Pakistan joins global shipping line connecting it directly to Europe amid efforts to boost trade

Pakistan joins global shipping line connecting it directly to Europe amid efforts to boost trade
In this picture taken on January 11, 2023, shipping containers are seen placed under cranes at the Karachi sea port. (AFP/File)
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Updated 23 January 2025
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Pakistan joins global shipping line connecting it directly to Europe amid efforts to boost trade

Pakistan joins global shipping line connecting it directly to Europe amid efforts to boost trade
  • The INX weekly shipping service will begin its operations from Karachi on February 5
  • The service will streamline logistics, enhance connectivity and drive economic growth

ISLAMABAD: South Korean shipping company, HMM, on Wednesday launched the India North Europe Express (INX) weekly shipping service in Pakistan, providing the South Asian country direct access to Europe.
The service, launched in collaboration with Ocean Network Express (ONE) container liner and Pakistan’s United Marine Agencies (UMA), will ensure timely and efficient delivery of Pakistani goods to the destined European ports and beyond, according to HMM.
The development comes amid Pakistan’s efforts to boost trade and seek international partnerships to expand its maritime activities, according to Pakistani officials. The initiative will streamline logistics, enhance connectivity, and drive economic growth in the region.
“Our country has abundance of marine, fisheries, mineral and energy resources that can generate additional revenues,” said Vice Admiral Faisal Abbasi, Pakistan Navy commander in Karachi, noting that Pakistan was located at the crossroads of three geographical locations: the gateway to Central Asia, Southwest Asia and the Arabian Gulf.
He said the sea lines of communication (SLOCs) allow nations to stretch beyond their land borders, facilitating access to and exchange of raw materials and trade goods.
“Today, as much as 75 percent of international trade takes place over water and same is expected to continue growing in foreseeable future,” Vice Admiral Abbasi added.
The service, which was launched at a ceremony in the port city of Karachi, will begin operations on Feb. 5. It will directly link western India to northern Europe, according to HMM. The maiden voyage will begin from Karachi under the port rotation: Karachi–Hazira–Mundra–Nhava Sheva–Colombo–London Gateway–Rotterdam–Hamburg–Antwerp–Karachi.
“The INX service promises a robust, direct maritime connection from Western India to Northern Europe, turning around in just 11 weeks with a fleet of 6,000 TEU container ships,” said Sohail Shams, CEO of the United Marine Agencies (UMA), the HMM agent in Pakistan.
“This development not only diversifies maritime service portfolio in the region but also amplifies opportunities for regional trade and global transshipment through this strategic hub.”
He said UMA is dedicated to providing outstanding shipping services and plays a crucial role in strengthening Pakistan’s maritime trade through its representation of leading global shipping lines and handling of cargo to destinations worldwide.
“This service signifies more than just a route, it represents progress, innovation, and the shared commitment of our global partners to simplify and enhance international trade,” Sohail said. “This strategic network underscores the significance of Karachi as a vital trade hub and gateway to global markets.”
Yang Jungmo, a top HMM official for Southwest Asia, also addressed attendees at Wednesday’s launch, highlighting the significance of the INX service for global trade and emphasizing the company’s commitment to offering reliable and efficient shipping solutions.
Earlier this month, Dubai-based logistics giant DP World, in collaboration with Pakistan’s National Logistics Corporation, launched a feeder service to transport shipping containers from Dubai to Karachi, Pakistani state media reported. Pakistani officials and DP World have also finalized terms for a freight corridor project from Karachi Port to the Pipri Marshalling yard in southern Pakistan.
Pakistan is currently on a tricky path to economic recovery since avoiding a default in June 2023. The South Asian country last year secured a new $7 billion loan from the International Monetary Fund (IMF) and has been actively pursuing trade and investment opportunities to put the economy back on track.


