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

With its second-largest surge ever, PSX approaches 114,000 points.

Published

19 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.