From FY2020 to FY2021, Pakistan’s exports to the United Kingdom increased by 33 percent to $2.025 billion. The announcement was made by Abdul Razak Dawood, the Prime Minister’s Adviser on Commerce, on Twitter. This is the first time exports to the UK have exceeded $2 billion. Furthermore, the adviser stated, “I want to congratulate our exporters on their impressive performance”.
The Pakistan IT sector exports, which include computer services and call centers, reached $1.98 billion in the 11 months of the fiscal year 2020-2021. The market growth rate for IT sector exports is 47.1%. IT exports are expected to reach $2 billion by the end of this fiscal year. In addition, it is predicted that Pakistan will export $5 billion by 2023.
The World Bank has approved $442 million to help Pakistan’s most vulnerable rural communities improve access to water and sanitation. Punjab Rural Sustainable Water Supply and Sanitation Project (PRSWSSP) aims to improve water supply and sanitation infrastructure and services to provide access to drinking water as well as proper wastewater management in rural settlements.
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.
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 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.
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.
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.
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.
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.