Envoys urge to tap huge market of ASEAN

Islamabad: Envoys at a special meeting on “Pakistan-ASEAN Economic Linkages” urged to tap the huge market of the Association of Southeast Asian Nations (ASEAN). The speakers called for finalizing the Free Trade Agreement (FTA) between Pakistan and ASEAN as early as possible.
The meeting was organized by the Asian Institute of Eco-civilization Research and Development (AIERD) in Islamabad which was well attended by the Ambassadors of Indonesia, Vietnam, Malaysia, Brunei Darussalam, and Philippine, among others, President RCCI Nadeem Rauf, and faculty of AIERD. The meeting also discussed the possibility of China-Pakistan Economic Corridor (CPEC) third party cooperation with the hope that it would bring prosperity to the region.
Mr. Adam Mulawarman Tugio, Ambassador of Indonesia in his address proposed that there should be a focal desk at RCCI to promote economic and trade linkages between Pakistan-ASEAN.
Mr. Deddy Faisal Ahmad Salleh, Charge’d Affair High Commission of Malaysia said that Malaysia is working to enhance connectivity with Pakistan and trying to operationalize direct flights.
Mr. Nguyen Tien Phong, ambassador of Vietnam stressed the need for stability, continuity, and consistency in policies for improving economic and trade linkages.
Ms. Maria Agnes M. Cervantes Chargé D’affaires of the Philippines urged to enhance the linkages through improved exchanges.
Mr. Abdul Mubdi’ Osman, Brunei Darussalam, shared that Brunei offered good opportunities to invest and trade, especially in the field of LNG.
Zahid Latif Khan Chairman, AIERD, in his address said that with ASEAN’s US$ 3 trillion economic power and a large market of 650 million people in the region, the mutual US$7 billion trade between ASEAN and Pakistan is far below its potential. The economic and trade relations between Pakistan and ASEAN need to be further enhanced, he added.
Nadeem Rauf, President RCCI said that Pakistan is a land of opportunities with diverse economic fields, geography, and potential to become the hub of connectivity and ASAEN must explore avenues to benefit from these opportunities, he added. He suggested that RCCI and AIERD will jointly work to establish the Desk aiming to promote trade ties and information related to ASEAN.
During the open discussion, Mr Bilal proposed that Pakistan-ASEAN should work on establishing a special economic zone in Pakistan. “It will be an excellent initiative to deepen the regional linkages and create new economic opportunities,” he added.
Mr. Shakeel Ahamd Ramay, Chief Executive Officer of AIERD, concluded that Pakistan and ASEAN should work to boost the relationship based on the win-win cooperation. Besides trade and investment, cooperation in other fields including health, education, agriculture as well as media and arts is also the need of the hour to cement the ties between the people and governments of ASEAN and Pakistan.

Pakistan Keen to Collaborate with Italy in Renewable Energy Sector: PM

Islamabad: Prime Minister Muhammad Shehbaz Sharif Wednesday while appreciating Italy’s support in the context of European Union’s preferential trading GSP Plus scheme, stressed the need to further harness the existing potential to enhance trade and investment relations between Pakistan and Italy.
He termed Italy a close friend of Pakistan and a reliable partner, both bilaterally and in the EU context.
The prime minister received Ambassador of Italy in Pakistan Andreas Ferrarese at his office on 10 Aug 2022.
The prime minister further observed that Pakistan-Italy relations were marked by growing bilateral cooperation as well as commonality of views on a whole range of regional and global issues.
He said Pakistan would be particularly interested in collaborations in the renewable energy sector in which Italy had made remarkable progress.
The prime minister also highlighted the immense cooperation that Pakistan continued to extend to the international community in the wake of the situation in Afghanistan, particularly since August last year.
The Italian ambassador thanked the prime minister for receiving him and expressed his resolve to further increase and diversify the existing ties between the two countries.

