Economy

Poland-Pakistan trade volume reaches $920m: envoy

Published

7 months ago

May 23, 2024

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KARACHI: The Ambassador of Republic of Poland Maciej Pisarski has informed that the overall trade volume between Poland and Pakistan has reached to more than US$920 million, of which Pakistan exported goods worth US$800 million due to GSP Plus arrangement which gives duty free access of Pakistani goods to Polish Market whereas Poland’s exports to Pakistan stood at US$128 million last year.

Polish Ambassador, who led a high-level trade delegation from Poland during its visit to the Karachi Chamber of Commerce and Industry (KCCI) said, “Keeping in view the enormity of potential, we would like to approach this existing potential by doing what we are doing today i.e. bringing the Polish businesspeople to Pakistan, introducing them to Pakistani potential partners and let them explore Pakistan in terms of future partnerships, besides helping them gain firsthand experience.”

Honorary Consul General of Poland in Karachi Mirza Omair Baig, President KCCI Iftikhar Ahmed Sheikh, Senior Vice President Altaf A Ghaffar, Vice President Tanveer Ahmed Barry, Former President Majyd Aziz, Chairman Diplomatic Missions & Embassies Liaison Subcommittee Farooq Afzal along with KCCI Managing Committee Members were also present on the occasion.

Underscoring the need to expand Polish-Pakistan trade and economic relations, the Envoy said that the Polish business community was very confident and has developed interesting offers not only for the traditional markets but also to be able to go global.

“This is what we are doing and we are very thankful to the Ministry of Climate for sponsoring this trip to Pakistan. This is exactly the type of activity which the embassy and the public administration can and have to undertake to reinvigorate our cooperation.”

Polish Ambassador further stated that Karachi has a very special place on the map of Polish memory as Karachi was a place where thousands of refugees found shelter during the 2nd World War. “It is also a place where Polish pilots, instructors and engineers came shortly after the Second World War to join the efforts of creating the Pakistan Airforce. During all these years, we have forged very strong people-to-people connections even before the commencement of diplomatic ties between the two countries”, he said, adding that Poland and Pakistan have been enjoying 62 years of fruitful and collaborative relationships based on mutual interest and respect which have grown to a point where there was definitely a great potential to expand these relationships.

He informed that Poland’s economy stands at 21st position with a size of US$1.4 trillion today and the sixth largest economy in the European Union, characterized by enormous dynamism, innovative approach and huge resistance. “We have been the fastest growing economy in the European Union and since 1990 Polish economy has grown by 900 percent. This year, Polish imports and exports stood at around US$700 billion.”

Earlier, President KCCI Iftikhar Ahmed Sheikh, while warmly welcoming Polish trade delegation, stated that despite growing diplomatic and cordial relationship, the potential remains largely untapped hence, there is a pressing need to expand trade, investment, economic, cultural, and people-to-people relations to fully realize the benefits of partnership between the two countries.

“Pakistan’s strong textile manufacturing capabilities encompass yarn production, fabric weaving, and garment production. With high demand in Poland’s market, there are significant investment opportunities for Polish firms to establish textile manufacturing units or form partnerships with existing Pakistani manufacturers, leveraging both nations’ business and labour forces,” he added.

He further stated that Pakistan can also attract Polish investment by promoting its Special Economic Zones (SEZs) and offering incentives such as tax and customs duty exemptions, and streamlined regulatory processes. “Polish firms can explore opportunities in textiles, agriculture, and tourism, while showcasing their potential in machinery, electricity, ferrous metals, motor vehicles, plastics, paper products, chemicals, processed food, beauty products and oilseeds to Pakistani investors.

President KCCI pointed out that Pakistani exporters face significant inspection challenges, including limited technical resources and customs delays. To address these issues, prioritizing market preferences, planning awareness sessions for farmers, and enhancing government cooperation on pesticide-related concerns and laboratory testing are essential. Additionally, nominating a third-party laboratory for evaluating goods during shipping can ensure better adherence to regulations, he opined.

He stressed that promoting collaboration in education and technology can lead to substantial benefits for both countries. Initiatives such as academic exchange programs, collaborative research projects, and online training platforms can facilitate the exchange of knowledge and technical expertise between Pakistan and Poland. “Hosting a series of trade events like exhibitions, trade fairs, and networking sessions can pave the way for new business opportunities. These events will enable Pakistani and Polish entrepreneurs to interact directly, showcase their products and services, and build lasting business relationships”, he added.

He was of the opinion that developing a joint digital platform by the chambers of commerce of both countries can significantly streamline trade and investment promotion which could offer comprehensive services including market intelligence, legal advisory and business matchmaking, besides helping businesses stay informed and connected with the latest market trends and regulatory updates.

Source: B Recorder

Related Topics:pakvsworld trading world economi

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PSX Posts Most noteworthy At any point Single-Day Gain of Just about 4,700 Places, Approaches 100,000 Achievement

Published

4 weeks ago

November 27, 2024

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Pak vs World, Pakistan stock Exchange, PSX

A day subsequent to seeing the greatest at any point single-day decline, the benchmark KSE-100 File of the Pakistan Stock Exchange (PSX) rose by 4,695.09 focuses or 4.73 percent on Wednesday to close at 99,269.25 focuses when contrasted with 94,574.16 focuses on the last exchanging day.

Business House Topline Protections said the market’s positive feeling was generally determined by the Pakistan Tehreek-e-Insaf’s (PTI) choice to end its dissent in Islamabad.

