In a major policy shift, Pakistan has decided to withdraw its active diplomatic support to the Afghan Taliban interim regime at the international fora following its failure to prevent banned Tehreek-e-Taliban Pakistan (TTP) from using Afghanistan’s soil for its terror activities against Pakistan. Diplomatic sources maintained that the decision was taken in the wake of increased terrorist attacks by the TTP and the Afghan interim government’s failure to stop the militant outfit from using the Afghan soil for its terror operation within Pakistan despite repeated calls to act appropriately against the group, which has taken refuge in Afghanistan following 2014 operation Zarb-e-Azb. However, the sources maintained that Pakistan’s diplomatic staff led by charge d’affaires Obaid-ur-Rehman Nizamani would remain in Kabul and continue their diplomatic assignment. The sources further maintained that Pakistan would no longer advocate or extend active diplomatic support to the Afghan interim government at the international fora, including the United Nations and the UN Security Council.
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Pakistan to withdraw its diplomatic support to Afghan govt
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IMF seeks taxes on agriculture, real estate
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During the ongoing review of a $3 billion short-term loan agreement, the International Monetary Fund (IMF) has pressed Pakistani authorities to impose a tax on agriculture, real estate, and retail sectors, sources. According to the Federal Board of Revenue (FBR) sources, the tax collection plan has been shared with the global lender’s team and the IMF will recommend further measures after reviewing the plan. During the talks, both sides identified potential areas for bridging financing shortfalls and agreed on further measures if FBR failed to achieve the tax collection target. The sources said FBR is mulling imposing a fixed tax on retailers, however, the IMF is reluctant to accept such a proposal. The lender has demanded Pakistan seek a timeframe from provinces for bringing the agriculture sector into the tax net.
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Indus Motor Company (IMC), the Toyota car assembler in Pakistan, plans to launch the locally made Corolla Hybrid Electric Vehicle by December, its chief executive said, as the company aims to cut costs and emissions with a $100 million investment. This investment not only reduces import costs, but is expected to yield an annual savings of $37 million as 30,000 HEV units enter production. This development marks a pivotal moment in the nation’s automotive sector, charting a path toward a more sustainable and environmentally friendly future. This eco-conscious initiative aligns seamlessly with the United Nations’ Sustainable Development goals, with a specific focus on addressing climate change concerns.
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Toyota to launch locally made hybrid car in Pakistan by December
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KE plans ambitious 640MW renewable energy initiative
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K-Electric (KE), the primary electricity provider for Karachi, is advancing a strategic renewable energy plan that could reshape the city’s power landscape. The company has taken significant steps towards adding 640MW of renewable capacity to the local grid. KE’s revised Requests for Proposals (RFPs) submitted include four renewable energy projects, all in line with open competitive bidding regulations established by the National Electric Power Regulatory Authority (NEPRA). These projects aim to diversify the city’s energy mix while driving down costs and reducing environmental impact. The four projects encompass the Winder and Bela Solar Projects (150 MW), Dhabeji Site Neutral Hybrid Plant (220 MW), and the Sindh Solar Energy Project, divided into Site 1 (120 MW) and Site 2 (150 MW). These initiatives are part of KE’s larger effort to embrace renewable energy sources in order to reduce its dependence on more expensive thermal fuel and lower overall emissions. Two of these projects, the 50 MW Project at Vinder and the 100 MW project at Bela, are particularly strategic. KE is planning to invest in new 132 kV transmission lines and grids running from Hub to Bela, a move aimed at enhancing the reliability of power supply to the Lasbela region in Balochistan.
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US-based Chevron Energy Joint has expressed interest in storing and trading fuel in Pakistan and abroad through private or public bonded warehouses. Chevron has shown a willingness to initially show interest in using the warehouses in KPT. The policy also permits the re-export of crude oil and petroleum products received into the country for storage in Customs Public Bonded Warehouses. The guidelines have enabled foreign suppliers not only to store crude oil but also POL products in Pakistan's ports and anywhere in the country, ensuring a sustainable supply of fuel across the country. This would also help avoid any fuel availability crisis in the future. Under the policy guidelines notified, foreign suppliers or their registered subsidiaries will be allowed to maintain an inventory of crude and petroleum products in bulk form, in their own private bonded warehouses or Customs Public Bonded Warehouse located anywhere in Pakistan (without foreign exchange remittances) pending its sale to local purchasers or its re-export from storages to other foreign countries. Foreign suppliers will have the option to establish their own registered business or operate through a subsidiary company registered in Pakistan, having bank accounts in the country to act under the relevant Pakistani laws for undertaking business activities.
