Business

ISLAMABAD — The Islamabad Chamber of Commerce and Industry (ICCI) is set to collaborate with the African diplomatic community in Islamabad to celebrate Africa Day 2026. The event on June 30 aims to strengthen economic, cultural, and people-to-people ties between Pakistan and African nations. It will also explore new opportunities for trade and business cooperation. Visit by African Diplomats The decision to celebrate Africa Day was confirmed during a visit by Munsoor Kurrimbaccus, High Commissioner of Mauritius, and Ahmed Drif, Deputy Head of Mission at the Embassy of Morocco, to the ICCI. High Commissioner Kurrimbaccus praised ICCI’s proactive role in promoting international business diplomacy. He highlighted the chamber’s efforts in enhancing global economic cooperation. Strengthening Pakistan-Morocco Relations Ahmed Drif emphasized the strong and friendly relations between Pakistan and Morocco. He outlined substantial opportunities for enhancing trade, investment, tourism, and cultural exchanges. Drif advocated for increased collaboration between public and private sectors in both regions. Pakistan’s Focus on Africa ICCI President Sardar Tahir Mehmood stressed that building ties with Africa remains a priority in Pakistan’s foreign economic policy. He noted Africa’s potential in sectors such as agriculture, mining, technology, and infrastructure. Mehmood expressed optimism that Africa Day will serve as a key platform for diplomats, business leaders, and policymakers to explore new avenues for cooperation.

KARACHI — The National Bank of Pakistan (NBP) has released the latest currency exchange rates for Monday. This update provides crucial insights into the buying and selling values of major international currencies. US Dollar Exchange Rate The NBP reports that the U.S. Dollar is currently being sold at 280.09 PKR. The buying rate is slightly lower than the selling rate. These exchange rates are essential for traders, investors, and the general public to make informed decisions. Comprehensive Currency List The NBP has issued a detailed list of exchange rates for various international currencies. This information aims to aid financial planning and enhance transaction efficiency within Pakistan’s market economy.

ISLAMABAD — Pakistan’s Oilseed Department has unveiled a comprehensive plan to boost indigenous oilseed cultivation. This ambitious initiative aims to reduce import dependency and enhance domestic edible oil production. Expanding Local Production The plan targets increasing self-sufficiency by raising local production to meet 27% of the nation’s edible oil demand. By prioritizing indigenous oilseed development, the strategy seeks effective import substitution. Strengthening Economic Resilience The government expects this approach to bolster the country’s economic resilience. Lowering imported edible oil costs will alleviate the financial strain on the national economy. Farmer Support and Institutional Collaboration The proposal stresses the importance of equipping farmers with advanced cultivation techniques to boost production. It underscores the need for collaboration among government bodies, research institutions, and the agriculture sector to achieve these objectives.

ISLAMABAD — A Chinese consortium has reaffirmed its long-term commitment to investing in Pakistan’s capital market. This decision follows the resolution of crucial regulatory issues by the Securities and Exchange Commission of Pakistan (SECP). Regulatory Resolutions by SECP The SECP has made concerted efforts to resolve these regulatory matters, which are vital for encouraging foreign investment. As a key economic partner, China stands to benefit significantly. The resolved issues create a more favorable environment for Chinese investors, promising a stronger capital market in Pakistan. Enhancing Economic Ties This initiative is part of a broader strategy to strengthen economic ties between China and Pakistan. The aim is to open new avenues for investment and create a more integrated financial market, benefiting both nations. Confidence in Pakistan’s Financial Sector The Chinese consortium’s commitment highlights international investors’ confidence in Pakistan’s financial sector. These developments signal positive prospects for economic growth and increased cooperation in the future.

