Envoy attracts Chinese investment in textile
Pakistan welcomes Chinese investment in its textile sector, said Khalil Hashmi, Pakistan’s Ambassador to China, while highlighting the strategic advantages of injecting capital into the textile industry, which is called a pillar of the country’s economy.
He was speaking at the Pakistan-China B2B Investment Meeting on Textiles held in Suzhou, China.
Organised by the Pakistani embassy, the consulate general in Shanghai and the Board of Investment (BOI), the event in Suzhou – a renowned hub for China’s textile industry – was aimed at fostering joint ventures, trade and investment partnerships between leading Pakistani and Chinese textile and apparel enterprises.
On the occasion, the Textile One Window Network office under the Belt and Road Initiative (BRI) was also launched.
Reserves hit $16.6b on ADB inflows
Pakistan’s total liquid foreign reserves reached $16.6 billion as of November 29, 2024, according to the State Bank of Pakistan (SBP). These reserves include $12 billion held by the SBP and $4.6 billion held by commercial banks. The SBP reserves increased by $620 million during the week, primarily due to an official inflow of $500 million from the Asian Development Bank (ADB).
Additionally, the Saudi Fund for Development (SFD) extended the term for a $3 billion deposit maturing on December 5, 2024, by another year. This extension underscores Saudi Arabia’s continued support for Pakistan, contributing to strengthened foreign exchange reserves and economic stability. Initially signed in 2021, the agreement has been rolled over annually since 2022, reflecting the strong relationship between the two nations.
In the currency market, the Pakistani rupee remained largely stable against the US dollar on Thursday, recording a minor depreciation of 0.01 percent in the interbank market. By the end of the session, the rupee stood at Rs277.94, slightly lower by Rs0.02 compared to Wednesday’s rate of Rs277.92, as per SBP data. In the open market, the rupee traded at Rs277.16, reflecting a marginal increase of Rs0.09 from the previous day’s rate.
Reforms will continue to come out of crisis: Aurangzeb
Federal Minister for Finance Muhammad Aurangzeb has declared that the government will continue to press ahead with reforms to steer the country out of crisis and towards a positive economic growth.
Speaking at the launch of the first sustainability-based online platform of ESG Sustain Pakistan under the auspices of the Securities and Exchange Commission of Pakistan (SECP) on Thursday, the finance minister said that Pakistan’s key economic indicators were positive while deficits had been brought under control.
He stressed that the government was taking steps to accelerate business and investment in the country.
Aurangzeb appreciated the role of SECP in promoting digitalisation and data sharing and remarked that digital channels and opportunities would be helpful in promoting a culture of transparency and accountability.
Direct flights to Bangladesh to commence soon
Bangladesh Deputy High Commissioner in Karachi SM Mahbubul Alam has announced that direct flights between Pakistan and Bangladesh will commence soon, which will significantly bolster ties between the two nations and their business communities.
He also revealed that an exhibition for importers and exporters of the two countries would be organised in Hyderabad in collaboration with the Hyderabad Chamber of Small Traders and Small Industry (HCSTSI).
Alam extended an invitation to the business community for participating in the Annual Trade Exhibition to be held in Dhaka in January 2025. He assured them that visa process would be streamlined to facilitate their participation.
The deputy high commissioner expressed these views during a visit to the Hyderabad Chamber. He said Bangladesh’s interim Chief Adviser Dr Muhammad Yunus had emphasised the need for leveraging the potential to enhance trade with Pakistan.
He described Bangladesh as a highly attractive market and asked the HCSTSI to send a delegation to Dhaka. He committed to monitoring and expediting the visa process for traders.
Commerce minister sets vision for boosting exports
Federal Minister for Commerce Jam Kamal Khan on Thursday conducted a performance review of the Ministry of Commerce and outlined a forward-looking strategy aimed at enhancing trade and export potential.
Chairing an internal review meeting, the minister assessed the performance of various wings and affiliated departments. He emphasised the need to capitalise on emerging opportunities to strengthen Pakistan’s trade footprint globally.
During the meeting, Kamal directed ministry officials to prioritise facilitating exporters to maximise productivity and competitiveness.
PM launches inquiry into tax fraud scandals
Prime Minister Shehbaz Sharif on Thursday took major decisions to safeguard his government’s financial integrity and ensure the bureaucracy does not bypass his appointed deputy ministers in economic policy matters.
PM Sharif issued separate instructions to notify a new joint inquiry team to analyse rising tax fraud cases and to direct federal secretaries to respect his nominated ministers of state, according to these instructions.
The prime minister constituted a joint inquiry team of intelligence agencies and field experts to analyse the reasons behind the growing number of sales tax frauds and to provide actionable recommendations, according to the instructions.
Separately, the Cabinet Division issued directives to all federal secretaries that the minister of state “should be consulted in cases to be submitted for consideration of the prime minister or the federal cabinet.” The instructions were issued on behalf of the PM after Minister of State for Finance Ali Pervaiz Malik complained that he was being bypassed in important matters by the Ministry of Finance.