On Thursday, former President of the Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, said removing Pakistan from the European Union’s list of high-risk countries is a great achievement. He said that the development would positively impact the overall business environment; it would save time and cost for exporters, boost exports, and improve international borrowing capabilities.… Continue
Category Archives: News Update
KATI felicitates the removal of Pakistan from the list of high-risk countries by the European Union
Korangi Association of Trade and Industry (KATI) President Faraz-ur-Rehman expressed his gratitude for the European Union’s removal of Pakistan from the list of high-risk countries. He said that after FATF, it is another major achievement of the government through which exports can be increased.… Continue
An exorbitant increase in FED on Cigarettes will push farmers below the poverty line
Tobacco farmers of KPK’s economically marginalized areas have warned that the recent exorbitant increase in federal excise duty (FED) on cigarettes will reduce economic prospects for tobacco farmers and, in the face of hardship, increase poverty and unemployment. Additionally, it might encourage a few farmers to turn to anti national elements to choose paths that threaten the integrity of the country.… Continue
Tariq Glass Industries offers a potential upside of 36%.
Initiating coverage with a ‘Buy’: We initiate coverage on Tariq Glass Ltd (TGL), with a Buy rating and Dec’23 target price of PKR 97.0/sh, offering a potential upside of 36%. With the rising demand for glass products in Pakistan due to changing consumer preferences and rapid urbanization, TGL has recently doubled its Float glass capacity from 550TPD to 1,050TPD, which in our view will support a 4-year (FY23-27E)bottom-line CAGR of 16%.… Continue
“Pak China, joint Agriculture Laboratory, will be established under CPEC: PCJCCI President.”
Moazzam Ghurki, President of Pakistan China Joint Chamber of Commerce and Industry (PCJCCI), said during a meeting held at PCJCCI Secretariat on Monday that under the framework of CPEC, a joint agriculture laboratory should be established to help make ware and improve the agriculture sector by technology transfer for the increase of cultivation and production.… Continue
Further hikes in interest rates are being planned
The Pakistan Economy Watch (PEW) on Wednesday said the government is considering a further hike in the interest rates which will close many businesses and leave millions unemployed.There are reports of an interest rate hike of two to three percent which if carried out will be a doomsday scenario for the businesses, it said.… Continue
PCA delegation visit SBP to discuss irritants in the import of raw materials
Pakistan Coating Association (PCA) delegation, headed by its Chairman, Mr Siraj Uddin, visited SBP to discuss irritants in the import of raw materials. The objective of PCA was to apprise SBP officials of the issues their member industries face on imports of raw materials.… Continue
Heavy taxes on cigarettes will facilitate illicit manufacturers in Pakistan
The tobacco sector has been at the hit list for the government’s increasingly higher revenue collection needs, by paying higher taxes. The massive fresh strike of around 153 percent Federal Excise Duty (FED) rates on cigarettes is going to cause around a 250 percent increase in the prices of cigarettes, produced by legitimate companies.… Continue
IMF’s proposal to tax the rich is laudable
The Pakistan Economy Watch (PEW) on Tuesday lauded the proposal of the IMF to tax the rich and subsidize the poor. Still, it is insufficient as the ruling elite will never impose taxes on nobility. It said that the IMF should force its proposal into reality to save Pakistan as the government lacks the courage to annoy the super-rich.… Continue
Pakistan key economic indicator for Jan 23
Current account deficit (CAD) during Jan 2023 clocked in at US$242mn versus US$290mn in Dec 2022. Trade deficit during Jan 2023 was down 11% MoM to US$1.7bn as imports dropped by 7% to US$3.9bn and exports were down 4% to US$2.2bn.… Continue
Electricity theft to jump from 380 billion to 520 billion: Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said utilization of electricity is very low due to its high cost, which is hindering social and economic development.… Continue
Pakistan is being run like an orphanage instead of a country.
Former President of Islamabad Chamber of Commerce and Industry (ICCI), Dr Shahid Rasheed Butt, on Monday, said the entire burden of the IMF’s conditions is being put on the people, which will stoke poverty and further worsen their condition. The burden of these conditions should also be placed on the privileged aristocracy, which is getting benefits worth 17.4 billion dollars annually, he said. … Continue
The Future Summit 6th Edition ended with the hope for a better tomorrow.
