Tag: Economy

September 18, 2020: Prime Minister Imran Khan has approved the establishment of three markets along Pak-Afghan and Pak-Iran borders as a pilot project.

The approval was given in a high-level meeting on the establishment of border markets in Pak-Afghan and Pak-Iran border areas in Islamabad on Thursday with the Prime Minister in the chair.

The markets, two in Balochistan and one in Khyber Pakhtunkhwa will be completed and activated by February next year.

Speaking on the occasion, the Prime Minister said these markets will provide better business and trade opportunities to the people living along with the border areas.

Radio Pakistan

September 18, 2020 (MLN): Norway emerged as the largest investor in Pakistan in August 2020, with a total direct investment of $45 million, followed by the Netherlands and Malta who invested $21.3 million and $18.5 million respectively, according to SBP data issued.

Cumulatively, during July-August FY21, Norway, Netherlands and Malta appeared as the top three investors in Pakistan with net FDI of $45 million, $39.6 million and $37 million respectively.

The FDI from Norway and Netherland were significantly higher in July-August FY21, compared to the inflows of $0.1 million and $3.7 million in the same period of FY20.

On the other hand, China which has been the largest investor in Pakistan for the past several years, withdrew $36.7 million during Jul-Aug FY21 against the inflows of $43.4 million.

Other important investors were the UK, Hongkong and US with a net FDI of $18.6 million, $15.6 million and $14.9 million respectively. The Inflows from UK and Hongkong surged by 7% and 240% compared to Jul-Aug FY20 while the inflows from US recorded a decline of 28% in 2MFY21.

Moreover, Foreign Portfolio Investment (FPI), which represents an investment in the equity market shown a negative picture, as net FPI outflows during the period under review stood at $16.5 million. The US emerged as the biggest withdrawal of portfolio investment during the month, as it withdrew $53.3 million during 2MFY21, followed by the UK with $51.4 million.

UAE appeared as the largest contributor in portfolio investment with $37.7 million.

Copyright Mettis Link News

September 18, 2020: China’s Minister for Transport, Li Xiaopeng had a meeting with Pakistani Ambassador to China, Moin-ul-Haque and both sides agreed to boost cooperation in the transport sector.

Li Xiaopeng welcomed the newly appointed Ambassador of Pakistan, and expressed satisfaction at the state of bilateral cooperation in the transport domain, and reiterated China’s complete support for joint efforts to forge even stronger multi-modal linkages, China Economic Net (CEN) reported on Friday.

Li Xiaopeng expressed his gratitude to Ambassador Moin-ul-Haque for his continuous support for China-Pakistan's traditional friendship, China-Pakistan transportation cooperation, and the completion of the China-Pakistan Economic Corridor various projects.

In his remarks, Moin-ul-Haque stated that bilateral cooperation in the transport sector was a longstanding pillar of bilateral cooperation that had been given new impetus through the China-Pakistan Economic Corridor (CPEC).

The Ambassador pledged to do the utmost for furthering Pakistan-China transport-sector cooperation to the greater benefit of the peoples of both countries.

Ambassador Haque and Minister Li held an in-depth exchange of views on various aspects of transport cooperation under CPEC, including the Karakoram and other major highways, connectivity projects in Gwadar, the Main Line I (ML-I) railway upgrade, and metro mass-transit; as well as deepening of regional connectivity initiatives and economic exchanges.

APP

September 18, 2020 (MLN): Fauji Cement Company Limited has announced the resignation of Mr. Rehan Laiq from his position as Director of the FCCL Board with effect from September 7, 2020, and the appointment of Mr. Imran Moid as his replacement.

Copyright Mettis Link News

September 18, 2020 (MLN): The financial business has received the highest net FDI worth $61.5 million in August’20. During Jul-Aug FY21, it fetched a net $85.4 million, showing a six-fold increase when compared to the net inflows of $14 million in the corresponding period of FY20.

According to the latest data released by the State Bank of Pakistan (SBP) on total Foreign Investment received by sectors, the second sector with higher net flows in Pakistan is Oil and Gas Exploration. During the month of August’20, the sector received net inflows of $17.3 million, showing an increase of 2% compared with the net FDI of $17.0 million in July’20.

The sector showed substantial growth of 37% YoY during Jul-Aug FY21 as its net FDI was recorded at $34.3 million against the net inflows of $25.1 million in the aforementioned period.

The third-highest net FDI receiver is Communications with net inflows of $15.6 million in August’20. The telecommunication sector under the Communication head received the highest net $13.1 million worth of FDI during the month. However, the Communication sector witnessed a decline of 17% YoY to stand at $37.1 million during Jul-Aug FY21 when compared to the same period of FY20.

The next in line is the Electrical machinery sector, which recorded a net FDI of $7.1 million in August’20. The sector experienced a more than two-fold increase in net FDI to reach $36.5 million during Jul-Aug FY21 versus $15 million in the same period of FY20.

On the other hand, the Power sector which received net inflows of $12.2 million during July’20, has witnessed net disinvestment of $6.7 million in August’20.

Copyright Mettis Link News