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IEA hoping to cement strong economic ties with China

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(Last Updated On: February 23, 2022)

The Islamic Emirate of Afghanistan (IEA) has said foreign investors, especially Chinese investors, are welcome to invest in the country and that plenty of opportunities are available.

According to Bilal Karimi, the deputy spokesman for the IEA, China’s economic role in the country is crucial and Afghanistan “welcomes Chinese investment”.

Economic experts meanwhile said Afghanistan-China trade volume currently amounts to $2 billion annually and that China is Afghanistan’s third-largest foreign economic partner.

As one of the world’s largest economies, China has said it is hoping to help Afghanistan become a global trade contender.

Recently, China’s Foreign Minister agreed with his Pakistani counterpart, at a meeting in Beijing, to bring Afghanistan into the CPEC (China – Pakistan Economic Corridor) trade route fold, a decision that Kabul has welcomed.

“China is an important and powerful country in the world, and China’s role in our country is very important. Economically, the Islamic Emirate needs the investment of all countries, especially China,” said Bilal Karimi.

Politicians also believe that China and Afghanistan have always had good relations and that the introduction of Chinese investment is critical for Afghanistan.

“China has always been interested in investing [in Afghanistan] since the Karzai era. Even before King Zahir Khan, and this shows China has always been on the side of the Afghan people,” said Wahidullah Sabawon, Chairman of the Islamic Unity Party of Afghanistan.

Economists believe that China, by having up-to-date technology, can help Afghanistan progress and develop technologically.

“China is a very close country and friend to us. We have very big trade with them. We used to trade with China for up to $2 billion. Now it is Afghanistan’s third-largest economic partner in the world,” said Khan Jan Alkozai, deputy director of ACCI.

Afghans on the other hand have expressed satisfaction with China’s assistance in the past, saying that by investing in Afghanistan, China can provide job opportunities for Afghans.

“China is a great world power and it is good that Afghanistan is asking for its help,” said Ahmad, a resident of Kabul.

“China is an industrial country that can cooperate well with Afghanistan,” said Mohammad Qasim, another Kabul resident.

“When China helps Afghanistan, jobs will be created, people will no longer be killed on the border while fleeing the country,” said Khalid, another resident.

Religious scholars also said that help and friendship from people around the world knows no bounds. All countries need to have a positive view towards Afghanistan, they said.

“The Chinese government is an example to all non-Muslim countries, and they can help the people of Afghanistan,” said Hussain Jafari, a religious scholar.

The Chinese government has meanwhile distributed several consignments of food and non-food aid to the people of Afghanistan since the Islamic Emirate came to power, and China was the first country to provide hundreds of thousands of doses of COVID-19 vaccines to the people of Afghanistan.

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Musk says Twitter deal could move ahead with ‘bot’ info

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(Last Updated On: August 6, 2022)

Elon Musk said Saturday his planned $44 billion takeover of Twitter should move forward if the company can confirm some details about how it measures whether user accounts are ‘spam bots’ or real people, AP reported Saturday. 

The billionaire and Tesla CEO has been trying to back out of his April agreement to buy the social media company, leading Twitter to sue him last month to complete the acquisition. Musk countersued, accusing Twitter of misleading his team about the true size of its user base and other problems he said amounted to fraud and breach of contract.

Both sides are headed toward an October trial in a Delaware court.

“If Twitter simply provides their method of sampling 100 accounts and how they’re confirmed to be real, the deal should proceed on original terms,” Musk tweeted early Saturday. “However, if it turns out that their SEC filings are materially false, then it should not.”

Twitter declined comment Saturday. The company has repeatedly disclosed to the Securities and Exchange Commission an estimate that fewer than 5% of user accounts are fake or spam, with a disclaimer that it could be higher. Musk waived his right to further due diligence when he signed the April merger agreement.

Twitter has argued in court that Musk is deliberately trying to tank the deal because market conditions have deteriorated and the acquisition no longer serves his interests. In a court filing Thursday, it describes his counterclaims as an imagined story “contradicted by the evidence and common sense.”

“Musk invents representations Twitter never made and then tries to wield, selectively, the extensive confidential data Twitter provided him to conjure a breach of those purported representations,” company attorneys wrote.

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Fresh fruits exports from Afghanistan increase this year: ACCI

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(Last Updated On: August 5, 2022)

Afghanistan Chamber of Commerce & Investment (ACCI) said Friday that fresh fruits exports have increased from the country abroad.

According to ACCI, the export of fresh fruits have increased significantly compared to previous years, and most of these fruits are exported to Pakistan, India and some other neighboring countries of Afghanistan.

ACCI members have added that if the export process continues in the same way, gardeners and traders can export fresh seasonal fruits regularly.

According to the members of this chamber, Pakistan has recently provided more facilities for Afghanistan’s exports.

However, producers and exporters of fresh fruit in the country said that compared to last year, melon products have decreased by 50 percent, adding that there is little consideration for the expenses and efforts of farmers for the price at which their products are sold, and there is a need for better marketing for their products.

Meanwhile, traders said that due to recent droughts and natural disasters, the harvest of fresh fruit has decreased.

On the other hand, the decrease in the price of Pakistani currency has caused traders to face many problems in trading goods with this country.

Economic experts said that the government should find different markets for the country’s fresh fruit exports.

According to them, in order to prevent the spoilage of farmers’ and gardeners’ products, cold storages should be set up in the country.

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HRW urges governments, IEA to reach agreement on banking issues

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(Last Updated On: August 5, 2022)

Afghanistan’s humanitarian crisis cannot be effectively addressed unless the United States and other governments ease restrictions on the country’s banking sector to facilitate legitimate economic activity and humanitarian aid,” Human Rights Watch said in a statement on Thursday.

It said that the US air strike killing the al-Qaeda leader Ayman al-Zawahri should not derail ongoing discussions between the US and Afghanistan to urgently reach an agreement allowing ordinary Afghans to engage in legitimate commercial activity.

“Afghanistan’s intensifying hunger and health crisis is urgent and at its root a banking crisis,” said John Sifton, Asia advocacy director at Human Rights Watch. “Regardless of the Taliban’s (IEA) status or credibility with outside governments, international economic restrictions are still driving the country’s catastrophe and hurting the Afghan people.”

Despite actions by the US and others to license banking transactions with Afghan entities, Afghanistan’s central bank remains unable to access its foreign currency reserves or process or receive most international transactions. As a result, the country continues to suffer from a major liquidity crisis and lack of banknotes, HRW noted.

Businesses, humanitarian groups, and private banks continue to report extensive restrictions on their operational capacities. At the same time, because outside donors have severely cut funding to support Afghanistan health, education, and other essential sectors, millions of Afghans have lost their incomes, according to HRW.

Overall, more than 90 percent of Afghans have been suffering from some form of food insecurity since last August, skipping meals or whole days of eating and engaging in extreme coping mechanisms to pay for food, including sending children to work, HRW said.

“Importers are struggling to pay for goods, humanitarian groups are facing problems with basic operations, and the Afghan diaspora can’t send enough money to their relatives and friends,” Sifton said. “Millions of hungry Afghans are experiencing the abysmal reality of seeing food at the market but being unable to purchase it.”

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