Saudi Arabia targets $3.3tr of cumulative investments till 2030

Saudi Arabia has enacted over 600 economic reforms since the launch of the Vision 2030 blueprint in a bid to attract SR12.4 trillion ($3.3 trillion) of cumulative investment and SR1.8 trillion in foreign direct investment inflows between 2021 and 2030 as part of the National Investment Strategy, said a deputy minister from the investment ministry.

Speaking to Arab News Saad Al-Shahrani, the acting deputy minister for investment promotion in the Ministry of Investment of Saudi Arabia, said the Kingdom achieved an 18 percent increase in foreign direct investment in 2020, even as the global FDI declined by 35 percent due to the pandemic.

FDI flow in 2021 increased by 257 percent compared to 2020 largely driven by a SR46.5 billion infrastructure deal closed by Aramco with a global investor consortium in Q2 2021.

If Aramco’s huge deal is excluded, the Kingdom attracted SR5.3bn in Q2 last year.

Al-Shahrani added that the NIS launched in 2021 is a blueprint for turning the Kingdom into a global hub for business and talent.

During the interview, the minister revealed that FDI flow in the first quarter of 2022 increased 10 percent to SR7.4 billion compared to the same period last year.

He further stated that NIS helped MISA achieve 49 investment deals valued at SR3.5 billion in the second quarter of 2022, creating 2,000 jobs across industries.

“These figures are a testament to the sound execution of the government’s strategy and the impact of new reforms, initiatives and investment opportunities,” said the deputy minister.

He added: “The Kingdom has achieved remarkable progress in many economic and investment indicators, ranking third in Ease of Protecting Minority Investors Index out of 132 countries, for the year 2021.”

The deputy minister further noted that the Kingdom achieved the top spot among 22 countries in the May 2022 Ipsos’ Global Consumer Confidence Index.

Citing the International Monetary Fund’s World Economic Outlook 2022, Al-Shahrani said that the Kingdom is now the fastest-growing nation among the Group of 20 countries, with a growth rate of 7.6 percent. AN

Kashmir Exploitation Day observed all across AJK

ISLAMABAD:Kashmiris living on both sides of the Line of Control (LoC) and across the world marked the third anniversary of India’s unlawful action of revoking the special status of occupied Jammu and Kashmir as “Exploitation [of Kashmir] Day” by holding anti-India rallies and demonstrations.

The main event of the day in Azad Jammu and Kashmir (AJK) was a public meeting and an emotionally charged rally in state capital Muzaffarabad. Both events were organised by Pasban-e-Hurriyat Jammu Kashmir (PHJK), an organisation of post-1989 migrants from occupied Kashmir led by Uzair Ahmed Ghazali, which has always been at the forefront of anti-India activities in different parts of the liberated territory.

The rally started from Burhan Wani Chowk where a public meeting was held and concluded at the office of the UN Military Observers Group for India and Pakistan (UNMOGIP) near Domel, the confluence of rivers Neelum and Jhelum.

From Burhan Wani Chowk to Garhi Pan Chowk — a distance of some 500 metres — AJK Prime Minister Sardar Tanveer Ilyas, his predecessor from the PML-N, Raja Farooq Haider, and some cabinet members were also part of it.

Pak-China olive cooperation possesses immense potential

ISLAMABAD: As one of the main olive producing areas in China, the processing industrial chain in Fujian Province is still far from perfect. The supply of high-quality olives is in short supply; besides, the by-product market also contains unlimited potential.

Namely, the market space is huge. In the future, if we can introduce excellent olive varieties from countries along the Belt and Road, including Pakistan, and carry out planting and processing technology exchanges with them, undoubtedly it will be a win-win situation,” noted Chen Rui, General Manager of Fujian Baihejiang Industrial Development Co., Ltd., in an exclusive interview with China Economic Net.      Edible olives are rich in nutrients, providing protein, carbohydrates, fat, vitamin C, calcium, phosphorus, iron and other minerals.

