Latest news with #SAPM
Business Recorder
an hour ago
- Business
- Business Recorder
Serious talks with Russia on steel mills issue
ISLAMABAD: Pakistan is in serious talks with Russia to set up a new steel mills or restore the Pakistan Steel Mills (PSM) in Karachi to fulfill local demand. This was stated by the Special Assistant to the Prime Minister (SAPM) on Industry and Production Haroon Akhtar Khan in a chat with Business Recorder, saying that both the countries, in the past few months, have held two fruitful meetings on the subject and are moving ahead on the matter. The SAPM, responding to a question, said that 'technical experts are analysing the state of the present machinery of PSM and if 50 percent machinery is useable, the government is surely going to restore the PSM with Russian cooperation'. He said that the PSM owned 18,660 acres of land, out of which, 710 acres is under consideration for the setting up a new steel plant. Pakistan, Russia agree to establish new steel mills in Karachi According to officials, although Pakistan is rich in iron ore, with estimated reserves of 1.887 billion tons, it still imports about $2.7 billion worth of steel every year. Officials said that domestic steel production is not enough to meet all demand, with a supply gap of 3.1 million tons last year. The proposed steel plant site is strategically located near Port Qasim, which will help reduce transportation costs of raw materials, thereby, providing a competitive advantage. The SAPM further said that to safeguard the interests of the business community the government is to introduce some amendments in the Securities and Exchange Commission of Pakistan (SECP). He added that the homework on amendments to the SECP law has been completed, a new clause will be added, amendment to the law regarding the investigation of the financial monitoring unit are also under consideration, in the name of suspicious transactions, the matter is being confused by sending it to investigative agencies without investigation. He said that the investigating agencies including National Accountability Bureau (NAB), Federal Investigation Agency (FIA) and other anti-corruption departments will have to seek permission from SECP before launching any investigation against any business entity or individual. Khan said that if there is suspicion of terror financing and money laundering, then after investigation, it should be sent to the relevant agency. Talking about the remittances and other payment transfers through banking channels, the SAPM said such payments are already reaching the country through reliable and proper channels, so there should not be any need to investigate the sources. However, illegal channels such as Hawala and Hundi must not be allowed. He said that to promote and encourage the investment in the country the government is considering to waive off additional fines and surcharges on investment in industrial sector, but it will take a little time. He said that his ministry has finalised the industrial package to run closed industrial units in the country and increase business activities. He said that for the first time in the country, the government has decided to introduce bankruptcy law. The purpose of the law is to enable the owners of closed industrial units to obtain loans from banks. Khan said that instead of auctioning bankrupt industrial units, the law will allow banks to give loans to such units, so, that they can restore themselves. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
SAPM announces formation of APCTMA, EDB committee
ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, held a high-level meeting with the All Pakistan Ceramic Tiles Manufacturers Association Friday. The meeting was attended by representatives from 10 Pakistani manufacturers and four Chinese manufacturers. Key issues discussed included the tariff policy, customs duties, exports and imports, and the need for tariff protection for the local ceramic tiles industry. Speaking at the occasion, Haroon Akhtar Khan appreciated the role played by the tiles industry in Pakistan's industrial development. 'I am fully aware of the challenges faced by tile manufacturers and I will personally advocate for your cause,' he stated. SAPM directed the tile manufacturers to submit a detailed report outlining the specific reasons why higher protection is necessary for the industry. He further instructed that the report must quantify cost disadvantages as a percentage of total production costs. In a major development, Haroon Akhtar Khan announced the formation of a joint committee comprising members of the Tiles Manufacturers Association and the Engineering Development Board (EDB). The committee has been tasked to present a progress report by Thursday. 'The government under Prime Minister Shehbaz Sharif is committed to supporting and revitalizing the industrial sector,' SAPM emphasized. 'We are strongly defending the case for industries, including tiles, in the National Tariff Policy Board.' Haroon Akhtar reiterated his vision to see Pakistani manufacturers become regionally competitive and assured that Chinese manufacturers, as partners and friends, will continue to receive full support. 'No industry will be allowed to shut down,' he affirmed. 'Revival of industries is our vision, and we are formulating long-term policies to ensure sustainable growth.' He concluded by assuring full government support to the tile manufacturing sector and reaffirmed the government's commitment to the broader development of the local industrial base. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Business
- Business Recorder
From crisis to crypto: Pakistan launches strategic Bitcoin reserve
In a groundbreaking announcement that positioned Pakistan as a new player in the global digital economy, Bilal Bin Saqib, the newly appointed Special Assistant to the Prime Minister (SAPM) on Blockchain and Crypto and CEO of the Pakistan Crypto Council (PCC), unveiled the country's first government-backed strategic Bitcoin reserve. Bilal announced the development at Bitcoin Vegas 2025, while addressing an elite audience that included the Vice President of the United States, JD Vance, Eric Trump, and Donald Trump Jr, read a statement released by the Office of the Special Assistant to the Prime Minister (SAPM) /Minister of State on Blockchain and Crypto on Thursday. 'This wasn't just a policy moment — it was a rebranding of a nation,' said Bilal. 'I'm not just here as a minister,' he said. 'I'm here as the voice of a generation — a generation that is online, on-chain, and unstoppable.' Pakistan is home to 40 million crypto wallets and one of the largest and most active freelancer economies in the world. During his keynote address, Bilal also announced the establishment of a national Bitcoin wallet, 'holding digital assets already in state custody — not for sale or speculation, but as a sovereign reserve signalling long-term belief in decentralised finance'. The SAPM shared that the government has allocated 2,000 megawatts (MW) of surplus electricity in Phase 1 for Bitcoin mining and AI data centres, 'opening doors to sovereign miners, tech firms, and clean energy partners around the world'. With AI and Bitcoin mining operations requiring massive, consistent power, Pakistan's surplus electricity, particularly from underutilised plants, is being repurposed into a lucrative opportunity. Days ago, the government announced the establishment of a dedicated body — the Pakistan Digital Assets Authority (PDAA) — to regulate blockchain-based financial infrastructure, read a statement released by the Ministry of Finance. 'Both Pakistan and Bitcoin have suffered from bad PR,' Bilal declared. 'But if you look past the headlines, you'll see something else: talent, resilience, and vision.' 'If you're building something real — come build it in Pakistan. Come build wallets for the unbanked. Come tokenise land. Come scale your mission with our youth and our unstoppable grit,' he added. Bilal also thanked President Donald Trump for his role as a 'peacemaker in the recent India-Pakistan conflict and for his commitment to crypto adoption'.
