Category: Business

Business news from Pakistan

Textile exports increase 8.23% to $8.765bln in 7 months; 10.79% in January

ISLAMABAD, Feb 18 (APP):The exports of textile commodities witnessed an increase of 8.23 percent during the first seven months of the current fiscal year as compared to the corresponding period of last year. The textile exports were recorded at $8765.739 million in July-January (2020-21) against the exports of $8099.095 million in July-January (2019-20), showing growth… Continue reading Textile exports increase 8.23% to $8.765bln in 7 months; 10.79% in January

NBP Exchange Rates

KARACHI, Feb 18 (APP):Treasury Management Division of National Bank of Pakistan (NBP) on Thursday issued the following exchange rates. CURRENCY SYMBOL TT Selling TT Buying U.S DOLLAR USD 159.75 159.25 EURO EUR 193.10 192.49 JAPANESE YEN JPY 1.5087 1.5039 BRITISH POUND GBP 221.25 220.56 SWISS FRANC CHF 177.74 177.18 CANADIAN DOLLAR CAD 125.73 125.34 AUSTRALIAN… Continue reading NBP Exchange Rates

CPEC Committee recommends to open Sust border for whole year

ISLAMABAD, Feb 17 (APP): The Parliamentary Committee on China-Pakistan Economic Corridor (CPEC) on Wednesday recommended for viable proposals to open Sust border for whole year for increasing the bilateral trade between Pakistan and China. The committee suggested to the quarters concerned to decide about the lead ministry which would regulate boder’s management framework for opening… Continue reading CPEC Committee recommends to open Sust border for whole year

Country’s economy on fast-track, tax net increasing: Dr Waqar Masood

ISLAMABAD, Feb 17 (APP): Special Assistant to PM on Revenue Dr. Waqar Masood on Wednesday said that with the effort of PTI-led government the tax net collection has been increased by bringing reforms in the FBR (Federal Board of Revenue) and country’ economy was putting back on fast track. Talking to a private news channel,… Continue reading Country’s economy on fast-track, tax net increasing: Dr Waqar Masood

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Commerce ministry to organize ‘Trade, Investment Conference’ in Colombo

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ISLAMABAD, Feb 17 (APP): Adviser to Prime Minister for Commerce and Investment, Abdul Razak Dawood on Wednesday said the Ministry of Commerce is organizing a Trade and Investment Conference in Colombo, Sri Lanka on February 24th, 2021 which will coincide with visit of the Prime Minister Imran Khan to Sri Lanka. A delegation comprising prominent… Continue reading Commerce ministry to organize ‘Trade, Investment Conference’ in Colombo

Staff-level accord with IMF to spur economic growth: Hafeez Shaikh

ISLAMABAD, Feb 17 (APP):Federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh Wednesday said the staff-level agreement between International Monetary Fund (IMF) and Pakistan would help improve exports and investments and lead the country towards economic growth. Talking to media persons outside the Election Commission of Pakistan, he said owing to this agreement, investors… Continue reading Staff-level accord with IMF to spur economic growth: Hafeez Shaikh

Govt simplifies tax regime for Roshan Digital Accounts: SBP

KARACHI, Feb 16 (APP):Based on feedback from the diaspora and SBP recommendations, the Federal Government has introduced several amendments in the Income Tax Ordinance 2001 through Tax Laws (amendment) Ordinance 2021 to make the taxation regime simple, convenient and hassle-free for Non Resident Pakistanis (NRPs) maintaining Roshan Digital Accounts (RDAs). “The amendments simplify and reduce… Continue reading Govt simplifies tax regime for Roshan Digital Accounts: SBP

Agreement with IMF, a good development for Pakistan: Hafeez Shaikh

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ISLAMABAD, Feb 16 (APP):Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh Tuesday said that the staff-level agreement reached between International Monetary Fund (IMF) and Pakistan was a a good development for the country. In a tweet, the federal minister shared that Pakistan had reached a staff level agreement with the IMF, saying that… Continue reading Agreement with IMF, a good development for Pakistan: Hafeez Shaikh

Pakistan, IMF reach Staff-Level agreement on pending reviews under EFF

ISLAMABAD, Feb 16 (APP):The International Monetary Fund (IMF) and the Pakistan reached a staff-level agreement on second to fifth reviews of country’s reform program under IMF Extended Fund Facility (EFF). “IMF staff and the Pakistani authorities have reached an agreement on a package of measures to complete second to fifth reviews of the authorities’ reform… Continue reading Pakistan, IMF reach Staff-Level agreement on pending reviews under EFF

