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Articles for tag: 15year, billion, bloc, committed, deal, Europe, European, India, Investment, Trade

March 10, 2024

News Desk

India says European trade bloc committed to 15-year, $100 billion deal

NEW DELHI: India will remove most import duties on industrial goods from four European countries in exchange for $100 billion in investment over 15 years, its commerce minister said, after an economic pact signed on Sunday ended nearly 16 years of negotiations. The agreement follows commercial agreements over the past two years with Australia and United Arab Emirates, while officials say another, with Britainis in its final stages as Prime Minister Narendra Modi targets annual exports of $1 trillion by 2030. It foresees that the European Free Trade Area, made up of Switzerland, Norway, Iceland and Liechtenstein, will invest $100

March 10, 2024

News Desk

India says European trade bloc committed to 15-year, $100 billion deal

NEW DELHI: India will remove most import duties on industrial goods from four European countries in exchange for $100 billion in investment over 15 years, its commerce minister said, after an economic pact signed on Sunday ended nearly 16 years of negotiations. The agreement follows commercial agreements over the past two years with Australia and United Arab Emirates, while officials say another, with Britainis in its final stages as Prime Minister Narendra Modi targets annual exports of $1 trillion by 2030. It foresees that the European Free Trade Area, made up of Switzerland, Norway, Iceland and Liechtenstein, will invest $100

February 28, 2024

News Desk

The oil refining sector sees $1 billion in investment

Oil refinery. PHOTO: AFP Islamabad: Cnergyico Pk Limited, the country’s largest refiner, is eyeing more than $1 billion in investment following the introduction of a new government policy aimed at boosting the industry. Following its investment, Cnergyico plans to boost production of Euro-V compliant high-speed gasoline and diesel while reducing furnace oil production in response to declining and unpredictable demand. Pakistan has faced several economic challenges in recent times, including political instability, soaring inflation, a weakening currency and dwindling foreign exchange reserves. These factors have eroded investor confidence, making local and foreign investors reluctant to commit capital to major projects.

February 11, 2024

News Desk

Muhammad Sajjad won the 9th SOP Lakson Investment Unified Marathon

KARACHI: Under the auspices of Special Olympics Pakistan (SOP) and supported by major sponsors, Lakson Investment and Faysal Islamic Bank, the 9th SOP Lakson Investment Unified Marathon was held at Emaar Sales Centre, DHA Phase 8 on Sunday 11 February 2024. The categories offered were 21km (Half Marathon), 10km, 5km and 1km unified walk, while a wheelchair walk for differently abled children and adults was also included. DHA Creek’s Muhammad Sajjad completed the hat trick by winning the half marathon for the third consecutive time. Sajjad, representing Sindh Track and Field Club, covered the prescribed distance in 1 hour 14

February 8, 2024

News Desk

UAE fund plans $4-5 billion investment in India

MUMBAI: Abu Dhabi Investment Authority (ADIA), the largest sovereign wealth fund in the United Arab Emirates, is setting up a $4-5 billion fund to invest in India through a tax-neutral financial hub in Prime Minister Narendra Modi’s home state of Gujarat, according to two sources with direct knowledge of the subject. The financial services regulator in Gujarat International Finance Tec-City, or GIFT City, has granted in-principle approval to ADIA to set up the fund, said the sources, who declined to be named as they are not authorized to speak to the media. ADIA’s intention to establish a presence in the

January 18, 2024

News Desk

Pakistan, Dubai sign over $3 billion investment pact to develop railways and ports

The collaboration covers the development of dedicated freight corridor, multimodal logistics park, freight terminals Caretaker Prime Minister Anwaar-ul-Haq Kakar witnesses the signing of Inter-Governmental Framework Agreements between the Ministries of Communications, Railways and Maritime Affairs of Pakistan and the Government of Dubai represented by DP World on January 18, 2024. — PID The partnership covers development work at Qasim Int’l Terminal. Rail freight corridor from Karachi Port to Pipri Marshalling Yard. Development of Port Qasim Economic Zone to attract $3 billion FDI. Pakistan and Dubai have signed an investment pact of over $3 billion in various sectors, including cooperation in

January 18, 2024

News Desk

India could ease restrictions on investment in China if the border remains calm

DAVOS: India could ease strict controls on Chinese investment if the two countries’ borders remain peaceful, a senior Indian official said in the first signal that the four-year-old restrictions could be lifted. Border tensions, the biggest irritant in relations between the nuclear-armed Asian giants, have eased, which could lead to improved investment ties, top industrial policy bureaucrat Rajesh Kumar Singh said. Reuters on Wednesday at the annual World Economic Forum in Davos, Switzerland. In 2020, India strengthened its scrutiny of investments by companies based in countries it borders, adding a layer of security checks and clearances. The move was widely

January 17, 2024

News Desk

Pakistan agrees with Riyadh, Doha to resort to international investment arbitration

Pakistan has negotiated to include a phased approach to settling investment disputes, sources say Caretaker Prime Minister Anwaar-ul-Haq Kakar presides over a SIFC meeting in Islamabad. — APP/File The domestic forums will be given 8 months to provide a solution. In the event of no resolution, Doha and Riyadh may approach the PCA/ICSID. SIFC approves in principle the establishment of Nidra. ISLAMABAD: Pakistan has agreed to allow the Kingdom of Saudi Arabia and Qatar to approach the Permanent Court of Arbitration (PCA) or the International Center for Settlement of Investment Disputes (ICSID) if they face any problem in the multi-billion

January 11, 2024

News Desk

Electoral uncertainty may dampen foreign investment in Pakistan: World Bank

WB says weak confidence stemming from political turmoil will contribute to slow demand growth headquarters of the World Bank. — Reuters/File Fiscal vulnerabilities could ease due to rising spending. The PTO says GDP growth will be 1.7% in the 24th year. It forecasts GDP growth of 2.4% in the next fiscal year. Islamabad: The World Bank has warned that uncertainty surrounding the elections could hamper foreign investment in South Asian countries, including Pakistan, while maintaining that the country’s GDP growth forecast is 1.7% for the ongoing fiscal and 2.4% for the next one. The news on Thursday. “In some SAR

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