of Arab and Islamic foreign ministers, which will be held tomorrow Sunday,” foreign ministry spokesperson Majid bin Mohammed Al Ansari told QNA. 

Qatar has been a main mediator in long-running negotiations for a ceasefire between Israel and Hamas in Gaza, for the release of Israeli hostages held in Gaza, and for a post-conflict plan for the territory.

Israel’s assault on Gaza since October 2023 has killed over 64,000 people, according to Palestinian health officials, while internally displacing almost all Gaza’s population, and setting off a starvation crisis. Multiple rights experts and scholars say Israel’s military assault on Gaza amounts to genocide.


12 Pakistani soldiers, 35 militants killed in clashes near Afghan border — military

12 Pakistani soldiers, 35 militants killed in clashes near Afghan border — military
Updated 13 September 2025

12 Pakistani soldiers, 35 militants killed in clashes near Afghan border — military

12 Pakistani soldiers, 35 militants killed in clashes near Afghan border — military
  • Military says intelligence reports confirm involvement of Afghan nationals in attacks, a charge Kabul denies
  • The death toll underscores the struggles Pakistan faces as it tries to contain surging militancy in northwest

ISLAMABAD: Twelve Pakistani soldiers and 35 militants were killed in clashes this week near the country’s border with Afghanistan in the northwestern Khyber Pakhtunkhwa (KP) province, the Pakistani military said on Saturday.

Pakistani security forces raided a hideout of the Pakistani Taliban in KP’s Bajaur district in which 22 militants were killed in an exchange of fire, according to the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing.

Another 13 militants were killed in an encounter in the South Waziristan district. The military said the deceased militants belonged to the Pakistani Taliban, or the Tehreek-e-Taliban Pakistan (TTP) group.

“However, during intense fire exchange, twelve brave sons of soil, having fought gallantly, paid the ultimate sacrifice and embraced Shahadat (martyrdom),” the ISPR said in a statement.

The death toll underscores the struggles Pakistan faces as it tries to contain surging militancy in KP, which borders Afghanistan, since a fragile truce between the Pakistani Taliban and the state broke down in November 2022.

The Pakistani Taliban and other militant groups have frequently targeted security forces convoys and check-posts, besides targeted killings and kidnappings of law enforcers and government officials in recent months.

“Intelligence reports have unequivocally confirmed physical involvement of Afghan nationals in these heinous acts,” the ISPR said. “Besides, use of Afghan soil against Pakistan by Fitna al Khawarij [Pakistani Taliban] terrorists continues to remain a grave point of concern. Pakistan expects the Interim Afghan Government to uphold its responsibilities and deny use of its soil for terrorist activities against Pakistan.”

There was no immediate comment from Kabul in response to the Pakistan military’s statement.

In recent months, Islamabad has frequently accused Afghanistan of allowing the use of its soil and India of backing militant groups for attacks against Pakistan. Kabul and New Delhi both deny the allegation.