Category: Business

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. 

Lucky Motors to introduce first French car, Peugeot in Pakistan

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. 

Pakistan’s AlKaram Textile gets 6-Year export order for US brand Gap Inc.

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 make it to Forbes ‘Asia’s Best Under A Billion 2020’ list

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. 

After 13 years, Pakistani medical professionals head to Kuwait

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.

Pakistani fisherman fight the mighty Chinese for food in country’s deep-sea fishing waters

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.

FBR removes customs duty on goods under Rs. 5,000 imported through postal or air courier

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.

Latest global report on money laundering names six Pakistani banks among transgressors

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.