Business Recorder
6 days ago
- Business
- Business Recorder
Pakistan's ceramics industry: Ministry forms joint committee to address key challenges
ISLAMABAD: The Ministry of Industries and Production has announced the formation of a joint committee to address key challenges being faced by the ceramics industry. The development came here on Tuesday during a meeting between the Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, with All Pakistan Ceramic Tiles Manufacturers Association (APCTMA). The committee comprising members of the Tiles Manufacturers Association and the Engineering Development Board will present a progress report by Thursday. Key issues discussed included the tariff policy, customs duties, exports and imports, and the need for tariff protection for the local ceramic tiles industry. Speaking on the occasion, Haroon Akhtar Khan said the government is committed to support and revitalise the industrial sector. After detailed discussions with the APCTMA delegation, Haroon announced the formation of a joint committee comprising members of the Tiles Manufacturers Association and the Engineering Development Board. The committee has been tasked to present a progress report by Thursday. The delegation gave a detailed briefing on the ceramic tile industry, noting that Pakistan's current daily production capacity is approximately 560,000 square metres. This output is backed by an investment of over Rs100 billion, with around 60 percent of it coming from foreign sources, particularly China. They highlighted that the industry has made significant progress in reducing dependence on imports. Previously at 74 percent, import reliance has now fallen to just four percent, with nearly all raw materials and workforce now sourced locally. The delegation expressed its ambition to bring this down further to just one percent, calling the ceramic industry a shining example of local industrial capability. The SAPM directed the tile manufacturers to submit a detailed report outlining the specific reasons why higher protection is necessary for the industry. He further instructed that the report must quantify cost disadvantages as a percentage of total production costs. 'The government under Prime Minister Shehbaz Sharif is committed to supporting and revitalising the industrial sector,' the SAPM emphasised. 'We are strongly defending the case for industries, including tiles, in the National Tariff Policy Board.' Haroon reiterated his vision to see Pakistani manufacturers become regionally competitive and assured that Chinese manufacturers, as partners and friends, will continue to receive full support. 'No industry will be allowed to shut down,' he affirmed. 'Revival of industries is our vision, and we are formulating long-term policies to ensure sustainable growth.' He concluded by assuring full government support to the tile manufacturing sector and reaffirmed the government's commitment to the broader development of the local industrial base. Copyright Business Recorder, 2025
Business Recorder
6 days ago
- Business
- Business Recorder
Ceramics industry: Ministry forms joint committee to address key challenges
ISLAMABAD: The Ministry of Industries and Production has announced the formation of a joint committee to address key challenges being faced by the ceramics industry. The development came here on Tuesday during a meeting between the Special Assistant to the Prime Minister (SAPM) on Industries and Production, Haroon Akhtar Khan, with All Pakistan Ceramic Tiles Manufacturers Association (APCTMA). The committee comprising members of the Tiles Manufacturers Association and the Engineering Development Board will present a progress report by Thursday. Key issues discussed included the tariff policy, customs duties, exports and imports, and the need for tariff protection for the local ceramic tiles industry. Speaking on the occasion, Haroon Akhtar Khan said the government is committed to support and revitalise the industrial sector. After detailed discussions with the APCTMA delegation, Haroon announced the formation of a joint committee comprising members of the Tiles Manufacturers Association and the Engineering Development Board. The committee has been tasked to present a progress report by Thursday. The delegation gave a detailed briefing on the ceramic tile industry, noting that Pakistan's current daily production capacity is approximately 560,000 square metres. This output is backed by an investment of over Rs100 billion, with around 60 percent of it coming from foreign sources, particularly China. They highlighted that the industry has made significant progress in reducing dependence on imports. Previously at 74 percent, import reliance has now fallen to just four percent, with nearly all raw materials and workforce now sourced locally. The delegation expressed its ambition to bring this down further to just one percent, calling the ceramic industry a shining example of local industrial capability. The SAPM directed the tile manufacturers to submit a detailed report outlining the specific reasons why higher protection is necessary for the industry. He further instructed that the report must quantify cost disadvantages as a percentage of total production costs. 'The government under Prime Minister Shehbaz Sharif is committed to supporting and revitalising the industrial sector,' the SAPM emphasised. 'We are strongly defending the case for industries, including tiles, in the National Tariff Policy Board.' Haroon reiterated his vision to see Pakistani manufacturers become regionally competitive and assured that Chinese manufacturers, as partners and friends, will continue to receive full support. 'No industry will be allowed to shut down,' he affirmed. 'Revival of industries is our vision, and we are formulating long-term policies to ensure sustainable growth.' He concluded by assuring full government support to the tile manufacturing sector and reaffirmed the government's commitment to the broader development of the local industrial base. Copyright Business Recorder, 2025
