Category: Business

Russian government approves import of rice from Pakistan

The Russian government has approved the import of rice from Pakistan. The decision was taken by the Ministry of Food Security after the department of Plant Protection (DPP) implemented proposed measures. Presently, four firms have been approved by Russia’s NPPO, two from Karachi, one from Lahore, and one from Chiniot.

Former FBR chief calls on government to demonetize RS5000 note

According to former Federal Board of Revenue head Syed Shabbar Zaidi, the government should demonetize Rs5000 note by July 2021. He suggested that the government ought to announce the plan in advance so that the transition will go smoothly. As a result, the move will lead to a better economy and prosperous banking.

Pakistan meat exports grow by 100% in a decade

Pakistan meat exports are steadily expanding in terms of quantity and quality. According to the reports, Pakistan’s meat export grow by 100 percent in a decade. Meat exports from Pakistan have doubled from $152.4 million in FY11 to $304.2 million in FY20. The meat exports include raw and frozen beef, lamb, mutton, and chicken.

Chinese enterprise offers massive investment to‌ ‌Pakistan’s‌ ‌livestock‌ ‌and‌ ‌dairy‌ ‌sectors

Royal Group Co Ltd, Chinese dairy industry and buffalo milk production enterprise intends to invest $500 million initially in Pakistan’s livestock‌ ‌and‌ ‌dairy‌ ‌sectors. Moreover, a delegation of eight Royal Group Co Ltd. representatives, led by Royal Group President Chen Yi, met with the Additional Secretary of the Board of Investment, Mukarram Ansari to discuss investment opportunities in the livestock‌ ‌and‌ ‌dairy‌ ‌sectors.

After‌ ‌Australia,‌ ‌now‌ Pakistan gets approval to export mangoes to Japan

Abdul Razzak Dawood, advisor to the prime minister on commerce and investment, said Japan has approved the export of mangoes from Pakistan. The two countries have deepened their economic ties. Pakistan is the third-largest exporter of mangoes in the world. Moreover, Mangoes are known as the “King of Fruits” in Pakistan.

Three Pakistani Startups receive Rs.146 million from GSMA Innovation Fund

A significant effort is being made by the Ministry of Information Technology and Telecommunications to assist talented entrepreneurs. GSMA Innovation Fund for Mobile Internet Adoption and Digital Inclusion has awarded a grant totaling around GBP668,000 to three Pakistani startups (out of 597 proposals submitted from 44 countries). Furthermore, some of the winners of this year include Vceela, Knowledge Platform, and Orenda Pakistan.

Japan’s Bold Investment is set to invest in Pakistan’s technology sector

With Pakistan’s tech sector experiencing growth and potential, a Japanese firm has established its investment arm in the country. In addition to investments and acquisitions, Bold Investment is focusing on the tech sector. The growing role of management will come from the experience it has gained while expanding, scaling, and executing various projects.

Bangladesh’s per capita income has exceeded that of Pakistan and India.

It is estimated that Bangladesh’s per capita income has crossed the per capita income of India and Pakistan. Bangladesh’s GDP reached $2,227 per capita in the financial year 2020-21, ranking 35th in the world. Reports suggest that India has a per capita income of $1,947. This is $280 less than that of Bangladesh.

Pakistan, Gulf countries resume free-trade talks after a 13-year gap

After a gap of 13 years, Pakistan and the Gulf Cooperation Council (GCC) on Wednesday resumed negotiations on a free trade agreement (FTA), a top Pakistani diplomat in Riyadh said. The intention to resume the talks was declared during Saudi Crown Prince Mohammed bin Salman’s visit to Islamabad in 2019, but they were further delayed by the coronavirus outbreak.

Pakistani salt from Khewra set to be registered with international trade bodies

Pakistan is close to taking the lead in the global salt trade, as local rock salt of Khewra is set to be registered with international trade bodies. Pakistan has branded the Khewra salt as “Pink Rock Salt” and its specifications were being finalised. This will prevent Indian traders to market Pakistani rock salt as Himalayan Pink Salt.