Latest news with #GSPPlus
Express Tribune
20-04-2025
- Health
- Express Tribune
CM assures EU rights standards compliance
Punjab Chief Minister Maryam Nawaz Sharif has invited companies from the European Union states to invest in the education, information technology, green energy and health sectors in the province. Welcoming the EU Parliamentary Delegation for South Asia to discuss matters related to mutual interests, bilateral relations, trade, education and investment, she agreed to strengthen the relations for peace, development and common goals. The chief minister said on the occasion, "Pakistan values its reliable friendship with the European Union. The EU is not only Pakistan's trading partner but also a voice of stability in the world." She said the GSP Plus preferential trade scheme has greatly improved Pakistan's exports to the EU, especially in the textile sector." She highlighted, "We are taking steps to fulfill all EU requirements, including human rights and labour reforms." Chief Minister Maryam Nawaz said, "Punjab is the heart of Pakistan's economy, providing a conducive business environment for investment. We want to increase cooperation with the European Union in agriculture, energy, digital infrastructure and environmental projects." She said, "Pakistan's youth are talented and dynamic, training courses are being conducted to connect them to the global job market. I am happy that Pakistani students are among the top recipients of the Erasmus Mundus scholarships for the third year in a row." She underscored, "Pakistan is committed to regional and global peace." Vaccination "No child should be deprived of polio vaccine drops," said Chief Minister Maryam Nawaz while directing the deputy commissioners to take steps to make the anti-polio campaign effective in their districts. During a briefing, she directed the officials to review the union council-wise polio campaign on a daily basis. The chief minister directed all district administrations to ensure effective implementation of the polio vaccination micro-plans. She said, "The target of zero polio can be easily achieved with joint efforts. It is unacceptable for any child to be at risk of polio."
Express Tribune
12-04-2025
- Business
- Express Tribune
IT, Mineral sectors to be game changers for Pakistan's economy: Finance Minister
Listen to article Federal Finance Minister Senator Muhammad Aurangzeb on Saturday said that Pakistan's Information Technology (IT) and mineral sectors hold transformative potential for the national economy. He emphasized that these sectors would be game changers in the coming years, adding that under the leadership of Prime Minister Shahbaz Sharif, the country's economic direction has become clearer, with positive results expected soon. Addressing the business community at the Lahore Chamber of Commerce and Industry (LCCI), the finance minister highlighted the government's commitment to listening to and resolving the challenges of the private sector. 'We are here to serve the people. I am visiting chambers to listen, understand, and resolve problems of the business community. The legitimate demands of the chambers will be accepted,' he said. Aurangzeb cited Singapore's success with nickel exports—reaching USD 22 billion—and drew parallels with Pakistan's copper reserves, underscoring the vast potential of the mineral sector. He also noted rising global interest in Pakistan's IT and minerals and reiterated the government's resolve to eliminate barriers for local and foreign investors. On economic stability, the finance minister pointed to improved macroeconomic indicators, stating: 'Lowering inflation is essential for economic stability. The interest rate was at 22 percent, today it is at 12 percent.' He stressed the importance of reducing financing costs, power tariffs, and implementing improved taxation policies to spur industrial growth. Aurangzeb also said that restrictions on profit repatriation for foreign investors had been lifted, restoring investor confidence. 'We are ensuring that the benefits of reduced inflation directly reach the common man. Middlemen will not be allowed to exploit the system,' he vowed. Addressing taxation challenges, the minister acknowledged the burden on the salaried class: 'Income tax is deducted at source, and we intend to offer relief to the salaried segment.' He revealed that 24 national entities had been earmarked for privatization, and called for minimizing human interaction in the system to reduce inefficiencies. 'If we can increase the tax-to-GDP ratio to 13 percent, we can offer broader relief to various sectors,' he said, noting that lowering edible prices had limited opportunities for middlemen to exploit the system. During the Q&A session, Aurangzeb confirmed that visa-related issues were regularly discussed in meetings during the Prime Minister's foreign visits and were being addressed on a priority basis. He reaffirmed the government's commitment to engaging with the private sector: 'The private sector plays a key role in running any country. A committee has been formed, as per the Prime Minister's direction, which is working on GSP Plus.' LCCI President Mian Abuzar Shad lauded the government's steps toward economic revival. 'We appreciate the reduction in the policy rate from 22 percent in June 2023 to 12 percent now. This will ease access to capital for businesses,' he said, adding that inflation had dropped from 20.7 percent in March 2024 to just 0.7 percent in March 2025. He also praised the launch of the 'Uraan Pakistan' programme, aimed at boosting exports to USD 60 billion, attracting USD 10 billion in annual private investment, creating one million jobs per year, and addressing climate and energy goals. He highlighted the Special Investment Facilitation Council's (SIFC) role in enhancing investor confidence. LCCI Senior Vice President Engineer Khalid Usman recommended increasing the turnover threshold for withholding agents from Rs. 100 million to Rs. 250 million. He expressed concern over the FBR's freezing of bank accounts in light of pending court cases on Capital Value Tax (CVT) under the amnesty scheme, calling the practice unjustified. Vice President Shahid Nazir Chaudhry called for long-term economic planning, suggesting a consistent 10-year policy roadmap. He proposed tax deductions on R&D expenditures by private companies to promote innovation and technological development. SAARC Chamber's Vice President Mian Anjum Nisar echoed the need for innovation-driven economic growth. The session was attended by representatives of the Federal Board of Revenue (FBR), business leaders, and members of various chambers.
Arab News
12-04-2025
- Business
- Arab News
Pakistan says exports to Europe grew by 9.4% during FY25
ISLAMABAD: Pakistan's exports to Europe grew by 9.41 percent during the first eight months of the current fiscal year, state-run media reported on Saturday, attributing the surge to rising demand for the country's textile, garments and its GSP Plus status. The European Union (EU) is Pakistan's second most important trading partner, accounting for over 14 percent of the country's total trade and absorbing 28 percent of Pakistan's total exports as per official data. Pakistani exports to the EU are dominated mostly by textiles and clothes. Pakistan avails the Generalized Scheme of Preferences (GSP)+ status, a special trade arrangement offered by the EU to developing economies in return for their commitment to implement 27 international conventions on human rights, environmental protection and governance. 'The demand for Pakistani products in Europe has seen a significant rise, leading to a 9.4 percent increase in exports due to the efforts of the Special Investment Facilitation Council,' state broadcaster Radio Pakistan said in a report. It was referring to the SIFC, a hybrid civil-military government body formed in 2023 to fast-track decisions related to international investment in Pakistan's vital economic sectors. The SIFC aims to attract investment from Gulf countries, Central Asian states and regional allies in tourism, agriculture, mining and minerals, livestock and other priority sectors. The state media said Pakistan's exports to Western Europe grew by 11.6 percent and while those to Northern Europe saw a 'remarkable' 17.7 percent increase during the first eight months of the current fiscal year. 'The primary reasons behind this growth are Pakistan's GSP+ Status and the rising demand for Pakistani textiles and garments,' it added. The current GSP framework came to an end in December 2023 but Members of EU Parliament (MEPs) voted in October to extend the current rules on the scheme for another four years for developing countries, including Pakistan. Finance Minister Muhammad Aurangzeb has repeatedly stressed the importance of shifting Pakistan's economy from an import-dependent one toward an export-led one, saying that without it sustainable economic growth is difficult to achieve. In recent months, Pakistan has vigorously pursued economic and investment deals with Gulf countries such as Saudi Arabia, the United Arab Emirates and bilateral trade cooperation with Central Asian states, Russia and others.
Express Tribune
14-03-2025
- Business
- Express Tribune
EU envoy calls on FinMin
Listen to article EU Ambassador Dr Riina Kionka called on Minister for Finance and Revenue Senator Muhammad Aurangzeb on Friday to discuss ways to enhance business and investment ties between the European Union and Pakistan. During the meeting, they explored opportunities for European businesses in Pakistan, emphasising the need for an enabling investment climate. Kionka noted that the EU had mapped over 300 European companies operating in Pakistan, with many more believed to be present. She invited the minister to a business and investment forum the EU Mission in Pakistan plans to host in Islamabad in mid-May 2025. The forum aims to foster collaboration and attract European business investment. She highlighted that European companies increasingly view Pakistan as a potential business hub. Senator Aurangzeb welcomed the initiative and assured his full support. He expressed his intention to attend the event, reaffirming the government's commitment to facilitating EU businesses, including ensuring the timely repatriation of dividends and profits. He also endorsed creating a proactive business platform for European companies, citing his recent engagement with French and Dutch firms in Pakistan. The minister appreciated the EU's support, particularly the Generalised Scheme of Preferences Plus (GSP Plus), crucial for Pakistan's export growth.
