Day: May 8, 2024

Finance Minister Muhammad Aurangzeb held a meeting with the Pakistan Dairy Association (PDA), led by CEO Fauji Foods Ltd Usman Zaheer at the Finance Division today.

While addressing the delegation, the minister underscored the significant role the dairy industry played in increasing agricultural GDP and fostering economic development. He highlighted the government’s commitment to providing a conducive environment for business growth, particularly in the dairy sector, which presents promising opportunities for increased exports.

He encouraged executives from the dairy industry to seize the moment and launch initiatives that would not only benefit large-scale producers but also create opportunities for small-scale farmers.

During the meeting, the industry leaders emphasized their commitment to capitalizing on the upward trend in dairy exports, citing it as a key area for growth and revenue generation. They stressed the importance of creating an enabling environment for dairy exports, urging the government t
o consider exempting dairy exports from taxation to further incentivize expansion in this sector.

In response, the minister directed the concerned authorities to put up a proposal keeping in view the merit criteria.

The meeting ended with both the government and the Pakistan Dairy Association (PDA) aligning on a vision to enhance the sector’s export capacity, promote innovation, and upgrade practices to meet international standards. They expressed confidence in the dairy industry’s ability to contribute significantly to Pakistan’s economic growth.

Source: Pro Pakistani

Federal Minister for Commerce Jam Kamal Khan has stressed the need for Pakistan and Belarus to elevate their bilateral trade relations to fully exploit their potential.

Pakistan has been exporting a diverse range of goods to Belarus, including medicaments, optical/medical apparatus, rice, leather articles, textiles, cutlery, footwear, sports requisites, cotton garments, salt, and mangoes. Pakistan’s imports from Belarus consist of agriculture tractors, fertilizer, wood pulp, and motor vehicles.

He highlighted Pakistan’s significant position as the fourth-largest dairy producer globally, suggesting that the country has the capability to become a major exporter in this sector.

He urged the exploration of new avenues and potential to capitalize on this opportunity, proposing that Belarus upgrade its tractors to meet Pakistan’s agricultural requirements.

Despite a recorded total trade volume of $19.05 million, the minister indicated that this figure falls short of the true potential of trade between the two
nations.

He referenced the outcomes of the 6th Pakistan-Belarus Joint Ministerial Commission (JMC) session held in Minsk from January 12-13, 2023, where both parties evaluated ongoing bilateral cooperation in trade.

Source: Pro Pakistani

A high-level delegation of EDOTCO Group led by its Group CEO Mohamed Adlan Ahmad Tajuddin called on Minister of State for IT Shaza Fatima Khawaja on Wednesday.

Matters of mutual interest and related to telecom infrastructure were discussed in the meeting. While talking to the delegation, the minister said that steps are being taken for digitalization in the country. She said that the present government is committed to the provision of quality broadband and internet services to the masses.

She said that the IT and telecom sector has an important role in the economic uplift of the country. She said the ministry is taking alongside the telecom industry, adding that issues confronting the telecom industry will be resolved.

The minister noted that EDOTCO Group’s support is vital for the development of the telecom industry, urging EDOTCO to play its role in the digitalization process in Pakistan. She invited EDOTCO Group to further invest in the telecom sector of Pakistan, saying that the atmosphere for foreign
investment in Pakistan is conducive.

EDOTCO delegation said that the role of the IT ministry in the promotion of the IT and telecommunication sector is laudable. The two sides also agreed to form a working group.

The other members of the delegation included Annis Sheikh Mohammed, Group CFO, Noreen Sabrina Mohd Noor, Group Head, Corporate Communications, Abdul Aziz, Country Managing Director, and Muhammad Rehan Farooqui, Director of Corporate Affairs and Planning.

Additional Secretary MoITT Aisha Humera Moriani, CEO NITB Babar Majeed Bhatti, Member Telecom Muhammad Jahanzeb Rahim, DG International Coordination Syed Jawwad Ali Sherazi were also present in the meeting.

Source: Pro Pakistani

The Pakistan Poultry Association announced on Tuesday a decrease in chicken prices in local markets across the country. Currently, chicken meat is retailing at Rs. 470 per kg, reflecting a decrease of Rs. 78 per kg.

According to the association, there has been a significant decline of Rs. 227 per kg in chicken prices over the past three weeks. Furthermore, the price of chicks has also dropped to Rs100 from the previous Rs220.

In Lahore chicken meat is available at Rs 438 per kg, in Islamabad, it is Rs 500 per kg, in Quetta it is Rs 330 per kg, in Karachi chicken meat is being sold at Rs 600 per kg, and in Peshawar, the boiler chicken meat is available at Rs 330 per kg.

