ICCI urges Bangladeshi firms to invest in Pakistan
Listen to article
President, Islamabad Chamber of Commerce & Industry (ICCI), Nasir Mansoor Qureshi on Wednesday invited Bangladeshi entrepreneurs to explore trade and investment opportunities in Pakistan across key sectors, including textiles, IT, agriculture, renewable energy, food processing, infrastructure, pharmaceuticals, mining, and construction.
He addressed the Dhaka Chamber of Commerce & Industry (DCCI) during a significant business visit to Bangladesh and urged the need for strengthening economic cooperation between Pakistan and Bangladesh, said a press release.
Accompanied by ICCI Vice President Nasir Mehmood Chaudhry, President Qureshi emphasised the deep-rooted bond between Pakistan and Bangladesh, a relationship founded on shared history, cultural affinity, and promising economic potential.
He welcomed the recent development of visa-free access between the two countries as a visionary and long-overdue initiative, and further called for the early conclusion of a Pakistan-Bangladesh Free Trade Agreement (FTA) and the enhancement of direct air connectivity to bolster trade, tourism, and investment flows.
Earlier, DCCI President Taskeen Ahmed extended a warm welcome to the ICCI delegation and appreciated its proactive role in fostering regional economic ties.
"Bangladesh is committed to a new era of cooperation with Pakistan, that prioritises trade, mutual growth, and regional harmony," said Taskeen Ahmed.
He underlined the importance of institutional linkages, collaborative ventures, and knowledge sharing between the business communities of both nations. "Our chambers must lead the way in building an economically integrated South Asia that is modern, resilient, and inclusive," he noted.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
4 hours ago
- Business Recorder
Bangladesh witnesses detail protest violence in ex-PM trial
DHAKA: Witnesses in the trial of Bangladesh's fugitive ex-prime minister Sheikh Hasina on Monday detailed horrific violence and denial of medical treatment, speaking on the eve of the anniversary of her ouster. Hasina, 77, fled Bangladesh by helicopter on August 5, 2024, after weeks of student-led protests against her autocratic rule. She has defied court orders to return from India to attend her trial on charges amounting to crimes against humanity, over the deadly crackdown on the uprising. Up to 1,400 people were killed between July and August 2024, according to the United Nations. Philosophy student Abdullah Al Imran, 25, said his left leg had been blasted 'wide open' by gunshot during the protests, describing how it had been left 'barely attached to the rest of my body by a thin layer of skin'. Bangladesh security forces kill two, sparking rights concerns Imran told the court how, when Hasina visited the hospital ward where he was recovering, he told her he had been shot by the police. He said he overheard Hasina give the order of 'no release, no treatment', referring to injured protesters. 'I didn't understand the meaning of the order at first, but later I did – as my surgery was repeatedly delayed,' Imran said, adding he was not given the right antibiotics, and his parents were blocked from moving him to a private hospital. 'My leg started to rot,' he said, and showed the court his still bandaged leg. 'People couldn't stand the stench coming from it.' Prosecutors have filed five charges against Hasina – including failure to prevent mass murder – which amount to crimes against humanity under Bangladeshi law. Hasina is on trial in absentia alongside two other accused, her former interior minister Asaduzzaman Khan Kamal, also a fugitive, and ex-police chief Chowdhury Abdullah Al-Mamun, who is in custody and has pleaded guilty. Hasina is defended by a state-appointed lawyer, but she has refused to accept the authority of the court. Another witness on Monday described how she was blinded in one eye when police fired at close range, the third to give evidence detailing the brutality of the crackdown. The trial continues, although no hearing will be held on Tuesday, which has been declared a public holiday to mark the one-year anniversary of Hasina's downfall. Muhammad Yunus, the 85-year-old Nobel Peace Prize winner leading the caretaker government, is due to release a slate of democratic overhauls.
Express Tribune
7 hours ago
- Express Tribune
Dar, Rubio discuss bilateral ties, regional issues
US Secretary of State Marco Rubio (left) and DPM Ishaq Dar (Right). Photo: File Listen to article Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar held a telephonic conversation with US Secretary of State Marco Rubio to discuss bilateral relations and regional developments, according to an official statement. The two leaders exchanged views on a range of bilateral matters as well as current regional and international issues. Deputy Prime Minister/Foreign Minister, Senator Mohammad Ishaq Dar @MIshaqDar50, spoke with U.S. Secretary of State, Marco Rubio @SecRubio. The two leaders discussed a range of bilateral matters and exchanged views on current regional & international issues. Both sides agreed to… — Ministry of Foreign Affairs - Pakistan (@ForeignOfficePk) August 4, 2025 Both sides agreed to remain in contact and continue cooperation on areas of mutual interest. The phone call comes amid a series of high-level engagements between the two countries. In June, US President Donald Trump hosted Pakistan's army chief for an unprecedented lunch at the White House, where the two sides discussed the Iran-Israel conflict and other strategic issues. Trump thanked him for helping to avert a war with India. The meeting followed a Trump-brokered ceasefire in May between Pakistan and India after a four-day military clash. The heaviest fighting in decades between India and Pakistan was sparked by an April 22 attack in Indian Illegally Occupied Jammu and Kashmir (IIOJK) that killed 26 people, most of them tourists. New Delhi blamed the incident on "terrorists" backed by Pakistan, a charge denied by Islamabad. Pakistan conducted Operation Bunyanum Marsoos in response to the Indian military's dastardly attacks that began on the night of May 6 and 7, resulting in the loss of innocent civilian lives, including women, children, and the elderly. Read: Dar, Rubio discuss trade tariffs in phone call On May 10, Pakistan deployed its Al-Fatah missile and targeted multiple Indian military installations. However, after the intervention of Donald Trump, a full and immediate ceasefire was reached between India and Pakistan. Last week, Pakistan announced it had finalized a 'landmark' trade deal with the United States, aimed at reducing tariffs and strengthening economic cooperation. Trump separately unveiled a partnership to help develop Pakistan's oil reserves. Trump announced the new deal with Pakistan for the joint development of Pakistan's oil reserves, calling it part of broader trade discussions between the two countries. In a post on Truth Social, Trump said the US is in the process of selecting a company to lead the project and jokingly added that Pakistan might eventually sell oil to India. Last month, Dar met Rubio at the State Department in their first in-person meeting, accompanied by Pakistan's Ambassador Rizwan Saeed Sheikh and senior officials. Talks covered a wide range of sectors, including trade, investment, agriculture, technology, and minerals. Dar emphasized Pakistan's interest in a stable and expanded relationship with the US and highlighted the country's potential for American investment. On regional security, the two discussed counterterrorism and peace efforts, with Dar praising President Trump's role in easing tensions between Pakistan and India. Rubio acknowledged Pakistan's counterterrorism sacrifices and its contributions to regional and global peace.