Regarding market capitalization, the previous decay of Rs. 480 billion was trailed by an uncommon increment of Rs. 526 billion today, denoting the second-most noteworthy single-day flood ever, it said.

The exchanging floor saw hearty purchasing action, with the file weighty financial area driving the charge. Other critical patrons included auto constructing agents, oil and gas investigation organizations, oil advertising organizations (OMCs), and power age firms, Topline said.

Top supporters of the file’s vertical direction were FFC, HBL, SYS, BAHL, and PPL, altogether adding 1,546 focuses, it added.

A sum of 1,057,104,968 offers were exchanged during the day when contrasted with 1,113,617,710 offers the past exchanging day, though the cost of offers remained at Rs. 39.556 billion against Rs. 43.165 billion on the last exchanging day.

Upwards of 450 organizations executed their portions in the securities exchange, 354 of them recorded gains and 51 supported misfortunes, while the offer cost of 45 organizations stayed unaltered.

Economy

Pakistan Received Foreign Loans of $715 Million in Two Months of FY25

Published

3 months ago

September 26, 2024

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Pakistan Secures $715M in Foreign Loans FY25 | Pak Vs World

Pakistan borrowed $714.74 million from multiple financing sources during the first two months (July-August) of the current fiscal year 2024-25 (FY25) compared to $3.206 billion borrowed during the same period of 2023-24, revealed the Economic Affairs Division (EAD) data.

The information uncovered that administration has planned evaluations of time stores of $9 billion including $5 billion KSA time store and $4 billion China Safe store for the ongoing financial year, in any case, no cash was gotten in July-August under this head. There is likewise no notice of help from UAE.

The public authority had planned $19.393 billion from numerous funding hotspots for FY25 including $19.216 billion advances and $176.29 million awards. Nonetheless, this incorporates no sum from the Worldwide Money related Asset (IMF).

The information further showed that the public authority planned assessments of $3.779 billion from the unfamiliar business banks for FY24; in any case, no cash was gotten under this head during the initial two months. The public authority has likewise planned evaluations of $1 billion from the issuance of bonds; in any case, as the nation didn’t give the bonds, no sum was gotten during the period.

The nation got $270.53 million in August 2024 from various sources. The nation got $259.04 million under the top of the “Naya Pakistan Authentication” during the initial two months of FY25 remembering $131.35 million for August.

The nation got $292.99 million from multilaterals and $162.70 million from reciprocal during July-August 2024. The non-project help was $273.12 million including $14.07 million for monetary help and venture help was $441.62 million during the period under survey.

The Asian Development Bank (ADB) dispensed $96.20 million during the period under survey contrasted with the planned $1.651 billion for FY25..

The IDA dispensed $147.86 million in July-August against the planned $1.525 billion for FY25 and IBRD $28.88 million against the planned $550.22 million. The IsDB (Present moment) dispensed no sum in July-August, be that as it may, the public authority has planned evaluations of $500 million for FY25 and AIIB dispensed $8.73 million, while IFAD dispensed $9.59 million against the planned $40.45 million for the financial year 2024-25.

China dispensed $96.76 million in July, but no cash was gotten in August from China. The public authority has planned $134.18 million from China for the monetary year 2024-25.

Saudi Arabia dispensed $2.69 million in the primary month of financial year 2024-25 against the planned evaluations of $146.54 million for the whole monetary year, but no sum was gotten in August.

The US dispensed $30.94 million in the initial two months against the planned $20.87 million for the financial year 2024-25.

Economy

PSX Records Highest-Ever Closing After Gaining 615 Points

Published

3 months ago

September 21, 2024

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PSX Records Highest-Ever Closing After Gaining 615 Points

The 100-Record of the Pakistan Stock Exchange (PSX) proceeded with its bullish pattern on Friday, acquiring 615.16 focuses, and completing the meeting at its most noteworthy truly shutting of 82,074.45 places.

In a note, business house Topline Protections featured that the KSE-100 Record proceeded with its energy and to a great extent exchanged a positive zone during the exchanging meeting, as the file acquired to make an intraday high of 913 places lastly settled at 82,372 level.

The business house ascribed the energy to lower-than-anticipated selling because of the FTSE rebalance today (FTSE Russell in its audit declared the renaming of Pakistan from Auxiliary Arising to Outskirts Market status).

A sum of 482,373,803 offers were exchanged during the day when contrasted with 459,037,985 offers the earlier day, though the cost of offers remained at Rs. 30.188 billion against Rs. 18.610 billion on the last exchanging day.

Upwards of 453 organizations executed their portions in the securities exchange, 195 of them recorded gains, and 196 supported misfortunes, while the offer cost of 62 organizations stayed unaltered.

The three top exchanging organizations were First Capital Protections with 31,588,613 offers at Rs. 2.76 per offer, Oil and Gas Improvement with 29,408,063 offers at Rs. 141.29 per share and Fauji Compost Canister Qasim with 28,625,529 offers at Rs. 44.36 per share.

Unilever Pakistan Food varieties Restricted saw a greatest increment of Rs. 107.92 per share cost, shutting at Rs. 17,616.25, though the next in line was Administration Ventures Restricted with Rs. 67.09 ascent in its per share cost to Rs. 1,149.79.

Ismail Businesses Restricted saw a most extreme lessening of Rs. 31.79 per share shutting at Rs. 1,625.94 followed by ZIL Restricted with Rs. 23.53 downfall to close at Rs. 215.70.