Category: Business

Italy to invest €40 million in social sectors in Pakistan

Government of Italy is planning to invest €40 million on social sectors in Pakistan in collaboration with Pakistan Poverty Alleviation Fund (PPAF).  According to the Italian Ambassador to Pakistan, Stefano Pontecovero, Italy hopes to invest more in youth development policies to empower the future of the country and contribute towards a prosperous tomorrow as Pakistan’s youth that is 65 percent of the population posses immense potential. 

PIA to start direct flights to US

Pakistan International Airlines (PIA) is all set to start direct flights to the United States, ahead of Prime Minister Imran Khan’s visit to Washington next week. Islamabad has geared up to take direct flights to New York for the first time in the country’s history after discontinuing it in October 2017 via Manchester due to Washington’s security concerns. 

Pakistan’s mobile phone imports increased 110% in 2019

According to statistics from the media, Pakistan’s commercial import of mobile phones has increased by 110 percent in one year. In 2018, 9,564,424 mobile phones were imported, whereas, in 2019, the number stands at 19,834,465 mobiles and the reason behind is said to be successful implementation of the new mobile phone registration system by the Pakistan Telecommunication Authority (PTA). 

Government decides to import tomatoes from Iran for one month

The government has allowed import of tomatoes from Iran for a period of one month to arrest the skyrocketing prices of the vegetable in domestic market. The government believes that new crop of tomatoes and onion will reach the market in next two to three weeks from Sindh. In the meanwhile, imports from Iran will help fill the gap to some extent.

Pakistan signs multi-million dollar deal to export pine nuts to China

Pakistan is going to start exporting pine nuts to China soon. A Chinese snack company, Bestore, has inked a deal worth 300 million yuan ($42 million) with Pakistani pine nut company Halo foods. According to Yang Yinfen, CEO and president of Bestore, hand peeled pine nuts are one of the most expensive nut products for Bestore now as both demand and output has grown rapidly. 

Swvl to collaborate with Sindh government

Dubai based ride hailing service Swvl recently announced its plans to collaborate with the Sindh government to set up mass transit systems within the province, starting with Karachi, the company said in a statement. The company said Swvl and Sindh government have explored multiple avenues to improve the transportation landscape of Sindh, and will be entering into a public-private partnership to provide high quality, cutting-edge mass transit solutions.

Indian cotton exporters want to trade with Pakistan again

Indian cotton exporters are looking forward to resuming trade with Pakistan after halting it after India’s decision to revoke the disputed status of Indian occupied Kashmir. India exported 500,000 bales of cotton to Pakistan last year and is expecting to sell 1.5-2 million bales this year. As the quality of cotton produced in Pakistan has decreased, Pakistan is seeing a 35-percent fall in cotton production this year becoming a net importer of cotton from a cotton exporting country. 

Alibaba claims its Singles Day hit $13bn in first hour

Chinese e-commerce giant Alibaba Group Holding Inc’s sales for its annual Singles’ Day shopping blitz hit 91.2 billion yuan ($13 billion) within the first hour, up 32% from last year’s early haul of 69 billion yuan. Akin to Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009.

Bangladesh to import onions from Pakistan after 15 years

Pakistan has received first onion export order of more than 300 tons from Bangladesh after nearly 15 years. This is after an Indian ban on Bangladesh to avert price hike in domestic markets. At least 12 containers of onions are being exported to Bangladesh and more will follow. The onion trade was also agreed on in government-to-government talks. The shipment value from Pakistan will be around $600/ton.

Exports of manufactured leather goods grow by 10.41%

Exports of manufactured leather goods from Pakistan grew by 10.41% during the first quarter of the current financial year as compared to exports of the corresponding period last year. According to the data released by the Pakistan Bureau of Statistics, the export of leather garments increased by 11.48%. Other leather goods exports of the country also recorded a positive growth of 5.20%. i.e. worth $2.6 million as compared to to the exports of $2.5 million in the same period last year.