The 6th Edition of The Future Summit concluded on Thursday with eminent foreign and local delegates speaking on diverse topics to recommend a futuristic direction to the country’s corporate sector, policymakers, and stakeholders. Hosted by Nutshell Group, the Summit continued to explore the realm of disruption at a local hotel in Karachi.… Continue
The artificial fuel crisis should not be allowed to grow
Former Vice President of FPCCI Atif Ikram Sheikh on Sunday said the fuel crisis should not be allowed to grow and those hoarding petrol and diesel should be dealt with an iron hand. The petroleum officials claim sufficient fuel supplies in the country but, on the ground, there is a visible shortage at pumps in some of the major cities, he said.… Continue
Foreign investors invested 12 billion towards community support activities in 2021-2022
Overseas Investors Chamber of Commerce and Industry (OICCI), the collective voice of top foreign investors in Pakistan, has revealed the results of its annual “Corporate Social Responsibly (CSR) Report 2022”. The CSR survey results once again reaffirmed OICCI members’ commitment in support of the socio-economic development of the communities in which they operate in Pakistan. … Continue
Ambassador Dr. Yousaf Junaid visits Governor Ankara.
The ambassador of Pakistan to Turkiye Dr. Yousaf Junaid visited Governor Ankara Vasip Sahin at Ankara Governorate yesterday. The purpose of the visit was to convey heartfelt condolences and hand over relief items collected by the Pakistani Embassy staff.
While expressing Pakistan’s solidarity with the brotherly people of Turkiye, Ambassador stated that the entire Pakistani nation is in distress over this catastrophe.… Continue
FrieslandCampina Engro announces financial results for FY2022.
Friesland Campina Engro Pakistan Limited (FCEPL) announced its financial results for the year ended December 31, 2022. Building upon the growth trajectory, FCEPL delivered another record year with highest ever topline and operating profit of PKR 73.5 Billion and PKR 5.3 Billion respectively.… Continue
The economy should be directed towards exports: Mian Zahid Hussain.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said Pakistan’s economic model had been corrupted since day one. He said that its entire focus is on raising living standards through imports, spending more than income, rewarding the elite with loans, and burdening the masses.… Continue
Bilateral trade with Turkiye cloaks at $1.2 billion in 11 months.
Mr Irfan Iqbal Sheikh, President of FPCCI, has expressed his optimism that Pak-Turkiye bilateral economic and trade relations are improving. In contrast, the bilateral trade with Turkiye has surpassed the psychological mark of $1 billion after a long hiatus of almost a decade.… Continue
IRC, PDMA launch disaster management information system in KP
The ‘Disaster Management Information System’ (DMIS) has been launched in Khyber Pakhtunkhwa province to ensure quick access of disaster management authorities to accurate, actionable information and better handling of disasters with modern management skills to minimise losses of human lives as well as infrastructures to much extent.… Continue
Full implementation of IMF conditions is in the interest of Pakistan.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said that over the last several decades, there has hardly been a finance minister who after lashing out against the IMF hasn’t agreed to their conditions. … Continue
A dollar exceeding 260 rupees is disastrous for the economy, President KATI
President of Korangi Association of Trade and Industry (KATI) Faraz-ur-Rehman expressed his concern over increasing the price of the dollar by 25 rupees at once and the price of the dollar exceeding 260 rupees, saying it is disastrous for the country and the economy.… Continue
Rs600 billion should be saved by selling failed state-run companies.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Tuesday said the government is taking tough decisions as its political death therefore it is important to provide confidence to the government in this difficult time.… Continue
PM’s decision on resumption of the IMF programme lauded.
Former Vice President of FPCCI Atif Ikram Sheikh on Sunday lauded the decision of Prime Minister Shahbaz Sharif to resume the stalled IMF programme which is necessary to improve limping economy and infuse confidence in the jittery investors.
After an unnecessary delay, the government has decided to step back from its rigid position on the IMF’s bailout conditions and lean towards an early resumption of the stalled loan programme which is a very sensible choice, he said.… Continue
Politics is being prioritised over the country.
The Pakistan Economy Watch (PEW) on Sunday said the government has completely failed in the economic field and disappointed people and the business community. It said that the government is more concerned about politics than the country, which is against national interests and open violation of promises.… Continue