Albania wills to enhance trade relations with Pakistan
Albania wants to enhance trade relations with Pakistan and there are immense opportunities for increasing the volume of trade between the two countries, which should be exploited for mutual benefit, said Non-resident Ambassador-designate of Albania Kastriot Robo. Exchanging views with business community during his visit to the Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday, the envoy said that the geographical location of Albania was important for Pakistan.
“Albania is almost in the heart of Europe, hence close cooperation with it will enable Pakistan to get better access to European and Balkan markets,” he said. “There is huge potential for the development of tourist resorts in Albania and investors of Pakistan should capitalise on these opportunities.” Pointing out that many Pakistani workers were already working in the construction sector of Albania, he was of the view that strong cooperation between the two countries would open new avenues for Pakistani workers in Tirana.
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Pakistan, IDB sign $1.2bn financing plan
Pakistan and the Islamic Development Bank (IDB) have signed a $1.2 billion financing agreement for import of oil and food products, as Islamabad also completes procedural formalities to receive oil on deferred payments from Saudi Arabia of a similar value.
The cumulative financing of $200 million per month by the IDB group and Saudi Arabia is expected to ease pressure on the rupee, as 45 percent depreciation in over three years has stoked inflation in the country.
The International Islamic Trade Finance Corporation (ITFC) of the IDB and Pakistan signed a $1.2 billion annual plan for 2022, according to a statement issued by the Ministry for Economic Affairs.
The annual plan would provide integrated trade solutions to support Pakistan’s energy and agriculture sectors for sustained economic growth, it added.
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All set for privatisation of 2- lng power plants
The federal government has decided to privatise the country’s two liquefied natural gas (LNG) power plants in line with the demands of the International Monetary Fund (IMF) under the $6 billion Extended Fund Facility (EFF).
Pakistan entered the EFF, a 39-month funding programme with the IMF in July 2019, but the release of tranches has faced delays due to issues over the required reforms.
According to sources, the government sent the privatisation plan of LNG power plants – Haveli Bahadur Shah and Balloki – to the IMF, stating that the two high-performance plants would be sold off in June.
The sources said that the IMF has demanded immediate privatisation of the LNG power plants by the end of June 2022.
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Trade delegation of Houston to visit Karachi
The mayor of Houston (Texas, the United States) has expressed the desire to bring a trade delegation to Karachi in September 2022, which will hold meetings with government officials and local trade bodies, revealed Houston-Karachi Sister City Association (HKSCA) President Saeed Sheikh.
In a meeting with office-bearers of the Karachi Chamber of Commerce and Industry (KCCI) on Tuesday, he voiced hope that the visit of high-profile delegates would be beneficial for the business community.
He said that the association was looking forward to facilitating the signing of a memorandum of understanding or memorandum of cooperation between the Houston Port and Karachi Port Trust so that business communities of the two cities could be provided with numerous facilities including warehouses at ports.
He stressed the need for making collective efforts to further strengthen the existing trade and investment ties between the business communities of Houston and Karachi.
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Imran approves incentives for IT sector, freelancers
In a historic move, the government has approved a number of incentives to facilitate the information technology (IT) and IT-enabled services (ITeS) sectors, freelancers and startups.
According to a statement, the approval was given by Prime Minister Imran Khan while chairing a meeting on Tuesday.
Earlier, the Ministry of IT and Telecommunication had proposed tax exemption, fiscal and non-fiscal incentives for the IT industry. Tax exemption was the biggest demand of the sector, said the statement.
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K-P executing thirty four foreign-funded projects
A total of 34 foreign-funded projects worth $3.65 billion are being implemented by the government of Khyber-Pakhtunkhwa (K-P), revealed Economic Affairs Division (EAD) Secretary Mian Asad Hayauddin.
In a meeting chaired by Federal Minister for Economic Affairs Omar Ayub Khan on Monday, the EAD secretary pointed out that the Asian Development Bank (ADB), European Union, World Bank, China, France, Germany, Japan, Saudi Arabia, the UK and the US provided assistance for those projects.
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Seed industry refuses 17pc sales tax
The seed industry of Pakistan has termed imposition of 17 percent sales tax on seeds last nail in the coffin and rejected it while citing that it would affect the access to quality seeds for farmers, industry and end users by inflating its cost.
In the maiden meeting of the newly formed Pakistan Hi-Tech Hybrid Seed Association (PHHSA) on Tuesday, participants feared that the levy might discourage the use of hybrid seeds and reduce the yield of major crops like cotton, rice, wheat, maize, vegetable and edible oil.
Chairing the meeting, Pakistan Hi-Tech Hybrid Seed Association Chairman Shahzad Ali Malik highlighted that the introduction of the sales tax had triggered panic among all stakeholders.
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CDWP okays replacement of track machines project
The Central Development Working Party (CDWP) on Monday approved the Replacement of Track Machines project, which envisaged procurement of track lifting, levelling, aligning and tamping machine with integrated stabiliser and self-propelled track inspection and recording car. The approval was given in a meeting chaired by Planning Commission Deputy Chairman Mohammad Jehanzeb Khan. The Ministry of Railways will execute the project at a total cost of Rs7.4 billion, which will be financed through the Public Sector Development Programme (PSDP). The cost of the machinery includes the cost of spare parts for three years.