Business

Prime Minister Shehbaz Sharif has decided to continue the Workers’ Remittances Incentive Scheme to facilitate the remittance of overseas Pakistanis to Pakistan. In a statement, the Prime Minster said that the hard-earned remittances of overseas Pakistanis play an important role in the development of Pakistan. The Prime Minister directed the…

With the July 30th MPC meeting approaching, Pakistan’s 11% policy rate against 3.2% inflation creates a punitive 7.8% real interest rate—nearly double India’s 3.4% and over five times China’s 1.4% Pakistani businesses pay double regional financing costs while facing electricity at 12-14 cents/kWh versus 5-9 cents regionally. Meanwhile, unemployment sits…

Pakistan is witnessing a notable rise in foreign investment and local manufacturing of electric and plug-in hybrid vehicles due to the support of Special Investment Facilitation Council. According to Reuters, Chinese electric vehicle giant BYD will start electric vehicle assembly in Pakistan from next year. Pakistan’s electric vehicle market is…

Minister for Health, Syed Mustafa Kamal, has urged international stakeholders to explore partnerships in Pakistan’s rapidly evolving health landscape. Representing Pakistan at the Global Health Forum in Beijing, he said Pakistan presents immense opportunities for collaboration, innovation, and investment. The Minister invited global partners to explore investment avenues, emphasizing Pakistan’s…

Prime Minister Muhammad Shehbaz Sharif has approved the development of a modern and world-class digital ecosystem in FBR. Chairing a meeting to review progress on FBR reforms in Islamabad today, he directed the engagement of globally renowned experts for this purpose. He instructed that all data from the production and…

Prime Minister Muhammad Shehbaz Sharif has reaffirmed the government’s commitment to the GSP Plus scheme, which was proved mutually beneficial for both Pakistan and the European Union. He expressed the resolve while talking to Ambassador of the European Union, Riina Kionka, who paid a farewell call on the Prime Minister…

President Asif Ali Zardari has invited Saudi investors to explore investment opportunities in various sectors of the Pakistani economy. He was talking to Saudi Ambassador Nawaf bin Said Al-Malki, who called on him in Islamabad on Friday. The President noted that both countries share common views on regional and international…

Prime Minister Shehbaz Sharif has said the government is pursuing the agenda of digitizing the economy, rightsizing of public institutions and merit-based appointment of experts in public sector organizations. He was chairing a meeting on the progress of the Public-Private Partnership Authority regarding the appointment of technical experts in federal…

Pakistan and Egypt have decided to further expand bilateral trade. This was decided in a meeting between Coordinator to the Prime Minister on Commerce, Rana Ihsaan Afzal Khan and Egyptian Ambassador to Pakistan Dr. Ihab Mohamed Abdelhamid Hassan, in Islamabad. The discussions highlighted the untapped potential between the two countries.…

There has been a significant progress in Pakistan-UAE cooperation due to effective policies of Special Investment Facilitation Council (SIFC). According to State Bank of Pakistan, bilateral trade between the two countries rose by 20.24 percent, reaching 10.1 billion dollars. The 12th session of Pakistan-UAE Joint Ministerial Commission was recently held…

Faysal Bank Limited (FBL), one of Pakistan’s leading Islamic banks, has taken a groundbreaking step toward digital transformation in Islamic finance. In collaboration with fintech innovator Fauree, FBL has signed a Memorandum of Understanding (MoU) to develop and deploy a comprehensive Islamic Digital Supply Chain Finance (SCF) and Agri-Digitization ecosystem.…

Minister for National Food Security and Research, Rana Tanveer Hussain has urged all stakeholders to cooperate fully with the government to ensure smooth supply and fair pricing of sugar across the country. He was speaking while chairing a high-level meeting with representatives of the Pakistan Sugar Mills Association and other…

Prime Minister Shehbaz Sharif has said improving tax system to increase national revenue and reduce tax burden on the common man is among the government’s top priorities. Chairing a meeting regarding FBR reforms in Islamabad, he said digitization of the FBR has helped in achieving targets. He said improvement in…

Special Investment Facilitation Council’s efforts have led to creation of favourable environment for investment in the country. Out of one hundred and thirty-six proposals by the Board of Investment (BOI), one hundred and four have been approved, and nineteen regulations have been abolished, raising expectations for improved ease of doing…

Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry has announced a fifty percent reduction in port charges at Karachi Port to reduce the carbon footprint of trade logistics and foster sustainable growth. In a statement, the Minister said the initiative is part of a broader strategy to decarbonize the maritime…

Pakistan and the European Union have reiterated their resolve to continue close engagement under the GSP+ framework. This resolve was expressed at the 10th Political Dialogue between the European Union and Pakistan in Brussels on Thursday. The Dialogue covered key issues of the EU-Pakistan bilateral cooperation, as well as regional…

A high-level meeting of the committee constituted by the Prime Minister to oversee closure and privatization of the Utility Stores Corporation has reaffirmed that all operations of Utility Stores Corporation will be closed by 31st of this month in accordance with the government’s directives. The meeting of the committee was…

Ful Foods (-ful), an agritech startup focused on sustainable localized animal feed, has been selected as the only Pakistani semifinalist in the United Nations World Food Forum Startup Innovation Awards, one of the most prestigious international platforms for innovations in food systems. The competition consisted of nearly 2,000 applications from…

Finance Minister Muhammad Aurangzeb has affirmed that Pakistan is ready to carry forward the journey of resilience, reform and recovery to unlock long-term, inclusive and export-oriented economic growth. He was speaking during a virtual engagement with Moody’s Rating Agency at the Finance Division in Islamabad today (Tuesday). The Finance Minister…

Pakistan’s Crypto strategy has gained significance in the global economic landscape. Through its crypto policy, Pakistan is improving economic relations with global powers like the United States. Pakistan has involved global players like Binance founder Changpeng Zhao in its initiative. Pakistan is now planning Bitcoin mining project. By building a…

The government has established a new authority National Agri-Trade and Food Safety Authority (NAFSA) under the facilitation of Special Investment Facilitation Council. The establishment of the new body, by merging DPP and Animal Quarantine, is an important milestone towards development of agriculture sector. NAFSA is aimed at introducing modern agricultural…