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.”

The TEXPO 2024, the flagship event for the Textile and Leather industry of Pakistan, is set to take place from October 23rd to 25th, 2024, at the Expo Centre Karachi.
This highly anticipated exhibition will showcase the country’s vibrant textile and leather sectors, bringing together over 250 leading companies from across the industry. More than 250 textile and leather companies will exhibit their latest products and innovations, providing a comprehensive overview of the industry’s capabilities.

The event will facilitate extensive networking opportunities, enabling B2B connections between Pakistani and international companies. The exhibition provides opportunity to develop global trade linkages.

Attendees can participate in insightful seminars focusing on sustainability and circularity in the textile industry, addressing current challenges and innovations that promote environmentally friendly practices. The event will also feature a two-day spectacular fashion show showcasing the products of the top 20 fashion designers from across Pakistan, highlighting the country’s rich design talent and creativity.

A special networking dinner will be organized to foster collaboration and dialogue among industry leaders, stakeholders, and delegates. TEXPO 2024 is poised to be a significant platform for promoting the growth of Pakistan’s textile and leather industries, facilitating valuable connections, and showcasing the country’s diverse offerings to the global market. This event is not just an exhibition but a celebration of innovation, sustainability, and the rich heritage of Pakistani textiles.

In light of the government’s recent economic achievements, Finance Minister Muhammad Aurangzeb on Tuesday hinted at further drop in the consumer price inflation and State Bank of Pakistan’s (SBP) key policy rate in the coming months.

“The government has strived hard to bring about economic stability,” said the finance minister, asserting the the efforts of the ruling coalition have started paying off.

Announcing that the much-resisted structural economic reforms were finally underway, the finance czar forecast the inflationary pressures to ease further and central bank’s hawkish monetary outlook to continue. “Inflation has dropped to single digits,” said Aurangzeb expecting it to hit new lows.

Consumer Price Index (CPI)-based inflation fell to 6.9% year-on-year in September 2024, the lowest since January 2021, down from 9.6% in August, driven by the high base effect, easing commodity and energy markets, and a stable currency, according to the Pakistan Bureau of Statistics (PBS).

Last month, the SBP’s Monetary Policy Committee slashed the key policy rate by 200bps to 17.5% from 19.5%, citing a steep fall in both headline and core inflation over the past two months.

Expressing his condolences over the loss of Chinese engineers working in Pakistan, Aurangzeb said that no amount of money could be placed on the loss of life.

“Chinese nationals targeted in Karachi were the officials of independent power producers (IPPs) engaged in talks with the government of Pakistan to revise the agreements.”

Deceased engineers were collaborating with Minister for Energy (Power Division) Awais Leghari on IPPs projects, he said, adding that talks were ongoing with IPPs to provide further relief to the public.

At least three persons including two Chinese nationals were killed in an explosion near Jinnah International Airport on October 6, while another Chinese national and over a dozen others were injured.

Highlighting their negative impacts on growth and stability, Aurangzeb said that strikes and agitation were taking a toll on the economy and bleeding the national exchequer.

“Such actions cost the country around Rs190 billion per day, severely affecting economic growth,” he said. 

Aurangzeb urged those calling for strikes to consider their repercussions and instead engage in negotiations to resolve their issues.