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Business & Commerce

Auto Sector Projected to Grow In 2021, 2022

KARACHI: Despite the negative impacts of the Covid-19 lockdown on Pakistan’s economy, experts see light at the end of the tunnel for the automobile industry. “Industry analysts have painted a positive outlook for the auto industry in the upcoming years, predicting around 17% rise in demand for cars in 2021 and 24% in 2022,” stated an OLX report on vehicle category. In comparison to FY20, the volumes are estimated to…

Skywell Automobile to Invest $50 Million in Pakistan to Launch Electric Vehicles

In a session with the local media, the Federal Minister Science & Technology, Fawad Chaudhry announced that Skywell Automobile will be bringing in an investment of 50 million dollars to launch electric buses in Pakistan. The aforementioned investment is planned for the first phase. The next phase shall see the beginning of the local manufacturing of electric buses in Pakistan. The Minister informed that these buses will begin rolling on…

SBP Approves Pakistan’s Own PayPal-Like International Payment Gateway

The State Bank of Pakistan (SBP) has reportedly given go-ahead for the establishment of an international payment gateway to monitor remittances through the National Information Technology Board (NITB), sources familiar with the matter told ProPakistani. This information has been shared with the federal cabinet in a recent meeting when the performance of NITB came under discussion. A query was raised on the status of two projects, namely, Anti-Money Laundering and…

Pakistan wins GSP-Plus extension from EU

The International Trade (INTA) Committee of EU Parliament has extended the Generalised System of Preferences-Plus (GSP-Plus) status for Pakistan, enabling the country to continue to enjoy preferential duties on exports for the next two years. While the GSP-Plus facility has been available to Pakistan since January 2014, its continuation is an award for Islamabad’s progress in enacting new laws and developing new institutions for implantation of 27 core conventions of…

Pakistani fintech entrepreneur wins award

Adnan Ali, the CEO of Avanza Premier Payment Services (APPS) won the “Excellence in Finance Leaders”, award for his significant contribution towards the financial sector, at the FiNext Conference, held in Dubai on February 26 & 27, 2020. The award is not just an individual win, but a milestone for Pakistan, as it signifies recognition of domestic entities and talent on international forums. FiNext Awards are one of the most…

Chinese firm set to launch ride-hailing service in Karachi this month

As the fate of both provincial and federal government-funded transportation projects remains uncertain amid the widening gap between demand and supply of adequate transportation facilities, international players are seeing great opportunities in Karachi to expand their businesses. This time round, a Chinese tech giant is set to launch wide-ranging operations in Karachi, including delivery and ride-hailing cab services, with plans to invest $600 million in the country, officials and market…

Two Pakistanis shortlisted for Commonwealth Youth Awards

Two Pakistanis were among 16 innovators, activists and entrepreneurs from 12 countries that have been shortlisted for the Commonwealth Youth Awards 2020, organisers said on Thursday.A pan-Commonwealth judging panel met last week and selected the top individuals in each of the award’s four regional categories. This year, the awards received more than 500 entries from 40 countries. Of those shortlisted, the top candidate from each region will be named as…

Malaysian automaker to start production in Pakistan by first half of 2021

Malaysian auto giant Proton, would open its production facility in Pakistan in the first half of 2021, in Pakistan’s economic hub Karachi. Whereas, Pakistan’s national carrier PIA will be adding a new direct flight destination soon from Lahore to Kuala Lumpur. “Both leaders recalled the symbolic ground breaking of the Proton Assembly Plant jointly officiated in Islamabad on 22 March 2019, and were pleased to note the progress made at…