At the end of the Indonesia-South and Central Asia Business Forum (INASCA), worth $ 8.33 billion in business and investment are expected in Indonesia through different 50 trade and investment deals in Jakarta, Indonesia.

The Indonesia-South and Central Asia Business Forum (INASCA), organized by the Ministry of Foreign Affairs in Jakarta on October 7, 2024, concluded with remarkable outcomes.

This extraordinary achievement follows a series of events under the “Road to INASCA” initiative that began earlier this year.

The forum successfully secured 50 business and investment deals, amounting to $ 8.33 billion. The business delegations from different chambers of Commerce from Pakistan and other South and Central Asian countries, including Bangladesh, Sri Lanka, India, Uzbekistan, and Kazakhstan participated in INASCA and promoted trilateral economic integration between Indonesia and the countries of these two regions.

Businessmen from various business sectors of Pakistan, including textile, oil consumption, and IT and technology sectors, have signed various agreements in INASCA.—APP

ISLAMABAD –  The Federal Board of Revenue (FBR) decided to bring 2.8 million potential households into the tax net, the sources close to the development said on Tuesday.

The FBR’s move is expected to increase the national economy’s size by approximately Rs1.6 trillion.

FBR spokesperson Bakhtiar Muhammad said that there are nearly 3.5 million individuals in the country eligible to pay taxes, but 2.8 million of them are still not contributing.

On the other hand, the FBR achieved significant success.

In a major sales tax evasion case uncovered by the FBR, the Sindh High Court rejected the plea to quash the FIR filed against Millat Industrial Products Limited and its chairman, accused of being involved in alleged sales tax fraud.

ISLAMABAD – Prime Minister Shehbaz Sharif announced signing agreements worth over $2 billion with Saudi delegation led by Investment Minister Khalid bin Abdulaziz Al-Falih who is due in Asian nation from October 9-11.

PM shared the development in a cabinet meeting as he expressed confidence in agreements’ potential to enhance Islamabad’s economic landscape. He also stressed importance of these agreements and vowed not to allow any disruption of efforts to strengthen the economy.

Saudi delegation is visiting Pakistan as both Islamic nations are working to deepen trade and investment cooperation.

Saudi Crown Prince and Prime Minister Mohammed bin Salman also reaffirmed Kingdom’s commitment to expedite a $5 billion investment package. The country of 242 million is keen to enhance collaboration in trade, defense, and energy sectors, particularly with Arab nations.

The establishment of Special Investment Facilitation Council (SIFC) further aims to streamline investment processes and attract foreign capital to vital economic sectors.

Pakistan and Saudi Arabia hold strong business ties rooted in historical and cultural connections. Riyadh remains major investor in Pakistan, especially in energy and construction, and bilateral trade is growing, with Pakistan exporting textiles and rice.

Kingdoms’s Vision 2030 also opens new opportunities for Pakistani businesses in sectors like tourism and technology, further solidifying their economic partnership.

Pakistan, Saudi Arabia explore enhanced Cooperation to boost ties

KARACHI – The American Business Council of Pakistan (ABC) has announced its new executive committee for 2024-2026.

The ABC is working to strengthen bilateral trade and investment ties between the United States and Pakistan.

Kamran Ataullah Khan, CEO & Country Manager of DuPont Pakistan Operations (Pvt) Ltd, has been elected as the President. Mr. Khan brings a wealth of experience and expertise to the role, having served the organization in various capacities.

Joining him, Sami Wahid, Managing Director of Mondelēz Pakistan Limited, has been elected as the Senior Vice-President, while Ms. Tushnamaity Patel, Executive Director, Al-HAMD International Container Terminal (Pvt) Ltd will serve as Vice-President.

The executive committee includes Syed Anis Ahmed, Managing Director & CEO Abbott Laboratories (Pakistan) Ltd; Ms. Scellina Asad, Director, Century Capital Ltd; Talal Hakeem Khawaja, CEO, Corteva Agriscience Pakistan Ltd; Akram Wali Mohammad, CEO, Gerry’s International (Pvt) Ltd; Syed Khurram Shah, Executive Director Corporate Affairs & Sustainability, Pepsi-Cola International (Pvt) Ltd; Adnan Shaffi, CEO, PriceOye Technologies (Pvt) Ltd; Asim Saeed Khan, CEO, Shipco Transport Pakistan (Pvt) Ltd and Nadeem Elahi, CEO, TRG (Pvt) Ltd.

Maliha Farooq, Secretary General of the ABC, said; “We are confident that under the dynamic leadership of Kamran Ataullah Khan and the newly elected committee members, ABC will continue to foster an environment of collaboration and growth for American businesses in Pakistan. We wish them the very best for a successful term ahead.”