Search form

You are here

  • Home
  • Government to introduce one-window facility for foreign, local investors


Government to introduce one-window facility for foreign, local investors

Abdul Razak Dawood, adviser to prime minister on commerce, textile and industry, and Chairman Board of Investment (BoI) Haroon Sharif addressing a news conference in Islamabad on Wednesday. (Photo courtesy: PID)
Updated 30 January 2019
Aamir Shah
Follow

Government to introduce one-window facility for foreign, local investors

  • Pakistan ranks 136 in list of 190 economies for ease of doing business
  • Saudi Arabia, UAE to invest in hotels, resorts and food processing units
Updated 30 January 2019
Aamir Shah

ISLAMABAD: Pakistan government said on Wednesday that it would introduce a one-stop shop for entrepreneurs to attract investments to the country, with plans to set up ease of doing business centers in all four provinces in the next three months.  

Adviser to Prime Minister on Commerce, Abdul Razak Dawood, made the announcement while addressing a news conference along with the Chairman of the Board of Investment (BoI), Haroon Sharif.

“Our efforts are focused on improving the ranking of the country in terms of doing business,” Dawood said, adding that the process of industrialization has started in the country which will create job opportunities for the youth.

Pakistan is currently ranked 136 among 190 economies of the world in terms of its ease of doing business. The government is now struggling to improve the ranking to 100 in the current financial year.

Dawood said that work was also underway to issue promissory notes to exporters to clear their outstanding tax refunds amounting to around Rs200 billion. “This will resolve the liquidity issue of the exporters and help boost our exports as well,” he added.

Speaking on the occasion, Sharif said that regional countries including Saudi Arabia, the United Arab Emirates, and Malaysia had expressed “great interest” for investments in different sectors of the economy.

He said that Saudi Arabia was setting up an oil refinery in the deep sea port of Gwadar, while Pak-Arab Refinery Limited Company (PARCO) was also planning to set up a similar facility in Pakistan. “These countries have also expressed an interest for investment in hotels, resorts, and the food processing units,” he said.

Sharif said that under the new tourism policy of the government, there is no restricted area in the country and businessmen can invest in Gilgit-Baltistan, Azad Kashmir, and Balochistan, too.

“We are issuing business visas in 24 hours now,” he said, adding that “businessmen can now apply for a visa online without going to Pakistan’s embassies."

He said that the online visa facility would be extended to 60 countries of the world.

Talking about taxes, he said that the government has simplified the tax payment procedures for businessmen while the number of taxes have also been reduced from 47 to 16.

“Businessmen can now pay their taxes online as well,” he said, adding that laws will also be framed to ensure that the businesses have “easy access to banking credit."

Topics: Pakistan Saudi Arabia UAE Pakistan Saudi Ties Pakistan-UAE Islamabad

Related

Business & Economy
Expats urged to become highway for Saudi-Pakistan investments
Business & Economy
Pakistan investors’ secretariat to mobilize traders

Pakistan PM insists on ‘no soft-pedalling’ in response to last year’s May 9 violence

Updated 7 sec ago
Follow

Pakistan PM insists on ‘no soft-pedalling’ in response to last year’s May 9 violence

  • Mobs targeted military installations and martyr memorials on May 9, 2023, following ex-PM Imran Khan’s arrest
  • Khan’s party says Punjab police have raided houses of its parliamentarians and workers to scuttle peaceful rallies
Updated 7 sec ago
Aamir Saeed

ISLAMABAD: Prime Minister Shehbaz Sharif said on Thursday there should be “no soft-pedalling” concerning the May 9 violence last year, when mobs targeted government properties, military installations and martyr memorials following the arrest of former premier Imran Khan on graft charges in the federal capital.
Pakistan’s incumbent government, composed of by Khan’s political rivals, has decided to observe the anniversary of the incident under the slogan “May 9, never again.”
Hundreds of people carrying the flags of Khan’s Pakistan Tehreek-e-Insaf (PTI) party came out into the streets following his arrest a year ago and targeted government and military buildings, including the official residence of a senior army officer in Lahore and the General Headquarters in Rawalpindi.
Subsequently, hundreds of PTI workers and leaders were arrested in a state crackdown on charges of involvement in the May 9 protests, and some of them continue to remain behind bars while waiting for their cases to be adjudicated.
“Let not the shadows of lies, hide the light of truth,” the prime minister said in a social media post. “One year ago today, not only were symbols of our national pride and honor attacked, but the sanctity of our sacred homeland was also assaulted.”
“There can absolutely be no soft-pedaling of what happened on #May9 and there can be no absolution for those who orchestrated, supported, and assisted the attempt to damage the foundations of our nation,” he continued. “Love of our country demands nothing less, #May9NeverAgain.”

