Business

Russian e-commerce giant Yango confirms Pakistan investment plans

Published

2 years ago

Farwa

ISLAMABAD: Yango, which is owned by Russian tech giant Yandex, has announced its plans to invest in Pakistan, company’s president Anton Zykov confirmed during a meeting with Federal Minister for Board of Investment Chaudhry Salik Hussain, The News reported Friday.

The virtual gathering was chaired by the federal minister while Board of Investment (BOI) Secretary Asad Rehman Gilani moderated the meeting.

The minister lauded Yango’s willingness to invest in Pakistan and commence its services and also urged the Russian side to explore other areas of investment in the country.

Hussain also invited the Russian delegation to consider investing in e-bike manufacturing in Pakistan, which presents a considerable investment opportunity.

Earlier in the meeting, Zykov informed the participants that Yango is currently operating in 33 countries across Africa, Europe, the Middle East, and South America, offering a wide range of services, including ride-hail, foodtech, delivery, and e-commerce.

The company has finalised its plans to invest in the Pakistani market, which will bring in substantial foreign investment, direct and indirect job opportunities, and digitalise the transport infrastructure in the country.

The Russian delegation expressed its delight at the positive response from the Pakistani side.

The development comes days after Pakistan placed its first order for discounted Russian crude oil under a deal struck between Islamabad and Moscow.

A day earlier, Foreign Minister Bilawal Bhutto Zardari also met his Russian counterpart, Sergey Lavrov, on sidelines of the Shanghai Cooperation Organisation (SCO) Council of Foreign Ministers meeting in the Indian city of Goa.

The two foreign ministers discussed bilateral, regional and international matters of mutual interest and assured each other of working closely to further deepen cooperation between their countries in the areas of food security, energy and people-to-people contact.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

1 day ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

1 day ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.