ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday described Pakistan’s small and medium enterprises (SMEs) as the backbone of national economy, issuing directives to take necessary measures to integrate them into the global supply chain, according to a statement from his office.
Pakistan has been striving to attract foreign investment as it recovers from a prolonged economic crisis characterized by a tough balance of payments situation, dwindling foreign currency reserves and a depreciating national currency.
While the government has signed various agreements with close allies and sought to promote business-to-business partnerships to drive growth, Sharif recently noted that foreign investment would remain elusive without first strengthening domestic investment.
“Small and medium enterprises are the backbone of the economy,” he said while presiding over a meeting in Lahore to evaluate the SME sector, according to the statement. “Comprehensive steps are needed to make Pakistani industries a part of the global supply chain.”
The prime minister received a detailed briefing on the operations of the Small and Medium Enterprise Development Authority (SMEDA) and was told its board of directors had been constituted and had started holding regular meetings.
“The process of hiring international-standard experts for the development of the SME sector has been initiated,” the official statement said.
“The State Bank of Pakistan has also instructed banks to simplify and streamline the loan application forms for SMEs,” it added.
The meeting was also informed that authorities were in the process of gathering data on SMEs across Pakistan to enable informed decision-making for the sector.
Pakistan PM calls SMEs ‘backbone’ of national economy, seeks steps for their global integration
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Pakistan PM calls SMEs ‘backbone’ of national economy, seeks steps for their global integration
- The government has initiated the process of hiring experts for the development of the SME sector
- State Bank of Pakistan has also directed banks to simplify the loan application process for SMEs
Lahore chamber of commerce sets up ‘War Fund’ amid Pakistan-India standoff
- Fund initially set up with Rs10 million [$35,683] with a target of Rs1 billion [$3,571,429], says state media
- Fears of a military confrontation between India and Pakistan loom large since Apr. 22 attack in Kashmir
ISLAMABAD: The Lahore Chamber of Commerce and Industry (LCCI) has established a War Fund to express solidarity with Pakistan’s armed forces, state-run media reported on Sunday, as Islamabad’s tensions with New Delhi continue to surge.
The LCCI is one of the most prominent Pakistani chambers of commerce in the country. It represents the interests of the business community, both locally and nationally, with responsibilities including advocacy, trade policy representation and economic regulation.
The LCCI made the announcement as Pakistan’s tensions with India continue to surge following the Apr. 22 attack at a popular tourist resort in Indian-administered Kashmir which killed 26 tourists. New Delhi blames Islamabad for backing perpetrators of the attack, an allegation Pakistan vehemently denies.
“Lahore Chamber of Commerce and Industry (LCCI) has announced to establish a ”War Fund” to express national solidarity with armed forces during wartime conditions,” state broadcaster Radio Pakistan reported.
LCCI President Mian Abuzar Shad was quoted by Radio Pakistan as saying that the fund has been initially established with Rs10 million [$35,683], adding that they intended to collect Rs1 billion [$3,571,429] which would be achieved “very soon.”
Fears of a military confrontation between the nuclear-armed nations, who both rule the disputed Kashmir territory in part but claim it in entirety, have surged after Apr. 22.
Both nations’ forces have traded fire over the Line of Control frontier in Kashmir while diplomats have exchanged barbs and both countries have expelled citizens and ordered their land border shut.
Prime Minister Narendra Modi has given the Indian military the “operational freedom” to respond to the Apr. 22 attack. Pakistan has since then conducted war exercises and vowed that military action from India would result in a “strong” response.
Several countries such as the US, China, UK, Saudi Arabia, Turkiye and other Middle Eastern nations have called on both India and Pakistan to exercise restraint and avoid an armed confrontation.
Pakistan reaffirms commitment to translate foreign investment into ‘tangible outcomes’
- Deputy PM Ishaq Dar chairs meeting to review progress related to foreign investment initiatives
- Calls for streamlined processes, institutional coordination and fast-tracked implementation
ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar this week reiterated the government’s commitment to ensure foreign investment from friendly countries translates into “tangible outcomes,” state-run media reported amid Islamabad’s attempts to achieve sustainable economic progress.
Pakistan has looked toward regional partners and friendly nations, particularly Gulf states, in the past few months to increasingly attract foreign trade and investment.
At the heart of Islamabad’s efforts lies a prolonged macroeconomic crisis that has drained the country’s revenues, triggered a balance of payment crisis and battered its economy.
“Deputy Prime Minister and Foreign Minister Ishaq Dar has reiterated the government’s commitment to provide all necessary facilitation to translate foreign investments into tangible outcomes for economic growth and prosperity,” state broadcaster Radio Pakistan reported on Saturday.
Dar was chairing a high-level meeting in Islamabad on Saturday to review progress related to investment initiatives by friendly countries across infrastructure, energy, petroleum and economic development sectors.
“The deputy prime minister emphasized streamlined processes, enhanced institutional coordination, and fast-tracked implementation of investment projects,” the report said.
To fast-track decisions related to international investment, Pakistan formed the Special Investment Facilitation Council (SIFC) in June 2023.
The SIFC is a hybrid civil-government body formed to attract international investment in priority sectors of the economy such as energy, tourism, agriculture, livestock, mines and minerals, and others.
Since it was formed, the government says the SIFC has helped it sign memoranda of understanding (MoUs) with several countries worth billions of dollars.
