Pakistan’s startup funding declined by over 70 percent in 2023 amid political, economic challenges (2024)

In this photograph taken on May 24, 2019, Pakistani youngsters work at their desks at the National Incubation Centre (NIC), in Lahore, Pakistan. (AFP/File)

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Updated 05 January 2024

January 05, 2024 15:35

Pakistan’s startup funding declined by over 70 percent in 2023 amid political, economic challenges

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• Pakistan secures 182 votes in 193-member UN General Assembly to become non-permanent UNSC member
• PM Shehbaz Sharif says Pakistan will work with international community to promote peace and cooperation

Updated 4 sec ago

June 06, 2024 19:09

ISLAMABAD: Pakistan got elected as a non-permanent member of the United Nations Security Council (UNSC) on Thursday after securing 182 votes in the 193-member General Assembly, the state-run Associated Press of Pakistan (APP) said, with the country’s leadership vowing Islamabad would play its role in promoting peace, cooperation and stability in the world.

The world body voted on Thursday to elect five countries to serve two-year terms on the council. The 10 non-permanent seats on the 15-member council are allotted to regional groups who usually select their candidates but sometimes cannot agree on one.

This time, the regional groups put forward Somalia for an African seat, Pakistan for an Asia-Pacific seat, Panama for a Latin America and Caribbean seat, and Denmark and Greece for two mainly Western seats.

“After months of hectic campaigning, Pakistan Thursday was elected, with a massive majority, as a non-permanent member of the UN Security Council, the world body’s power center, pledging to make its contribution in meeting the grave challenges facing the world,” APP said.

Pakistan will replace Japan, which currently occupies the Asian seat, on Jan. 1, 2025 to begin a two-year term. Pakistan’s earlier terms on the UNSC were in 2012-13, 2003-04, 1993-94, 1983-84, 1976-77, 1968-69 and 1952-53.

“Indeed, this is a proud moment,” Prime Minister Shehbaz Sharif said in a statement shared by his office. “Being elected as a member of the United Nations for 2025-26 with 182 votes is a testament to our nation’s commitment to peace and security.”

The Pakistani premier vowed that Islamabad would work with the international community to address global challenges facing the world.

“We will continue to play our role in promoting peace, stability, and cooperation among the nations of the world,” he said.

Deputy Prime Minister and Foreign Minister Ishaq Dar said Pakistan looks forward to upholding its commitment to the UN charter’s vision of preventing war and promoting peace.

“We remain determined to contributing effectively toward the maintenance of international peace and security in line with UNSC’s mandate,” Dar wrote on social media platform X.

The new members will join the five veto-wielding permanent members — the United States, Russia, China, United Kingdom and France — and the five countries elected as non-permanent members last year — Algeria, Guyana, South Korea, Sierra Leone and Slovenia.

• Agreements signed during third day of Prime Minister Shehbaz Sharif’s visit to China from June 4-8
• Sharif, Deputy PM Dar praise China’s outward-looking global economic policies during signing ceremony

Updated 6 min 57 sec ago

June 06, 2024 19:00

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday oversaw the signing of multiple agreements between Pakistan and China in the fields of agriculture, logistics, digital and green economy, the state-run Associated Press of Pakistan (APP) said in a statement.

The memorandums of agreement were signed during the third day of PM Shehbaz Sharif’s visit to China from June 4-8 as the South Asian nation pushes to bring in much needed foreign direct investment.

The focus of Sharif’s visit is business-to-business meetings and efforts to seek an upgrade for the China-Pakistan Economic Corridor (CPEC), a flagship of President Xi Jinping’s Belt and Road Initiative, through which Beijing has pledged over $60 billion in Pakistan since 2015.

“Pakistan and China on Thursday signed multiple Memorandums of Understanding (MoUs) to enhance bilateral cooperation in agriculture, labor-intensive manufacturing industry, digital economy, green economy and logistic ecosystem,” the state-run Associated Press of Pakistan (APP) said.

PM Sharif and Deputy Prime Minister and Foreign Minister Ishaq Dar attended the ceremony, where the agreements were signed between Pakistan’s Board of Investment (BoI) and several Chinese entities.

Sharif and Dar both spoke about the importance of China’s outward-looking global economic policies, the capacity of Chinese enterprises to invest in the global market and the matching potential of Pakistan’s domestic market.

“He highlighted the supportive environment in Pakistan for Chinese businesses interested in relocating industries from China,” APP said.

The development takes place a day after Pakistan and China signed 32 memorandums of agreement in the fields of IT, textiles, leather and footwear, minerals, pharmaceuticals and agriculture and food processing. It was termed as a “historic” moment by the Prime Minister’s Office (PMO).

Sharif’s visit to China takes place amid Pakistan’s push to attract foreign investment in key economic sectors to stabilize its fragile $350 billion economy. The Pakistani prime minister has repeatedly said Islamabad seeks regional cooperation for “mutual benefits” with its allies and not just loans.

The South Asian country narrowly avoided a sovereign default last year when it clinched a last-gasp $3 billion deal with the International Monetary Fund (IMF). Islamabad views Beijing as one of its most reliable foreign partners in recent years, which has invested over $60 billion in energy and infrastructure projects in Pakistan as part of the China-Pakistan Economic Corridor (CPEC).

• Eco Diner Certification program encourages restaurants to adopt sustainable practices to significantly reduce carbon footprint
• Cheezious marketing head says proud to be leading the way for an environment-friendly future in Pakistan’s restaurant industry

Updated 06 June 2024

June 06, 2024 17:31

ISLAMABAD: A renowned Pakistani fast-food brand has been awarded a World Wide Fund for Nature (WWF) certification as the country’s first eco-friendly restaurant, a press release said on Thursday, marking a major milestone in pioneering sustainable dining practices in the South Asian nation.

