Latest news with #SAPM
Business Recorder
a day ago
- Business
- Business Recorder
Dar discusses challenges facing power sector
ISLAMABAD: Deputy Prime Minister Ishaq Dar presided over a high-level meeting to discuss challenges facing the power sector. The meeting was attended by Minister of Power, SAPM Tariq Bajwa, and other senior officials from ministries of power and finance. During the meeting, Dar underscored the urgency of addressing sustainability concerns and restoring confidence in the sector. He emphasised the importance of swift and coordinated action to resolve outstanding issues, to ensure long-term stability and economic viability. The meeting reiterated government's commitment to create an enabling environment for investment, enhance transparency, and safeguarding the interests of all stakeholders. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Automotive
- Business Recorder
Below 850cc cars: Pak Suzuki MD voices concern over proposed GST hike
ISLAMABAD: Pak Suzuki Motors Managing Director (MD) Hiroshi Kawamura, Tuesday, voiced concern over the proposed increase in sales tax on vehicles under 850cc from 12.5 percent to 18 percent, warning that such measures could adversely affect the automotive sector. During a meeting with Special Assistant to the Prime Minister (SAPM) on Industries and Production Haroon Akhtar Khan here, MD Pak Suzuki Motors, while discussing budgetary impact on auto sector, said that it will not have a positive impact on industry. The SAPM, while explaining the impact of the federal budget and the proposed new tariff policy on the automotive industry, stated that since Pakistan was in an IMF programme, so, under such a situation it cannot continue providing tax exemptions to any sector as it has not served the purpose. The MD Pak Suzuki argued that the increased tax burdens are typically passed on to consumers and could lead to higher vehicle prices, reducing affordability and dampening market demand. 'The impact of higher sales tax is always borne by customers,' Kawamura remarked and cautioned that the resultant price hikes may hinder industry growth and put pressure on production. In response, SAPM Haroon Akhtar reiterated the government's resolve to support the auto industry, emphasising that Prime Minister Shehbaz Sharif is deeply committed to the growth of the sector and is fully aware of the challenges it faces. 'Yes, there are challenges,' Haroon stated, 'but progress demands unity and collaboration. The auto industry is a vital source of employment and local manufacturing strength.' He assured that the prime minister would not allow the sector to falter and pledged continued engagement with industry stakeholders to navigate challenges and seize growth opportunities. In another meeting with chief of another automaker, Haroon Akhtar Khan discussed the strategic challenges facing Pakistan's automotive industry and the potential implications of the federal budget on the sector. Danial Malik, chief executive officer of Master Changan Motors called on the SAPM to present the reservations of the auto sector. The two sides focused on the importance of transitioning towards New Energy Vehicles (NEVs), especially electric vehicles, as a national priority. Malik emphasised the need for sustained policy support and industry-friendly measures to ensure a stable and growth-oriented environment. Haroon Akhtar reaffirmed the government of Pakistan's commitment to implementing a sustainable and modern auto policy aligned with global trends. He announced that the National Electric Vehicle Policy will soon be unveiled. 'The prime minister envisions Pakistan's auto industry becoming globally competitive,' Haroon Akhtar said and added,'Our upcoming EV policy will provide a comprehensive framework for infrastructure development, investment incentives, and policy facilitation.' He added that, in line with the prime minister's vision, special incentives will be offered to promote the adoption of electric vehicles in the country, supporting long-term industrial growth and environmental sustainability. Copyright Business Recorder, 2025
Express Tribune
7 days ago
- Business
- Express Tribune
Pakistan-UAE JMC to be held in Abu Dhabi
Deputy Prime Minister Senator Mohammad Ishaq Dar on Friday chaired a high-level meeting to review preparations for the upcoming 12th session of the Pakistan-UAE Joint Ministerial Commission (JMC) scheduled to be held in Abu Dhabi. The meeting was attended by SAPM to DPM Office, federal secretaries of economic affairs, commerce, maritime affairs, interior, inter-provincial coordination, national heritage, and health, along with senior officials from relevant ministries and departments, including MoFA, overseas Pakistanis, finance, railways, defence, and tourism.
