Day: June 24, 2024

Special Investment Facilitation Council (SIFC) is playing a pivotal role in bringing to use the country's mineral resources. Many foreign investors have shown interest in the Reko Diq project. The signing of mutual partnership projects between Saudi Arabia and Pakistan is also part of this process. A separate division has been set up in the mineral sector to accelerate economic development. A mining fund related to the mining sector has been formed under which a billion dollar will be invested through the mutual partnership of Pakistan and Kuwait. GIS technology is being used for the discovery of mineral deposits while an investment of 200 million dollars has been made for pink salt. Establishment of Mines and Minerals Company will help in curbing any illegal activities. An awareness campaign for foreign investment has also been started which is proving to be very useful. Source: Radio Pakistan

The Senate has proposed 128 recommendations to the National Assembly on the Finance Bill 2024-25, including reduction of tax on essential goods and food items. Senator Saleem Mandviwalla laid the recommendations before the House. It also recommended that direct taxes must be increased through broadening the tax net and inclusion of big industries like sugar, cement tobacco, fertilizers, power sector entities, and big business chains. The House recommended that the minimum wage that has been raised to 37,000 rupees must be brought to 45,000 rupees to provide relief to the labourers and poor workers. The House also rejected tax on low cadre government employees, baby milk, books and pencils of school kids, pharmaceuticals, medical supplies, newspapers and agricultural produce. The House proposed a special allowance for disabled people. The House recommended that no additional taxes should be imposed on the mobile phones and sales tax on poultry feed should be withdrawn. A system to give relief to the motor bike users through fuel price mitigation was also proposed. It was recommended that a uniform sales tax should be imposed on parts related to the solar industry whether imported or locally produced. The Senate called for measures for ease of doing business, one window operation and other perks to encourage overseas Pakistan to invest in Pakistan. The House recommended reduced tax rate of 16 percent instead of standard rate of 18 percent on local suppliers to erstwhile tribal areas. It also proposed new development programs and schemes as well as youth development programs and scholarships for Balochistan. The Upper House emphasized that measures should be taken to broaden the tax base and reduce the tax load on the salaried class. The Senate today passed a resolution, condemning incidents of mob-lynching in Swat and Sargodha. The resolution, moved by Sherry Rehman, said the right to life is the most fundamental right as guaranteed by the Constitution of Pakistan and must remain inviolable. It urged the f ederal and provincial governments to ensure the safety and security of all persons living in Pakistan including religious minorities and vulnerable communities. The House also demanded the provincial governments of Khyber Pakhtunkhwa and Punjab to take all measures to ensure that persons involved in these heinous crimes are identified investigated and prosecuted without loss of any times. The House will now meet at three pm tomorrow. Source: Radio Pakistan

Minister for Industries and Production Rana Tanveer Hussain has left for a three-day official visit to Turkmenistan. During the visit, the Minister will hold talks with Turkmenistan's officials for promotion of cooperation in different fields including trade, industries and agriculture. Cooperation in the energy sector will also be discussed. Source: Radio Pakistan

Prime Minister Shehbaz Sharif has reaffirmed the resolve to completely eradicate polio from the country. He was addressing a meeting of National Taskforce for Polio Eradication in Islamabad today, attended by Bill Gates and officials of Bill and Melinda Gates Foundation. The Prime Minister said the federal and provincial governments are working in unison with unflinching commitment to wipe out this menace forever. He said it is in this spirit that we have undertaken five polio campaigns in the last six months. Shehbaz Sharif told the meeting that our polio eradication efforts will produce results in weeks and months. He also mentioned other areas of mutual cooperation with the Bill and Melinda Gates Foundation including digitalization. The prime Minister thanked the Foundation for its speedy cooperation in this regard. He said digitalization will bring huge dividends to Pakistan's economy. He lauded and acknowledged the contribution of Bill Gates for suffering humanity especially in eradication of poli o and malnutrition from Pakistan and in areas of mother and child healthcare. Speaking on the occasion, Bill Gates said the Foundation's program to end polio from Pakistan will continue for next two and a half to three years to ensure absolute zero polio case in the country. Source: Radio Pakistan

International Day of Women in Diplomacy was observed on Monday. The theme of the day was "women's leadership in multilateral diplomacy". Source: Radio Pakistan

Minister for Board of Investment Board Abdul Aleem Khan and Minister for Commerce Jam Kamal Khan presided over a high-level meeting in Islamabad today, to review follow-up measures regarding investment from China in Pakistan. The meeting discussed progress made so far on MoUs with Chinese companies and business groups. During recent visit of Abdul Aleem Khan to China, 30 MoUs were signed between 107 Pakistani and 250 Chinese business groups. The Minister for Board of Investment said joint ventures between Chinese companies and Pakistani business entities should be launched at the earliest. He said the Chinese embassy in Pakistan should organize meetings of business groups of Pakistan and China. During the meeting, reports were submitted on progress of petroleum, health, industry, information, power division, IT and other ministries. Pakistani trade officials from Beijing, Shanghai, Shenzhen and Guangzhou gave briefings in the meeting via video link. Source: Radio Pakistan