Karachi, Lahore to reignite ‘ultimate rivalry’ with PSL X clash today
- Lahore beat Karachi by 85 runs on Apr. 30 when the two sides last faced off
- Karachi beat Multan by 87 runs on May 1 in Pakistan Super League encounter
ISLAMABAD: Karachi Kings and Lahore Qalandars will reignite their Pakistan Super League (PSL) rivalry today, Sunday, when the two teams lock horns at the Qaddafi Stadium in an important clash of the tournament.
The Qalandars are placed at number three on the PSL points table, winning four matches from their eight fixtures. The Kings have also won only four matches from the seven games they have played and are placed at number four on the table.
Lahore had the upper hand the last time the two teams met on the field for the PSL X tournament, winning the encounter by 85 runs.
“Don’t miss the ultimate rivalry #LQvKK today at Qaddafi Stadium!” the PSL wrote on its official social media platforms.
The Kings will head into the match confident, having beat an out-of-form Multan Sultans squad by 87 runs on May 1.
The Qalandars have been in fine form as well, demolishing Islamabad United by 88 runs on Apr. 30 before their match against Quetta Gladiators on May 1 ended in a no result tie due to rain.
Qalandars have had batting success in the form of openers Abdullah Shafique and the explosive Fakhar Zaman while fast bowler Shaheen Shah Afridi has fared impressively as well.
The Kings will look toward their skipper and opener David Warner, who has been out of form as of late, and Tim Siefert to deliver the goods.
The intense rivalry between the two franchises has been compared to the India-Pakistan and Australia-England cricket rivalry, with many also using the phrase “El-Clasico of cricket” to describe their clash.
The match will kick off at 8:00 p.m. Pakistan Standard Time.
Pakistan to hold key national security briefing for political parties today amid India tensions
- Pakistan has been preparing for possible military confrontation with India ever since Apr. 22 Kashmir attack
- Parties to be informed about preparation of armed forces and Islamabad’s diplomatic initiatives, says state media
ISLAMABAD: Pakistan’s information minister and military spokesperson will hold an important national security briefing today, Sunday, for representatives of various political parties amid Islamabad’s surging tensions with Delhi, according to state-run media.
Pakistan has been preparing for the possibility of a military confrontation with India ever since its tensions with its nuclear-armed neighbor skyrocketed last month. Delhi blamed Islamabad for being involved in a militant attack on Apr. 22 at a tourist resort in Indian-administered Kashmir that killed 26 tourists.
Pakistan denied involvement and as India vowed to go after backers of the Kashmir attack, Islamabad vowed it would give a “strong” response to any military action by India.
“Federal Minister for Information and Broadcasting Attaullah Tarar and Director General Inter-Services Public Relations (ISPR) Lt. Gen. Ahmed Sharif Chaudhry will hold an important background briefing on the national security for representatives of all political parties on Sunday,” the Associated Press of Pakistan (APP) reported on Saturday.
It said the briefing would primarily focus on the prevailing national security landscape, particularly concerning relations between Pakistan and India, and its broader implications.
Political parties will be informed about the preparedness of Pakistan’s armed forces while information about ongoing diplomatic initiatives and Islamabad’s official stance on the situation will also be shared, it added.
“The statement said that the briefing, in the current situation, is a prime example of national unity and consensus among all the parties,” APP said.
As tensions surge between the two neighbors, their forces have traded fire over the Line of Control frontier in Kashmir while diplomats have exchanged barbs, expelled citizens and ordered their land border shut.
Pakistani opposition parties have in recent times become more openly critical of the military, which has been accused of being heavily involved in politics and the economy. The military denies the allegations.
However, recent tensions with India have turned bitter political foes into temporary allies.
When the Senate voted on an anti-India resolution last month, jailed former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party voted in favor, ensuring it passed unanimously.
Pakistan plans media visit to de facto Kashmir border to counter Indian reports of militant camps
- The trip has been organized by the information ministry and is expected to take place on Monday
- Information minister, military spokesperson will brief politicians on Pakistan-India tensions today
ISLAMABAD: Pakistan plans to take local and foreign journalists to the Line of Control (LoC), the de facto border separating the two parts of the disputed Himalayan region of Kashmir, on Monday, following Indian media reports alleging the presence of militant camps on the Pakistani side.
According to the state-owned Associated Press of Pakistan (APP), the trip has been organized by the information ministry and was originally planned for Sunday. However, it had to be postponed due to a weather forecast predicting inclement conditions.
The media visit has been planned less than two weeks after the April 22 gun attack in Pahalgam, a tourist destination in Indian-administered Kashmir, that killed 26 people.
Security sources say the visit will allow journalists to investigate claims made in recent Indian media reports identifying several locations allegedly used as militant camps.
“Journalists will be taken to all the areas mentioned in recent reports to independently verify the claims,” a security official said on condition of anonymity. “Pakistan rejects these allegations and considers them part of a propaganda effort.”
Recent Indian news reports named various towns and villages near the LoC and claimed that militant groups had vacated camps ahead of potential Indian strikes. Pakistani authorities have dismissed the claims of militant presence and camps as baseless.
Meanwhile, Federal Minister for Information and Broadcasting Attaullah Tarar and military spokesperson Lt. Gen. Ahmed Sharif Chaudhry are also scheduled to brief leaders of Pakistan’s political parties on Sunday, said a report in Radio Pakistan.
“The high-level background briefing will focus on the current state of national security, particularly in the context of Pakistan-India relations and the implications of recent developments,” it said.
“Participants will be briefed on the defensive preparedness of Pakistan’s armed forces, ongoing diplomatic efforts, and the official stance of the state on key issues,” the report added.