Pakistan, Türkiye sign 24 agreements during Erdoğan visit, eye $5 billion trade

Pakistan, Türkiye sign 24 agreements during Erdoğan visit, eye $5 billion trade
Updated 24 sec ago
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Pakistan, Türkiye sign 24 agreements during Erdoğan visit, eye $5 billion trade

Pakistan, Türkiye sign 24 agreements during Erdoğan visit, eye $5 billion trade
  • Turkish president arrived in Pakistan early on Thursday morning to co-chair 7th session of Pakistan-Türkiye High-Level Strategic Cooperation Council 
  • Pakistan, facing militancy spike, has deployed additional police officers and paramilitary forces to ensure security of Turkish leader and his delegation

ISLAMABAD: Pakistan and Türkiye on Thursday signed 24 agreements and memorandums of understanding (MoUs) during a visit to Islamabad by Turkish President Recep Tayyip Erdoğan to discuss how to boost trade and economic ties between the two nations.

The Turkish president arrived in Pakistan early on Thursday morning to co-chair the 7th session of the Pakistan-Türkiye High-Level Strategic Cooperation Council (HLSCC), a forum established in 2009 to enhance bilateral collaboration. The council oversees joint standing committees covering key sectors such as trade, investment, banking, finance, culture, tourism, energy, defense and agriculture. Since its inception, six sessions of the HLSCC have taken place, with the last one held in Islamabad in 2020.

“In the seventh session of our [strategic] council [meeting], which we have just concluded, we have agreed to further strengthen our relations,” the Turkish president said after witnessing the signing of multiple agreements with Pakistani Prime Minister Sharif. 

“Within the framework of this visit, we have signed a total of 24 agreements and MoUs in the fields of trade, water resources, agriculture, energy, culture, family and social services along with science, banking, education, defense and health.”

“We have reached an agreement with Prime Minister Sharif to reach a goal of $5 billion trade volume between Türkiye and Pakistan,” Erdoğan added. “To this end, we are expanding our current goods trade agreement in the first stage.”

Among the MoUs are four on defense, two MoUs and a protocol in the power, energy and mining sectors, three MoUs in promoting cooperation in the trade and industrial field, two agreements in water and seed production, two MoUs in scientific education and training, two MoUs in banking, one MoU on promoting bilateral cooperation in religious services and education, one MoU in Halal food, one MoU in media and public relations, one MoU in the legal sector, one MoU in health and pharmaceuticals, one MoU to promote cooperation in the aerospace industry and two agreements in the fields of cultural cooperation and co-production.

The two countries also exchanged two MoUs signed by the Pakistan-Turkiye Business Forum to enhance bilateral cooperation.

Erdogan said he had also held extensive discussions with the Pakistani prime minister on bilateral, regional and global issues.

The Turkish leader will next address the Pakistan-Türkiye Business and Investment Forum, which will bring together leading investors, companies and business leaders from both nations, according to Pakistan’s foreign office.

Pakistan, which has witnessed a surge in militant violence in recent months, has deployed additional police officers and paramilitary forces to ensure the security of the Turkish leader and his delegation.

The visit began hours after the US Embassy issued a travel advisory, citing a threat by Pakistani Taliban against the iconic Faisal mosque in Islamabad and asked its citizens to avoid visits to the mosque and nearby areas until further notice.


Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa

Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa
Updated 15 min 39 sec ago
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Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa

Afridi among 3 Pakistan players fined for conduct breaches in win over South Africa
  • Afridi was fined 25 percent of his match fee by the ICC for deliberately obstructing batter Matthew Breetzke when he ran a single in the 28th over
  • Saud Shakeel and substitute fielder Kamran Ghulam were fined 10 percent of their match fees after they celebrated too closely to South Africa captain

DUBAI: Fast bowler Shaheen Shah Afridi was among three Pakistan cricketers fined for breaching the ICC code of conduct during the record run chase against South Africa in Karachi.
Afridi was fined 25 percent of his match fee by the ICC for deliberately obstructing batter Matthew Breetzke when he ran a single in the 28th over, resulting in physical contact and a heated exchange between them in the tri-nations match on Wednesday.
Saud Shakeel and substitute fielder Kamran Ghulam were fined 10 percent of their match fees after they celebrated too closely to South Africa captain Temba Bavuma after he was run out in the 29th over.
In addition, all three players received one demerit point each on their disciplinary records, and accepted the sanctions, the ICC said.
Pakistan recorded its highest ever successful one-day international run chase of 355-4 and will play New Zealand on Friday in the final, a warmup for the Champions Trophy.


Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement

Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement
Updated 23 min 9 sec ago
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Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement

Pakistan’s HBL Microfinance Bank, IFC sign $80 million risk sharing agreement
  • Facility will allow HBL MfB to share 50 percent of risk on microfinance loan portfolio of up to $80 million with IFC on an unfunded basis
  • Collaboration aims to enhance access to finance for smallholder farmers, microenterprises across the country, with focus on women

KARACHI: HBL Microfinance Bank (HBL MfB) has signed a Risk Sharing Agreement (RSA) with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets.
The facility, which is supported by the Private Sector Window of the Global Agriculture and Food Security Program (GAFSP), will allow HBL MfB to share 50 percent of the risk on its microfinance loan portfolio of up to $80 million with IFC on an unfunded basis. The collaboration aims to enhance access to finance for smallholder farmers and microenterprises across the country, with a strong focus on women entrepreneurs.
“This RSA is another milestone, reinforcing the Bank’s legacy of innovation and leadership in addressing the evolving financial needs of underserved communities,” HBL said in a statement. 
“By being the first microfinance bank to establish an agreement on such a scale, HBL MfB is not only pushing boundaries but also redefining industry standards, ensuring that microfinance remains a catalyst for empowerment and economic growth.”
HBL said the RSA exemplified the bank’s approach toward leveraging strategic partnerships to strengthen financial resilience, expand lending capabilities, and maintain sustainable growth.
“This partnership with IFC is a testament to our commitment to financial inclusion. The facility serves as a replicable model for strategic partnerships that mitigate market challenges while driving sustainable development,” Amir Khan, President and CEO HBL Microfinance Bank, said in a statement.
“By pioneering this Risk Sharing Facility in the microfinance sector, we are ensuring that underserved segments of the society — especially small business owners and farmers, particularly women, have access to the capital they need to thrive. We are thankful to IFC for their trust in us and look forward to the growth and progress it will bring for underserved Pakistanis.”
Momina Aijazuddin, Regional Head of Financial Institutions Group at IFC, said boosting access to finance, especially for smallholder farmers, small businesses and women, could be a “gamechanger” in Pakistan. 
“With this in mind, IFC is excited to support this pioneering risk sharing facility which aims to de-risk HBL MfB’s on-lending activity to its microfinance clients and support critical growth opportunities in agriculture, entrepreneurship, and women’s empowerment,” Aijazuddin said. 
“This agreement will accelerate financial inclusion, and further HBL Microfinance Bank’s mission of creating a more inclusive and resilient financial ecosystem in Pakistan.”
Despite challenging macroeconomic conditions, microfinance banks (MFBs) have continued to expand their outreach to the low-income population of Pakistan. Although MFBs account for only 1.3 percent of total financial sector assets, they have a broad customer base. Over the past five years, MFBs’ total assets grew by an average of 19.1 percent annually, according to government data. 


India, Pakistan exchange fire across Kashmir border — media

India, Pakistan exchange fire across Kashmir border — media
Updated 13 February 2025
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India, Pakistan exchange fire across Kashmir border — media

India, Pakistan exchange fire across Kashmir border — media
  • State broadcaster PTV says two soldiers and two civilians were injured on the Pakistani side
  • Indian sources blame Pakistan for the incident, though no officials statements have been issued

