Business

Pakistan agrees with Riyadh, Doha to go for international arbitration on investments

Published

3 months ago

Farwa

Domestic forums to be given 8 months to provide solution.
In case of non-resolution, Doha and Riyadh can approach PCA/ICSID.
SIFC gives approval in principle for the establishment Nidra.

ISLAMABAD: Pakistan agreed to allow the Kingdom of Saudi Arabia and Qatar to approach the Permanent Court of Arbitration (PCA) or International Centre for Settlement of Investment Disputes (ICSID) if any issue they face in the multibillion-dollar investments they plan to make in projects, reported The News on Wednesday.

The two sides are holding talks on the exact valuation of the Reko-Diq project and Manara Minerals is finalising the term sheet and valuation.

The Manara Minerals Investment Company is a new venture between the Saudi Arabian Mining Company (Ma’aden) and the Public Investment Fund (PIF) that will invest in mining assets globally for Riyadh and support the development of resilient global supply chains. While on Pakistan’s side, the Reko Diq Mining Company (RMDC) has been tasked to hire levies and payment mechanisms defined for Balochistan.

“Pakistan has negotiated to include a graduated approach for settlement of investment disputes between the state and investors. Through this arrangement, there will be a mandatory period of eight months to get the dispute resolved at the domestic forums,” sources told the publication.

An official said that in the case of non-resolution of disputes, it was agreed that recourse could be made to the PCA or ICSID as international forums of arbitration.

The investment chapter can be annexed with a Free Trade Agreement (FTA) to be signed with GCC (Gulf Cooperation Council) countries, including the process of investor and state dispute settlement through the ICSID as agreed with Saudi Arabia and Qatar, which was also shared with the GCC Secretariat.

GCC has told Islamabad that the legally cleansed draft will be shared with Pakistan in due course.

In this regard, the Pakistani envoy has been tasked to follow up with the GCC Secretariat and give an update before the next Special Investment Facilitation Council (SIFC) meeting.

However, on the Aramco Refinery Project, it has been decided to follow up on the project to materialise it.

SIFC greenlights Nidra

In another major development, the SIFC has given approval in principle for the establishment of the National Industrial Development & Regulatory Authority (Nidra).

The modalities of the authority will be finalised after consultations are held with the provinces.

The Board of Investment (BOI) has been tasked to launch the process of legislation for the proposed model under Article 147 in consultation with the provincial governments and stakeholders, including formulation of a framework for the unification of all existing economic and industrial zones by March 2024.

Till the legislation is passed, the proposed model will be worked on in consultations with the provincial governments.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

2 days ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

2 days ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

2 days ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.