Browsing: Business

Overseas Pakistanis sent a record $2.4 billion in remittances in December 2023, marking a significant 13.4% YoY increase, while remittances for the first half of fiscal year 2023-24 totaled $13.4 billion, down 7% from the same period last year.

Caretaker Chief Minister Mohsin Naqvi launches ‘Green Wheels,’ offering 10,000 interest-free electric bikes and rickshaws in Punjab, emphasizing sustainable transportation and banning fuel motorcycles in government procurement to promote environmental responsibility. The initiative reflects Punjab’s commitment to a cleaner future, with the rollout planned in the coming weeks.

The Pakistani rupee strengthened for the fourth day against the US Dollar, closing at 281.28 in the interbank market, though it has seen a significant decline since January 2023. Today, it showed mixed performance, gaining against some major currencies but losing ground against others.

The National Citrus Festival in Sargodha, hosted by the Federal Government and Punjab, spotlights Pakistan’s thriving citrus industry, attracting visitors nationwide and fostering economic growth. This event not only provides a platform for businesses but also aims to educate the public on citrus farming and sustainability, reinforcing a commitment to environmental responsibility.

Meta’s #LoveLocalPakistan video series, featuring collaborations with Ali Gul Pir and a digital news platform, highlights the success stories of Pakistani small and medium businesses thriving on Facebook and Instagram. The campaign aims to celebrate and support local entrepreneurs like Hala Kashigar, Colish Fragrance, Groovy Attire, and Mana’s Cookies, while also featuring Ali Gul Pir’s engaging podcast to showcase the resilience and creativity of these businesses.

In 2023, Pakistani startups grappled with a substantial 70% funding drop to $70 million amid political and economic challenges, but a promising uptick in Q4, securing $38.6 million across 15 deals, fuels optimism for 2024’s expected rebound after the general elections and structural reforms.

Copper exports from Pakistan to China have surged by 9%, crossing the one billion dollar mark in the first eleven months of 2023. This rise is fueled by increased Chinese investments and a rising demand for copper products, fostering economic cooperation between the two nations.

Pakistan’s sesame seed exports to China soared by over 112%, reaching $250.85 million from January to November 2023, positioning the country as a key player in the global market, according to Ghulam Qadir, Commercial Counsellor at the Pakistan Embassy in Beijing. Chinese consumers are increasingly drawn to the quality and flavor of Pakistani sesame seeds, marking a significant uptrend from the $117.85 million recorded in the same period last year.

Foodpanda introduces the “Panda Mom Care Circle,” prioritizing the well-being of its team with extended maternity leave, flexible work options, and dedicated lactation rooms, showcasing a commitment beyond food delivery to create a supportive workplace for new mothers. The initiative not only celebrates parenthood with care packages and daycare facilities but also addresses emotional challenges with compassionate leave, setting a compassionate standard in the fast-paced food delivery industry.

The Pakistani rupee strengthened against the US Dollar for the third day, closing at 281.4 after gaining 27 paisas, while the State Bank of Pakistan reported a notable weekly increase of over $464 million in foreign exchange reserves. This positive trend follows a 13-day winning streak pause earlier this week.