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Business Recorder
7 days ago
- Business
- Business Recorder
CM Maryam meets CG: China's largest textile enterprises to invest $150m in Punjab
LAHORE: A new unique record of swift investment by China has been set in Punjab and an MoU has been signed between the Bank of Punjab and Challenge Fashion Private Limited. Under the agreement, 'Challenge Textile Group', one of China's largest textile enterprises, will invest $150 million in Punjab. A state-of-the-art special economic zone will be established on 100 acres in Punjab. The Challenge Group will produce two-to-eight million garments in Punjab by utilizing six million meters of fabric per month. Under Challenge Group, Pakistan's largest advanced and state-of-the-art textile industry will be set up in Punjab. The Challenge Group will export garments through well-known American brands. Through Challenge Group, 18,000 people will acquire jobs in eight months and 25,000 people in next 5 years. The Challenge Group will also obtain raw materials for garment production from Pakistan. The project is expected to generate more than $100 million in annual exports. Chief Minister Punjab Maryam Nawaz Sharif met Chinese Consul General Zhao Shiren in Lahore and Chairman Challenge Group Wego Hong. Matters pertaining to the promotion of textile industry and investment in Punjab were discussed in the meeting. On this occasion, the head of the Challenge Group delegation, Wego Hong, appreciated the investment-friendly policies of CM Punjab Maryam Nawaz Sharif. The CM said, 'Pakistan aims to enhance trade and business partnership to greater heights in the next few years. We are establishing a state-of-the-art and magnificent garment city in Punjab, and will benefit from the expertise and experience of Challenge Group.' She highlighted, 'The Punjab government intends to work with the Challenge Group for attaining the success of garment city in Punjab. The Punjab government will provide complete support for the promotion of investment in the province.' The CM outlined, 'We want to shift China's large textile factories and institutions to Punjab. The 'Challenge Special Economic Zone' will play an important role for brisk industrial development of Punjab. Under the modern textile project, plastic waste is being recycled and used in high-performance fabrics.' She revealed, 'The Punjab government is investing heavily for the promotion of technical skills among the youth through TEVTA. We want to provide market-based, human resources to cater the needs of industrial enterprises.' The Chairman of Challenge Group Wego Hong said that 'we want to bring better textile machinery and technology than China to Punjab. We want to create innovation in the textile market of Punjab.' He lauded that the policies and vision of CM Maryam are encouraging and persuasive for the promotion of foreign investment in Punjab. Chairman of Challenge Group further acknowledged that seeing pro-investment policies of CM Punjab, he was motivated to visit the Punjab province. He added that recent investment of China in Punjab depicts the investment-friendly vision of the CM during her previous visit to China. Copyright Business Recorder, 2025
Business Recorder
01-08-2025
- Business
- Business Recorder
PSX soars on Trump talk
KARACHI: Pakistan Stock Exchange roared back to life on Thursday as bullish momentum dominated the trading floor. This sharp surge came on the heels of a surprise tweet by US President Donald Trump, who announced what he described as a historic trade deal with Pakistan. The benchmark KSE-100 Index went up by a remarkable 978 points equivalent to a 0.71 percent increase to close at 139,390.42 points as compared to the previous close of 138,412.25 points on Wednesday. The index briefly touched a low of 139,083.74 points earlier in the session, and then touched an intraday high of 140,215.22 points. On Thursday, BRIndex100 closed the day at 14,174.08 points which was 52.01 points or 0.37 percent higher than previous close with the total volume remaining 434.397 million shares. Meanwhile, BRIndex30 finished at 39,582.24 points which was 415.13 points or 1.06 percent higher than the previous close and the total volume was 232.134 million shares. According to Topline Securities, the bulls stormed back to the trading floor today, fueled by a surge of optimism after U.S. President Donald Trump unexpectedly tweeted about striking a 'historic' trade deal with Pakistan. The announcement — aimed at boosting bilateral trade, expanding market access, and drawing significant U.S. investment — ignited a broad-based rally across the bourse. Adding further momentum, the brokerage house noted, was the news of a strategic partnership to explore and develop Pakistan's vast untapped oil reserves, a move seen as a potential