SBP extends scope of long term financing facility to all permissible export oriented sectors

KARACHI: State Bank of Pakistan (SBP) has announces measures to facilitate export–oriented sectors and manufacturing concerns and extended the scope of Long Term Financing Facility (LTFF) to cover all permissible export oriented sectors. This step is aimed at setting up of diverse export oriented projects in Pakistan and to boost… Continue reading

Fitbit Inc. plans to shift its manufacturing outside of China

SAN FRANCISCO–(BUSINESS WIRE)–Fitbit Inc. announced that it has undertaken a plan to shift its manufacturing operations outside of China for effectively all of its trackers and smartwatches. As a result, starting in January 2020, the company expects those products will no longer be of Chinese origin and therefore not subject… Continue reading

EDB drafts mobile manufacturing policy to promote local manufacturing

ISLAMABAD: Advisor to Prime Minister on Commerce and Industry Razak Dawood chaired a meeting on Draft Mobile Device Manufacturing Policy prepared by Engineering Development Board (EDB), Ministry of Industries and Production. The Adviser underscored that the draft policy aims to develop and promote mobile devices manufacturing industry of Pakistan as… Continue reading

Verbal instructions to slow down import clearance taking toll on clearing agents, importers

KARACHI: The clearance of imported consignments particularly of scrap (all kinds) is subjected to a well planned designed technical delay causing huge loss to importers and taking toll on clearing agents since over a month. The examination staff of Pakistan Customs posted at Port Muhammad Bin Qasim and its managed… Continue reading

Five-year tax holiday for investment in the manufacturing of renewable energy technologies

KARACHI: Finance Supplementary 2nd Amendment Bill has proposed complete tax holiday along with import duty exemptions to attract investment in the manufacturing of renewable energy technologies. Finance Minister Asad Umar said PTI government aimed at increasing share of renewable energy in the country’s energy mix to 30 percent adding government also… Continue reading

Pakistan’s ACT Group plans local manufacturing of Solar PV modules

KARACHI: Pakistan-based conglomerate ACT Group plans to set up 1.0GW of solar PV module assembly capacity in Pakistan by the summer of 2021, starting with a 250MW first phase by July next year, PV-Tech reported. ACT has acquired the necessary land in Karachi and is ready for construction, pending the… Continue reading