 
Sharif is also scheduled to chair a special meeting of the federal cabinet and address a special function in Islamabad to pay homage to the martyrs and their families.
Meanwhile, the PTI is organizing gatherings across the country to express solidarity with the jailed former prime minister Khan. The party said the police in Pakistan’s most populous Punjab province raided the houses of its leaders and workers on Wednesday night to scuttle it public events.
“Condemn the Punjab Police crackdown against PTI parliamentarians and activists all across Punjab last night,” Omar Ayub Khan, leader of opposition in the National Assembly, said on social media. “9th May 2023 was a ‘False Flag Operation’ against PM Imran Khan and PTI.”
“Regardless of the crackdown, peaceful rallies and protests will be held across Pakistan in the morning,” he added.

Topics: May 9 protests

Karachi pilgrims utilize Makkah Route Initiative for first time as Pakistan initiates Hajj flights

Updated 5 min 53 sec ago
Follow

Karachi pilgrims utilize Makkah Route Initiative for first time as Pakistan initiates Hajj flights

  • The first flight carrying 180 pilgrims took off from Karachi’s Jinnah International Airport on Thursday
  • This year, about 179,210 Pakistanis will perform pilgrimage under government and private Hajj schemes
Updated 5 min 53 sec ago
KHURSHID AHMED   

KARACHI: Pakistan launched its Hajj flight operation on Thursday, with two private airlines departing from Karachi’s Jinnah International Airport, marking the start of a month-long special air service to transport pilgrims to Saudi Arabia under the Makkah Route Initiative.
The initiative, launched by Saudi authorities in collaboration with several Muslim-majority countries, enables pilgrims to complete the immigration process in their home country, allowing them to bypass these procedures upon arrival in the kingdom.
Pakistan joined the initiative in 2019 as part of a pilot program that started in Islamabad. Its success led to plans for the program’s expansion to other cities, with pilgrims from Karachi benefitting from it for the first time this year.
The first Airblue flight carrying 180 pilgrims departed at approximately 2:18 AM, while the second, operated by Air Sial with about 155 pilgrims onboard, left at around 2:45 AM from Karachi.
“Alhamdulillah, our first Hajj Flight PF754 departed a while ago from Karachi to Madinah which marks the commencement of our Hajj Operation 2024,” AirSial proclaimed in a social media post.


Earlier this week, a group of 44 Saudi officials arrived in Karachi to carry out immigration procedures under the Makkah Route Initiative for Hajj pilgrims.
As part of the month-long pre-Hajj operations starting this week, 11 flights will arrive in Madinah on Thursday from five major Pakistani cities, transporting about 2,160 pilgrims.
Pilgrims from Islamabad, Karachi, Lahore, Multan and Peshawar will be flown to Prince Mohammad Bin Abdulaziz International Airport in Madinah, marking a significant influx of devotees.
Five airlines – Pakistan International Airlines, Saudi Airlines, Airblue, Serene Air and Air Sial – will operate 259 flights to ferry pilgrims from eight major cities in Pakistan, including Islamabad, Karachi, Lahore, Peshawar, Multan, Quetta, Sialkot and Sukkur, to Jeddah and Madinah under the government scheme.
Upon arrival, Pakistani pilgrims will be received by officials at the Pakistan Consulate General and the Hajj Mission of the Ministry of Religious Affairs.
For the first 15 days, all flights will depart from various Pakistani cities to Madinah, continuing until May 23. Thereafter, flights will switch to King Abdulaziz International Airport in Jeddah until the completion of the pre-Hajj operation.
This year, around 179,210 Pakistanis will perform Hajj under both government and private schemes.
Hajj, one of the five pillars of Islam, requires every adult Muslim who is financially and physically able to undertake at least once in their lifetime a pilgrimage to the holy Islamic sites in Makkah and Madinah.

Topics: Hajj 2024 Pakistani Hajj pilgrims Karachi airport Makkah Route initiative Pakistan Saudi Ties

Pakistan prepare for Ireland series as visa delays put Amir’s participation in doubt

Updated 09 May 2024
Follow

Pakistan prepare for Ireland series as visa delays put Amir’s participation in doubt

  • Pacer Mohammad Amir did not leave with Pakistan’s cricket team for Dublin on Tuesday due to visa delays
  • Pakistan will play three T20Is against Ireland from May 10-14 before traveling to UK for a T20I series against England
Updated 09 May 2024
Arab News Pakistan