In response to the situation, Punjab Chief Minister Maryam Nawaz has pledged to address consumer concerns regarding inflated chicken prices. She has initiated stringent measures targeting poultry farmers and traders, obtaining stock data from stakeholders to investigate the sudden price hike.

The decrease in prices is attributed to a reduc
tion in demand and due to extreme hot weather, prompting poultry owners to adjust their prices accordingly.

Source: Pro Pakistani

Martin Raiser, Regional Vice President of World Bank for South Asia along with a delegation including Country Representative Najy Benhassine called on Prime Minister Shehbaz Sharif in Islamabad today.

Welcoming Raiser, the premier lauded the contribution of the World Bank to the development of Pakistan. He appreciated the support extended by the Bank for building climate resilient infrastructure in the wake of 2022 floods in Pakistan.

The prime minister briefed the delegation on the reform agenda of the government including digitization of the entire tax system, power sector reform, enhancing per acre yield in the agriculture sector, addressing the issue of child stunting, etc.

Appreciating Pakistan’s aggressive reform agenda, Raiser said the World Bank is ready to collaborate with Pakistan in its journey of transformation of the economy aimed at sustainable development.

Both sides agreed to engage in a long-term, focused partnership under a new Country Partnership Framework with an annual review mechani
sm to assess progress and ensure that results are achieved. The strategy will include flexibility for future course correction. The new partnership will have the ambition to achieve transformational impacts over a decade on a selective set of critical development priorities for Pakistan.

The initial set of priorities that were discussed in the meeting included structural economic reforms including domestic resource mobilization, particularly via digitalization and tax policy reforms. Human capital development, specifically addressing child stunting and improving foundational learning was also discussed.

Likewise, energy sector reforms, including increased participation of the private sector in transmission and distribution, and transition to green energy to make energy cheaper, cleaner and financially sustainable will also be agreed. In order to better cope with the increased water scarcity and climate-related shocks, both sides emphasized collaboration in climate adaptation.

For increasing economic opport
unities, including in the agriculture sector, Pakistan will benefit from the Bank’s expertise in mobilizing global expertise and best practices, institutional capacity building, leveraging digital transformation and private sector participation, including via the World Bank’s private sector arm, the International Finance Corporation and the Multilateral Investment Guarantee Agency.

Both sides agreed that the process for preparation of the new Country Partnership Framework will consist of consultations with federal and provincial governments as well as academia, parliamentarians, civil society, development partners and the private sector. The World Bank will coordinate with stakeholders to discuss the partnership priorities duly aligned with the key development priorities and strategy of the government.

The prime minister witnessed the signing of a joint communique in this respect, signed by the World Bank’s Country Representative and Secretary of Economic Affairs Division Dr. Kazim Niaz.

Minister of Econom
ic Affairs Ahad Khan Cheema, Minister Finance Muhammad Aurangzeb, Minister Petroleum Dr. Musadik Malik, Minister of State for IT Shaza Fatima Khawaja, Deputy Chairman Planning Commission Dr. Jehanzeb Khan and senior officials of the Government of Pakistan also attended the meeting.

Source: Pro Pakistani

The National Electric Power Regulatory Authority (NEPRA) on Wednesday notified a Rs. 2.83 per unit increase in the price of electricity in terms of fuel charges adjustment (FCA) for ex-Wapda distribution companies (DISCOs).

The increase will be shown separately in the consumers’ bills on the basis of units billed to the consumers in the month of March 2024. DISCOs will reflect the fuel charges adjustment in respect of March 2024 in the billing month of May 2024.

The adjustment will be applicable to all the consumer categories except Electric Vehicle Charging Stations (EVCS) and lifeline consumers.

Last month, the power regulator approved an increase of Rs. 4.92 per unit for electricity consumed in February, the increase was charged to consumers in April bills.

Source: Pro Pakistani

The Federal Board of Revenue (FBR) has informed importers/exporters about the jurisdiction and limits of ‘Customs House, Torkham’; Customs Border Terminal, Torkham, Khyber District and Customs Border Terminal, Chaman (Custom House, Chaman).

The FBR has declared the limits of ‘Customs House, Torkham’ Khyber Pakhtunkhwa.

In this regard, the FBR has issued an S.R.0.640(1)/2024 here on Wednesday.

Through SRO.641(I)/2024, the FBR has also specified limits of the Customs Border Terminal, Torkham, Khyber District.

The FBR has also issued SRO.642(I)/2024 on Wednesday to declare the premises and building in Customs Border Terminal, Chaman as ‘Custom House, Chaman’.

Source: Pro Pakistani