Express Tribune
13-02-2025
- Business
- Express Tribune
Stocks end slightly lower after MSCI review
Listen to article KARACHI: Pakistan Stock Exchange (PSX) on Wednesday experienced volatile trading as the benchmark KSE-100 index see-sawed throughout the day and closed slightly lower by 85 points following the latest MSCI market review. The bourse faced headwinds in the face of a series of challenging factors. Foreign financing outflow weighed on investor sentiment while uncertainty surrounding the Tax Amendment Bill 2024, which seeks to restrict non-filers from investing in the stock market, fueled caution. Additional concerns about foreign debt repayments, EU review of Pakistan's GSP Plus status and political noise contributed to the negative close of the market. The index kicked off trading on a strong note, reaching the intra-day high of 113,436.72. However, as the day progressed, market interest shifted, resulting in a dip that took the KSE-100 to the intra-day low of 112,621.14. Ahsan Mehanti of Arif Habib Corp commented that stocks closed under pressure amid foreign outflows and uncertainty about the proposed Tax Amendment Bill 2024 aimed at restraining non-filers from investing at the PSX. "Concerns over foreign debt repayments, EU review of the GSP+ status, outcome of USAID suspension and political noise contributed to the negative close of the market," he added. At the end of trading, the benchmark KSE-100 index recorded a modest dip of 85.44 points, or 0.08%, and settled at 112,924.94. Topline Securities, in its review, wrote that investor sentiment remained mixed following the latest MSCI review, where Abbott Laboratories and Searle Pakistan were included in the MSCI Frontier Market Index while BF Biosciences, Biafo Industries and Power Cement were added to the MSCI Frontier Market Small Cap Index. However, the review fell short of market expectations, leading to subdued activity, it said. The uptick was largely driven by Pakistan Petroleum, The Bank of Punjab, Pakistan Telecommunication Company, Askari Bank and Maple Leaf Cement, which collectively contributed 202 points to the index. On the flip side, Habib Bank, Hub Power, Millat Tractors, Bank Alfalah, Mari Petroleum and National Bank wiped off 220 points, Topline stated. Arif Habib Limited (AHL) noted that stocks registered a marginal decline following a sharp move higher earlier in the week. Some 44 shares rose while 51 fell with Pakistan Petroleum (+1.84%), The Bank of Punjab (+9.97%) and Pakistan Telecommunication Co (+9.22%) contributing the most to the index gains. Habib Bank (-1.27%), Hub Power (-0.95%) and Millat Tractors (-2.07%) weighed the index down, it said. Following the MSCI index review for February 2025, "Pakistan's weight in the MSCI Frontier Market Index is estimated to be around +6% and in the MSCI Frontier Market Small Cap Index around +11%," AHL added. JS Global analyst Mubashir Anis Naviwala remarked that the PSX experienced a volatile session, reaching the intra-day high of 113,437 before profit-taking dragged it down to 112,621. The KSE-100 index ultimately closed lower by 85 points at 112,925. He recommended a buy-on-dips strategy, particularly in exploration and production, pharmaceutical and fertiliser sectors that appeared poised for an upside potential. Overall trading volumes increased to 669.6 million shares compared with Tuesday's tally of 486.9 million. Shares of 441 companies were traded. Of these, 172 stocks closed higher, 211 decreased and 58 remained unchanged. The Bank of Punjab was the volume leader with trading in 195.5 million shares, rising Rs1.08 to close at Rs11.91. It was followed by Bank Makramah with 46.6 million shares, gaining Rs0.32 to close at Rs4.18 and Pakistan Telecommunication Co with 30.2 million shares, gaining Rs2.09 to close at Rs24.77. During the day, foreign investors sold shares worth Rs433.6 million, the National Clearing Company of Pakistan (NCCPL) reported.
