ISLAMABAD: Pakistan Airports Authority (PAA) expressed optimism over substantial revenue gains on Saturday as a Chinese logistics company officially launched flight operations to Islamabad.
SF Cargo, a subsidiary of one of China’s largest logistics and courier firms, has established a new air cargo route linking Urumqi, the capital of the Xinjiang Uygur Autonomous Region, and Islamabad.
According to a report in Pakistani state media earlier this month, the air corridor is expected to facilitate cross-border e-commerce and other trade goods, strengthening economic ties between the two countries.
“SF Cargo has officially commenced its flight operations at Islamabad International Airport,” the PAA said in a statement, adding the service would operate twice a week initially, with plans to expand to four weekly flights in the foreseeable future.
“This development is expected to generate substantial revenue growth through cargo throughput charges,” it added. “Additionally, it may open new export channels to Urumqi, offering local exporters enhanced access to the Chinese market.”
The statement said each flight operated by the Chinese firm will carry approximately 22,775 kilograms of cargo, contributing significantly to Pakistan’s air freight sector.
China and Pakistan maintain close economic and strategic relations, with both sides promoting trade and infrastructure development.
While large-scale projects like the China-Pakistan Economic Corridor (CPEC) remain central to their cooperation, both governments have increasingly encouraged private-sector-led initiatives to deepen bilateral commerce.
Pakistan eyes revenue boost as Chinese cargo firm formally launches flights to Islamabad
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Pakistan eyes revenue boost as Chinese cargo firm formally launches flights to Islamabad
- The air corridor linking Urumqi and Islamabad is expected to promote cross-border e-commerce
- The airports authority says SF Cargo’s initiative will also strengthen Pakistan’s air freight sector
Pakistan, global crypto exchange discuss modernizing digital payments, creating job prospects
- Pakistani officials, Binance team discuss coordination between Islamabad, local banks and global exchanges
- Pakistan has attempted to tap into growing crypto market to curb illicit transactions, improve oversight
ISLAMABAD: Pakistan’s finance officials and the team of a global cryptocurrency exchange on Friday held discussions aimed at modernizing the country’s digital payments system and building local talent pipelines to meet rising demand for blockchain and Web3 skills, the finance ministry said.
The development took place during a high-level meeting between Finance Minister Muhammad Aurangzeb, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib, domestic bank presidents and a Binance team led by Global CEO Richard Teng. The meeting was held to advance work on Pakistan’s National Digital Asset Framework, a regulatory setup to govern Pakistan’s digital assets.
Pakistan has been moving to regulate its fast-growing crypto and digital assets market by bringing virtual asset service providers (VASPs) under a formal licensing regime. Officials say the push is aimed at curbing illicit transactions, improving oversight, and encouraging innovation in blockchain-based financial services.
“Participants reviewed opportunities to modernize Pakistan’s digital payments landscape, noting that blockchain-based systems could significantly reduce costs from the country’s $38 billion annual remittance flows,” the finance ministry said in a statement.
“Discussions also emphasized building local talent pipelines to meet rising global demand for blockchain and Web3 skills, creating high-value employment prospects for Pakistani youth.”
Blockchain is a type of digital database that is shared, transparent and tamper-resistant. Instead of being stored on one computer, the data is kept on a distributed network of computers, making it very hard to alter or hack.
Web3 refers to the next generation of the Internet built using blockchain, focusing on giving users more control over their data, identity and digital assets rather than big tech companies controlling it.
Participants of the meeting also discussed sovereign debt tokenization, which is the process of converting a country’s debt such as government bonds, into digital tokens on a blockchain, the ministry said.
Aurangzeb called for close coordination between the government, domestic banks and global exchanges to modernize Pakistan’s payment landscape.
Participants of the meeting also discussed considering a “time-bound amnesty” to encourage users to move assets onto regulated platforms, stressing the need for stronger verifications and a risk-mitigation system.
Pakistan has attempted in recent months to tap into the country’s growing crypto market, crack down on money laundering and terror financing, and promote responsible innovation — a move analysts say could bring an estimated $25 billion in virtual assets into the tax net.
In September, Islamabad invited international crypto exchanges and other VASPs to apply for licenses to operate in the country, a step aimed at formalizing and regulating its fast-growing digital market.
