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 emphasized that the diplomatic relations between Pakistan and China are unparalleled globally. These ties are built on trust, mutual respect, and cooperation, making them stand out in the field 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 tackling 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) gained 0.2% against major currencies today. The State Bank of Pakistan (SBP) is intensifying its monitoring of forex market trends to maintain currency stability. Forex Market Stability and Exchange Rates The Financial Markets Association’s bulletin on August 28 highlighted competitive trading rates. Pakistan’s forex market displayed reduced volatility in key currency pairs, including: 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, aligning closely with interbank rates. This indicates improved price stability and reduced speculative pressure. SBP Efforts to Limit Speculation Zafar Paracha, an official from the SBP, stated, “We’re closely tracking market dynamics to ensure stability.” The PKR’s slight appreciation is linked to the SBP’s efforts to curb speculative trading. Exporters report smoother transactions, boosting trade confidence. Enhanced forex stability allows businesses to plan international transactions more reliably, 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 leading Chinese garments group. This significant $100 million investment in the textile sector over five years is predicted to boost exports by $400 million. Major Textile Investment to Boost Export Growth Challenge Fashion Private Limited plans to inject $100 million into the establishment of the Special Economic Zone. The venture is anticipated to generate $400 million in export revenue, significantly enhancing Pakistan’s economy. Chairman Huwang Weiguo led the delegation, discussing the zone’s objectives. He emphasized its potential for technology transfer, skill development, and sustainable growth within Pakistan’s textile industry. Government Supports Manufacturing Expansion Prime Minister Sharif directed authorities to provide full support to Challenge Fashion. The government aims to further develop the industrial scope of the China-Pakistan Economic Corridor (CPEC). This project utilizes China’s expertise in textile manufacturing to bolster Pakistan’s manufacturing base, positioning the country as a regional textile hub. Strengthening Pakistan-China Trade Relations The Prime Minister praised the Chinese partnership, highlighting the strong bilateral friendship between Pakistan and China. He announced an upcoming China-Pakistan Business-to-Business Conference in China to enhance private-sector relations. This strategic initiative aims to attract further foreign investment into Pakistan’s manufacturing and export sectors. Key Attendees at the Ceremony Federal ministers 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 vital milestone in Pakistan’s economic growth efforts. It exemplifies the government’s commitment to creating an investment-friendly environment for global businesses. This investment boosts Pakistan’s standing in global trade, enhancing the nation’s manufacturing capabilities and export potential within an increasingly competitive international market.

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