ISLAMABAD: The Pakistan cricket team will hold their first training session today, Thursday, in Dublin for an upcoming three-match T20I series against Ireland, with star pacer Mohammad Amir’s participation in the series doubtful due to visa delays.
Left-arm fast bowler Amir, a permanent resident of the United Kingdom, applied for an Ireland visa along with the rest of the Pakistan side, according to a PCB official. However, while the rest of the squad received visas before their travel to Dublin on Tuesday, Amir did not and remained in Pakistan, cricket website ESPNcricinfo said.
The website reported that the PCB is in contact with Cricket Ireland over the issue. Pakistan play three T20Is against Ireland from May 10-14. Given the short duration of the tour, it seems unlikely Amir would be able to feature in the series.
“Pakistan cricket team will hold their first training session in Dublin tomorrow [Thursday],” the PCB said in a statement on Wednesday. “The first T20 match between Ireland and Pakistan will be played on May 10.”
Amir, 32, came out of retirement last month and was selected to play against New Zealand in a five-match T20I series. Together with pacers Naseem Shah, Shaheen Shah Afridi and Haris Rauf, he would add strength to Pakistan’s bowling lineup as it gears up for the ICC T20 World Cup 2024.
The mega event will be held for the first time in the US and the West Indies in June. Pakistan will travel to the UK from May 22-30 to play against England.
The South Asian country are one of the favorites to lift the cup, though their performance has dipped somewhat in the shortest format of the game recently.
Pakistan lost 4-1 to New Zealand in an away series in January under then-captain Shaheen Shah Afridi. After Babar Azam was reappointed Pakistan’s captain, the green shirts managed to draw a home series 2-2 against a second-string New Zealand side last month.

Topics: Pakistan cricket

Pakistani forces kill 6 militants in volatile northwest near Afghanistan— army

Updated 08 May 2024
AP
Follow

Pakistani forces kill 6 militants in volatile northwest near Afghanistan— army

  • Pakistani security forces carry out twin raids in Dera Ismail Khan, North Waziristan districts
  • Such operations are often conducted against Pakistani Taliban or Tehreek-e-Taliban Pakistan group
Updated 08 May 2024
AP

PESHAWAR, Pakistan: Pakistani security forces killed six militants in twin raids Wednesday targeting their hideouts in the country’s volatile northwest region bordering Afghanistan, the military said.

Five militants were killed in the first raid in Dera Ismail Khan district in Khyber Pakhtunkhwa province, the military said in a statement. It did not provide further details about the slain insurgents, and only said the men were behind various previous attacks on the security forces.

Another militant was killed in the second raid in a former stronghold of the Pakistani Taliban in the North Waziristan district in the northwest.

The statement did not provide any further details about the identity of the slain men.

Such operations often target the Pakistani Taliban, which has been emboldened by the Taliban takeover of Afghanistan in 2021. Known as the Tehreek-e-Taliban Pakistan or TTP, it is a separate group but a close ally of the Afghan Taliban.

Topics: Arab News Pakistan

Pakistan hikes electricity prices by Rs2.83 per unit citing fuel cost adjustment

Updated 08 May 2024
Follow

Pakistan hikes electricity prices by Rs2.83 per unit citing fuel cost adjustment

  • Fuel cost adjustment for March to reflect in consumers’ bills for the month of May, says power regulator
  • Pakistan has been caught in a high inflationary cycle since April 2022 due to surging food and fuel prices
Updated 08 May 2024
Arab News Pakistan

ISLAMABAD: Pakistan’s National Electric Power Regulatory Authority (NEPRA) on Wednesday authorized distribution companies to levy a Rs2.83 per unit additional charge on consumers’ bills for May, with the move likely to fuel inflation in a country already suffering an economic crisis. 

A notification by NEPRA seen by Arab News stated that the fuel cost adjustment pertains to March, adding that the additional charges would apply to all consumer categories except “Electric Vehicle Charging Stations (EVCS) and lifeline consumers.”

“The said adjustment shall be shown separately in consumers’ bills on the basis of units billed to the consumer in the month of March 2024,” the notification said. 

Pakistan has been caught in a high inflationary spiral since April 2022, with the highest-ever inflation rate recorded at 38 percent in May 2023. The government credits soaring inflation to painful decisions it had to take to meet conditions for an International Monetary Fund (IMF) bailout program, including hiking energy tariffs and fuel prices.

Gas and electricity rates were hiked by 318.7 percent and 73 percent respectively in a year, according to official data.

The price hikes come as Pakistan is set to begin discussions with the IMF this month over a new multi-billion-dollar loan agreement after completing its nine-month, $3 billion loan arrangement with the lender. 

Under the last IMF bailout, Pakistan was told to prevent further accumulation of circular debt in its power sector, arising from subsidies and unpaid bills. For a new program, the South Asian nation will need to implement reforms to reduce costs by improving electricity transmission and distribution, moving captive power into the grid, improving governance, and combating theft. 

It will also have to maintain power and gas tariffs at levels that ensure cost recovery, with adjustments made to safeguard the financially vulnerable, through existing progressive tariff structures.
 

Topics: Pakistan Electricity bill in Pakistan

Latest updates

Pakistan PM insists on ‘no soft-pedalling’ in response to last year’s May 9 violence
Syria shoots down Israeli missiles fired from Golan Heights toward Damascus outskirts
Karachi pilgrims utilize Makkah Route Initiative for first time as Pakistan initiates Hajj flights
Pakistan prepare for Ireland series as visa delays put Amir’s participation in doubt
Floods misery reminder of climate’s role in supercharging rain

Search form

Print Edition
Read pdf version Subscribe now
© 2024 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement.