In the fiscal year 2021-22, Pakistan will sign trade agreements with Uzbekistan to explore more than $90 billion of export prospects in Central Asia. Prime Minister Khan will visit Uzbekistan between July 13 and 15 to sign transit and preferential trade agreements. Furthermore, Pakistan & Uzbekistan plan to establish several warehouses in Gwadar and Tashkent.
Pakistan has found success in exports during FY2021 in comparison with FY2020. Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, said that Pakistan also achieved an increase of 39 percent in export to the US. There was an increase of $1.45 billion in exports in FY2021 compared to FY2020, as exports counted $5.2 billion.
Suppose you’re running your own business and don’t have to answer anybody or meet deadlines. There would be no higher authority to question your ability, and everything is at your discretion. Isn’t that something everyone wants? Unfortunately, in Pakistan, people hesitate to invest anywhere because of risk factors or lack of proper guidance.
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.