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  • Miftah presents key points for Pakistan growth

    Miftah presents key points for Pakistan growth

    ISLAMABAD: Dr. Miftah Ismail, minister for finance and revenue, has presented four points for taking Pakistan on path of growth and prosperity.

    The Finance Minister Dr. Miftah Ismail alongwith the Federal Minister for Climate Change Sherry Rehman attended the 5th edition titled “Imagineering The Future” as chief guest. The Finance Minister unveiled 4 point agenda to put Pakistan on path of prosperity.

    The Summit is jointly hosted by Nutshell Group and Martin Dow, in strategic partnership with Overseas Investors Chamber of Commerce & Industry (OICCI).

    Miftah Ismail stated: “The government is considering to promote exports of the country at an aggressive level through an incentive of significant tax waiver to companies which could enhance their exports by 10 per cent of its productions.’’

    He said that the government will provide full support to companies having plans for exporting their products to different countries because it is a daunting task that must be taken as a challenge.

    Various business groups in Pakistan are performing outstandingly and contributing to the national economy through taxes and different ways but they spend $200 million on imports every year which needs to be addressed by enhancing our exports.

    He further said, ‘’If you make something, sell it abroad, if you build, go construct abroad, if you offer a service, offer it abroad. The nation should set the direction to the promotion of exports.’’

    Businesses in Pakistan should think beyond the local market to explore foreign markets to enhance their exports through aggressive value-addition.

    Containing the expenses in imports can stabilize the budget deficit including the trade deficit and current account deficit in tandem.

    The government may not enhance the export overnight but it did control imports of non-essential goods which impacted inflows of foreign exchange to the tune of $700-800 million in the interbank market in the last few months while the country also paid its scheduled debt-servicing in the first week of August.

    Federal Minister for Climate Change Senator Sherry Rahman spoke about the urgency of required action to combat climate change.

    She said climate change is a matter of national security which have affected adversely food and energy security, supply chain, infrastructure, and precious lives of the citizens across the country.

    One-fifth of Pakistan is submerged at present due to heavy monsoon rains which have wreaked havoc on the infrastructure in many parts of the country especially Balochistan and Sindh.

    Pakistan is at the front of climate change and we would like all corporates to interweave sustainability goals in their mission statements.

    She said that greenwashing has to end and genuine efforts have to be made. She also mentioned that they are trying to move the markers for 2050 down to 2030 as climate change is accelerating and our pace needs to match it.

  • Shell Pakistan stops aviation operations across country

    Shell Pakistan stops aviation operations across country

    KARACHI: Shell Pakistan Limited on Wednesday announced to discontinue its aviation operations across the country.

    In a communication submitted to Pakistan Stock Exchange (PSX), the company said that a meeting of board of directors held on August 17, 2022, had taken the decision to discontinue Shell Pakistan Limited (SPL) aviation operations across Pakistan.

    Presently, SPL carries out its aviation related operations on the following locations: (i) Jinnah International Airport (JIAP) (ii) Quetta International Airport (QIAP) (iii) Begum Nusrat Bhutto Airport (BNB) (Sukkur) and (iv) Nawabshah Airport (WNS).

    Following the expiry of the leases related to the above airports, the Pakistan Civil Aviation (CAA) has floated a joint-tender inviting participants to bid for the operations of six airports; including all four of the airports currently operated by SPL (listed hereinabove) as well as Skardu International Airport (KDU) and Gwadar International Airport (GDU).

    The company said that after due consideration of a wide range of factors, including legal compliance, financial and commercial consideration, SPL had taken the decision not to participate in the tender.

    SPL is committed to the safe handover of operations to the CAA and/or relevant stakeholder (as appropriate) at the airports at which it is currently operating. The final date of exit from these airports will be communicated after consultation with the CAA.

    “SPL remains committed to continuing its other businesses and operations in Pakistan, which remain unaffected,” the company added.

