Economy

News and updates about Economy under Pakistan category.

Economy, International, Pakistan

PM Shehbaz Sharif Describes Pakistan-China Ties as ‘Two Souls, One Heart’ at 75th Anniversary Celebrations

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Prime Minister Muhammad Shehbaz Sharif praised the enduring ties between Pakistan and China, describing them as “two souls, one heart.” He delivered this statement during a special event in Beijing marking the 75th anniversary of diplomatic relations between the two countries. The Prime Minister emphasized the historic bond, bolstered by the vision and dedication of leaders from both nations for over seven decades. Unmatched Diplomatic Relations PM Shehbaz noted that the diplomatic relations between Pakistan and China are unrivaled globally. These ties are built on trust, mutual respect, and cooperation, making them stand out in the arena of international diplomacy. He praised China’s rise as a global economic and military power, attributing its success to its leaders’ hard work and consistent policies. PM Shehbaz mentioned that China’s experience in addressing poverty and economic challenges offers valuable lessons to developing nations. “Today’s China exemplifies how determination and consistency can achieve the impossible,” he stated. Visionary Leadership of Xi Jinping PM Shehbaz lauded Chinese President Xi Jinping for lifting over 800 million people out of poverty with visionary policies. He commended Xi for promoting peace and diplomacy on the global stage, even as China’s influence grows. Milestones in Friendship PM Shehbaz shared fond memories of Pakistan-China relations, such as joining citizens in Lahore to welcome former Chinese Premier Zhou Enlai with then Foreign Minister Zulfikar Ali Bhutto. He also highlighted China’s role in the 2010 floods in Pakistan, where Chinese teams played a crucial role in relief efforts. “Our friendship has weathered every storm,” he remarked. Future Economic Cooperation PM Shehbaz expressed optimism that Pakistan-China ties will continue to flourish. He emphasized that cooperation is vital for benefiting future generations and suggested that Pakistan could emulate China’s economic model through necessary reforms. Beijing’s Support for Pakistan Chinese Vice President Han Zheng congratulated both nations on their milestone anniversary, reaffirming Beijing’s unwavering support for Pakistan. He described the countries as “good friends connected by geography and a shared future.” Han acknowledged Pakistan’s support for China, particularly in helping China regain its UN seat. Joint Achievements The Chinese Vice President highlighted key joint achievements: The Karakoram Highway linking both nations The China-Pakistan Economic Corridor (CPEC) Phase 2.0 Projects under the Belt and Road Initiative Strategic Partnership Commitments Han Zheng expressed readiness to deepen strategic partnerships further, ensuring mutual progress and development.

Business, Economy

PKR Gains Marginally as SBP Monitors Forex Market Trends

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Karachi, August 28, 2025, 04:17 PM PKT – The Pakistani Rupee (PKR) recorded a 0.2% gain against major currencies today. The State Bank of Pakistan (SBP) has intensified its monitoring efforts on forex market trends to ensure currency stability. Forex Market Stability and Exchange Rates The Financial Markets Association’s bulletin, issued on August 28, highlighted competitive trading rates. Pakistan’s forex market showed reduced volatility in key currency pairs: USD at PKR 283.61 GBP at PKR 381.69 EUR at PKR 329.68 JPY at PKR 1.9150 In the open market, the USD traded at PKR 283.80, closely aligning with interbank rates. This reflects improved price stability and reduced speculative pressure. SBP Efforts to Limit Speculation Zafar Paracha, an official from the State Bank of Pakistan, stated, “We’re closely tracking market dynamics to ensure stability.” The PKR’s slight appreciation is linked to SBP’s efforts to curb speculative trading. Exporters report smoother transactions, enhancing trade confidence. With enhanced forex stability, businesses can plan international transactions more reliably, significantly lowering currency risks for both importers and exporters. Digital Forex Monitoring Platform Launch The SBP plans to launch a dedicated forex monitoring app on October 1, 2025. This platform aims to increase transparency for businesses and individuals involved in foreign exchange and remittances. In July 2025, Pakistan’s remittances reached $2.8 billion, underscoring the importance of transparent forex operations for the national economy. This substantial inflow supports the country’s foreign exchange reserves and strengthens the rupee against major currencies. Positive Reception by the Business Community The Karachi Chamber of Commerce has praised the current forex market stability. Representatives urge policymakers to maintain economic policies that bolster currency stability and promote trade growth. A currency trader noted, “This strengthens our economy,” reflecting positive market sentiment. Market participants anticipate continued stability with the current monitoring measures in place.

Business, Economy, National News

Prime Minister Launches Chinese Textile Group’s Economic Zone—$100M Investment Expected to Yield $400M in Exports

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ISLAMABAD, August 15, 2025 — Prime Minister Shehbaz Sharif inaugurated a new Special Economic Zone developed by Challenge Fashion Private Limited, a Chinese garments group. This notable investment in the textile sector involves $100 million over five years, with forecasts predicting it will yield $400 million in exports. Major Textile Investment to Boost Export Growth Challenge Fashion Private Limited plans to invest $100 million over the next five years to establish the Special Economic Zone. This venture is anticipated to generate $400 million in export revenue, significantly enhancing Pakistan’s economy. Leading the delegation, Chairman Huwang Weiguo discussed the zone’s objectives, highlighting its potential for technology transfer, skills development, and sustainable industrial growth within Pakistan’s textile industry. Government Supports Manufacturing Expansion Prime Minister Sharif directed authorities to fully support Challenge Fashion. The government is committed to further developing the industrial aspect of the China-Pakistan Economic Corridor (CPEC). This project leverages China’s expertise in textile manufacturing and export competitiveness to strengthen Pakistan’s manufacturing base, aiming to establish the country as a regional textile hub. Strengthening Pakistan-China Trade Relations The prime minister lauded the Chinese partnership, noting the strong bilateral friendship between Pakistan and China. He announced an upcoming China-Pakistan Business-to-Business Conference in China to boost private-sector relations between the two nations. This strategic initiative seeks to attract further foreign investment to Pakistan’s manufacturing and export sectors. Key Attendees at the Ceremony Federal ministers in attendance showed their support for the inauguration: Ahsan Iqbal Jam Kamal Attaullah Tarar Ali Pervez Malik Sardar Awais Ahmad Leghari Special Assistant Tariq Fatemi Economic Zone Boosts Global Trade Position The Special Economic Zone marks a significant milestone in Pakistan’s economic growth efforts. It demonstrates the government’s commitment to fostering an investment-friendly environment for global businesses. This investment enhances Pakistan’s standing in global trade, strengthening the nation’s manufacturing capabilities and export potential in an increasingly competitive international market.

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