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.
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.
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.
After introducing KIA into Pakistan, Lucky Motors is now paving the way for French cars in the country. Pakistan has officially welcomed the first French car in the country, Peugeot 2008, a European crossover SUV. Lucky Motors will use the imported SUV unit for trials and tests. If things go as planned, the company will sell locally assembled Completely Knocked-Down (CKD) Peugeot cars in Pakistan.
Renowned American brand Gap Inc. has signed a license for home textiles with Pakistan’s AlKaram Textile Limited for a period of six years. The company has signed a license with Gap Inc. for all of North America and Mexico for six years. The company will be Pakistan’s first home textile company to enter the brand licensing space in international markets.
Two Pakistani companies have made it to the most coveted Forbes ‘Asia’s Best Under A Billion 2020’ list. Information technology company Systems Limited Pakistan (SLP) along with local textile giant Feroze1888 Mills Ltd have made it to this year’s list. The annual list recognises 200 top-performing small and mid-sized companies in the Asia-Pacific region with sales under $1 billion.
Pakistan is sending 600 medical professionals to Kuwait, and a first batch of 221 doctors, nurses and technicians is all set to fly out on Thursday after a gap on 13 years. A second group of 200 medical professionals will also fly to Kuwait in the coming months, under an agreement signed between the two countries in July this year.
While a new fishing policy is expected, local fisherman fear they will be left with no food as 12 Chinese deep-sea trawlers docked at the port of Karachi last month. Pakistani fishermen fear government’s plan to allow Chinese companies to carry out deep-sea fishing in territorial waters could threaten survival of at least three million people who depend on the sea for livelihood.
Any product imported into Pakistan through postal or air courier services with a declared value up to Rs. 5,000 will be exempt from customs duty or any other types of taxes. An FBR official explained that this move has been taken as a relief for the end-users, most likely to be private individuals as opposed to corporate importers.
A latest report, revealing role of global banks in industrial-scale money laundering, has named six Pakistani banks among transgressors. International Consortium of Investigative Journalists (ICIJ) published the catastrophic consequences of money laundering by banks globally in a report titled as FinCEN Files. The recently uncovered trove of government documents revealed 29 transactions that showed suspicious transactions to and from Pakistan.