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The Hindu
5 hours ago
- Business
- The Hindu
A.P. and Germany's Lower Saxony explore ties in skilling, employment
Head of Talent Acquisition for Skilled Workforce, Ministry of Economic Affairs, Government of Niedersachsen (Lower Saxony), Germany, Balasubramanian Ramani on Thursday called on Secretary, Skill Development and Training and School and Higher Education Kona Sasidhar. They discussed forging of long-term collaboration in talent mobility frameworks, German language training, institutional partnership with ITIs and diploma institutes and industry-academia collaboration. Speaking to the media at the office of Andhra Pradesh State Skill Development Corporation (APSSDC), Dr. Ramani said that Lower Saxony was prioritising international recruitment in high-demand sectors, including Industry 4.0 and Automation, Green Technologies, Healthcare and Social Service, Digital Transformation and IT and Hospitality Management. He said Andhra Pradesh, with its robust skilling ecosystem, technical institutions and growing global outlook, was well-positioned to become a key talent partner. Managing Director and CEO of APSSDC Ganesh Kumar and Advisor to the AP government on International Skilling and Mobility Seetha Sharma said that Dr. Ramani's visit lays the foundation for a bilateral Memorandum of Understanding between Lower Saxony and Andhra Pradesh to facilitate structured international workforce mobility, enhance youth employability and promote mutual growth through knowledge exchange and institutional cooperation. Germany is currently facing an acute shortage of skilled professionals, with over seven lakh job vacancies and a projected demand for seven million additional workers by 2035. The shortage spans critical sectors such as transportation, construction, healthcare, engineering and information technology, significantly impacting that country's economic growth. As part of its response, Germany has identified India as a strategic partner, formalised through the Migration and Mobility Partnership Agreement and the launch of the India Skilled Labour Strategy in 2024.
Bangkok Post
3 days ago
- Business
- Bangkok Post
Taiwan invites Thai proposals for community wellness campaign
The Taiwan International Trade Administration under the Ministry of Economic Affairs invites Thai public institutions, enterprises and SMEs to propose pioneering ways to apply Taiwan's health-focused technologies to local community needs under the "2025 Go Healthy with Taiwan" campaign. Held with the aim to drive regional wellness innovation, the campaign is calling for proposals across three strategic sectors -- "Fitness & Sports Technology", "Cycling" and "Smart Healthcare". Proposals will be evaluated for excellence based on four aspects -- benefits of enhancing health and well-being, connection of products or solutions from Taiwanese enterprises, innovation and feasibility. A cash prize worth US$30,000 (969,000 baht) will be awarded to the most impactful and innovative proposal of each sector. Also, two representatives from each of the top three proposals will have the opportunity to visit Taiwan for an exclusive "Go Healthy Tour" -- a curated, immersive experience offering direct access to Taiwan's dynamic health technology ecosystem. This tour will feature hands-on demonstrations, site visits and networking opportunities with leading Taiwanese companies, enabling participants to explore collaboration, product integration and market expansion opportunities firsthand. Through this campaign, Taiwan is fostering deep, cross-border collaboration that empowers Thai communities with Taiwan's most innovative wellness solutions, setting a new benchmark for healthier societies in Asia. The campaign only accepts English proposals. The submission deadline is Aug 14 and there is no registration fee.
Express Tribune
24-07-2025
- Business
- Express Tribune
PM Shehbaz hails World Bank position on IWT
Prime Minister Shehbaz Sharif on Thursday praised the World Bank for its support of Pakistan's position on the Indus Waters Treaty, criticising India's 'unilateral and illegal' actions that he said undermine the landmark agreement. Tensions between India and Pakistan escalated after the April 22 attack in Pahalgam, Indian Illegally Occupied Jammu and Kashmir (IIOJK), which killed 26 people. India blamed Pakistan for the attack but provided no evidence. Islamabad strongly denied the allegations. On April 23, India closed the Wagah border crossing, revoked Pakistani visas, and announced the suspension of the Indus Waters Treaty. Pakistan condemned the move as an 'act of war' and responded by sealing the Wagah border from its side. In a meeting with Ousmane Dione, World Bank Regional Vice President for the Middle East, North Africa, Afghanistan, and Pakistan, Shehbaz reiterated Pakistan's commitment to upholding international law, pursuing peaceful dialogue, and promoting regional prosperity. Regional Vice President of the World Bank Ousmane Dione called on Prime Minister Muhammad Shehbaz Sharif. — Government of Pakistan (@GovtofPakistan) July 24, 2025 The prime minister expressed appreciation for the World Bank's longstanding partnership and described its backing as aligned with Pakistan's lawful stance on water rights under the treaty. Shehbaz also acknowledged the strategic role of the Country Partnership Framework in supporting Pakistan's national priorities, particularly in the areas of energy, climate change, human development, and governance reform. Read: World Bank approves $194m for education, water security in Balochistan He thanked the Bank for its timely assistance during the 2022 floods, which enabled Pakistan to launch emergency relief and rehabilitation efforts for affected communities. Dione reaffirmed the World Bank's commitment to expanding collaboration with Pakistan and lauded the government's reform agenda aimed at ensuring macroeconomic stability and long-term sustainability. Both sides expressed a shared resolve to deepen cooperation in the coming years to accelerate development and improve livelihoods. Earlier, the World Bank reaffirmed its support for Pakistan's economic stability during a separate meeting held on Wednesday between Federal Minister for Economic Affairs Ahad Cheema and Ousmane Dione at the Ministry of Economic Affairs in Islamabad. According to an official statement from the Ministry of Economic Affairs, the Bank appreciated Pakistan's reform efforts and progress under the Country Partnership Framework. Both sides discussed avenues for deepening cooperation in critical sectors, with an emphasis on ensuring sustained recovery and long-term financial resilience.