  • Businessmen express shock over petroleum price hike in Pakistan

    Businessmen express shock over petroleum price hike in Pakistan

    KARACHI: Businessmen have expresses shock over hike in petroleum prices in Pakistan despite massive reduction in oil prices in international market. 

    The businessmen are in shock and expressed their serious concern over the hike in petroleum products in Pakistan despite the fact that crude oil prices have plunged to below $90 a barrel while the rupee has jumped by around Rs30 versus dollar during the last fortnight, said a statement issued on Wednesday.

    READ MORE: Miftah defends petrol price hike in Pakistan from August 16, 2022

    The chairman of Businessmen Panel (BMP) and former president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar reiterated his demand of passing on relief of cut in oil prices in the global market to the industry, besides bringing key policy rate to a regionally competitive level.

    On Monday night, the federal government announced a hike of Rs6.72 per litre in the price of petrol for the remaining days of August 2022, according to a notification issued by the Ministry of Finance.

    He voiced his concern over the increase in fuel prices despite downward trend in international market. The present government came into power to give relief to the masses, which should be its top priority, as the hike in petroleum prices will trigger inflation in the country.

    READ MORE: New petroleum prices in Pakistan from August 16, 2022

    He said that it was beyond comprehension that why prices were raised despite a reduction in oil prices at the international level, adding that the government should have mercy on poor masses and give them some relief.

    Mian Anjum said when Russia invaded Ukraine last spring, energy experts were predicting that oil prices could reach $200 a barrel, a price that would send the costs of shipping and transportation into the stratosphere and bring the global economy to its knees.

    Now oil prices are lower than they were when the war began, having dropped more than 30 percent in barely two months. The news of a slowing Chinese economy and a cut in Chinese interest rates sent prices down further, to less than $90 a barrel for the American benchmark.

    Gasoline prices have fallen every day over the last nine weeks, to an average of less than $4 nationwide, and prices of jet fuel and diesel are easing as well. That should translate eventually to lower prices for things so that cost of production could come down to a regionally competitive level.

    READ MORE: New petroleum prices in Pakistan from August 1, 2022

    Moreover, a large number of fuel stations remained closed nationwide despite no strike or shortage of petroleum products in the country. He said that oil marketing companies (OMCs) and petroleum dealers have allegedly created an artificial fuel crisis as the coalition government increased petrol prices by Rs6.72 per litre.

    Recent practices suggest they usually stop supplies of petrol and diesel to end-consumers for a couple of hours to make additional profit. However, this time around the suspension lasted for almost an entire day. Many petrol pumps had gone dry by Monday evening and new supplies came on Tuesday afternoon.

    Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former president demanded the government to reduce petroleum prices without any delay.

    He demanded that the government should slash the prices of the petroleum products immediately as the international oil prices have substantively come down; and, the benefit needs to be shifted to the masses.

    He noted with a sigh of relief that oil prices are now under $90 per barrel. The move will bring down the inflation in a much more effective and tangible manner than raising the interest rate to a 14-year high of 15 percent, he added.

    Mian Anjum emphasized that the full force of the multiplier effect of the raise of the petroleum products has not yet materialized in Pakistan and inflation will keep rising in coming weeks if the relief from international market is not shifted to the end consumer.

    READ MORE: New petroleum prices in Pakistan from July 15, 2022

    FPCCI former chief explained that global macroeconomic sentiments are not optimistic and growth forecasts have been significantly lowered to the tune of being recessionary; and, the phenomenon may drive the international oil prices even lower than $90 per barrel in coming weeks. However, he maintained, we have to tread a cautious path and gradually but progressively lower the domestic petroleum prices.

    The BMP Chairman called for the prudent and diligent regulation of the markets to allow the country to benefit from the downward trends in international oil prices, edible oils and initial signs of receding supply constraints in some other commodities.

    He said that our industry already facing cut-throat competition in both national and international markets, as the industry was directly hit by the fluctuation of oil prices, which also directly increase inflation, he said. Its negative impact can be witnessed in the hike of cargo freight charges, which adds cost to the industrial production at all stages, he said.