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Chevron eyes fuel storage in Pakistan for local and foreign trade
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KSA asks Pakistan to make China Sinopec part of $10bn green refinery project
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The Kingdom of Saudi Arabia (KSA) has asked Pakistan authorities to approach China’s Sinopec and also make it part of a $10 billion green refinery that is to be established in Pakistan. The KSA also wants the engineering, procurement, and construction (EPC) contract to be awarded to China Sinopec, and to this effect, the Pakistan State Oil, nominated by the Government of Pakistan, is in contact with the Bank of China and China Sinopec. Sinopec is also providing services to Saudi Arabia (rigs, well-service, geophysical exploration), pipeline, road and bridge, and other EPC projects. Sinopec has been serving Aramco, SWCC, RC, and many Saudi local cities, and has earned a good reputation among clients, as well as Saudi people. Meanwhile, authorities in the Petroleum Division have been asked by the Special Investment Facilitation Council (SIFC) to assess investment interest by Chinese company, Sinopec, in the green refinery alongside Saudi Aramco, and facilitate the company in case of an affirmation of its interests by expediting the necessary approvals.
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As China's electric bicycle industry witnesses a remarkable growth, Pakistan aspires to emulate this success by fostering its electric vehicle (EV) revolution. Electric bicycles offer a cost-effective and environmentally conscious solution amidst the escalating fuel costs. They also provide a practical mode of transport for short-distance commutes, enabling individuals to avoid the complicated requirements of public transportation. This surge in electric bicycle sales comes at a time when China is actively promoting electric mobility as part of its broader green agenda. Pakistan is also moving in this direction. The Electric Vehicle Policy 2020-25, enacted in 2019, offers a range of incentives and tax exemptions for promotion of local manufacturing of electric vehicles. The ultimate goal is for electric vehicles to capture a significant share of passenger vehicle and heavy-duty truck markets by 2030 and 2040, respectively. In Pakistan, six companies are already assembling electric motorbikes, and licenses have been issued to 31 companies, according to an official at the Engineering Development Board of the Ministry of Industries and Production.
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Pakistan aims to emulate China's success in electric bike industry
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Govt speeds up Afghans’ repatriation
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Pakistan opened more border centres to speed up the return of tens of thousands of undocumented Afghans, an official said, after a deadline to leave or face expulsion expired. Pakistan has brushed off calls from the United Nations, rights groups and Western embassies to reconsider expelling more than a million of 4 million Afghans in the country, saying they had been involved in attacks and crimes that undermined the security of the country. The UN refugee agency, the International Organisation for Migration and the UN Children’s Fund expressed concern for the safety of children and families affected by the expulsion, saying a humanitarian crisis was unfolding with winter on the way. In another development Balochistan's caretaker Minister for Information Jan Achakzai said that the registered refugees will also be repatriated after the completion of a crackdown on illegal settlers. "So far, 80,000 immigrants from Balochistan have left Pakistan. After this, we will send back the registered refugees as well," he said. The minister said that the foreigners living in Pakistan should have the authentic documents. Hundreds of thousands of foreigners have got fake identification cards, he added. "We have not taken the responsibility of the illegal residents. The crackdown on the illegal migrants will continue," Achakzai said. November 09, 2023
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The Board of Investment (BoI) and the World Bank-affiliate International Finance Corporation unveiled a visionary investment plan, for which the IFC committed to inject over $1.5 billion into Pakistan’s economy in the form of short- and long-term investments aimed at catapulting the country into a new era of prosperity and development BoI announced. The pledge follows the IFC’s successful mobilisation of $1.5bn FY23, marking a significant doubling of investments in Pakistan compared to the previous year. The World Bank’s steadfast dedication to Pakistan, even amid economic challenges, underscores the country’s strategic importance on the global stage, said the BoI.
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International Finance Corporation unveils $1.5bn investment plan for Pakistan
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RMB clearing bank launched in Pakistan to facilitate cross-border transactions with China
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The Industrial and Commercial Bank of China (ICBC) in Pakistan has opened a renminbi (RMB) clearing bank, facilitating both Pakistani and Chinese businesses and financial institutions to settle cross-border transactions and meet the financing needs of the two countries. The grand opening ceremony, held in Islamabad, was attended by officials, experts and businessmen from Pakistan and China. The Karachi branch of the ICBC was designated as the RMB clearing bank in Pakistan by the People’s Bank of China, according to the ICBC. Under this facility, the ICBC would offer the services of clearing and settlement of RMB transactions and facilitate in arranging RMB buying, selling, borrowing, or lending transactions for the participating banks in Pakistan.
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The edible oil reserves in Pakistan have risen to an unprecedented level of according to market sources more than 450,000 tons is parked in shore tanks good number of vessels are queued in waiting to off load cargoes. If unbridle import of edible oil continues it is likely to be causing storage problem for importers.
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Cooking oil stockpiles in Pakistan
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