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Nepra renews K-Electric’s licence for six months

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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Thursday provisionally renewed K-Electric’s (KE) distribution licence for six months. 

The electric utility company, in a statement, said that K-Electric has been informed about the decision regarding the extension. 

“The 20-year licence period of the K-Electric is ending today and the renewal of the licence will be decided after a public hearing,” said Nepra. 

Nepra also said that the power supplying company had applied for a 20-year renewal of the licence, however, it has been given a provisional extension of six months. 

In February, KE CEO Syed Moonis Abdullah Alvi said that the company had applied for a non-exclusive distribution licence after its current distribution exclusivity was going to end in June this year. 

The request for power distribution unbundling will end KE’s monopoly in Karachi and may attract other market players to invest.

“KE itself wanted to operate in a competitive environment along with other power sector market players, rather than having monopolistic distribution licence,” Alvi had said.

He was of the view that Pakistan has to shift towards indigenous sources of power production in future.

“We must ensure that the next generation is transitioned to indigenous fuel as it is not in our interest to buy expensive fuel, for which all partners must contribute.

Before the summer of 2023, he continued, KE would have 900 megawatts of electricity available by way of billions of rupees investment.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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