Business

Huawei is invited by PM Shehbaz to invest in Pakistan’s taxes and safe city sectors.

Published

4 months ago

Farwa

The playing of national anthems and his tour of the Exhibition Center were the next events that took place after Huawei Chairman Liang Hua welcomed him to the headquarters.

Briefing the prime minister on Huawei’s global operations, including those in Pakistan, the chairman conveyed his strong desire to invest in the many sectors of the nation.

Additionally, he received briefings on a variety of topics, such as artificial intelligence, digital banking, e-governance, and phone.

While on a five-day visit to China, Prime Minister Shehbaz said he was impressed by Huawei’s creative operations and encouraged the business to expand its investment in Pakistan.

The Prime Minister thanked Huawei for its Safe City initiatives in Pakistan and extended an invitation to the business to invest in these projects, especially in the cities where CPEC projects were being carried out, during a bilateral discussion he subsequently had with Chairman Liang Hua and his group.

He briefed the chairman of the company on the measures the government has made to encourage investment and facilitate doing business in the nation.

In announcing the government’s top priorities for digitizing government offices, the prime minister stated that companies such as Huawei had enormous opportunities to invest in artificial intelligence, e-governance, and tax systems.

Furthermore, he extended an invitation to the chairman of Huawei to visit Pakistan and contribute to the adoption of contemporary technologies in the agriculture sector.

A framework agreement between Huawei and Pakistan’s Ministry of Science and Technology was later signed by the prime minister, who also witnessed the training of approximately 200,000 young people in artificial intelligence and information technology at no cost. In addition, the business would help Pakistan with the creation of Safe Cities, e-governance, and economic digitalization.

In addition, the prime minister and his entourage were given a luncheon reception by the chairman of the corporation.

Following his visit to Huawei’s headquarters, the prime minister said on X, “I was impressed by the most recent innovative technologies that are transforming the world and our way of living.”

They talked about how Pakistan and Huawei may work together to create a better, more digital future throughout the discussion.

A new, inclusive, and long-lasting digital revolution for Pakistan is something the prime minister promised to pursue.

Business

Pakistan’s textile exports rose by 9.51% to $4.520 billion.

Published

17 mins ago

Farwa

Pakistan’s textile exports had a 9.51 percent increase in the first quarter of the current financial year (2024-25) compared to the same quarter of the previous year.

The Pakistan Bureau of Statistics (PBS) reported that textile exports from the country amounted to US $4.520 billion during July-September (2024-25), compared to US $4.127 billion during the same period in the previous year (2023-24).

The textile goods that facilitated trade expansion comprised cotton fabric, whose exports rose by 10.20 percent to $523.63 million from $475.187 million, and knitwear, which experienced a 14.13 percent increase in exports to $1,268.908 million from $1,111.818 million.

Other commodities that experienced trade growth included bed wear, with exports increasing by 13.31 percent to $794.972 million from $701.570 million; towels, which rose by 7.04 percent to $261.316 million from $244.134 million; and tents, canvas, and tarpaulin, which grew by 5.43 percent to $28.796 million this year compared to $27.312 million last year.

The export of readymade garments increased by 23.17 percent to $996.831 million from $809.316 million; art, silk, and synthetic textiles rose by 15.79 percent to $96.482 million; made-up articles (excluding towels and bed wear) grew by 12.10 percent to $191.050 million from $170.422 million; and the export of other textile materials surged by 8.73 percent to $187.145 million from $172.112 million.

The textile commodities that had negative trade growth were cotton yarn, with exports decreasing by 48.45 percent, from $315.404 million to $162.579 million, while raw cotton exports fell by 100 percent from 6.621 million to zero during the reviewed months.

The export of yarn, excluding cotton yarn, decreased by 15.15 percent, from $10.096 million to $8.566 million.

In September 2024, textile exports experienced a year-on-year growth of 17.92 percent compared to the same month in the previous year.

Textile exports from the country in September 2024 amounted to US $1,604.481 million, compared to US $1,360.902 million in September 2023.

Textile exports from the country experienced a nominal decline of 2.40 percent in September 2024, compared to the $1,644.333 million reported in August 2024, according to PBS statistics.

Business

PIA is designated as the official airline of IDEAS 2004.

Published

22 mins ago

Farwa

PIA has been designated as the official airline of IDEAS 2024. The PIA will utilise its aircraft for the promotion of IDEAS 2024.

In this context, the emblems of IDEAS 2024 have been affixed to two Boeing 777 aircraft and two Airbus planes of Pakistan International Airlines.

The International Defence Exhibition and Seminar (IDEAS) 2024 is scheduled to commence from November 19 to 22 at the Karachi Expo Centre.

The government of Pakistan places significant value on IDEAS. The show draws several delegates and is perceived as a means to promote their local arms trade.

The inaugural IDEAS launch took place in 2000, serving as a platform to promote Pakistan’s indigenous arms manufacturing industry while allowing international suppliers to provide solutions for the needs of Pakistan’s tri-services.

The event, consistently held at the Karachi Expo Centre, attracted forty-five foreign delegations in its inaugural year.

Business

Gold prices in Pakistan approach an all-time high.

Published

1 day ago

Farwa

Following a substantial surge the prior day, gold prices in Pakistan are ascending to unprecedented levels with an additional gain on Thursday, coinciding with a rise in global precious metal rates.

The price of 24-karat gold in the local market rose by Rs700 per tola, reaching Rs277,900, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Likewise, the cost of 10 grams of 24-karat gold increased by Rs600, currently priced at Rs238,254.

Globally, gold prices exhibited an upward trend, increasing by $7 throughout the day. The APGJSA reports that the international gold price was $2,682 per ounce.

Notwithstanding the increase in gold prices, the silver market exhibited stability, with the price of silver maintained at Rs3,050 per tola.

In the previous month, gold prices in Pakistan reached an unprecedented high of Rs 277,000 a tola, driven by substantial gains in the worldwide market.