Pakistan invites US companies
Pakistan has invited US companies to explore the potential of public-private partnerships and joint ventures in the mining sector, which is enriched with vast mineral resources.
“With one of the world’s largest undeveloped copper and gold deposits at Reko Diq and a strong commitment to economic reforms, this is the right time for US investors to explore and engage,” US Charge d’Affaires Natalie Baker stated while addressing a webinar.
The government of Pakistan, in collaboration with the US embassy, hosted a high-level webinar titled “Opportunities in Pakistan’s Mining Sector – Unlocking Mineral Potential,” aimed at promoting investment opportunities and inviting American companies to pump capital into the mineral and mining sector.
UK envoy eyes Pakistani financiers
The United Kingdom’s trade envoy to Pakistan, Mohammad Yasin, on Wednesday urged Islamabad to cement its relative economic stability and instil investor confidence, while also inviting Pakistani businesses to invest in the UK.
In an interview at the end of his three-day visit to Pakistan, Yasin noted that the country was doing better than it was two years ago in terms of economic and political stability.
“I would take the message that Pakistan is doing much better and is very serious, but it is a long road, and these policies need to be continued,” said Yasin in response to a question.
The envoy visited Pakistan to explore investment opportunities and to encourage local businesses to consider investing in the UK. He also met with several politicians and with the Special Investment Facilitation Council (SIFC) to raise issues affecting UK investors.
US remains major buyer of Pakistani exports
The United States remained the top export destination for Pakistani products during the first eleven months of the current fiscal year 2024-25, followed by China and the United Kingdom, according to data released by the State Bank of Pakistan (SBP).
Total exports to the US during July-May 2024-25 were recorded at $5,552.615 million, compared to $4,999.608 million during the same period in 2023-24, marking an increase of 11.06 percent.
China ranked second, with Pakistani exports amounting to $2,270.032 million, down from $2,556.126 million last year, showing a decline of 11.19 percent.
The United Kingdom was the third-largest export market, with exports reaching $1,985.167 million during the review period, compared to $1,863.566 million the previous year, according to SBP data.
SBP: High-value transactions stay cash-based
High-value transactions in Pakistan continue to rely significantly on paper-based and over-the-counter (OTC) methods, indicating issues of trust or accessibility in digital high-value channels.
While 89 percent of Pakistan’s retail payments are now conducted through digital channels, they represent just 29 percent of the total transaction value — Rs48 trillion out of Rs164 trillion — according to the State Bank of Pakistan (SBP)’s latest Payment Systems Quarterly Review.
In stark contrast, OTC payments processed through bank branches and branchless banking agents, though only 11 percent by volume, account for a dominant 71 percent share in value.
This disparity highlights a key challenge in the country’s digital transition: high-value transactions continue to rely heavily on cash and paper-based methods, suggesting ongoing trust, usability, or accessibility concerns in digital channels for large payments.
Government accepts Rs12b to transform Gadani yard
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry has announced the approval of Rs12 billion for transforming the Gadani Ship-Breaking Yard into a model green facility, aligning the maritime sector with international climate and environmental standards.
According to an official statement released on Wednesday, while chairing a high-level meeting on the Gadani redevelopment, Chaudhry underscored the ship-breaking industry’s contribution to the economy and its potential role in the country’s climate resilience strategy.
“Ship recycling must evolve to meet global sustainability standards. This transformation is essential to reduce pollution, manage hazardous waste responsibly, and contribute to a greener maritime future,” he said.
Stages for climate-resilient agriculture explored
Minister for National Food Security and Research Rana Tanveer Hussain on Wednesday met with Food and Agriculture Organisation (FAO) Representative to Pakistan Florence Rolle.
The meeting focused on enhancing cooperation to address Pakistan’s agricultural challenges, ensure national food security and improve climate resilience across the sector.
During discussion, both sides expressed concern over the increasing impact of climate change on Pakistan’s agriculture, including erratic weather patterns, prolonged droughts and pest outbreaks, which have disrupted crop cycles and affected smallholder farmers the most.
The minister noted that Pakistan, as an agro-based economy, was highly vulnerable to climate-induced stresses and it was critical to adopt innovative and sustainable approaches to protect crops and livestock.
High tax termed blow to goods transport sector: LCCI
The Lahore Chamber of Commerce and Industry (LCCI) and the Pakistan Goods Transporters Association have jointly urged the federal government to withdraw the increase in withholding tax on logistic services announced in the federal budget for 2025-26 and swiftly address other critical issues confronting the transport sector.
Speaking at a press conference at the LCCI, Chamber President Mian Abuzar Shad called the increase in withholding tax on logistic services from 4 percent to 6 percent a harsh and unjustified blow to the goods transport sector, which is already struggling for survival.
He said that such a move could push the sector to the brink of collapse and demanded that the government immediately reverse the decision and reinstate the previous 4 percent tax rate.
The LCCI president said that the only general truck stand in Lahore, located on Ravi Link Road, was insufficient due to the city’s expanding population and commercial activity.