Explore Business Standard
Don’t miss the latest developments in business and finance.
China-Pakistan
The global airline industry body has warned that debt-ridden Pakistan has become very challenging for foreign air carriers as USD 290 million of funds were stuck in the country as of January, a media report has said. Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves. Analysts believe the country is at risk of default. The International Air Transport Association (IATA) said USD 290 million of funds were stuck in the country as of January this year, up nearly a third since December last year, according to the Financial Times newspaper report on Thursday. Pakistan is holding the second-largest amount of foreign currency from airlines globally, after only Nigeria. Airlines are facing long delays before they are able to repatriate their funds, Philip Goh, the IATA's Asia-Pacific head was quoted as saying in the report. Some airlines still have funds stuck in Pakistan from sa
India on Thursday rejected references to Jammu and Kashmir in a China-Pakistan joint statement during Pakistan Prime Minister Shehbaz Sharif's visit to Beijing. External Affairs Ministry Spokesperson Arindam Bagchi said the references were "unwarranted" and India consistently rejected such statements. The Union territories of Jammu and Kashmir, and Ladakh are and will always remain an integral and inalienable part of India, he said. On China-Pakistan-Economic Corridor (CPEC), Bagchi said India consistently conveyed "protests and concerns" to China and Pakistan as it includes projects in the "sovereign territory" of India. We resolutely reject any attempts to utilise such projects to change the status quo in that area, Bagchi said. The joint statement was issued after talks between Sharif and Chinese President Xi Jinping.
Pakistan Prime Minister Shehbaz Sharif will embark on a two-day official visit to China on Tuesday during which he will meet the top Chinese leadership, including President Xi Jinping, for a series of meetings aimed at boosting business and strategic all-weather ties. Sharif is visiting China at the invitation of his Chinese counterpart Li Keqiang. Radio Pakistan reported that he will be accompanied by a high-level delegation and meet President Xi and hold delegation-level talks with Premier Li. Sharif will be the first head of the government to felicitate 69-year-old Xi in person for securing an unprecedented third five-year term at the recently held Communist Party Congress, becoming the first leader after party founder Mao Zedong to continue in power after 10-year tenure. The two sides will review the all-weather strategic cooperation partnership and exchange views on regional and global developments. This will be Sharif's first visit to China since assuming office in April thi
Pakistan and China have decided to jointly launch three new projects in addition to the existing multi-billion-dollar China-Pakistan Economic Corridor (CPEC) as the all-weather allies seek to ramp up bilateral ties in various sectors, including agriculture, health and science and technology. Speaking at the China Economic Net (CEN) in Beijing, Pakistan's Ambassador to China Moinul Haq said the three new projects are China-Pakistan Green Corridor (CPGC), China-Pakistan Health Corridor (CPHC) and China-Pakistan Digital Corridor (CPDC), The New International newspaper reported on Saturday. The first will focus on agricultural environment, food security and green development and the second will help Pakistan get efficiency in the medical field, while the third will boost Pakistan's IT industry, it said. Ambassador Haque said Pakistan has a rich repertoire of talent and human resources in different fields of science and technology, asserting that IT-based science and technology has becom
China has shown interest in importing donkeys and dogs from Pakistan, officials have told a parliamentary committee as the cash-strapped country is trying to overcome a major economic crisis. During a briefing on imports and exports on Monday between the officials of the Ministry of Commerce and Senate Standing Committee, one of its members, Dinesh Kumar said that China has expressed interest in importing donkeys as well as dogs from Pakistan, Geo News reported. Senator Abdul Qadir also informed the committee that the Chinese ambassador had also talked about exporting meat from Pakistan several times. One of the members of the committee also suggested that since animals are comparatively cheaper in Afghanistan, Pakistan can import from there and then export the meat to China. However, the committee was informed by the officials of the commerce ministry that animal import from Afghanistan has been temporarily banned as there have been reports of lumpy skin disease among animals in t
China has so far pledged over USD 90 million in assistance to Pakistan after the devastating floods, the Chinese envoy to the country said on Friday. Ambassador Nong Rong in a video statement reaffirmed his government's continued support to Pakistan to help flood-affected people. Since the devastating floods occurred in Pakistan, among all countries, China has announced over 90 million dollars assistance for Pakistan, he said. Ambassador Rong also said the announced assistance was the biggest to date, reiterating that his country stands with Pakistan. The floods that hit Pakistan after record rains have killed more than 1,500 people while affecting over 33 million. The economic losses were estimated to be more than USD 40 billion. The UN in its flash appeal has demanded USD 160 million for immediate relief activities. But it termed the amount as insufficient and has announced to launch a fresh appeal next week. Julien Frederic Morcom-Harneis, the United Nations resident coordinat