ISLAMABAD — Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production, met with a delegation from Alibaba.com on Monday. The meeting focused on enhancing cooperation to boost Pakistan’s digital economy. Industrial Growth Focus The meeting aimed to promote industrial growth and expand the export potential of small and medium enterprises (SMEs). Officials emphasized the significance of increasing SME participation in the global digital marketplace. Collaborative Strategies with Alibaba Discussions centered on how Alibaba.com could collaborate with Pakistani SMEs to enhance their presence in the digital market. Various strategies were explored to improve the digital skills of local entrepreneurs, enabling them to seize international opportunities. Government’s Commitment to SMEs Khan highlighted the government’s commitment to supporting SMEs, crucial to the national economy. He emphasized the potential of digital platforms to broaden their reach and increase competitiveness. Further cooperation with Alibaba.com is anticipated as part of these initiatives.

The price of gold in Pakistan jumped significantly on Monday. The cost of 24 karat gold per tola increased by Rs 10,800, as reported by the All Pakistan Sarafa Gems and Jewellers Association. This surge has set the new price at Rs 455,136, rising from Rs 444,336 on the previous trading day. Market Volatility The notable increase in gold prices underscores the persistent volatility in the local market. Various factors drive these changes, making it crucial for investors to understand them. Influencing Factors International Trends Analysts attribute the recent rise in gold prices to international gold rate trends. Global fluctuations have a direct impact on local pricing. Local Demand The variation in local demand for gold is another critical factor. This fluctuating demand plays a significant role in Pakistan’s pricing dynamics. Implications for Stakeholders Both investors and consumers should closely monitor these developments. Economic conditions are ever-changing, influencing precious metal prices across the country.

SIALKOT — On Thursday, the Ambassador of Zimbabwe, Titus M.J. Abu Basutu, visited the Sialkot Chamber of Commerce and Industry (SCCI). Webster T. Chiyangwa, Counsellor and Deputy Head of Mission, accompanied the ambassador. Welcoming the Zimbabwean Delegation The President of SCCI, Syed Ahtesham Mazhar, warmly welcomed the Zimbabwean delegation. Senior Vice President Muhammad Murad Arsad and Vice President Salman Sheikh were also present to greet the visitors. Focusing on Bilateral Trade The discussions during the visit were primarily aimed at strengthening bilateral trade relations between Zimbabwe and Pakistan. Although the specific details were not disclosed, the meetings are crucial for enhancing trade ties. Exploration of Business Opportunities Visits like these often facilitate the exploration of potential business and investment opportunities. They serve as a platform for discussions that can mutually benefit both nations involved in trade and investment relations.

ISLAMABAD — Finance Minister Muhammad Aurangzeb has shared positive prospects for Pakistan’s economy. The nation is projected to experience economic growth with an expected expansion of 4% in the coming year. Inflation Forecast In addition to growth, a notable decline in inflation is anticipated. The current inflation rate, at 11.7%, is projected to fall to 8.2%. Potential Risks However, despite the optimistic outlook, the Finance Minister cautioned about potential risks. Ongoing conflicts in the Middle East could disrupt these promising economic trends.

KARACHI — The National Bank of Pakistan (NBP) has announced the updated exchange rates for major currencies as of Monday. Major Currency Rates The US dollar is available at a selling rate of PKR 280.09, while the buying rate is PKR 277.09. The British pound has a selling rate of PKR 376.55, with the buying rate set at PKR 372.12. The euro is listed with a selling rate of PKR 325.05 and a buying rate of PKR 321.23. Additional Currencies The following are updated rates for other significant currencies: The Japanese yen has a selling rate of PKR 1.7500 and buying rate of PKR 1.7294. The United Arab Emirates dirham is priced at a selling rate of PKR 74.64 and a buying rate of PKR 73.76. The Saudi riyal’s selling rate is PKR 76.26, with a buying rate of PKR 75.36.

QUETTA — The Governor of Balochistan has announced the budget session for the provincial assembly, scheduled for June 17, 2026. This significant event, held under Article 109(a) of the Constitution, is set to begin at 4:00 PM in Quetta. Session Details The Balochistan Assembly Secretariat has confirmed the session’s date and time through an official notification. It highlights that strict security measures and entry protocols will be enforced during the assembly proceedings. Importance of the Budget Session This budget session is crucial for legislators as they discuss essential fiscal plans and financial allocations for the upcoming year. These deliberations have a direct impact on the region’s economic growth and development.