  • Miftah defends petrol price hike in Pakistan from August 16, 2022

    Miftah defends petrol price hike in Pakistan from August 16, 2022

    ISLAMABAD: Finance Minister Dr. Miftah Ismail on Tuesday defended the government decision to increase the prices of petrol that are implemented from August 16, 2022

    A day earlier, Prime Minister Shehbaz Sharif approved the summary to increase the price of petrol with nominal decline in other petroleum products.

    READ MORE: New petroleum prices in Pakistan from August 16, 2022

    The government announced a significant increase of Rs6.72 per liter in price of petrol to Rs233.91 from Rs227.19 effective from August 16, 2022.

    The rate of high speed diesel (HSD) has been nominally reduced by 51 paisas to Rs244.44 from Rs244.95. The price of kerosene oil has been decreased by Rs1.67 to Rs199.40 from Rs201.07. The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.

    The people of Pakistan were expecting a significant decline in petroleum prices in the wake of sharp decline in international oil prices and massive recovery in rupee value against the dollar during the month of August 2022.

    READ MORE: New petroleum prices in Pakistan from August 1, 2022

    All the quarters have strongly criticized the government for increase price of petrol. The criticism was also came from coalition partners of the present government.

    However, Miftah Ismail through Tweet presented a brief explanation on how petrol and diesel prices are set in Pakistan.

    Oil and Gas Regulatory Authority (OGRA) takes the average of petroleum prices, adds freight and premium paid by Pakistan State Oil (PSO) on top of these prices, and multiplies that by the exchange rate.

    READ MORE: New petroleum prices in Pakistan from July 15, 2022

    In addition it also “trues up” the previous fortnight’s cost by taking into account the rupees paid by PSO at the actual exchange rate as opposed to the average used to estimate the previous fortnight’s cost.

    “We have not added any new tax or levy to the price. The price of petrol has gone up (and diesel has gone down) because the cost paid by PSO in the previous fortnight was more than the cost estimated by OGRA and also because the premium paid by PSO on petrol increased and premium paid on diesel remained unchanged,” Miftah Ismail said.

    “Again, not one paisa of new taxes or levies was added,” he repeated.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

  • New petroleum prices in Pakistan from August 16, 2022

    New petroleum prices in Pakistan from August 16, 2022

    ISLAMABAD: Pakistan has revised prices of petroleum products on Monday with effect from August 16, 2022. The finance division issued following new prices that will implement from August 16, 2022:

    The price of petrol has been increased by Rs6.72 per liter to Rs233.91 from Rs227.19.

    The rate of high speed diesel (HSD) has been nominally reduced by 51 paisas to Rs244.44 from Rs244.95.

    The price of kerosene oil has been decreased by Rs1.67 to Rs199.40 from Rs201.07.

    READ MORE: New petroleum prices in Pakistan from August 1, 2022

    The rate of light diesel oil (LDO) has been nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.

    A press release issued by the finance division stated that in the wake of fluctuations in petroleum prices in the international market and exchange rate variation, the government had decided to revise the existing prices of petroleum products to pass on the impact to the consumers.

    It is important to note that the government revised the prices in the wake of falling international oil prices and massive recovery in rupee value.

    It was believed that the government would reduce the prices of petroleum products considering the latest crude oil prices in the international markets and sharp recovery in local currency against the US dollar.

    READ MORE: New petroleum prices in Pakistan from July 15, 2022

    Some good developments have been seen since the last amendment in prices of petroleum products.

    The rupee continued the gain for the seventh straight session after falling to historic low. The local unit witnessed record low at Rs239.94 against the dollar on July 28, 2022. However, since then the rupee is continuously gaining to the dollar. The local currency gained about Rs18.75 or 7.51 per cent during the past seven trading days till August 10, 2022.

    Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.

