National

March 19 (Agencies) Despite the economic crunch, the present government has started taking interest to provide a relief to redress garment sector SMEs liquidity crisis.In a major development, Federal Minister for Commerce Syed Naveed Qamar has given nod to the apparel exporters to resolvethe issue of liquidity crunch faced by the SMEs. It would not be out of place to mention here that blockage of sales tax refundshas become a serious concerns for the exporters. The Ministry of Commerce also attended an important session along with Defence Minister Khawaja Aasif and TDAP Director General Shahzad Ahmed Khan in this regard. The exporters from all industrial export-oriented sectors shared their fast increasing problems in the industry. ...

March 20, 2023 at 9:16 am | Economic Affairs

March19 (Agencies) ISLAMABAD -Since the health ministry assured to provide maximum relief in health sector, it has decided to demand Rs.48.06 billion development funds specifically for 'Prime Minister Sehat Card and 'Hepatitis-C' for next financial year. In order to meet requirements, The ministry has demanded comparatively triple amount as compared to the last year, according to the available figures. It has also included more development projects of health sector amounting Rs 348billion in its proposed Public Sector Development Program. The ministry after thorough deliberation also included over two dozen new schemes for the next financial year. The Prime Minister’s Hepatitis-C program worth of Rs74.36 billion was proposed ...

March 20, 2023 at 8:59 am | Economic Affairs

March 19,2023Beijing(EA Report)The Third Round of Pakistan-China Bilateral Political Consultations (BPC) was held in Beijing on 18 March 2023. Foreign Secretary Dr. Asad Majeed Khan led the Pakistan delegation while the Chinese side was led by Vice Foreign Minister Sun Weidong. BPC is a regular institutional mechanism between Pakistan and China.The two sides reviewed the entire spectrum of bilateral relations, and agreed to expand and reinforce political and security cooperation, bilateral trade, economic and financial cooperation, cultural exchanges, tourism, and people-to-people ties. Pakistan and China will also enhance high level engagements and dialogue mechanisms and make the channels of communication even more robust. Noting ...

March 19, 2023 at 3:45 pm | Economic Affairs

March17(Agencies) –Pakistan is considering a big investment in metal refining plants, fertilizer production plants, food processing plants including dry milk production and meat processing. “For a future investment, the country has targeted projects to invest in metal refining plants, fertilizer production plants, food processing plants,” said Federal Minister Commerce Syed Naveed Qamar, at ‘Meet and Greet session’ with the media at TDAP HQ in Karachi. About China’s investment in CPEC, the Minister informed that Shandong [Eastern Province of China] is thinking of relocating its labour-intensive industries to Pakistan to reduce production cost. Minister appreciated the efforts of former President Asif Ali Zardari for in...

March 17, 2023 at 10:49 pm | Economic Affairs

Senior officials from Australia and Pakistan discuss the strength of bilateral relations March17,2023 (EA Report) – Agreeing to enhance cooperation in multilateral settings, Pakistan has briefed Australia about the humanitarian situation in Afghanistan and the grave and systematic violations of human rights in IIOJK.The dignitaries from both sides exchanged views on bilateral cooperation the other day [Thursday] in a Senior Officials Talks (SOTs) held in Islamabad. Additional Foreign Secretary (Asia-Pacific) Mumtaz Zahra Baloch represented the Pakistan side, the Australian side was led by First Assistant Secretary for North and South Asia, Gary Cowan in the 8th Session of SOTs.Both sides have agreed to continue cooperation in politica...

March 17, 2023 at 10:46 pm | Economic Affairs

March17(Agencies) : US dollar slipped on Friday after authorities and banks moved to ease stress on the financial system, taking the heat off most major currencies that tumbled this week in the wake of bank turmoil.Action to rescue First Republic Bank in the US on Thursday boosted risk appetite globally on Friday as fears of a global banking crisis eased, making way for surges in the Australian and New Zealand dollars.The antipodean currencies are traditionally shunned in times of risk aversion.The Aussie jumped 0.79% to $0.6710 in Asia trade on Friday, while the kiwi rose 0.67% to $0.62375.With oversight by authorities, large US banks injected $30 billion in deposits into First Republic, which was caught up in a widening crisis triggered ...

March 17, 2023 at 12:46 pm | Economic Affairs

16th March, 2023Islamabad(EA Report)Federal Minister for Commerce, Syed Naveed Qamar chaired the second meeting of the Committee on Export Enhancement. The Minister assured the business community of the full support of the Government of Pakistan in resolving their issues. He apprised the participants that the Ministry of Commerce is fully cognisant of the liquidity issues being faced by exporters and he has personally took up the matter with State Bank of Pakistan, Federal Board of Revenue and Ministry of Finance to facilitate exporters in meeting their liquidity requirements through low cost financing and speedy refunds of duty drawback and sales tax of the exporters. The Minister also took notice of the difficulties being faced b...

March 16, 2023 at 11:58 pm | Economic Affairs

Mar 16, 2023 (APP):Foreign Minister Bilawal Bhutto Zardari Thursday proposed to establish a special task force of experts at the Organization of Islamic Cooperation (OIC) forum to develop a strategy to secure equal treatment in the rules and structure of international finance, trade and taxation. "We must also demand a speedy debt restructuring for 60 financially vulnerable countries, the redistribution of unutilized SDRs (Special Drawing Rights) to developing countries, large lending by multilateral development banks, massive public-private partnership investments, sustainable infrastructure and the mobilization of the promised climate financing of US$100 billion," he said while delivering his opening statement as Chairman of the ...

March 16, 2023 at 9:41 pm | Economic Affairs

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

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

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