The government has directed the Competition Commission of Pakistan (CCP) to initiate negotiations with the Federal Antimonopoly Service (FAS) of the Russian Federation for bilateral cooperation. Under the leadership of Dr Kabir Ahmed Sidhu, the CCP already has partnerships with key regulatory bodies worldwide. However, the CCP’s initiative is also aimed at enhancing its international standing, with a particular focus on improving its current rating of three stars out of five. Since Russia has enacted legislation to facilitate the digitalisation of the economy, the FAS is at the forefront of implementing a robust digital agenda. Pakistan expects to gain insights and expertise from the Russian experience in this regard. The signing of a memorandum of understanding (MoU) with the Russian regulator is expected to facilitate capacity building for CCP, especially in the realm of digitalisation. This collaboration will also help in eliminating entry barriers and addressing anti-competitive practices, thereby creating opportunities for Russian companies to invest in Pakistan and contribute to the development of various markets in the country. The collaboration will also pave the way for joint research projects in crucial enforcement areas, which will further strengthen CCP’s enforcement capabilities.

United Arab Emirates-based cross-border payment system Buna, is set to expand to include currencies from Pakistan, China, India, and several African and European countries by 2024-25. The system is already connected to 108 live banks across 14 countries, with an additional 105-plus banks set to on board the platform. Currently, six currencies including four from the Arab region, namely UAE dirham, Saudi riyal, Egyptian pound, and Jordanian dinar, as well as the US dollar and European single currency euro, are part of the platform, processing real-time funds transfer cost-effectively. The inclusion of rupee in the payment system will improve the efficiency of cross-border currency transactions in Pakistani banks and help deepen Pakistan’s international economic, trade and investment cooperation. Joining Buna this time means another successful exploration of Pakistan in the financial field and indispensable step towards de-dollarisation.

Suki Kinari hydropower project (884-megawatt), a China Pakistan Economic Corridor (CPEC) portfolio project, which will be completed at the cost of $2 billion, will start power generation by November 2024. This was stated by Managing Director Private Power Infrastructure Board (PPIB), here while speaking at workshop aimed at developing a robust mechanism for tariff-based bidding of hydropower projects in Pakistan. The workshop was organized by PPIB in collaboration with the Agence Française de Développement (AFD), France. One of the key highlights of the event was sharing draft generic Request for Proposals (RFP) documents for hydropower IPPs prepared by Joint Venture – Tractebel GmbH, Germany and NDC (the ‘consultant’) in line with international best practices and applicable local regulations. The event brought together key stakeholders, including government officials, industry experts, investors, local and international banks, and representatives from the energy sector, to deliberate on the critical aspects of tariff-based bidding and its significance in the development of hydropower projects in Pakistan.

Pakistan has achieved a milestone by joining the list of top 10 global potato producers, with an increase in production to over eight million tonnes. According to officials and farmers, the surge in potato production is attributed to areas under cultivation and improved farming practices. The country, which ranks ninth in the world in potato output, has seen its production jump by more than 35% in the last three years, from 5.87 million tonnes in 2020-21 to an estimated 8.01 million tonnes in 2022-23. As the potato harvest inches closer to the end of the ongoing season, it is estimated that the country has been on course to harvest yet another bumper crop of as high as over eight million tonnes. The surging output of potatoes has placed Pakistan among the top producers of the vegetable. In the year 2022. Three crops of potatoes are grown in the country with an average yield of 23 tonnes per hectare which is very low as compared to the world standards.

Cnergyico Pk Limited, Pakistan’s premier refiner, is set to invest over $1 billion following a new government policy designed to boost the sector. This investment will enable Cnergyico to increase its production of Euro-V compliant gasoline and diesel while reducing its production of furnace oil due to its fluctuating demand. Moreover, Pakistan Refinery Limited (PRL) plans to double its processing capacity to 100,000 barrels per day with a $1.7 billion investment, with completion targeted by the end of 2028. Collectively, Pakistan’s five refineries are looking to invest between $5 billion and $6 billion in upgrades, which could potentially double the country’s petrol production, increase diesel output by 47%, and reduce furnace oil production by 78%. These developments could lead to self-sufficiency in diesel production, reducing the need for costly imports. Pakistan has been grappling with economic hurdles such as political unrest, rising inflation, a faltering currency, and dwindling foreign reserves, which have dampened investor confidence and deterred investment in significant projects. To reverse this trend, the government introduced the Brownfield Oil Refinery Policy, aimed at encouraging investment in existing projects, complementing the earlier Greenfield Refinery Policy which aimed to attract foreign investment. Although foreign investors have remained cautious about initiating new projects, the Brownfield policy has sparked interest among Pakistan’s top five refiners, including Cnergyico, which is planning a major investment to modernize and expand its refining capabilities. The company’s refining complex, with a capacity to process up to 156,000 barrels of crude oil daily, accounts for 37% of the nation’s total refining capacity.

Shehbaz Sharif took the oath on March 4th at the presidential office in the nation’s capital, Islamabad, a day after parliament elected him prime minister to officially become prime minister for a second time, nearly four weeks after an uncertain national election caused delays in the formation of a coalition government. His first meeting after the ceremony was with his finance team, a statement from the prime minister’s office said, adding that he directed them to begin talks with the International Monetary Fund (IMF) on an extended funding facility. The current agreement expires in April. The co-chairman of Pakistan People’s Party (PPP) Asif Ali Zardari, the joint candidate of the six-party ruling coalition, was elected the 14th president of Pakistan on March 9th by securing 411 votes for the second time. Zardari was sworn in by Chief Justice of Pakistan on March 10th.  Zardari elected President for second time.