Indian external affairs minister to visit Pakistan for SCO summit amid strained relations

ISLAMABAD: Pakistani Prime Minister Shehbaz Sharif on Tuesday met with investors from the US and United Arab Emirates (UAE), his office said, as Islamabad seeks to attract foreign funds and projects to help shore up its $350 billion economy.
Sharif is currently in the UAE to attend the World Governments Summit taking place from Feb. 11-13. On the sidelines, the premier is meeting foreign companies and investors as the South Asian nation, currently bolstered by a $7 billion facility from the International Monetary Fund (IMF) granted in September, navigates a narrow economic recovery path.
In one meeting, Sharif met with the Dubai-owned ports and logistics company DP World’s CEO Sultan Ahmed bin Sulayem and discussed ongoing and future investments.
“Sharif appreciated DP World’s investment in Pakistan and its role in enhancing trade and logistics infrastructure,” the PM said in a statement, reiterating Pakistan’s commitment to the early completion of projects under two Inter-Governmental Framework Agreements (GAs) signed in Jan. 2024 to strengthen relations in the marine and logistics sectors, including the establishment of a freight corridor and an economic zone near Karachi, the Pakistani commercial capital. 

“[Sharif] said that Pakistan’s strategic location provides an ideal opportunity for DP World to expand its operations and emulate successful projects like Jebel Ali Port in Pakistan,” the PM office said.
Under the IGAs, DP World is developing a dedicated freight corridor to run from Karachi Port on the Arabian Sea, passing through Karachi, Pakistan’s most populous city, to the Pipri Marshalling Yard, approximately 45km away. The corridor will improve efficiency, transport times, and reduce the overall cost of logistics. State-run Pakistan Railways and Port Qasim Authority will act on behalf of the Pakistan government for the development of the corridor. 
A second framework agreement was signed with Pakistan’s ministry of maritime affairs to dredge the navigation channel. DP World will carry out the capital dredging on behalf of the government of Dubai. 
The framework agreement will also see the development of an economic zone at Port Qasim, which aims to attract more than US $3 billion foreign direct investment. DP World, on behalf of the government of Dubai, will carry out the development of the economic zone, with the aim of maximizing economic activity in Pakistan. 
DP World began operations in Pakistan in 1997 at the Qasim International Container Terminal (QICT) – the first of its kind in the country – and has since transformed the facility into a leading gateway for global trade in the region.

Separately, Sharif also met US businessman and Texas hedge fund manager Gentry Beach, who is close to the family of American President Donald Trump. Beach visited Pakistan last month and discussed investments in the real estate, energy and minerals sectors.
“Beach, while recalling his recent visit to Pakistan, described the government’s policies as conducive for business and investment and expressed keen interest in investing in various sectors,” Sharif’s office said in a statement, adding that the US investor had pledged to “implement his investment plans in Pakistan at the earliest.”

ISLAMABAD: Turkish President Recep Tayyip Erdogan will visit Pakistan with a high-level delegation from Feb.12-13, Pakistan’s foreign office said on Tuesday, during which he will co-chair the session of a high-level strategic cooperation council focusing on bilateral trade, investment and other priority sectors between the two countries, and oversee the signing of several agreements. 
The Pakistan-Turkiye High Level Cooperation Council (HLSCC) was established in 2009 as a framework for consultations at the highest political level between the two sides. Several joint standing committees under the HLSCC cover vital sectors such as trade, investment, banking, finance, culture, tourism, energy, defense, agriculture and others. 
Six sessions of the HLSCC have been conducted since it was founded, with the last one held in Islamabad from Feb. 13-14, 2020. 
Erdogan’s high-level delegation will comprise ministers, senior officials and corporate leaders, the foreign office said. 
“During the visit, Prime Minister Shehbaz Sharif and President Erdogan will co-chair the 7th Session of the Pakistan-Turkiye High Level Strategic Cooperation Council (HLSCC),” the foreign office said. “At the conclusion of the Session, a Joint Declaration and a number of important agreements/MoUs are expected to be signed. The two leaders will also address a joint press stakeout.”
Erdogan will hold bilateral meetings with Sharif and President Asif Ali Zardari, the foreign office said, adding that the Turkish president will address the Pakistan-Turkiye Business and Investment Forum with Sharif. The forum will bring together leading investors, companies and businesspersons from both sides, the statement said. 
“The visit of Turkish President and the holding of the 7th Session of the HLSCC would serve to further deepen the brotherly relations and enhance multifaceted cooperation between the two countries,” the foreign office said. 
Turkiye and Pakistan enjoy cordial relations with one another that has expanded to cooperation in several sectors between the two nations. Both agreed to enhance the bilateral trade volume to $5 billion last year in May when Turkish Foreign Minister Hakan Fidan arrived in Pakistan’s capital on a two-day visit. 
Pakistan has been eagerly reaching out to international partners and close allies since last year in its quest to escape a prolonged macroeconomic crisis by strengthening cooperation in business, investment and other sectors. 
Pakistan’s economic crisis has drained its financial resources, weakened its national currency and triggered inflation in the country. The South Asian country has repeatedly stated its desire to achieve sustainable economic growth through foreign trade and investment, long-term reforms and by promoting exports.