    The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

    The benchmark Brent crude is below $100 dollars in the international market. Brent crude futures were at $97.40 per barrel in New York trade on August 10, 2022.

    The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.

    Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15, 2022. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.

    The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

    READ MORE: New petroleum prices in Pakistan from June 16, 2022

    However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

    The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.

    READ MORE: New petroleum prices in Pakistan from June 03, 2022

  • Australia wishes Pakistan Independence Day

    Australia wishes Pakistan Independence Day

    KARACHI: The Australian High Commissioner to Pakistan, Neil Hawkins wished Pakistan on its 75th Independence Day.

    In his message, he said that, “Happy Birthday Pakistan. Just 75 years young and much to be proud of and much to celebrate: Your ethnic diversity, rich cultural heritage, fabulous food and spectacular scenery. But the most striking element for me is the warm and welcoming people – always ready with a smile and a salaam aleikum.”

    READ MORE: Faysal Bank celebrates 75th Pakistan Independence Day

    Australia was one of the first countries to recognise Pakistan in 1947, though our people to people ties go back to the 1800s.

    Camel traders from Balochistan were critical in transporting goods across our deserts. Today almost 100,000 Pakistanis call Australia home and make a critical contribution to our multicultural society. 

    We are also proud to host thousands of Pakistani students enjoying our great cities and world class universities.

    READ MORE: Pakistan unveils first locally made electric car

    Looking ahead, Pakistan and Australia both face challenges that require us and all nations to cooperate, particularly that of climate change.

    Australian expertise in science and technology, especially water management and agricultural research will play a key role.

    And who can overlook our common passion for cricket where we look forward to hosting the T20 later this year and Pakistan’s women’s XI early 2023.

    READ MORE: Pakistan issues Rs75 banknote to celebrate Independence Day

    We were heartened by the typically warm reception given to our cricket team during its Pakistan tour earlier this year. 

    Finally, we sincerely wish all our Pakistani brothers and sisters increased prosperity and harmony in order to fulfil the vision of the Quaid-i-Azam.

    He also said that, “my message to you all is of hope, courage and confidence. Let us mobilise all our resources in a systematic and organised way and tackle the grave issues that confront us with the grim determination and discipline worthy of a great nation.”

    READ MORE: Donald Blome visits Karachi to support US-Pakistan trade ties

  • Faysal Bank celebrates 75th Pakistan Independence Day

    Faysal Bank celebrates 75th Pakistan Independence Day

    KARACHI: Faysal Bank Limited (FBL) celebrated Pakistan’s 75th Independence Day by organizing flag hoisting ceremony on Sunday.

    The heartwarming ceremony took place on the bank’s iconic branch located at Abdullah Haroon Road.

    The celebrations of the 75th anniversary required a platinum edge, therefore FBL decided to showcase Pakistan’s inclusivity by inviting the Special Olympic athletes to grace the occasion.

    READ MORE: Pakistan unveils first locally made electric car

    Athletes from Pakistan chapter of Special Olympics were invited to join FBL in this grand celebration of Pakistan’s Independence Day.

    FBL is enthusiastic to have these special champions shine with equal resonance.  The reverberation of their achievements becomes equally treasurable.

    Sports in Pakistan may have carried a national Flag, but their emotional impact far outweighs any other effect.

    READ MORE: Pakistan issues Rs75 banknote to celebrate Independence Day

    40 members of the athletic team joined the FBL families on Sunday morning to be part of flag hoisting ceremony along with cake cutting ceremony and Prizes were also distributed among special athletes to recognize their efforts in the field of sports despite having challenges. Each person held on to a mini flag to flutter and add cheer to an already vibrant environment.

    The President and CEO of FBL said, “Faysal Islami strongly believes in inclusion from all segments of the society.”

    READ MORE: Donald Blome visits Karachi to support US-Pakistan trade ties

    He also added that, “on this special day of 75th year of our independence it is important to remember that we have to work towards the shining Pakistan, FBL plays its role by providing economic opportunities in a Shariah Compliant manner.’’