game-changer for the nation's energy landscape. Market breadth also leaned in favor of the bulls. In the ready market, 235 stocks advanced while 215 declined while 33 remained unchanged in the total of 483 active companies. The turnover in the ready market surged to 577.3 million shares, a sharp increase from 425.8 million shares traded a day earlier. The traded value also experienced a notable spike. From Rs 25 billion on the previous day, the total value of transactions climbed to Rs 36.3 billion on Thursday, marking an increase of over 45 percent. In tandem with these gains, market capitalization posted a healthy rise as well. From Rs 16.60 trillion in the previous session, it advanced to approximately Rs 16.70 trillion — adding about Rs 100 billion in a single trading day. This uptick reflected widespread appreciation in share prices. Bank of Punjab led the market in terms of turnover, with a substantial volume of 82.9 million shares traded. The stock closed at Rs 14.06, registering a modest gain during the session. Invest Bank followed with a turnover of 37.1 million shares, closing at Rs 8.99. Taking the third spot, Oil and Gas Development Company (OGDC) recorded a turnover of 24.2 million shares and closed significantly higher at Rs 233.01, reflecting strong investor interest amid bullish sentiment in the energy sector. Among the companies reflecting the most notable increase in rates, Unilever Pakistan Foods Limited led the chart with an impressive gain of Rs 477.94, closing at Rs 33,497.96. Pakistan Services Limited also saw a notable upswing, adding Rs 36.02 to close at Rs 1,015.01. On the other end of the spectrum, PIA Holding Company Limited-B topped the list of companies reflecting a decrease in rates, with a sharp decline of Rs 2,542.49, ending the day at Rs 28,756.51. Meanwhile, S.S. Oil Mills Limited shed Rs 60.84, closing at Rs 730.24. The BR Automobile Assembler Index ended the session at 23,128.79 points, posting a gain of 55.05 points, or 0.24 percent, with a total turnover of approximately 3.21 million shares. The BR Cement Index closed higher at 10,727.90 points, rising by 40.5 points, or 0.38 percent, as around 16.16 million shares changed hands during the day. The BR Commercial Banks Index finished marginally up at 40,358.34 points, recording an increase of 18.45 points, or 0.05 percent, on a substantial volume of nearly 115.15 million shares. The BR Power Generation and Distribution Index settled at 21,265.80 points, up 63.93 points, or 0.3 percent, with total turnover reaching about 24.83 million shares. The BR Oil and Gas Index saw a robust advance, climbing 336.5 points to close at 12,284.54 points, marking a 2.82 percent gain with a turnover of approximately 78.59 million shares. Meanwhile, the BR Technology and Communication Index registered the strongest percentage gain, closing at 3,281.20 points, up 142.19 points, or 4.53 percent, with total traded volume exceeding 53.12 million shares. According to Ahsan Mehanti of Arif Habib Corporation, the bullish momentum was primarily driven by the announcement of a new trade agreement between Pakistan and the United States—an event that not only promised expanded bilateral trade but also affirmed a strategic partnership to explore Pakistan's untapped oil reserves. Mehanti noted that this reaffirmation of ties, particularly in the energy sector, gave investors a strong reason to reposition themselves in exploration and production stocks, many of which led the market's rally. He explained that beyond the headline trade deal, a stable exchange rate and a noticeable surge in Pakistan's sovereign bond prices further reinforced investor confidence. These gains, he added, were catalyzed by the recent credit ratings upgrade by S&P's, which signaled improving macroeconomic fundamentals. Copyright Business Recorder, 2025
Express Tribune
25-07-2025
- Business
- Express Tribune
China urges acceleration of agri-reforms under CPEC
Listen to article China, Pakistan's neighbour and longstanding economic partner, is pushing for an agricultural revolution in Pakistan, particularly in Punjab, under the China-Pakistan Economic Corridor (CPEC). However, despite structured plans and repeated diplomatic backing, implementation remains slow due to bureaucratic hurdles in Pakistan's agriculture sector. While Beijing is eager to help modernise Pakistan's farming practices, delays from local departments and ministries continue to hinder progress. Chinese officials have long viewed Pakistan, and Punjab in particular, as a key partner in building sustainable agricultural value chains to meet China's rising food demands. In recent years, successive Chinese ambassadors to Pakistan have called agricultural cooperation a win-win opportunity. Yet, despite the diplomatic goodwill and planning, ground-level execution in Pakistan