Browsing: Business

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.

In the initial half of the fiscal year, our nation experienced a substantial 64% surge in revenue from agricultural and food product exports, resulting in a noteworthy reduction in the trade deficit. Key contributors to this growth included a nearly doubled income from rice exports, along with significant increases in maize and sesame seeds exports.

Pakistan’s travel services sector showed a commendable 3.25% growth, reaching $225.083 million in the first four months of the fiscal year 2023-24, reflecting resilience and expansion. Notable spikes in health and education-related expenditures contribute to this positive trend, signaling increased global participation and economic development.

JDW Sugar Mills Ltd. is set to launch a state-of-the-art Ethanol/Distillery Project, utilizing in-house sugar molasses for export-quality ethanol production, with an expected daily capacity of 200,000 to 230,000 liters and a planned Commercial Operation Date by January 2025.

The Pakistani rupee strengthened against the US Dollar, closing at 281.72, up 17 paisas, after a brief intraday dip. Forecasts indicate potential depreciation to 325 by December 2024 amid economic uncertainties.