    He further elaborated on the importance for society to endorse this need for inclusion and allow youth to aim for their dreams irrespective of their challenges.

    READ MORE: Pakistan Met office issues thundershower alert from August 14

  • Pakistan issues Rs75 banknote to celebrate Independence Day

    Pakistan issues Rs75 banknote to celebrate Independence Day

    KARACHI: State Bank of Pakistan (SBP) on Sunday issued Rs75 commemorative banknote to celebrate 75th Independence Day.

    Acting Governor State Bank of Pakistan (SBP) Dr. Murtaza Syed unveiled the Rs75 Commemorative Banknote to mark the 75 years of Pakistan’s Independence in a graceful ceremony held at the SBP Museum, Karachi on August 14, 2022.

    He also inaugurated the Roshan Pension Plan (RPP) to augment the lifestyle banking under Roshan Digital Account (RDA) initiative for overseas Pakistanis.

    READ MORE: SBP automates verification of refinance claims

    Governor Dr. Murtaza Syed commenced the formal proceedings by hoisting the national flag in the presence of jubilant officers of the Bank and their families followed by playing of national anthem.

    Dr. Murtaza Syed unveiled the design of Rs75 Commemorative Banknote. He noted that while issuance of coins and postage stamps is a regular and recurring feature to mark days of national importance, it is relatively rare that the SBP issues a commemorative banknote.

    It is worth noting that the Rs75 Commemorative Banknote is the second such banknote to be issued by the SBP.

    READ MORE: Interest rates on export, business loans enhanced to 10%

    Earlier, the SBP issued the first and so far the only commemorative banknote in 1997 to mark the Golden Jubilee of Pakistan’s Independence. He also elaborated the features of the Banknote.    

    Paying tribute to the overseas Pakistanis for their relentless contributions towards the country, Governor (A) also inaugurated the Roshan Pension Plan (RPP) scheme, as a part of SBP’s resolve to augment the lifestyle banking under RDA initiative that is being added to the RDA product suite.

    He said the overseas Pakistani’s can now avail the benefits of financial planning for their post-retirement life in Pakistan through RPP and enjoy exclusive pension plan.

    READ MORE: Pakistan hikes key policy rate by 125 basis points to 15%

    Soft launch of the product will start from August 15, 2022 with collaboration of RDA banks and Asset Management Companies.

    Dwelling on the latest economic developments and challenges faced by the economy, Dr. Syed shared his thought-provoking views with the audience.

    From the onset he separated on-ground facts from negative fake news making rounds on social media, which projected a doomsday scenario for Pakistan and advised citizens to not pay heed on such rumors.

    He spoke on forthcoming IMF bailout package and Pakistan’s prospects amidst troubled economic scenario internationally.

    READ MORE: PHMA cries foul on gas suspension to textile industry

    The Governor brushed aside perception that Pakistan’s economy was in dire straits and said that economically weak and developing economies may undergo drastic challenges in next 12 months and Pakistan is no exception.

    He reminded the audience that administrative infrastructure in countries like Pakistan is not very strong and resultantly, effects of price hike become more pronounced here.

    He hoped the crucial IMF bailout program would provide reprieve to the country and Pakistan will not be vulnerable as compared to the countries that do not have the IMF program.

    In the end, Dr. Syed inaugurated exhibition of rare photographs of Quaid e Azam in collaboration with Press Information Department (PID). Governor took keen interest in the photographs and appreciated the hard work of officials of PID and the SBP Museum.

    Features of Rs75 Banknote:

    The Banknote is predominantly green, complemented by white shades and some yellowish tone to enrich its appeal.

    The green color represents growth and development and derives inspiration from the Islamic identity of the country, whereas the white color emphasises the religious diversity of population.

    The distinctive feature of this Banknote is multiple portraits on its front side. The personalities to grace the banknote are Quaid-i-Azam Muhammad Ali Jinnah, Sir Syed Ahmed Khan, Allama Muhammad Iqbal and Mohtarma Fatima Jinnah.