Pakistan to cross Rs 100 billion e-Commerce trade in 2021

ISLAMABAD, Feb 16 (APP): Pakistan would have crossed Rs 100 Billion e-Commerce trade in 2021, through digitalization of economy and also expand the size of local market. According to report issued by digital academic institution, ‘Extreme Commerce’ estimates that by 2025, it will foster a community of over 1 million strong, generating well over $1… Continue reading Pakistan to cross Rs 100 billion e-Commerce trade in 2021

Car production increases 4.87% during July-January 2020-21

ISLAMABAD, Feb 16 (APP): The production of cars in the country has witnessed an increase of 4.87 percent during the last seven months of current financial year 2020-21 as compared to corresponding period of last year. During the July-January (2020-21), as many as 75,867 cars were manufacture against the production of 72,337 units, showing growth… Continue reading Car production increases 4.87% during July-January 2020-21

Commerce Adviser updates PM on trade prospects with Uzbekistan

ISLAMABAD, Feb 16 (APP): Adviser to prime minister on Commerce Abdul Razak Dawood called on Prime Minister Imran Khan here on Tuesday and briefed him about the trade potential existing between Pakistan and Uzbekistan. The Commerce Adviser apprised the Prime Minister about his recent visit to the Central Asian state and gave a briefing about… Continue reading Commerce Adviser updates PM on trade prospects with Uzbekistan

Rs 476.618 billion released for social sector uplift projects

ISLAMABAD, Feb 16 (APP): The federal government has released Rs 476.618 billion for various ongoing and new social sector uplift projects till date under its Public Sector Development Programme (PSDP) 2020-21. The released funds include Rs300.06 billion for federal ministries, Rs135.64 billion for corporations, Rs39.7 billion for special areas, and Rs1.2 billion for the Earthquake… Continue reading Rs 476.618 billion released for social sector uplift projects

CPEC Authority to undertake more projects in Faisalabad: Asim Saleem Bajwa

FAISALABAD, Feb 15 (APP): China-Pakistan Economic Corridor (CPEC) Authority Chairman Lt. Gen. (Retd) Asim Saleem Bajwa on Monday said that CPEC Authority would undertake more projects in Faisalabad after successful launch of Special Economic Zone, Allama Iqbal Industrial City. He was addressing a meeting during his visit to Allama Iqbal Industrial City. The meeting was… Continue reading CPEC Authority to undertake more projects in Faisalabad: Asim Saleem Bajwa

FBR’s track and Trace System to be rolled out by July: Senate Committee told

ISLAMABAD, Feb 15 (APP): Senate Standing Committee on Finance, Revenue and Economic Affairs here on Monday was informed by the Federal Board of Revenue (FBR) that its track and trace system would be rolled out from July 2021 that would help in enhancing revenue collection in the country. The committee which met here with Senator… Continue reading FBR’s track and Trace System to be rolled out by July: Senate Committee told

Inflow of workers’ remittances increases 24% in 7 months

ISLAMABAD, Feb 15 (APP):The inflow of workers’ remittances in to the country witnessed 19 percent increase in January 2021, as compared to same month of the previous year. The remittances remained above $2 billion for 8th straight month as during the corresponding month, the inflow was recorded at $2.3 billion as compared to the inflow… Continue reading Inflow of workers’ remittances increases 24% in 7 months

Local POL production increases by 5.01% in 1st half of FY 2020-21

ISLAMABAD, Feb 15 (APP): The overall production of petroleum commodities has witnessed an increase of 5.01 percent during the first half of financial year 2020-21 as compared to corresponding period of last year. The Petroleum, Oil and Lubricants (POL) products that showed growth including kerosene oil production, which increased by 3.83 percent during the period… Continue reading Local POL production increases by 5.01% in 1st half of FY 2020-21

CPEC shrugs off all odds, moving forward with new vigour

Najam ul Hassan ISLAMABAD, Feb 14 (APP): Despite the international propaganda move, the China Pakistan Economic Corridor (CPEC) project is moving forward by shrugging off all odds with lot of successes and new investments. Although the year 2020 proved to be yet another period of misunderstanding about the CPEC, all such negative campaigns are gradually… Continue reading CPEC shrugs off all odds, moving forward with new vigour

World needs to explore economic potential of digitalization: EU Envoy

ISLAMABAD, Feb 12 (APP): European Union Ambassador to Pakistan, Androulla Kaminara Sunday said that the world needed to explore economic potential of digitalization as it had changed the working of the Global system due to its multi-dimensional impacts, including time efficiency and accuracy. She said digitalization and Artificial Intelligence (AI) had changed the world pattern… Continue reading World needs to explore economic potential of digitalization: EU Envoy

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