Day: April 15, 2024

Leading IT exporter Noman Said has revealed that the private sector wants the authorities to declare the IT industry irrevocably tax-free for a decade. Noman also shed light on the State Bank of Pakistan's data for information technology exports in January 2024, which was alarming as it records a decline of 12.4 percent to $265 million on a month-on-month (MoM) basis as compared to $303 million in December 2023. He said IT is a sector that can help Pakistan improve its socio-economic indicators through stabilizing rupee-dollar parity and reigning in the costlier dollar's multiplier effects on inflationary pressures on the back of swiftly increasing the country's exports. It is pertinent to note that IT is an industry that doesn't require an incubation period of 5 - 10 years as is the case in most of the other export-oriented industries of the country, he added. Noman remarked that we must accept that there are challenges in the IT industry with an open mind; which are hampering the efforts to realize the full potential of IT exports. $300 million a month is a psychological barrier vis-a-vis IT exports and will translate into the attainment of the country's annual IT exports target for the year FY24; i.e. $3.5 billion - and that should precisely be the target for the outgoing fiscal year, he added. He further elaborated on the role and scope of the Special Investment Facilitation Council (SIFC) in attracting investments into the IT industry by clearing red tape and inconsistencies in policies for a few years to come. He articulated the following demands of the private sector for policy interventions on a federal level: Declare the IT industry irrevocably tax-free for a decade - notwithstanding any change in the government MoITT, PSEB, SBP, FBR, and SECP should have facilitative and uniform policies; irrespective of their institutional orientation; to create an enabling environment for the growth of the IT industry in the country MoITT should embark on national-level skills development programs in artifici al intelligence (AI); games development; FinTech; digitalization of governance; blockchain technologies and app development Private-sector representation is a must on special technology zones authority (STZA) and provincial information technology boards to enable them to make policies that can deliver on the ground. Source: Pro Pakistani

Prime Minister Muhammad Shehbaz Sharif has directed the energy ministry to maximize the utilization of renewable energy resources to reduce the country's oil import bill. Presiding over a meeting in Islamabad today, he said the oil import worth billions of dollars can be controlled by using alternative resources like solar, wind and hydel. The Prime Minister said the country currently imports oil worth twenty seven billion dollars to meet its power and transportation needs. Discussing the ongoing drive against power theft, he lauded the performance of the Punjab government and expressed hope that other provinces would also follow suit to overcome the challenge. The Prime Minister said that strengthening the country's power transmission system requires utmost efforts and investment. He said the power production and investments in the sector would go down the drain unless the flaws in distribution network are removed. He directed the energy ministry to engage world-class consultants to suggest ways forwa rd to improve power transmission and distribution system. The Prime Minister expressed deep grief and over loss of precious lives and damages in recent torrential rains in different parts of the country. He directed the National Disaster Management Authority to relief operations in rain-hit areas and ensure provision of all necessary relief goods to the affected people. The Prime Minister also directed to shift imported coal-fired power plants on local coal. He said in the future only clean and low cost hydropower and renewable plants will be installed in the country. The meeting was also briefed on the 600 MW solar power project under foreign investment. The Prime Minister issued instructions to the authorities concerned to speed up efforts for foreign investment in the solar energy project. Shehbaz Sharif directed to accelerate the process of privatization of active GENCOs and auction of inefficient power houses. The Prime Minister said all possible measures are being taken to reduce the per unit pr ice of electricity for the common man. Source: Radio Pakistan