    The Markhor and Deodar trees pictures on the reverse of the Banknote highlights our national commitment to address climate change and its repercussions.

    Both Markhor and Deodar trees serve as symbols of the devastations wrought by these changes and call for urgent measures to combat and reverse environmental degradation.

    Finance Department of the SBP bent over backwards for timely completion of this important project and I appreciate their efforts,’ said Dr. Syed.

  • Pakistan unveils first locally made electric car

    Pakistan unveils first locally made electric car

    ISLAMABAD: Pakistan unveiled its first ever electric hatchback car on Sunday, August 14, 2022. The car has been named Nur-E-75 (named after Noor).

    The company which manufactured the car is named as JaXari (named after a scientist from the 12th century, Ismael al-Jazari).

    READ MORE: Donald Blome visits Karachi to support US-Pakistan trade ties

    The car has been designed and developed by DICE foundation, which is U.S. based non-profit organization controlled by Pakistani expatriates. The local academia and the industries also contributed in the car manufacturing process.

    The car was unveiled in the ceremony started at 4:00 pm on August 14, 2022. The car was displayed in all its glory featuring awesome designs and functions.

    READ MORE: Pakistan Met office issues thundershower alert from August 14

    The car has capacity of five people, having five doors. The power peak is 107 horse power (80 kilo watt). The peak torque is 200Nm. The battery can work till the car covers the distance of 210 kilometer with the air conditioner on. However the actual range is still pending to be tested.

    The battery size is 35KwHr. The size of wheel is R16 205/55. The car is fully charged in seven-eight hours from regular 220V outlet, when charging slowly. On the other hand the car is fully charged in two hours from fast DC chargers when charging fast. The time for fast charging still needs to be premeasured.

    READ MORE: Jazz announces free calls to calamity hit Balochistan

    The Nur-E is just a concept car which is an initiative taken by Pakistani automotive industry. DICE Foundation is planning to secure investments to commercially produce this car, which may take up to three years.

  • Donald Blome visits Karachi to support US-Pakistan trade ties

    Donald Blome visits Karachi to support US-Pakistan trade ties

    KARACHI: The U.S. Ambassador Donald Blome visited Karachi on Saturday to support the US-Pakistan trade ties and further strengthen the economic partnership and bilateral trade.

    During the visit, U.S. Ambassador met with the Federal Minister for Maritime Affairs, the Chief Ministers of Balochistan and Sindh, the Administrator of Karachi, the Commander of Pakistan Navy Pakistan Fleet (COMPAK), government officials, financial and business leaders, trade and energy executives, and other business and commercial representatives.

    Donald Blome said that, “I am glad to be back in Karachi, a financial and commercial hub with tremendous energy.”

    He added that, “this year marks the 75th anniversary of U.S.-Pakistan bilateral relations and I look forward to strengthening U.S.-Pakistan partnerships in trade, investment, clean energy, health, security, education, and other mutually beneficial priority areas.”

    READ MORE: US calls for strengthening bilateral trade with Pakistan

    Ambassador Blome visited Port Qasim and met with Federal Minister for Maritime Affairs Faisal Subzwari.  The Ambassador expressed interest in how the United States can work with Pakistan to develop more linkages with U.S. port and maritime institutions.

    In the Ambassador’s meetings with Balochistan Chief Minister Abdul Quddus Bizenjo and Sindh Chief Minister Murad Ali Shah, he discussed political, economic, and security matters, as well as the ongoing relief efforts to address the tragic impact of the recent floods in both provinces.

    In his meeting with Sindh Chief Minister Shah, Ambassador Blome announced the United States is providing a new $1 million grant to build the resilience of agricultural communities in Sindh Province, and support Pakistan’s disaster management authorities in Sindh, Khyber Pakhtunkhwa, and Gilgit-Baltistan provinces, to better respond to future disasters.