Business Recorder
14 hours ago
- Business Recorder
From Dubai to Pakistan: Mashreq well on its way to $100mn expansion in digital banking sector
KARACHI: Mashreq, a global digital bank headquartered in Dubai, is looking to transform the banking landscape in Pakistan by transitioning from physical branches to digital transactions. At the core of its extended operations to the South Asian country is a key project to digitalize inflows of workers' remittances from UAE and other parts of the world, as it aims to connect overseas Pakistanis with their families and friends in the homeland. 'Mashreq has a big focus on bringing workers' remittances into Pakistan,' Mashreq Pakistan CEO Muhammad Hamayun Sajjad said in an exclusive interview with Business Recorder. Pakistanis living in Dubai and other parts of the UAE send around $6.25 billion to $6.50 billion a year to their relatives back home. Mashreq already facilitates a significant volume of these remittances in collaboration with other financial entities. 'We are building a fast, convenient, and transparent financial link between Mashreq Dubai and Mashreq Pakistan to ensure that remittances are received instantly. Currently, remittances are being processed by Mashreq Dubai, and our first goal is to shift this flow onto our Pakistan-based platform,' Sajjad said. 'Our second objective is to identify and address the pain points in the remittance process within Pakistan. By learning from these challenges, we aim to enhance the overall user experience. We see a significant opportunity in streamlining remittances—one of the most vital financial lifelines for the country.' Mashreq has six decades of experience serving people and businesses in major markets around the globe, including the Middle East, US,UK and Europe. It is currently running a pilot project in Pakistan aimed at launching a full-fledged retail digital bank in the country by end of December 2025. Mashreq Dubai operates three entities in Pakistan: Mashreq Bank (in its pilot phase), Mashreq Global Network (hiring and managing employees) and a branch office of Mashreq Financial Institutions Group (providing banking solutions to other financial institutions). It has made a combined investment of over $70 million in Pakistan in the past four years. This is expected to reach $100 million by the end of this year. Trade finance In addition to remittances, the bank is engaged in trade finance, Sajjad said. 'While our Pakistan license does not yet permit trade transactions, Mashreq Dubai continues to handle trade flows with Pakistani banks. The bank is among the top six financial institutions globally for US dollar clearing and operates as a trade hub across 14 countries.' Once licensed fully in Pakistan, Mashreq plans to extend its trade services locally within three to five years. In the meantime, it is focused on establishing fast, reliable financial corridors between the UAE and Pakistan, he added. Separate portals for SME and youth Most banks currently serve SME clients through individual or corporate platforms, which often overlook the specific needs of small businesses. To address this gap, Sajjad said, Mashreq is launching Mashreq Neo Business — a dedicated app and portal designed exclusively for SMEs. For individuals, Mashreq will also offer digital joint accounts, eliminating the need to visit branches. Additionally, the bank is introducing Mashreq Neo NXT, a separate digital platform for youth under 18. While minors cannot open full bank accounts, Neo NXT will enable supervised banking for savings and spending, managed by parents—promoting financial literacy from an early age, the CEO said. Cybersecurity, AI keys to success Mashreq emphasizes a robust cybersecurity framework supported by advanced AI-driven monitoring and fraud detection. The bank aligns its systems with State Bank of Pakistan (SBP) regulations for digital banking, including controls for unusual transactions: automated alerts — such as calls on transfers exceeding Rs2 million — enhance customer safety. Leveraging its digital infrastructure from the UAE, Mashreq plans to replicate this model in Pakistan to build trust and institutional credibility in the evolving digital banking sector. Sajjad said that Mashreq sees a massive opportunity in Pakistan's digital banking gap. According to SBP data there are 90–100 million account holders in Pakistan, out of which only 20 million use online banking. That leaves 70 million largely untapped. Existing banks face high costs and limited digital efficiency, while users still struggle with fraud, access, and reliability. A modern, digital-only bank like Mashreq can fill this gap efficiently and cost-effectively. Nearly 500 Pakistan-based professionals — including 43% senior staff — work remotely for Mashreq Dubai across 18 cities without a local office. Mashreq Pakistan operates with 250-300 staff compared to thousands at conventional banks. Operating remotely — without physical branches — and with a lower number of employees cut banking costs significantly. Mashreq also acknowledges rapid growth in Pakistan's e-commerce landscape over the past 12 to 15 years. Consumer behavior shows a strong shift toward digital purchases over physical retail. The bank sees opportunity in this trend, expecting that increased digitization of payments will eventually help grow e-commerce. Mashreq's infrastructure and partnerships can support the evolving ecosystem of e-commerce payments, logistics, banks, and platforms to ensure smooth consumer adoption, Sajjad added. Copyright Business Recorder, 2025