has failed to keep pace. A recent visit by a delegation of Chinese agri-tech firms to Agriculture House in Lahore was the latest effort to energise bilateral cooperation. The delegation, led by senior company executives, met with Punjab's Minister for Agriculture and Livestock, Syed Ashiq Hussain Kirmani, and Secretary Agriculture, Iftikhar Ali Sahoo. Kirmani said Punjab must now embrace technology-led farming. "We believe the time is right for Punjab to step forward and modernise agriculture," he said. "Our government has introduced leasing schemes and subsidies to make modern equipment accessible to farmers. We are also working to expand partnerships that will help bring investment and innovation to the province." He said Punjab's central role in Pakistan's food supply chain makes it critical to adopt solutions that increase yields and reduce labour-intensive practices. Sahoo agreed and added that an enabling environment is being developed for farmers. "We have rolled out interest-free loans through the Bank of Punjab for farm machinery. We're also easing access to modern tools that boost productivity." Yet, the wider transition to modern farming techniques in Punjab has seen limited traction. Dr Khurram Safdar, an agro-economist from Faisalabad, said institutional flaws are to blame. "We're offering technology but ignoring farmer education, extension services, and infrastructure. Without these, adoption stalls," he said. Progressive farmer Amir Shehzad from Sahiwal echoed that concern. "The equipment is too expensive, and there's little guidance on how to use it," he said. "Most farmers aren't tech-savvy. Without practical support and training, even a subsidy won't convince a small farmer to buy a digital machine." China's interests, meanwhile, go beyond machinery exports. In the long run, Beijing hopes to import value-added products like halal meat, fruits, vegetables, and grains from Pakistan. With a population of over 1.4 billion, China is seeking diversified food sources, and Pakistan, with its fertile land and agri-base, has potential to meet part of that demand. "China wants to build long-term agri-supply chains, not just sell tractors and harvesters," said Muhammad Saleem, an agribusiness expert in Lahore. "If Pakistan upgrades its food processing and quality certification systems, it could unlock billions in exports, not just to China but also the Middle East." According to the TDAP, the country's agricultural exports stood at $8 billion in FY24. Punjab contributed over 60% of key crops including wheat, rice, maize, and sugarcane. However, less than 10% of these are processed or packaged for global markets. In the livestock sector, Pakistan exported $512 million worth of meat in FY24, despite producing over 5.5 million tonnes. Safdar said the missing link is post-harvest infrastructure. "Pakistan has the capacity but lacks cold chains, food safety certifications, and logistics. These are pre-requisites to meet Chinese import standards," he said. "The recent visit by Chinese firms shows interest from Beijing is intact. The recent visit by Chinese firms is a clear indication that interest from Beijing is still strong", he said, warning that "unless institutional inefficiencies are addressed and reforms are implemented at the ground level, Pakistan risks missing out on a strategic opportunity to boost its agricultural economy and exports. Technology, credit, and training must reach the farmer, not just sit on paper."
Business Recorder
05-07-2025
- Business
- Business Recorder
Digital & financial inclusion of women: WCCI, UNDP hold provincial dialogue
LAHORE: In a concerted effort to empower women and bridge Pakistan's widening gender gap, the Women's Chamber of Commerce and Industry Lahore (WCCIL), in collaboration with UNDP's Punjab SDGs Unit, convened a high-level provincial consultation titled 'Bridging the Gender Divide | Empowering Futures through Digital and Financial Inclusion of Women.' Chaired by the President of Bank of Punjab Zafar Masud, the dialogue engaged esteemed speakers from diverse sectors with UNDP, represented by Dr. M. Aman Ullah, Project Manager, Punjab SDGs Unit; Dr. Shehla Javed Akram, Founder Women's Chamber of Commerce and Industry, Falahat Imran, President WCCI; Ahmed Khan, CEO PSDF; Prof. Dr. Uzma Qureshi, Vice Chancellor, Lahore College for Women University, Ayub Ghuri, Executive Director Netsol, and Ms. Rie Komahashi from JICA. The keynote address was delivered by Zafar Masud, President of the Bank of Punjab, who emphasized the critical need for expanding access to financial services for women and young entrepreneurs. 'Local chambers must give a list of local global and regional supply chains to which local women entrepreneurs can connect to while transcending baking and dress making', said Zafar. Further he stressed to create some bankable projects/financial empowerment schemes that could be run or supported by Bank of Punjab. 