    Ambassador Blome and Karachi Administrator Murtaza Wahab discussed the impact of flooding and other challenges in the city, as well as opportunities for growth including in the information technology sector.

    READ MORE: US Treasury sanctions virtual currency mixer Tornado Cash

    During the Ambassador’s meeting with COMPAK Vice Admiral Ovais Bilgrami, he further discussed relief efforts in flood-stricken areas and affirmed the importance of the U.S.-Pakistan military relationship and the desire to strengthen and expand our ongoing security cooperation.

    Ambassador Blome met with CEO of Cargill Pakistan Imran Nasrullah. The Ambassador also toured Excelerate’s floating storage and regasification unit at Port Qasim to emphasize our mutual interest in seeing Engro and Excelerate’s LNG joint venture succeed in Pakistan.

    He met other U.S and Pakistani business leaders to show his commitment to promoting U.S. business and investment in Pakistan through a wide range of effective services, products, and programs.

    The U.S. government is dedicated to expanding the ties between the Pakistani and American people to promote a more stable, secure, and prosperous future for both our nations.  Bilateral trade reached nearly $9 billion in 2021.

    READ MORE: Toyota Motors suspends production at Tsutsumi plant

    The United States is Pakistan’s largest single country export market and one of the largest sources of foreign investment, with U.S. direct investment growing by 50 percent in the past year.

    U.S. companies and their local affiliates are among Pakistan’s largest employers, with roughly 80 U.S. companies directly employing more than 125,000 Pakistanis, and more than one million Pakistanis employed indirectly. In 2021, U.S. firms invested up to $5.7 million in corporate social responsibility initiatives in Pakistan.

    One of the highlights of Ambassador Blome’s time in Karachi was a visit to the Lincoln Corner Karachi at Liaquat Memorial Library where he inaugurated the StartUp Lab! along with Minister of Sindh for Education, Culture, Tourism, Antiquities and Archives, Syed Sardar Ali Shah.

    “The StartUp Lab! is unique and a one-of-a-kind space in Pakistan where aspiring entrepreneurs with an idea for a startup business can turn ideas into reality using the latest technology and equipment for free,” noted Ambassador Blome.

    READ MORE: Xiaomi further improves rank to 266 in Fortune Global 500 list

    Ambassador Blome said, “The people-to-people ties between the United States and Pakistan are among our greatest strengths.  We are proud to partner with the Culture Department of Sindh to ensure young Pakistanis are prepared to face 21st century challenges.”

    The Lincoln Corner Karachi is one of 18 in the U.S. Mission to Pakistan’s network of American Spaces nationwide that offer free educational and cultural programs, as well as technology and information resources, to young Pakistani leaders.

    Ambassador Blome also visited Frere Hall in Karachi to appreciate its architecture and murals.  There, he was given a tour by representatives of NGO Sindh Exploration and Adventure Society (SEAS), Dr. Asma Ibrahim and Dr. Kaleemullah Lashari.

    SEAS received in 2021 a grant from the U.S. Ambassadors Fund for Cultural Preservation (AFCP) to renovate portions of Frere Hall.  This AFCP project further demonstrates our respect for Pakistan’s rich cultural heritage.

    In celebration of Pakistan’s National Minority Day, the Ambassador was honored to meet religious minority community leaders in Karachi to promote interfaith cooperation, religious tolerance, and diversity.

    He also visited the Mausoleum of the founder of Pakistan Quaid-e-Azam Muhammad Ali Jinnah and laid a wreath in honor of the founding father of Pakistan, ahead of Pakistan’s 75th Independence Day.

    Ambassador Blome said that, “It is a great honor to be here at the Mazar-e-Quaid to pay my respects and commemorate the legacy of Muhammad Ali Jinnah.  The United States shares Quaid-e-Azam’s vision of a unified Pakistan, at peace with itself and its neighbors, a Pakistan of religious tolerance, economic prosperity, and social inclusion.”