All Pakistan Gems and Jewelers Association said the rate of gold in Pakistan reduced by Rs3,600 per tola.

The association claimed the price of one tola of gold decreased by Rs3,600 to Rs465,536.

The price of gold also fell Rs3,086 to Rs399,122 for 10 grams.

In overseas markets, gold prices slipped $36 to $4,430 an ounce.

Prime Minister Muhammad Shehbaz Sharif chaired a meeting on Export Development Fund (EDF) and appreciated the export insurance coverage offered by the EDF and Export-Import Bank of Pakistan (EXIM Bank, especially for Small and Medium Enterprises (SMEs.

“The Rs3 billion risk pool will enhance the access to export credit insurance, particularly for SMEs and help the business community to enhance its export volume,” stated the prime minister.

He said the idea was a very positive step toward promotion of SMEs in the country, he added. He also thanked the EDF team for beginning changes to enhance the national economy.

He stated that after restructuring and reforms EDF has been put under the direction of private sector specialists and all the monies available with the EDF were being utilized to benefit the business community.

The actions, he said, showed the government’s determination to develop the national economy and boost exports. He was confident that such steps will help turn Pakistan into a global investment destination and take the country toward an export-oriented economy.

During the discussion, the EDF briefed the prime minister on the restructuring and changes it undertook. Officials claimed all of the Rs24 billion available with the EDF had been targeted for investment to facilitate the business community and no more spending was planned on infrastructure.

It was also stated that the EDF was implementing steps in research, skills development and boosting competitiveness to support economic growth and enable enterprises.

Officials briefed the meeting on efforts being made to ensure extension of Pakistan’s GSP Plus preferential trade status to keep access to European markets.

The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Federal Ministers Muhammad Aurangzeb, Rana Tanveer Hussain, Jam Kamal Khan and Ahsan Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, Prime Minister’s Adviser Haroon Akhtar, EDF Board Chairman Umar Saeed and senior officials of relevant institutions.

Greece’s Ambassador Eleni Pouriki has underlined the need to create chances for Pakistani skilled professionals in Greece as both nations are eager to diversify trade, investment and economic relations outside conventional industries.

Greek Ambassador to Pakistan, Mr. Andreas Papastavrou, while visiting Lahore Chamber of Commerce and Industry (LCCI) held talks with the LCCI President Faheem-ur-Rehman Saigol and discussed improvement of bilateral commerce and establishment of direct business contacts between business communities of the two countries.

Pouriki emphasized the important role the private sector might have in the expansion of Pakistan-Greece economic relations and urged for more intensive business-to-business (B2B) contacts.

There is demand for Pakistani qualified workforce in Greece and employment opportunities are accessible in agriculture, engineering and other areas, she said.

The envoy also pointed on the importance of diversifying bilateral commercial ties. Apart from textiles, she said, tourism and renewable energy were other fields with great potential for cooperation between Pakistan and Greece.

When asked about the tourist business, which is a major revenue earner for Greece, Pouriki said her country can share the expertise in improving tourism infrastructure with Pakistan.

President LCCI Faheem-ur-Rehman Saigol said that Pakistan and Greece should look for more cooperation in agriculture and minerals and mining as partnership can provide new economic potential.

“Greece could benefit from Pakistan’s technology, expertise and experience in a number of sectors, particularly tourism,” he said.

Saigol said that the two countries need to have more exchange of business delegations and B2B meetings to enable the entrepreneurs to find possible partners and investment prospects.

Both sides agreed that enhanced cooperation between the Pakistani and Greek business sectors might help unlock latent trade possibilities and expand bilateral economic relations.

The discussion also underlined the prospects of enhancing Pakistan-Greece economic connections beyond traditional commerce to include cooperation in technology, skilled personnel, renewable energy, tourism, agriculture and mineral development.