Express Tribune
23-07-2025
- Business
- Express Tribune
WB reaffirms full support to Pakistan
The World Bank has reaffirmed its commitment to fully support Pakistan in achieving economic stability. According to an official statement issued by the Economic Affairs ministry, a meeting was held between Federal Minister for Economic Affairs Ahad Cheema and World Bank Vice President for the Middle East, North Africa and Afghanistan (MENA-AP) Region, Osman Dion, at the Ministry of Economic Affairs on Wednesday. The World Bank appreciated the steps taken by Pakistan for Country Partnership Framework (CPF) and economic reforms.
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Business Standard
23-07-2025
- Business
- Business Standard
Pak govt secured $26.7 bn in loans in last financial year: Report
Pakistan secured a record $26.7 billion in foreign loans during the last fiscal year, according to a media report that said it indicates the country's deepening dependence on multilateral and bilateral creditors. Nearly half of these loans were in the form of rollovers of previously obtained loans, The Express Tribune newspaper reported. The $26.7 billion disbursed during the fiscal year 2024-25 was slightly higher than the preceding fiscal year, the report said citing data compiled by the Ministry of Economic Affairs, the State Bank of Pakistan (SBP) and the Ministry of Finance. Of the $26.7 billion in foreign loans, only $3.4 billion or nearly 13 per cent was received for project financing, details released by the Ministry of Economic Affairs on Tuesday revealed. Such low receipts for project financing underscore the difficulties in repaying the loans, as most foreign borrowings are used for budgetary support and to build foreign exchange reserves, neither of which generates revenues for repayment. The central bank's gross foreign exchange reserves of $14.5 billion as of end-June are largely the result of rollovers, refinancing of existing loans, and some fresh borrowing. This highlights Pakistan's growing reliance on foreign creditors, making economic stability increasingly vulnerable. According to the details, the Ministry of Economic Affairs booked $11.9 billion on the federal government's accounts, about $1.2 billion higher than the previous fiscal year. The International Monetary Fund (IMF) disbursed $2.1 billion, while another $12.7 billion came as rollovers of cash deposits from Saudi Arabia, China, the United Arab Emirates, and Kuwait. Saudi Arabia has placed $5 billion in cash deposits with Pakistan's central bank, charging a 4 per cent interest on the loans. The amount is rolled over annually as Islamabad remains unable to repay. Interestingly, the IMF's three-year programme is predicated on the continued rollover of these $12.7 billion loans, casting doubt on the depth of external sector stability. China has placed $4 billion in cash deposits, charging over 6 per cent in interest. The UAE has deposited $3 billion with the central bank. China also disbursed $484 million in guaranteed loans in the last fiscal year, used primarily for asset purchases. Pakistan failed to tap international capital markets last fiscal year and its planned $1 billion borrowing through Eurobonds and Panda bonds did not materialise. Instead, the government and central bank secured an expensive foreign commercial loan, backed by multilateral guarantees, to bridge the gap. With Pakistan's credit rating in junk status, the country remains locked out of global capital markets and must pay high interest rates on commercial loans and cash deposits. The finance ministry managed to secure $4.3 billion in commercial loans, mostly refinanced Chinese loans and others backed by guarantees from the Asian Development Bank (ADB). The ADB disbursed $2.1 billion in new loans, $500 million more than budgeted. Multilateral institutions contributed $6.9 billion overall, including $2.1 billion from the IMF. The World Bank released $1.7 billion, $300 million short of the budgeted amount, and has not announced any new budget support loan for the current fiscal year. The Islamic Development Bank disbursed $716 million, and Saudi Arabia gave $200 million under an oil financing facility secured at 6 per cent interest, making it an expensive loan. Pakistan's debt-to-GDP ratio and gross financing needs-to-GDP ratio currently exceed sustainable levels, according to the Ministry of Finance. A gross financing need exceeding 15% of GDP is considered unsustainable. The Ministry of Finance's previous projections suggest Pakistan will remain above that threshold for at least the next three years.
