Author: PakPositive Staff
Ghani Chemical Industries (PSX: GCIL) progresses on Pakistan’s largest Air Separation Unit plant, set to operate by Q1 2024, alongside a cost-saving Calcium Carbide project at Hattar Special Economic Zone. The company aims to enhance local industry and contribute to foreign exchange earnings.
The Pakistan Raises Revenue project, valued at $400 million, has made moderately satisfactory progress, evidenced by a reduction in customs violations and significant strides in tax reforms and digital transformation, paving the way for enhanced revenue generation. Ongoing efforts, such as consultant hiring and future procurements, aim to further strengthen compliance facilitation.
Caretaker CM Punjab Mohsin Naqvi unveils the Shahra-e-Nazria Pakistan signal-free corridor, addressing traffic concerns, and lauds Lahore Development Authority for timely completion. Additionally, a notable increase in the driving license fee and the option for foreign citizens to obtain online licenses signal administrative enhancements in the province.
In a thrilling Junior Hockey World Cup match, Pakistan and the Netherlands played to a 3-3 draw, with goals from Arshad Liaqat, Sufian Khan, and Arbaz Ahmed showcasing Pakistan’s remarkable performance and resilience on the field. The nail-biting encounter highlighted the competitive spirit of the tournament in Kuala Lumpur.
Honored at the WOMANi event in Dubai, Caretaker Finance Minister Dr Shamshad Akhtar received the ‘Most Influential Woman in Islamic Business and Finance 2023’ Award for her groundbreaking contributions to global Islamic finance. Her historic role as the first woman to lead Pakistan’s central bank adds to her distinguished career.
Caretaker Minister Dr Umar Saif’s IT delegation concluded a fruitful visit to Qatar, exploring opportunities for Pakistani IT firms to contribute to Qatar’s digitization. Discussions with Qatari officials and business leaders emphasized collaboration potential, with a focus on encouraging investments in Pakistani startups highlighted at the Pakistan-Qatar IT Conference.
The Finance Division expects a gradual decline in inflation from November’s peak of 29.2 percent to 25.5-26.5 percent in December, citing improved economic outlook and easing supply pressures. Despite a previous prediction error for November, the division remains optimistic about diminishing inflationary pressures.
The Pakistan Stock Exchange hit a record high, surpassing 64,000 points and settling at 63,917, driven by a 1.7% surge in the KSE-100 index. This historic peak reflects robust market performance and increased foreign activity since the IMF agreement in June 2023.
The State Bank of Pakistan launches the Raast P2M service, empowering businesses to accept digital payments seamlessly. Regulated entities must adopt P2M transactions by March 1, 2024, with an emphasis on cybersecurity and customer awareness.
CodeNinja, a tech solutions provider in Pakistan, receives a $1.6 million investment from sAi Venture Capital, signaling a strategic move to boost its global expansion plans and leverage technology for enhanced operational efficiency. With a notable 100% year-on-year business growth, CodeNinja is positioned for success in the competitive technology landscape.