Islamabad, Aug 22: The announcement was made by Prime Minister Shehbaz Sharif, who stated that the Islamabad Information Technology (IT) Park will be essential to reaching the lofty target of $25 billion in IT exports. At a review discussion centered on IT sector initiatives and plans to boost IT exports and encourage digitization, the prime minister was informed about the cooperative endeavors of multiple entities striving to accomplish this export goal.A comprehensive presentation on the funding being allocated to several IT industry projects was also included in the conference. It was emphasized that these investments should result in a sizable,…
Author: Iqra Khan
Islamabad, Aug 22: The Economic Coordination Committee (ECC) of the Cabinet met today at the Finance Division under the direction of Finance Minister Senator Muhammad Aurangzeb.The Ministry of Industries & Production’s summary on the export of an additional 0.100 million MT of sugar was accepted by the committee under the following restrictions: The duration of time permitted for the export of sugar from the date of quota allocation by the relevant Cane Commissioner will be extended from forty-five (45) days to sixty (60) days due to procedural delays experienced during the export of sugar. In the case of Afghanistan, export…
Islamabad, Aug 22: A meeting of the Cabinet’s Economic Coordination Committee (ECC) was presided over by Federal Minister of Finance and Revenue, Senator Muhammad Aurangzeb, on Thursday in the Finance Division. For Operation Azm-e-Istehkam in the fiscal year 2024–2025 (FY25), the ECC approved a special allocation of Rs. 20 billion for a technical supplemental grant (TSG). The committee deliberated and granted approval for a Technical Supplementary Grant (TSG) worth Rs. 276.250 million to HQ Frontier Corps KP(N) for Project Implementation Letters (PILs), on behalf of the Ministry of Interior. Additionally, a TSG of Rs. 1951.995 million was granted for the…
Islamabad, Aug 22: Prime Minister Shehbaz Sharif announced on Thursday that Pakistan has launched a project to connect its immediate payment system, Raast, with the Arab Monetary Fund’s (AMF) Buna cross-border payment system. This will enable real-time remittances between Pakistan and the Arab world. In order to create a framework of cooperation between Rasst and Buna, which is run by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO) and backed by all central banks in the Arab region, the AMF and the State Bank of Pakistan (SBP) signed a memorandum of understanding in Abu Dhabi last November. The advancement…
Islamabad, Aug 22: Today marked the triumphant conclusion of the three-day 21st Pharma Asia Exhibition, which is the region’s leading pharmaceutical exhibition, held at the Expo Centre in Karachi. E-Commerce Gateway hosted the event, which marked an important milestone in the expansion of Pakistan’s pharmaceutical business. Salman Abdullah Murad, the Deputy Mayor of Karachi, was the chief guest. Pharma Asia 2024 changed the pharmaceutical landscape of the nation by showcasing the newest breakthroughs and technologies from August 20 to 22. The occasion provided a forum for producers, suppliers, traders, distributors, legislators, and investors to get together and discuss prospects for…
Islamabad, Aug 22: President Asif Ali Zardari was briefed by Asian Development Bank (ADB) Country Director Yong Ye on Thursday’s call regarding the bank’s contribution to Pakistan’s socioeconomic development, according to ARY News. President Zardari expressed at the meeting his gratitude to the Asian Development Bank for helping Pakistan during the floods. He also outlined Pakistan’s efforts to combat climate change, pointing out that the country had millions of acres dedicated to the planting of mangrove forests.The assistance that the Asian Development Bank provided to Pakistan in the areas of irrigation, education, and agriculture was also noted by President Zardari.…
Islamabad, Aug 22: A delegation of 44 students from Harvard Business School representing 9 different countries, met Chief of Army Staff General Syed Asim Munir in Rawalpindi today. The interactive session provided a platform to share perspectives on Pakistan’s pivotal role in promoting regional peace and stability, its unwavering efforts against terrorism, and commitment to uphold democratic values. Interacting with the students, the Army Chief emphasized the significance of education, critical thinking, and innovation in addressing contemporary security challenges. He highlighted Pakistan’s vast potential and encouraged the attendees to form their own opinions based on personal experiences. General Syed Asim…
Islamabad, Aug 22: Pakistan Refinery Limited (PRL), a subsidiary of the Pakistan State Oil Company Limited (PSO), experienced an impressive turnaround as its profit-after-tax (PAT) clocked in at Rs4.06 billion in the financial year ended on June 30, 2024, driven by a considerable rise in revenue. PRL reported a PAT of Rs1.82 billion for the fiscal year 2023. The board of directors convened on August 21 to assess the business’s financial and operational performance, and in a notification sent to the Pakistan Stock Exchange (PSX) on Thursday, it was suggested that the company pay a final cash dividend of Rs2…
Islamabad, Aug 22: Pakistan, Germany expressed commitment to deepen bilateral cooperation in trade and investment. The consensus to this effect was reached during a meeting between Minister for Commerce Jam Kamal Khan and Germany’s Federal Minister for Economic Cooperation and Development, Svenja Schulze in Islamabad.The meeting focused on advancing economic collaboration, with a particular emphasis on sustainable business practices and labor standards. They also discussed potential for increased collaboration between their respective business communities.During the meeting, Jam Kama highlighted Pakistan’s ongoing efforts to improve labour standards in its textile industry. He sought German support for capacity-building and technical assistance to…
Islamabad, Aug 22: World Food Program has expressed the desire to work for rehabilitation of flood affectees in Pakistan. The desire was expressed by Program’s Country Director in Pakistan Coco Ushiyama during meeting with Minister for National Food Security and Research Rana Tanveer Hussain in Islamabad today.The Country Director said the flood affected populations may face food shortage. Speaking on the occasion, Rana Tanveer Hussain extended government’s support to World Food Program in this endeavor. He reiterated the government’s priority to fulfill the food and nutritional needs of the flood affected people.Commending the role of WPF in Pakistan, Rana Tanveer Hussain…