SRINAGAR: Indian and Pakistani troops have exchanged fire across the heavily militarized Kashmir frontier that divides the two archrivals, with at least four casualties reported by the Pakistani side Thursday.
Kashmir has been divided between the neighbors since they were carved out of the Asian subcontinent at the end of British colonial rule in 1947.
Both nations claim it in full and have fought two wars and numerous smaller battles over control of the Himalayan territory.
Pakistan state broadcaster PTV, citing unnamed security sources, said Wednesday’s incident injured two soldiers and two civilians, all from that country.
Unnamed Indian security officials told broadcaster NDTV that Pakistani troops had fired unprovoked, prompting India’s forces to return fire.
Pakistan’s military declined to comment when asked by AFP. India army officials did not respond to a request for comment.
The incident comes two days after two Indian army soldiers were killed by an improvised explosive device in the region.
A border ceasefire agreement signed by the neighbors in 2003 has largely held in the decades since, but both frequently accuse the other of breaching it.
Last month, India’s army said its soldiers killed two rebel fighters along the Kashmir border as they attempted to cross into the Indian-administered territory.
Several rebel groups have fought Indian forces deployed in the territory, demanding independence for the Muslim-majority region or its merger with Pakistan.
Tens of thousands of people have died in the conflict, most of them civilians.
Fighting has decreased since 2019, when Indian Prime Minister Narendra Modi’s government imposed direct control of the territory from New Delhi after canceling its partial autonomy.
But last year, thousands of additional troops were deployed across the southern mountainous areas following a series of deadly rebel attacks that left more than 50 soldiers dead in three years.
India regularly blames Pakistan for pushing rebels across their shared frontier to launch attacks on Indian forces.
Pakistan denies the allegation, saying it only supports Kashmir’s struggle for self-determination.


Pakistan calls for credible political transition in Syria, urges sanctions removal

Pakistan calls for credible political transition in Syria, urges sanctions removal
Updated 13 February 2025
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Pakistan calls for credible political transition in Syria, urges sanctions removal

Pakistan calls for credible political transition in Syria, urges sanctions removal
  • Ambassador Munir Akram praises the Riyadh Meetings on Syria, calling them crucial for fostering dialogue
  • He expresses concern over reports of inclusion of ‘foreign terrorist groups’ in Syria’s governing structure

ISLAMABAD: Pakistan on Wednesday emphasized at the United Nations Security Council (UNSC) the need for a credible and peaceful political transition in Syria to ensure stability, while calling for the removal of sanctions on past leadership, saying their continuation was now hurting the Syrian people.
The statement came hours after Syria’s Foreign Minister Asaad Al-Shaibani announced his country would have a new government “representing the Syrian people as much as possible,” set to be launched on March 1.
Shaibani shared the plan on the sidelines of the World Governments Summit in the United Arab Emirates while discussing the situation following the overthrow of former President Bashar Assad.
“We take note of the assurance from the caretaker Foreign Minister today in Dubai that a new government will be launched on March 1st and will represent the Syrian people as much as possible and take its diversity into account,” Ambassador Munir Akram, Permanent Representative of Pakistan to the UN, told the UNSC briefing on Syria.
“The path to peace and stability in Syria requires a credible political transition, national unity and an inclusive governance framework,” he added. “The international community must remain engaged and constructive in supporting this process. Pakistan stands firmly with the brotherly and resilient people of Syria.”

Pakistan’s UN Ambassador Munir Akram addresses UN Security Council briefing on Syria, at the United Nations Headquarter in New York on February 12, 2025. (Photo courtesy: X/@PakistanUN_NY)

Akram welcomed the Riyadh Meetings on Syria hosted by Saudi Arabia last month, calling them crucial in fostering dialogue, promoting an inclusive political transition and aiding Syria’s reconstruction within a Syrian-led framework.
The Saudi-hosted discussions focused on post-conflict reconstruction, refugee repatriation, counterterrorism and strengthening regional and international cooperation.
“Sanctions remain a major obstacle to Syria’s recovery,” Akram said. “Unilateral sanctions, originally imposed on past leadership, now primarily harm the Syrian people. These must be reassessed and reviewed to facilitate economic recovery and humanitarian relief.”
“UN sanctions should also be periodically reviewed to ensure they do not impede Syria’s reconstruction while maintaining vigilance against terrorist-affiliated entities,” he continued. “A balanced and pragmatic approach is needed to address economic hardships and the humanitarian crisis.”
The Pakistani diplomat also raised concerns about the reported presence of militant groups in Syria, warning against the Arab state becoming a safe haven for extremist groups.
“The presence of foreign fighters and groups with known terrorist affiliations requires vigilance,” he said. “Any resurgence of Al-Qaeda, [Daesh], and their affiliated groups must be prevented. We are also concerned at reports of the inclusion of foreign terrorist groups in Syria’s governing structure. No foreign fighters or armed entities should operate outside the State’s control.”