'This provincial dialogue is not just a discussion; it is a commitment to action. We are working to ensure that women are not only included in Pakistan's digital and financial ecosystems but empowered to lead within them,' said UNDP's Dr. M. Aman Ullah. Despite some progress with 8 million more women gaining access to mobile internet in the past year; Pakistan's overall ranking in the Global Gender Gap Report 2025 remains concerning at 148 out of 148 countries. The event addressed this urgent call to action by exploring barriers such as lack of digital literacy, limited access to credit, and informal labour constraints, which disproportionately affect women-led SMEs and home-based workers. The session brought together key stakeholders from government, thought leaders, development practitioners, private sector representatives, academia, and civil society, who actively engaged in a meaningful debate followed by a Q&A session to spotlight systemic challenges and explore inclusive pathways for women's economic emancipation and digital empowerment in both formal and informal sectors. Anchored in SDG 5 (Gender Equality), the event amplified women's voices and innovation, called for public-private collaboration, and laid the foundation for scalable, gender-responsive economic solutions. Gender and fintech experts highlighted the role of women in driving economic growth, the barriers to their economic emancipation, significance of digital literacy, access to supply chains, and mentorship and skills-based training programs to support and formalize the women-led SMEs. The session ended with an action plan shared by WCCIL Founder, Dr. Shehla Javed Akram. 'To re-imagine a thriving and inclusive economy, we must enable women not just as beneficiaries, but as builders and leaders of the future,' remarked Dr. Shehla Javed Akram. The dialogue served as a pivotal step toward reshaping the landscape of financial and digital inclusion for women in Pakistan; one solution, one story, and one commitment at a time. Copyright Business Recorder, 2025
Business Recorder
20-05-2025
- Business
- Business Recorder
Punjab Agri Dept, Margalla Heavy Industries Taxila sign MoU
LAHORE: A Memorandum of Understanding (MoU) was signed Monday between the Agriculture Department Punjab and Margalla Heavy Industries Limited, Taxila, to carry out the repair and maintenance of 20 bulldozers from the field wing of the agriculture department Punjab by the heavy industries. The MoU was signed in the presence of Minister for Agriculture Punjab Syed Ashiq Hussain Kirmani and Secretary Agriculture Punjab Iftikhar Ali Sahoo at a ceremony at the Agriculture House, Lahore. The MoU was formally signed by Director General Field (Agriculture), Sajid Naseer, and Chief Executive Officer of Heavy Industries Taxila, Brigadier Nadeem Ahmed. Brigadier Jawad (r) from Heavy Industries Taxila, Special Secretary Agriculture Agha Nabeel Akhtar, Additional Secretary Agriculture (Planning) Captain Waqas Rasheed, and Additional Director General (Engineering) Multan, Afzal Tahir were also present on this occasion. Following the signing ceremony, Minister for Agriculture and Livestock Punjab, Syed Ashiq Hussain Kirmani, chaired a review meeting on the Chief Minister's Wheat Support Programme and Kisan Card Phase II. Speaking at the meeting, the Minister stated that under these programmes, disbursement of funds to farmers through the Bank of Punjab will commence on May 22. He was informed that 487,000 farmers have already repaid their loans under the first phase of the Kisan Card scheme. He emphasized that to benefit from all agricultural initiatives of the government, possession of a Kisan Card must be made mandatory. He further noted that the scope of Kisan Card Phase II has been expanded, increasing the loan limit to Rs300,000, eliminating transaction charges, and introducing a facility for diesel purchase. In addition to Kisan Card holders, other farmers are also applying for the wheat support program via the dedicated portal, with 250,000 applications already received. The deadline to apply for this program is May 31. Through the same portal, an additional 100,000 farmers can register for new Kisan Cards. A total of Rs10 billion will be distributed among 500,000 farmers under the wheat support programme. The Bank of Punjab has approved over 542,000 farmer applications for Kisan Card Phase II, and the Punjab Land Records Authority (PLRA) has completed verification for nearly 500,000 of them. Iftikhar Ali Sahoo stressed the need to intensify the awareness campaign across social media, electronic media, and print media to ensure that more farmers can benefit from the government's loans and incentives. Copyright Business Recorder, 2025
