Pakistan needs entrepreneurs
Pakistan needs productive entrepreneurs to create new jobs, introduce new technologies, increase productivity and enhance exports to steer the economy out of current troubles and put it on the path of sustainable growth, said Islamabad Chamber of Commerce and Industry (ICCI) President Muhammad Shakeel Munir.
“Students should focus on entrepreneurship that offers them a prosperous career,” he said while addressing a delegation of Bahria University students, led by Bahria University Islamabad Assistant Director International Office Haroon Khan, on Thursday. Munir informed the students that the contemporary business skills were essential to succeed in the current competitive business environment.
Reserves rise $67mn to $7.89bn
The foreign exchange reserves held by the central bank increased 0.85 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On August 12, the foreign currency reserves held by the SBP were recorded at $7,897.3 million, up $67 million compared with $7,830.3 million on August 5. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,613.3 million. Net reserves held by banks amounted to $5,716 million. In the week ended August 27, 2021, the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the IMF on August 24. On March 30, 2021, Pakistan borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders.
Shehbaz orders to revise the electricity bills urgently
Prime Minister Shehbaz Sharif on Friday directed the power distribution companies to revise the electricity bills of up to 200 units within 24 hours, adjusting the relief under the fuel adjustment charge (FAC) announced by the government. The premier chaired a high-level meeting to address the issues faced by the power consumers and constituted a committee on the issue.
“The staffers of the distribution companies should work round the clock to ensure the revision of electricity bills,” he said. PM Shehbaz instructed the concerned authorities to cancel the leaves of all the staffers and present him a compliance report immediately and also ensure the execution of the relief measures announced by the government.
Floods to hit economic viewpoint
The Ministry of Finance on Thursday said the flash floods might impact Pakistan’s economic outlook – becoming the third major force to slow down the economy – as the government planned to make an appeal for aid to the United Nations to deal with the devastating floods.
The recent floods, caused by abnormally heavy monsoon rains, have adversely affected important and minor crops, which may impact the economic outlook through agricultural performance, said the Ministry of Finance in its monthly economic outlook. The floods have reduced the potential output of both main and minor Kharif crops, thereby tampering with positive outlook of the agriculture sector, stated the ministry. Initially ignored by the government, the floods have become the third serious challenge after “the global and domestic uncertainties that are still surrounding the economic outlook”. The floods have negatively impacted economic activity in a number of cities, which may diminish economic prospects, stated the finance ministry.
NA concerned at urea shortage
The National Assembly Standing Committee on Industries and Production on Thursday expressed concern over the shortage of urea in the country “despite the fact that it’s not being used due to heavy floods”. The committee directed the ministry concerned to ensure the availability of urea at affordable prices and also take concrete measures to stop its smuggling across the borders “as its prices are higher in the international markets”. The committee met under the chairmanship of MNA Syed Ghulam Mustafa Shah to discuss various issues pertaining to ministry and its attached departments, said a press release issued here.
UAE offers investment in biotechnology, food
The United Arab Emirates (UAE) has vast investment opportunities in biotechnology, food, agriculture and many other sectors and Pakistan’s private sector should avail itself of this opportunity. UAE Ambassador Hamad Obaid Ibrahim Salem AlZaabi made the remarks while speaking to business community at the Lahore Chamber of Commerce and Industry (LCCI). The ambassador said that Pakistan and the UAE enjoyed unique relations and a lot of Pakistanis were actively contributing to various sectors of the UAE economy. “A large number of businessmen from the UAE are interested in investing in Pakistan. However, they don’t have full information about market needs,” he told the gathering, adding that an agreement under the China-Pakistan Economic Corridor (CPEC) was being finalised that would allow free trade between the two countries.
Attempts on to improve industrial competitiveness
Various rapid industrial transformation initiatives are being taken for sustained growth and development of the economy by improving industrial competitiveness, remarked Prime Minister’s Coordinator on Commerce and Industries Rana Ihsaan Afzal Khan. He was speaking at the opening ceremony of the Interim Review Workshop on the National Productivity Master Plan on Wednesday. The workshop was organised by the National Productivity Organisation (NPO) in collaboration with the Asian Productivity Organisation (APO), Japan and Korean Development Institute. Khan called the master plan a landmark initiative that might help reorient requirements of the current era of competitiveness both in the domestic and global markets and support export sectors in enhancing competitiveness and achieving higher productivity.