In 2023 clothing exports to China rise by 3pc
The amount of clothing that Pakistan exported to China, both for men and women, significantly increased in the past year. Based on available data, the export of men’s and women’s clothing from Pakistan to China increased by 3percent between January to December of 2023, said Ghulam Qadir, Commercial Counsellor at the Pakistani Embassy in Beijing.
The strong demand for Pakistani textiles in the Chinese market is reflected in this increase in exports. Pakistani men’s and women’s clothing has been sought after in China due to its quality and competitive prices, he told China Economic Net (CEN).
In addition, Pakistan enjoys a competitive advantage in land trade with China and zero tariffs under the Free Trade Agreement between the two countries. In the year 2023, Pakistani men’s garments exports to China touched $28.66 million. Women’s garments exports from Pakistan to China reached $10.46 million while last year in the same period it was $9.44 million, representing a rise of 11percent.
S&P hints at upgrading Pakistan’s credit rating to “B”
S&P Global Ratings has hinted at upgrading Pakistan’s credit rating to ‘B’ following the new political government that comes into power post-Thursday (February 8) elections in the country, but the change in the rating would largely depend on the economic roadmap of the new rulers.
To upgrade the rating, the global rating agency will closely watch the new government’s moves towards securing the next International Monetary Fund loan programme after the ongoing one, worth $3 billion, is completed in March 2024. The new programme will ensure the government continues to repay the maturing foreign debt on time.
According to the global media outlet Bloomberg, S&P sees a path for Pakistan’s upgrade to ‘B’ after the election results. Pakistan is currently rated ‘CCC+’ by the agency. The credit rating ‘B’ suggests the nation has the capacity to repay the foreign debt on time but still faces a degree of uncertainty that could lead to missing the repayment obligation later on.
Smartphone scheme on installments faces opposition
Cabinet members and two telecom operators have opposed the scheme of providing smartphones to the public on easy installments.
The issue was taken up in a meeting of the cabinet held last month by the Ministry of Information Technology & Telecommunication, which proposed to issue a policy directive to encourage Cellular Mobile Operators (CMOs), as well as agencies working under agreement with CMOs, to provide smartphones to the public on easy installments.
The ministry’s proposal was discussed in detail. However, some cabinet members observed that issuing a policy directive for a commercial activity did not seem appropriate for the Cabinet.
Cabinet members added that the proposed scheme might lead to an increase in the import of smartphones, and thereby also in the import bill of Pakistan, which had to be paid in foreign exchange.
Pakistan’s first e-Rozgar centre inaugurated
Caretaker Federal Minister for Information Technology and Telecommunications (MoITT), Dr Umar Saif on Tuesday inaugurated the country’s first e-Rozgar Centre in collaboration of Excel Consulting Services. The centre boasts around 100 workstations fully equipped with state-of-the-art facilities tailored for freelancers, with plans to expand to 300 workstations in the future.
Additional Secretary MoITT Ayesha Moriani, Member IT Syed Junaid Imam, Project Director Amir Ahmed, Chairman EC Services Nazir Qureshi, ministry officials and a large number of freelancers were present on the occasion.
Speaking on the occasion, Saif said that with the establishment of the centre, the project of setting up 10,000 e-Rozgar centres across the country has now begun officially. “We have also fulfilled another promise made to the people, where a significant number from the existing 1.5 million and upcoming new freelancers can work independently at very low rates,” the minister said.
Malaysia buys additional rice, frozen food
Malaysian Consul General Herman Hardynata bin Ahmad has said although trade with Pakistan is largely in favour of Malaysia, Pakistan’s share is improving as Kuala Lumpur has increased purchases of rice and frozen food.
“Malaysia’s exports to Pakistan mainly comprise palm oil, but we are unable to completely meet the South Asian nation’s growing demand despite the fact that we have been producing palm oil at peak capacity,” he said at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI). “Malaysia is a small country and in terms of palm oil, our production is limited.”
He expressed keen interest in engaging in maximum number of meetings with the business community of Karachi in a bid to strengthen trade and investment ties. He said both countries had been cooperating with each other not only in trade but also in the area of defence with Malaysia sending its defence officials for training in Pakistan. Also, Pakistani personnel of the armed forces are sent to Malaysia for imparting training.
Special passes to truck drivers for Afg-Pak cargo transport
Coordinator Pak-Afghan Joint Chamber of Commerce and Industry (PAJCCI), Ziaul Haq Sarhadi, has suggested issuing special passes to truck drivers transporting cargo goods between Pakistan and Afghanistan.
In a press statement released on Friday, Sarhadi said the suggestion is based on streamlining and smoothing of Pak-Afghan trade which recently halted for ten days over conditions of visas by truck drivers. Around 1000 truck drivers will be issued special passes instead of visas for carrying their goods with ease between Pakistan and Afghanistan, he added. He stressed that these trucks should be registered with Customs and Transport Departments in Pakistan and Transport and Gumrak in Afghanistan. The owners of heavy vehicles should also be charged a nominal fee for issuance of special pass, he added.