Its content of vitamin C is 10 times that of apples and 5 times that of pears and peaches. Pakistan, which has a large area of land suitable for growing olive trees, can produces about 1,500 tons of olive oil and 830 tons of table olives per year, all of which are consumed domestically.  Now, Pakistan is the only South Asian country to be included in the International Olive Council.

Farhan Pasha, the science officer in charge of the olive program at the Barani Agricultural Research Institute, told CEN that the main areas in Pakistan fit for olive cultivation are Balochistan, KPK and Punjab, etc.  Pakistan has 10 million acres of land suitable for olive cultivation, which is almost twice as much as Spain, the world’s largest olive oil producer.  Nevertheless, the cultivation and processing of edible olives in Pakistan is facing a series of challenges, which also brings opportunities for agricultural cooperation between China and Pakistan in this field.

According to Farhan Pasha, Pakistani olive growers often need to use costly imported fertilizers or pesticides when faced with pests and diseases, but this is beyond the purchasing power of most ordinary farmers.

Therefore, if China provides effective measures to increase production or control pests and diseases, this will be the most ideal result. Chen put forward a specific plan for this, Biopesticides are our best choice due to ordinary pesticides may cause soil hardening or pesticide residues. Even the most common biological materials such as well-proportioned ginger and pepper spray can have a very good sterilizing and insecticidal effect.  In terms of pest control, we use breeding beneficial insects, such as ladybugs, to kill pests. As for fertilizers, Chen emphasized that in most cases, his olive orchard chooses organic bio-fertilizers, such as chicken and sheep manure, which are of great help in increasing production.

At present, there are two main varieties of edible olives, in his orchard, with a total planting area of about 2,500 mu (about 166.67 hectares). In the past five years, the annual output has been about 500,000 kilograms, and the annual output value can reach 50 million yuan. Among them, Meixiang No. 2 has outstanding yield, with each tree can bear 250-400 kilograms during the annual picking season in August.          Under the framework of CPEC, we have cooperated closely with China in many fields, so in this respect they can provide high-level support in terms of agricultural technology.

At present, in our olive growing area, when the orchard is too humid due to climate and other reasons, pests always arise freely. So, if we can collaborate, we need to transform advanced technology learned from high-level agricultural jargon into easy-to-understand knowledge that can be conveyed to our farmers, mentioned Dr. Ramzan Ansari, who is in charge of olive research at the Barani Agricultural Research Institute.

Experts believe, as agriculture is one of the key sectors in Pakistan economy, both countries should deepen and expand cooperation in the agriculture sector under CPEC. Pakistan can adopt the latest Chinese technology for the cultivation of olive plants. Against the backdrop of successful cultivation of cash crops such as chili peppers, a joint venture between China and Pakistan for olive cultivation and processing is also a viable solution.

Inam ul Haq, who works as a horticulturist at the Barani Agricultural Research Institute in Chakwal, has included Chinese investment in his plans. In the future we plan various joint ventures with Chinese counterparts as we can take advantage of their expertise, since the world understands their knowledge and praises them.” Dr. Ramzan Ansari suggested that some areas with high agricultural potential, including the Potohar region, could become exclusive agricultural zones under CPEC. In addition, professionals from both China and Pakistan have high expectations for the olive by-product processing industry. Taking Fujian as an example, main olive by-products include juice, syrup, honey, preserved fruit, tea, vinegar, beverage. Among them, olive tea is made from olives and black tea with ingredients such as ginger and olive salt, which is very popular with the local people.

In addition, the olives can increase the aroma of the tea, making the aroma more lingering, Chen told CEN. The processed products of olives have very high added value, such as pickled olives, olive tea, olive sugar, and the like. The residue left after processing olives can also be used for livestock feed. We can cooperate with Chinese research institutes or enterprises, and I hope our government can play an active role in policy guidance and industry support.

By now, we have introduced pickled olives to some Chinese dealers, who are very interested in it and expressed that they will seize the opportunity to promote cooperation between the two parties, Syed Yousaf Ali, an owner of olive orchard at Sehgal farmhouse Kallar Kahar, echoed confidently.   Monitoring Desk