Another round of heavy rain along with windstorms, and thunderstorms are expected within the next twelve hours in Khyber-Pakhtunkhwa (KP), Kashmir, Islamabad, Punjab, Gilgit-Baltistan, and upper/southwestern Balochistan, according to forecasts from the Pakistan Meteorological Department (PMD). The Met Office has issued warnings indicating the likelihood of heavy rainfall accompanied by strong winds and thunderstorms across these regions. This weather phenomenon is attributed to the influence of a strong westerly wave sweeping across the country, expected to persist for the next 36 hours. Furthermore, the PMD's weekly forecast predicts rain with thunderstorms in upper/southwest Sindh on April 18 and 19, suggesting a continuation of unsettled weather patterns. The PMD anticipates that are high chances of rain, windstorms, and thunderstorms with isolated hailstorms in Khyber Pakhtunkhwa, Gilgit-Baltistan, Kashmir, Islamabad, Punjab, Balochistan, and upper/southwest Sindh on April 18. Additionally, isolated h eavy rainfall is forecasted for Khyber Pakhtunkhwa, Kashmir, northeast Balochistan, and northeast Punjab, with the possibility of hailstorms during the forecast period. Moreover, snowfall is expected over high mountains in northern areas, adding to the weather variations across the country. The PMD advises residents and authorities in the affected regions to take necessary precautions and remain vigilant, especially in areas prone to flooding, landslides, and other weather-related hazards. Travelers are urged to exercise caution and stay updated on weather advisories to ensure safety during their journeys. Meanwhile, the rain has also caused concerned among the farmers whose wheat harvest is still awaiting purchase by either the government or the market traders. Source: Pro Pakistani

China has stressed for implementing a holistic approach to national security in building the Pak-China community with shared future. In an article, Chinese Ambassador to Pakistan Ambassador Jiang Zaidong said China stands ready to work hand-in-hand with Pakistan to defeat the evil attempt at disrupting our cooperation. He said we are also ready to work with Pakistan to safeguard development with security and to promote security with development. The Ambassador said we should take the promotion of international security as a support, and further enhance China-Pakistan counter-terrorism and security cooperation. Quoting the President Xi Jinping's vision of Global Security Initiative, he stressed that all countries need to work together in addressing various security challenges for win-win results. The Ambassador said we stand ready to work with Pakistan in jointly implementing the Global Security Initiative and building a peaceful and secure homeland. Condemning the 26th March terrorist attack on Chinese workers in Pakistan, he called for taking resolute actions to crackdown on terrorists. He expressed hope that Pakistani side will speed up the investigation of the incident, find out the truth, and severely punish the perpetrators The Ambassador further said we should take economic security as foundation, and continue to promote the building of an upgraded version of CPEC. For this purpose, he said, China stands ready to further strengthen counter-terrorism and security cooperation with Pakistan, to maintain high pressure and rigorous operation, so as to decisively strike the terrorism. Source: Radio Pakistan

Punjab Chief Minister (CM) Maryam Nawaz on Sunday announced a reduction in the price of roti across the province. In a post on X, CM Punjab stated that a roti will now be available for Rs. 16. CM Maryam added that she has directed all the relevant officials across the province to ensure compliance with the directive. Following the Chief Minister's order, the District Commissioner (DC) issued a notification to officially reduce the price of roti. The notification stated that the price of 100-gram roti has been fixed at Rs16, while 120-gram roti will cost Rs.20. However, the Punjab nanbai associations have rejected the government's decision. According to them, they can not sell roti at the government rate unless they are provided some relief. 'We are ready to reduce roti price if the Punjab government provides us subsidy,' Shafique Qureshi, Nanbai Association President, said. He added that considering the current prices of wheat flour and LPG, they can't sell roti at cheaper rates. It should be noted that earlier this month, the provincial cabinet of Punjab fixed the minimum support price of wheat for the year 2023-2024 at Rs. 3,900 per 40kg. Source: Pro Pakistani

Pakistan Army is continuing rescue operations in rain-affected areas of Swat, Dir and Chitral. According to the details, Pakistan Army along with the district administration and other rescue agencies restored traffic on several roads in these areas. Chitral to Peshawar road was closed due to landslides. Pakistan Army took immediate steps and removed the obstacles from the road with heavy machinery and restored the traffic. Along with the rescue operation, Pakistan Army is also providing assistance to tourists. Meanwhile, Frontier Works Organziation has successfully rescued tourist families trapped near Khunjerab Pass after an avalanche blocked road for all traffic yesterday. The 150 meters long avalanche hemmed in more than 60 vehicles and over 180 tourist families. Heavy machinery of FWO removed the avalanche and medical teams of Pakistan Army started providing assistance to the stranded tourists who faced serious health risks due to extreme cold weather. Source: Radio Pakistan