A home-grown Pakistani startup, Airlift Technologies Pvt, has secured single private funding of $85 million (13990436365.00 PKR)- the largest in Pakistan’s history. The company plans to expand overseas as a regional startup financing boom begins in the country. Typically, Series B financing is for companies that have reached certain milestones. They have also completed the initial phase of their startup.
Pakistan exported its first-ever shipment of 4G smartphones to the United Arab Emirates (UAE) with the tag “Manufactured in Pakistan”. A total of 5500 4G mobile devices were exported to the UAE. According to PTA, the development of the mobile device manufacturing ecosystem. CEO Zeeshan Mian Noor says Inovi’s primary objective is to enter the Middle East’s low-end markets.
The Pakistan Customs and FBR have processed the first consignment of fresh mangos, White Chaunsa, for export to Russia under the TIR Convention. This was one of the first efforts to introduce fresh fruits and indigenous goods from Pakistan to Russia. Pakistani traders will be able to access markets in Europe and Russia by land route.
Muhammad Usman Dar, the SAPM on Youth Affairs, said the majority of the young people were turning into job creators through the Kamyab Jawan Program (KJP). The program is expected to be the primary source of job creation in the country. Since the Kamyab Jawan Program began, at least 10,000 young people have succeeded in opening their own businesses.
In order to boost online business in Pakistan, Pakistan Post has opened an Amazon facilitation center in Islamabad. Pakistan Post also opened the Amazon facilitation centers in Peshawar, Karachi, Gujrat, Multan, Gujranwala, Sialkot, and Faisalabad. These centers collect and scan sellers’ products for delivery to Amazon warehouses worldwide. Moreover, the initiative will boost exports and promote e-commerce in the country, officials said.
China and Pakistan have included handmade carpets in their free trade agreement. It aims to create jobs for thousands of women working in the carpet industry in Pakistan. Pakistan’s hand-crafted carpet market has collapsed because of a number of trade-related challenges. Pakistan’s handmade carpet exports decreased from $300 million to $68 million in 2015.
Foreign exchange reserves in Pakistan have risen by over $25 billion following fresh Eurobond investments. The State Bank of Pakistan has received US$1.0bn from the government’s tap offering of its recently issued Euro Bond. Pakistan’s foreign exchange market saw handsome inflows last week as it received separate tranches of loans. These included $1 billion from China and $440 million from the World Bank.
Pakistan Logistic Company is likely to be set up under the National Freight and Logistics Policy (NFLP) of Pakistan to regulate the business of logistics. There have been discussions on establishing a logistics company by the Cabinet Committee on Transport and Logistics (CCoTL). A committee was also formed to consider the viability of setting up a Pakistan Logistic Company.
The first Amazon Center in South Punjab will open after Eid-ul-Azha in Multan. The main aim of setting up the Amazon center is to launch and market products made in Pakistan worldwide. To meet the requirements of Amazon, a warehouse would also be established there. The process of setting up Amazon warehouses in Bahawalpur and other areas of South Punjab was also underway.
Samsung is in talks with three potential investors about establishing a smartphone assembly plant in Pakistan. So far, no agreement has been signed between Samsung and investors. Samsung is currently in the process of finalizing its plan to award the license to one of the companies. A Korean company plans to begin the local assembly of cell phones during the final quarter of this year.