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PRGMEA Central Chairman Ejaz A Khokhar presents souvenir to Commerce Minister Syed Naveed Qamar March 15,2023Sialkot (EA Report)Syed Naveed Qamar, Federal Minister for Commerce, and Khawaja Muhammad Asif, Federal Minister for Defence visited the Sialkot Chamber of Commerce & Industry on March 15, 2023, for an interactive session with the business community of the city. On the occasion, the Honorable Commerce Minister acknowledged the role of the industrial city of Sialkot in the economic sustainability of the country over the years. He said that the business community of Sialkot had taken many revolutionary initiatives including the establishment of a private-sector airport and airline.Syed Naveed Qamar, during his address to the co...

March 15, 2023 at 9:04 pm | Economic Affairs

By Ghulam HaiderThe pharmaceutical industry in Pakistan has issued a warning that numerous local companies may soon be compelled to shut down operations as a result of the rupee's devaluation, import challenges, and escalating inflation, which have all led to unaffordable production costsThe pharmaceutical industry in Pakistan is facing a crisis due to the delay in the release of vital bailout funds worth $1.1 billion (€1.03 billion) from the International Monetary Fund (IMF). In recent months, medicine production in the country has declined by 21.5% due to the commercial banks' prolonged refusal to facilitate the import of raw materials.According to Syed Farooq Bukhari, chairman of the Pakistan Pharmaceutical Manufacturers Association, ...

March 11, 2023 at 9:07 am | Economic Affairs

Islamabad, 9 March 2023: President Dr Arif Alvi has underlined the need for increasing trade and economic cooperation with Tanzania for the mutual benefit of the two countries. He said that Pakistan greatly valued its ties with Tanzania and wanted to further boost economic and cultural ties with Tanzania.The President stated this while talking to Pakistan’s High Commissioner-designate to Tanzania, Mr Siraj Ahmad Khan, who called on him, at Aiwan-e-Sadr, today.During the meeting, the President emphasized the need for high level political and cultural exchanges to further strengthen bilateral relations between the two countries. He asked the High-Commissioner-designate to work for further strengthening the institutional capacity building s...

March 9, 2023 at 3:26 pm | Economic Affairs

ISLAMABAD: March 9, 2023: Syed Naveed Qamar Federal Minister for Commerce on Thursday urged for dire need to enhance bilateral trade valume between Pakistan and UAE. The federal minister remarked this in a meeting held with UAE Ambassador to Pakistan H.E. Hamad Obaid Ibrahim Salem Al-Zaabi here in the minister office. Naveed Qamar highlighted that there was huge potential for cooperation between the two countries in the field of renewable energy, agricultural, textile meat of bovine animals, petroleum oils and hospitality sectors. He also perceived that volume of total trade between two countries stood at US$ 10033.05 million in FY-2022 in which export to UAE stood at US$ 1369.83 million and import at US$ 8663.22 million in FY...

March 9, 2023 at 3:21 pm | Economic Affairs

Indonesian Ambassador for Pakistan, H.E Mr. Adam M. Tugio paid a courtesy call to the Federal Minister for Industries and Production of Pakistan, Syed Murtaza Mahmud on 7 March 2023 to discuss efforts to deepening bilateral trade by exploring industries that have complementary and competitive edges, and promoting investment between the two countries. The two officials also exchanged notes on value addition industries and strategies to promote SMSEs and in particular those owned by women entrepreneurships considering their importance contribution to the economy of respective country. They further noted the importance of diversifying traded goods and expressed commitment to help facilitate business community of the two countries to expand...

March 9, 2023 at 3:15 pm | Economic Affairs

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the meeting of the Economic Coordination Committee (ECC) of the Cabinet on Wednesday.Ministry of National Food Security & Research submitted a summary on fixation of PASSCO’s wheat procurement targets for the year 2023 and presented details on the public wheat stocks, projected release of wheat from PASSCO’s stocks and carry forward stocks at the start of new food year starting from April 1.Considering the situation, additional demand of wheat from PASSCO’s stocks by Punjab, Sindh, Khyber Pakhtunkhwa and Baluchistan, minimum level of carry forward stocks and prevailing pricing trend in the local wheat market, the ECC approved the recommendation of M...

March 9, 2023 at 3:08 pm | Economic Affairs

March 9,2023Islamabad (PR)Pakistan, Indonesia agree to explore ties in economic and financial sectors , Indonesia agree to explore ties in economic and financial sectorsFederal Minister for Finance and Revenue Ishaq Dar held a virtual meeting with Sri Mulyani, Finance Minister of Indonesia, on Wednesday, and discussed avenues of mutual cooperation in the economic and financial sectors to strengthen bilateral relations between the two countries.Ishaq Dar highlighted profound historical and brotherly relations between the two countries. The Finance Minister shared that Pakistan attaches great importance to its relations with Indonesia. He expressed satisfaction over the magnitude of economic and trade and investment cooperation between the t...

March 9, 2023 at 3:04 pm | Economic Affairs

March 9,2023Islamabad:(EA Report)Dar eulogizes role of Fauji Fertilizer Bin Qasim Limited in economic growthFederal Minister for Finance and Revenue Ishaq Dar held a meeting with Arif Ur Rehman, Managing Director, Fauji Fertilizer Bin Qasim Limited (FFBL), at the Finance Division.Ishaq Dar appreciated the contribution of FFBL and stressed the importance of fertilizer sector for the agriculture sector and economic growth of the country. He said that agriculture is the back bone of the country and the government is keen to provide maximum facilities to the farmers in order to reduce the cost of farming and increase the production. He supported the investment proposals of FFBL on better DAP fertilizer product to increase per acre yield and ex...

March 9, 2023 at 2:43 pm | Economic Affairs

Maryium, who has become the only crowd-puller not only in the PMLN but out of all opposition parties put together By Qamar Bashir Sometimes in 2016 Ms. Maryam Nawaz Sharif summoned a team led by the Secretary of the Ministry of Information, Mr. Imran Gardezi, of which I was a member to investigate why the media does not present the government's perspective on establishment. This was the first time I met Ms. Maryam, who used to oversee the government's Social Media Cell at the time. I found her a highly intelligent, aggressive, goal-oriented, never willing to accept defeat, and resolute in the face of adversity. The rift between the government and the establishment which started in 2014 during sit-ins was heightened in 2016. Dur...

March 6, 2023 at 3:28 pm | Economic Affairs

The United States Commerce Department's Bureau of Industry and Security (BIS) has added an unspecified number of Pakistani companies to a blacklist of 14 entities allegedly involved in missile and nuclear activities. The BIS has blacklisted a total of 37 entities for their supposed contribution to Russia's military and defense base, support of China's military modernization, and human rights abuses in Myanmar and China.The blacklist includes a separate category called "Ballistic Missile and Unsafeguarded Nuclear Activities." The statement revealed that fourteen entities based in China and Pakistan were added to the Entity List for their supposed contribution to ballistic missile programs of concern, including Pakistan's missile program, an...

March 6, 2023 at 3:27 pm | Economic Affairs