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Pakistan green lights live cattle import from Brazil

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10 months ago

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  • Brazil also received green light to export tilapia fish to Philippines.
  • Brazil exported total of nearly $489 million in live cattle last year.
  • Pakistan’s imports from Brazil last year amounted to $298 million.

SAO PAULO: Brazil said on Wednesday it received approval this week from Pakistan to export live cattle to the South Asian country, as well as the embryos and semen of cows.

Brazil’s Agriculture Ministry said in a statement that it also received the green light to export young tilapia fish to the Philippines.

Brazil exported a total of nearly $489 million in live cattle last year, 154% more than in 2022.

Pakistan’s imports from Brazil last year amounted to $298 million, largely from products such as fibers and textiles, the ministry said, while Philippines imported $918 million worth, with meat proteins representing more than three-quarters.

Overall, the South America nation exported almost $340 billion of products in 2023, mainly to China, which bought nearly $106 billion worth, according to government data earlier this month.

In April last year, the Economic Coordination Committee (ECC) on Wednesday approved the proposed amendments in the relevant clauses of IPO-2022.

Ministry of Commerce submitted a summary on amendments in the Import Policy Order-2022 with regards to the import of live animals and animal products in line with the revised conditions/guidelines by the World Organization of Animal Health (WOAH) on animal (Cattle) trade.

In September 2023, the United Arab Emirates (UAE) tightened its rules on the import of meat from Pakistan after receiving complaints of substandard shipments from the country.

The UAE Ministry of Climate Change and Environment said in a notification dated September 19, 2023, that it will only allow fresh or chilled meat from Pakistan that is vacuum-packed or modified-atmosphere packed and has a shelf life of 60 to 120 days from the date of slaughtering.

The new restrictions apply to all other types of packaged fresh or chilled meat that are not allowed to be imported from Pakistan by sea, the notification had said.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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