Express Tribune
11-06-2025
- Business
- Express Tribune
President pushes to unlock Russia trade
President Asif Ali Zardari on Tuesday said Pakistan and Russia have enormous potential needed to be exploited to expand bilateral partnership in trade, investment, technology, and people-to-people exchanges. The president made these remarks as chief guest at the special ceremony celebrating the 35th National Day of the Russian Federation held in the federal capital. Khyber-Pakhtunkhwa Governor Faisal Karim Kundi, Special Assistant to the Prime Minister (SAPM) Tariq Fatemi and members of the diplomatic corps attended the event. The president stated that Pakistan regards Russia as an important global power that has been a key player in ensuring regional peace and stability, particularly in the Eurasian region. President Zardari extended his sincere congratulations to President of the Russian Federation Vladimir Putin, Ambassador of the Russian Federation Albert Khorev as well as to the people of Russia. "On this significant occasion, Pakistan joins Russia in celebrating this National Day, reflecting our solidarity and friendship. I am glad to state that our bilateral relations have improved over the years, based on mutual respect, cooperation, and shared interests in various fields," the president said. He said there have been extensive high-level interactions between the two countries that had laid the foundation for deeper engagement and understanding. Pakistan and Russia also continue to cooperate closely on regional and international platforms, he added. The president underlined that SAPM Tariq Fatemi had a promising meeting with Russian Foreign Minister in Moscow early this month where both sides had underscored the importance of peace and stability in the region. "I am confident that the bonds of friendship between Pakistan and Russia will continue to strengthen. As we celebrate this important occasion tonight, let us reaffirm our commitment to building bridges of understanding and cooperation between our two nations. Let us take hold of the opportunities that lie ahead and work together for a brighter and more prosperous future. Long Live Pakistan-Russia friendship," President Zardari said. Earlier, in his welcome address, Ambassador Khorev emphasized that Russia remains a sovereign, powerful, and resilient nation, driven by the unwavering support of its people. Reflecting on the words of President Putin, the Ambassador noted that Russia has historically played a unifying role in the region, stretching "from the Baltics to the Caucasus." Highlighting the steady progress in Pak-Russia relations, Ambassador Khorev stated that bilateral cooperation is advancing at a satisfactory pace across various sectors. He expressed appreciation for Pakistan's growing interest in Russian language and culture. "We commend the Pakistani enthusiasm for learning the Russian language," he remarked. "The Russian Mission is actively supporting the establishment and expansion of language learning institutions across the country." The ambassador also reaffirmed Russia's continued support for Pakistan on various international platforms, noting that both nations are working together to deepen ties in education, diplomacy, and mutual development. The event concluded with Russian musician's performance on folk music.
Express Tribune
07-06-2025
- Business
- Express Tribune
PM's aide on crypto Bilal Bin Saqib meets Elon Musk's father
Minister of State for Crypto, Blockchain and CEO of the Pakistan Crypto Council Bilal Bin Saqib Listen to article Special Assistant to Prime Minister (SAPM) on Crypto and Blockchain Bilal Bin Saqib, held a notable meeting in New York with Errol Musk, father of billionaire entrepreneur Elon Musk. The minister shared a photograph of the meeting on social platform X, in which Errol Musk is seen greeting him warmly. The image quickly gained attention, particularly given the growing relevance of blockchain discussions in global finance. Met Elon Musk's dad. Requested that the markets finally have great momentum - let's not mess it up! The world needs Tesla and Trump in the same group chat! 🙏 Peace and Build — Bilal bin Saqib MBE (@Bilalbinsaqib) June 6, 2025 According to Saqib, Errol Musk remarked during the meeting, 'The market has finally picked up. Let's not ruin it.' The quote was seen by observers as a subtle reference to ongoing global economic volatility and the importance of responsible innovation in tech and finance. Bilal Bin Saqib added in his post that the world desires greater alignment between powerful innovators and decision-makers. 'The world wants Tesla and Trump in the same group chat for peace and progress,' he wrote, suggesting that coordinated global dialogue is vital for technological and geopolitical stability. The meeting is being viewed as a symbolic moment as Pakistan seeks to strengthen its positioning in emerging technologies, particularly in the areas of digital assets and blockchain. Read More: Pakistan is establishing 'Strategic Bitcoin Reserve A day earlier, SAPM on Crypto and Blockchain Bilal Bin Saqib met with over a dozen key US government officials and lawmakers this week in Washington to strengthen cooperation in the areas of digital assets, blockchain regulation and financial innovation. The visit also served to share Pakistan's initiatives — including the recent announcement of its Strategic Bitcoin Reserve, efforts to build a virtual asset regulatory framework, and the use of stablecoins to improve remittances and expand financial access. The exchanges highlighted the need for closer global coordination and the role emerging markets like Pakistan can play in shaping the next chapter of the digital economy. Last week, the Ministry of Finance reported that Pakistan allocated 2,000 megawatts of electricity for Bitcoin mining and AI data centres as part of a national initiative to make Pakistan a leader in digital innovation. Read more: IMF seeks explanation on Bitcoin, AI initiatives This initiative, led by the Pakistan Crypto Council (PCC), aims to use excess electricity, create high-tech jobs, and attract foreign investment. The allocation marks the first phase of a broader digital infrastructure rollout. Future developments are expected to include renewable energy-powered facilities, global partnerships with blockchain and AI firms, and the establishment of fintech and innovation hubs. On the other hand, the federal government and the central bank reiterated on Thursday that the use of cryptocurrencies was illegal and anyone dealing in these currencies was liable to be investigated by the Financial Monitoring Unit (FMU) and the Federal Investigation Agency (FIA). The statements were made by Federal Finance Secretary Imdad Ullah Bosal and State Bank of Pakistan (SBP) Executive Director Sohail Jawad during a meeting of the National Assembly Standing Committee on Finance. Read more: Crypto currencies' use is illegal, National Assembly told The development also came a day after the newly appointed Special Assistant to the Prime Minister on crypto and blockchain, Bilal Bin Saqib, made a pitch for the promotion of cryptocurrencies during his visit to the United States. Crypto is not a legal currency in Pakistan, said Bosal. He recommended that the committee invite the Pakistan Crypto Council (PCC) for further briefing. SAPM Bilal Bin Saqib is also the chief executive officer of the PCC. "The work on the crypto currencies is at a very, very preliminary stage and whenever the government decides to take it further, we would recommend to first have a comprehensive legal and regulatory framework for it," Bosal said, adding that so far, there was no such framework.