Eco-friendly restaurants are dining establishments that prioritize sustainability and environmental responsibility in various aspects of their operations.

“WWF Pakistan and Cheezious are thrilled to announce the launch of the Eco Diner program at the Cheezious. This initiative aims to promote sustainable dining practices, and reduce environmental impact within the restaurant sector of Pakistan,” a statement released by WWF said on Thursday.

The Eco Diner Certification program encourages restaurants to adopt sustainable practices to significantly reduce their carbon footprint. The program’s focus is on minimizing food loss and waste and enhancing sustainable practices and efficient management of natural resources to pave the way for net-zero emissions.

“This WWF-Pakistan certification is a huge honor and it underscores our commitment to sustainable practices throughout our operations,” said Zohaib Hassan, the Head of Marketing at Cheezious, a popular pizza and fast food joint.

“We’re proud to be leading the way for an environment-friendly future in Pakistan’s restaurant industry, and we hope to inspire others to join us on this cheesy, eco-friendly journey.”

• Khan claimed in interview to international media organization last month he was being denied basic rights in Rawalpindi prison
• Pictures show Khan’s cell has study table, single bed and TV while another prison room has fitness bike, exercise equipment

Updated 06 June 2024

June 06, 2024 16:57

ISLAMABAD: The Pakistani government submitted details of former prime minister Imran Khan’s living conditions in prison to the Supreme Court on Thursday, which included pictures of his cell in the central jail in the eastern Rawalpindi city where Khan claims he is being kept in solitary confinement.

The report was submitted by deputy attorney general of Pakistan, Raja Muhammad Shafqat Abbasi, during a hearing of the Supreme Court. The Pakistani top court was hearing a case related to anti-graft law amendments in which Khan is a petitioner. The former cricket star remains jailed in Rawalpindi’s central prison on corruption charges and is fighting dozens of other cases that he and his Pakistan Tehreek-e-Insaf (PTI) party says are politically motivated to block his return to power.

In an interview last month to international media organization Zeteo, Khan claimed he was being kept in a “death cell” in Rawalpindi where he was being denied basic rights of a prisoner, accusing authorities of employing psychological tactics to break him. During a hearing of the same case last week, Khan told Pakistan’s Supreme Court via video link authorities were not allowing him to meet his lawyers and that he was not being material to prepare for the case.

Pictures released by the government on Thursday showed a bedroom with a study table, a chair, a single bed, a cooler, a washbasin next to a washroom in the corner and a flat TV screen hung on a wall. Another picture showed what the government says is a separate kitchen with condiments while another showed a collection of books on Islam, history and politics. One of the books in the pictures is the Nelson Mandela autobiography, “Long Walk To Freedom.”

In other pictures, one can see another room in the prison that contains an exercise bike and fitness equipment for Khan’s use. The government also submitted a list of names of family members, party leaders and lawyers the former prime minister met since August 2023 in prison, media reports said.

“It’s a contradiction to the claim that a former Prime Minister is entitled to an ‘A’ class cell with an air-conditioned room and a helper to attend to the errands,” Khan’s PTI party wrote on social media platform X.

The party pointed out Khan had never complained about being kept in a facility that does not have access to natural light or a window.

“However, it goes to show how govt machinery fibbed about all this time, having him kept in a cell costing above a million each month,” the party said, referring to an earlier report by the Rawalpindi jail superintendent in April that said jail security measures were costing the government Rs1.2 million [$4,300] per month.

Punjab Information Minister Azma Bokhari said the government had showed the “reality” of the prison cell where Khan was incarcerated.

“He [Khan] has an old habit of telling lies and defrauding the people,” Bokhari told reporters at an event. “Which is why the truth was submitted today in court.”

• Central Ruet-e-Hilal Committee to meet in Karachi on Friday to sight Dhul Hijjah crescent
• Muslims around the world mark 10th of Dhul Hijjah as Eid Al-Adha or “festival of sacrifice“

Updated 06 June 2024

June 06, 2024 14:47

ISLAMABAD: Pakistan’s central moon sighting committee will meet on Friday to sight the crescent for the Islamic month of Dhul Hijjah, state-run media reported, as millions of Muslims around the world arrive in Saudi Arabia to perform the annual Islamic Hajj pilgrimage this month.

Dhul Hijjah is the last month of the Islamic calendar during which the Hajj pilgrimage takes place. While the 10th day of the month is marked by Eid Al-Adha, the second major religious festival of Islam, also known as the “festival of sacrifice.”

In Pakistan, the Ruet-e-Hilal Committee is tasked with sighting the moon for new Islamic months. Dates for Ramadan and Eid festivals are confirmed by the committee through visual observation and based on testimonies received of the crescent being sighted from several parts of the country.

“A meeting of Central Ruet-e-Hilal Committee will be held in Karachi tomorrow to sight the Dhul Hijjah moon,” state broadcaster Radio Pakistan said on Thursday. “It will be chaired by Chairman of Central Ruet-e-Hilal Committee Maulana Abdul Khabeer Azad.”

Eid Al-Adha commemorates the Prophet Ibrahim’s test of faith when he was commanded by God to sacrifice his son. To reflect his readiness to do so, Muslims around the world slaughter an animal, usually a goat, sheep or cow, and distribute the meat among relatives and the poor.

Hajj is one of the five pillars of Islam that requires every adult Muslim to undertake the pilgrimage to the holy Islamic sites in Makkah at least once in their lifetime if they are financially and physically able. The pilgrimage begins on the 8th of Dhul Hijjah, and this year’s Hajj is expected to run from June 14 till June 19.

Pakistan has a Hajj quota of 179,210 pilgrims, of which around 70,000 people will perform the pilgrimage under the government scheme, while the rest will use private tour operators.