Business News

Danish minister eyes trade opportunities in Pakistan

Mian Arshad

Islamabad—Denmark’s Trade and Development Minister, Mogens Jensen, has expressed great potential for increased trade between Pakistan and Denmark. According to Minister Jensen “Pakistan demands knowledge, technology and innovative solutions in sectors such as energy, water, health, food products and agriculture. These are areas where Danish companies have particularly strong competence. Increased cooperation can lead to sustainable development in Pakistan as well as growth and jobs in Denmark”. The ministers’ statements came in response to a delegation visit of seven Pakistani companies, which visited Denmark recently.

Lycamobile UK delegation meets IT minister

Staff Reporter

Islamabad—A two-member delegation of Lycamobile UK, headed by Mr. Faheem Shehzad Senior Business Executive called on the Minister of State for Information Technology Ms. Anusha Rahman in her office here in Islamabad today. Federal Secretary IT Mr. Azmat Ali Rangha was also present in the meeting. The delegates apprised the Minister regarding Global business potentials and key features of their company. Lycamobile is a leading cellular company based in UK while having successful business venture in 17 Western and European Countries including USA. While keeping in view business friendly environment, Lycamobile is keenly looking to expand its full MVNO footprints in Pakistan.

PSM achieves 22pc capacity utilization mark

Staff Reporter

Karachi—Pakistan Steel Mills (PSM) has already achieved 22% of capacity utilization (CAPU) till Sept 20 and is expected to touch 45-50% mark by next month, said its Chief Executive Officer, Major General (Retd) Zaheer Ahmed Khan. Talking to a delegation of the clients of PSM at Operations Building, Bin Qasim, he said a financial re-structuring package worth Rs 18.5 billion have been recently given to PSM by the federal government, for the revival of national asset.

Taxing premiums on cars

Amanullah Khan

Karachi—This year’s federal budget was drafted with a view to broadening the tax net through additional taxation and levies on services and products. The purpose of this measure was to tax various economic activities that were previously untaxed or went unnoticed, often as ‘under the table’ transactions. The Finance Ministry explained that elaborate measures shall be taken to ensure tax evasion would be rendered impossible. Consequently, various tax exemptions were removed, services taxation was raised and the Advanced Income Tax (Withholding Tax) was imposed on locally manufactured items.

Khawaja Asif dubs textile sector a corporate beggar

Islamabad—Minister for water and power Khawaja Asif has dubbed the entire textile sector corporate beggar and advised this sector to find out solution to lingering power and gas crisis on self help basis. The ministerial committee constituted by the Prime Minister to address the energy crisis facing textile sector has failed to convene its meeting so far. The minister for textile industry Abbas Khan Afridi is also taking no interest in discharging his responsibilities in his ministry.

ChenOne, Shanghai Jocund Int’l sign joint venture agreement

Staff Reporter

lahore—CEO ChenOne Mian Kashif Ashfaq and Li Shu Executive Director Shanghai Jocund International signed a joint venture between the two companies. Under the joint venture agreement a new company by the name of Shanghai ChenOne Home Trading Limited will be formed. The joint venture will primarily focus on the sale of ChenOne home products in China.

EU funded PLCIP inaugurated

Staff Reporter

Islamabad—Head of Cooperation, Delegation of the European Union (EU) to Pakistan Bernard Francois on Tuesday, inaugurated the EU funded “Pakistan Leather Competitiveness Improvement Program (PLCIP)” under the EU Trade Related Technical Assistance Program. The Program will help boost growth in the leather sector, which has been stagnant or declining for the past few years.

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