Day: May 23, 2024

Foreign Direct Investment (FDI) in the country continues its upward trajectory and has witnessed an increase of 172 percent during the last month. According to latest statistics, the foreign direct investment increased from 131.9 to 358.84 million dollars last month as compared to same month of last year. The positive trend is attributable to the initiatives taken under the Special Investment Facilitation Council which revamped investment facilities, thus boosting investors' confidence. According to State Bank of Pakistan's data, this is the largest foreign direct investment in the last 51 months. On a month-on-month basis, foreign direct investment increased by 39 percent to 258.04 million dollars in March this year. In the first ten months of fiscal year, 2024 from July to April, the FDI stood at 1.46 billion dollars as against 1.35 billion in the same period of fiscal year 2023. Country data shows that in 2024, China topped the list with investments worth 177.37 million dollars, the United Arab Emira tes remained second with an investment portfolio of 51.93 million dollars while Canada was third with 51.89 million dollars investment. Source: Radio Pakistan

Minister Maritime Affairs Qaiser Ahmed Sheikh says blue economy initiatives aim to create job opportunities, enhance food security, and promote economic diversification. He was chairing a meeting on enhancing measures to increase imports through Gwadar Port in Islamabad today. The Minister said Pakistan's geographical location makes it a key player in the regional maritime economy and anticipated to spur additional businesses and attract foreign investments as soon as Gwadar Port evolves into a major trade hub. It is significant to mention that Gwadar Port's strategic location provides a direct trade route to Central Asia and the Middle East, reducing transportation costs and transit times. The operational expansion of Gwadar Port is projected to create numerous job opportunities in the region, fostering local development and enhancing the standard of living for the local populace. Source: Radio Pakistan

Minister for Industries and Production, Rana Tanveer Hussain has lauded Pak Suzuki for playing a vital role in development of the local auto vending industry and contributing significantly in job creation. He expressed these views while talking to a Japanese delegation led by Global Vice President Suzuki Motor Corporation, Kenichi Ayukawa, which called on him in Islamabad today. Welcoming the delegation, he said that auto industry is a key sector for Pakistan's economy, providing significant contributions in terms of employment, economic growth, technology transfer, and industrial development. The Minister said the government is supporting the localization of the automotive industry by providing tax breaks and other incentives to automakers, and by investing in research and development. He said the government is ready to provide all the support needed to succeed in this national cause. He said the collaborative approach of the government shows its commitment to fostering a conducive business environment t hat promotes growth and sustainability of the Pakistan Auto industry. Rana Tanveer Hussain informed the delegation that incentives on new technologies of Electric Vehicles and Hybrids are being provided including duty free import of plant and machinery for setting up plants for Electric Vehicles manufacturing. He revealed that forty three companies have been issued manufacturing certificates recently for local manufacturing of two and three wheeler Electric Vehicles. On the occasion, Global Vice President, Suzuki Motor Corporation shared that Suzuki company is manufacturing vehicles in Pakistan for the past years. He said recently, the inauguration of the export of Suzuki Swift and GS-150 motorcycle from Pakistan marks a pivotal moment in Pakistan's journey toward becoming a global player in the automobile industry. Source: Radio Pakistan

A delegation of Suzuki Motors Corporation led by its Japanese Global Vice President Mr. Kenichi Ayukawa called on Finance Minister Muhammad Aurangzeb in Islamabad today. Talking to them, the Finance Minister lauded Suzuki's longstanding contributions in the development of Pakistan's Automobile Industry. The Finance Minister emphasized that Pakistan is a large market with substantial potential for growth, and has the capacity to become a strategic hub for exports in the future. He added that the government is committed to promote clean energy and looks forward to investments in this significant domain. Speaking on the occasion Kenichi Ayukawa informed the Finance Minister that Pak Suzuki Motor Company Limited has been present in Pakistan since 1983 and briefed the Minister on their long term investment proposals in Pakistan. Source: Radio Pakistan

Minister for Industries and Production Rana Tanveer Hussain has directed to ensure availability of Urea and DAP fertilizer to farmers in the Kharif Season. This direction was made during a meeting with Punjab Minister for Agriculture Syed Aashiq Hussain Kirmani in Islamabad. The Minister said the government is committed to the welfare and improvement of agriculture and is ensuring integrated measures for agricultural development and prosperity of farmers. He said various necessary measures have been taken to ensure uninterrupted supply of gas to the industry. The Minister said federal and provincial governments will oversee this process, and strict legal action will be taken against those elements involved in profiteering and hoarding. Source: Radio Pakistan

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with a delegation comprising representatives from country's automotive industry and a member-IR operations from FBR in Islamabad today. On this occasion, Vice Chairman of Toyota Motor Corporation Shinji Yanagi and CEO of Indus Motor Company Limited Ali Asghar Jamali emphasized strengthening the local auto industry, presenting insights on locally assembled car performance and their economic impact. They proposed import duty adjustments to foster industry growth and increase Hybrid Electric Vehicle (HEV) adoption to curb oil imports. The Finance Minister reiterated the government's support for the local industry, stressing collaborative efforts between government and private sectors to tackle industry challenges. He assured that the government will act within fiscal constraints to ensure mutual benefits. The delegation thanked the Minister for Finance and Revenue, expressing commitment to collaborate closely with the governm ent to boost growth and competitiveness in the local auto industry. Source: Radio Pakistan