Tag: production

  • Want a phone on instalments? The govt has good news for you

    Want a phone on instalments? The govt has good news for you

    The Caretaker Federal Minister for IT, Dr. Umar Saif, has said in a conversation with Samaa that by January 2024, people will be able to buy Pakistani-made mobile phones in installments.

    Dr. Saif pointed out that Pakistan has the fifth largest population and the seventh largest telecom industry in the world; 33 national companies have made 57 million low-cost mobile phones, of which one crore 20 lakhs have been exported.

    Made-in-Pakistan phones will be less expensive and will cost an average of 15 thousand rupees.

    He added that having 1.5 million cell phone users in the country is a big deal; and despite the lack of foreign exchange, most mobile phones are imported, asserting that there is no reason why mobile phones cannot be assembled and manufactured within the country.

    He questioned that if India can manufacture iPhones, why can’t Pakistan too. According to Dr. Saif, Pakistan’s IT exports are 2.6 billion dollars while India’s is 150 billion dollars because there is a lack of trained manpower since only 120 thousand people are available here.

    He asserted there is a need to train students in universities and he aims to upskill two lakh people as well as establish e-employment centres for five lakh freelancers in the next two years.

    The caretaker IT minister is also determined to take IT exports to 10 billion dollars.

  • Commerce minister warns of financial loss over proposed early market closure 

    Commerce minister warns of financial loss over proposed early market closure 

    Caretaker Minister for Commerce, Industries, and Production, Dr Gohar Ejaz, has voiced his opposition to the early market closure proposed as part of the energy conservation plan, expressing concerns over the significant financial losses the government could incur as a result.  

    According to ARY News, Dr Ejaz said that Pakistan currently has a surplus of electricity, making the decision to close markets prematurely economically unfavorable. 

    He revealed that recommendations were sought from all chambers of commerce across the country within a 30-day period. Additionally, Dr Ejaz announced an upcoming anti-gas theft initiative following the anti-power theft operation. He urged traders to be flexible, considering the limited gas resources in the country. 

    Furthermore, he revealed plans to invite 100 international brands to a conference in Pakistan, granting them the status of state guests. Dr Ejaz also mentioned the current exchange rate of the US dollar, which stands at Rs260. 

    To encourage the purchase of electricity from Thar, he directed Sindh and Punjab to do so, promising tax exemptions if they comply. This move aims to make electricity tariffs in these regions more competitive. 

    The caretaker minister stressed the need to boost exports, pointing out that Pakistan’s foreign direct investment is contingent on increased exports. He called for cooperation from business leaders to resolve various issues.  

    Dr Ejaz expressed his commitment to serving the country and previously outlined plans to support industry stakeholders in boosting exports and establishing business parks in major cities to stimulate economic growth. 

  • Pakistan aiming for $25 billion textile exports in this fiscal year

    Pakistan aiming for $25 billion textile exports in this fiscal year

    Dr Gohar Ejaz, the Caretaker Federal Minister for Commerce, Industries, and Production, has set a bigger target of achieving $25 billion in textile exports for the current fiscal year, a substantial increase from the $16 billion target of the previous year. 

    Speaking at a meeting with the Pakistan Textile Exporters Association, led by Khurram Mukhtiar, Dr Ejaz outlined his strategic vision. He pledged to revitalise dormant industries within the nation within a tight one-month deadline, expressing confidence in surpassing last year’s export figure of $16 billion.

    Assuming the role with a bold $80 billion export objective, Dr Ejaz assured a systematic approach to address impediments hampering industrial operations. He expressed eagerness to directly engage with stakeholders, even offering to visit facilities as a symbol of his dedication to the industrial landscape’s rejuvenation. He requested a comprehensive list of inactive industries and their specific challenges to better tackle the issues.

    Furthermore, the minister vowed to promptly resolve pending financial obligations owed to industries by various departments, including the Federal Board of Revenue (FBR) and customs. 

    He extended an open invitation to associations and business leaders, emphasising his readiness to collaborate and find solutions for their concerns.

    With a focus on swift resolutions for challenges related to gas, electricity, energy, and fund allocation, Dr Ejaz reaffirmed his commitment to fostering a thriving and supportive business environment.

  • Tesla overcomes setbacks, produces first Cybertruck after two years

    Tesla overcomes setbacks, produces first Cybertruck after two years

    Tesla announced via a tweet that its inaugural Cybertruck has been successfully manufactured at the company’s Austin, Texas plant, marking the end of a two-year delay.

    Back in 2019, Tesla founder Elon Musk introduced the pickup truck during a revealing event where the vehicle’s designer unintentionally demonstrated a flaw in the supposedly indestructible “armour glass” windows.

    Since then, the production timeline has faced multiple setbacks, with Musk attributing the delays to component sourcing shortages, leading to a rescheduled Cybertruck launch in 2023.

    During a shareholder meeting in May, Musk expressed Tesla’s ambition to produce up to 250,000 Cybertrucks annually, depending on market demand.

    With the introduction of the Cybertruck, Tesla is poised to enter one of the most lucrative sectors of the U.S. market, directly competing against electric pickups from industry giants such as Ford Motor and Rivian Automotive.

    Although these competitors have already released limited numbers of their own electric truck models, Tesla’s entry into the market is highly anticipated. According to a Reuters report from last year, Tesla aims to initiate mass production of the Cybertruck by the end of 2023.

  • Alarming decline in Pakistan’s manufacturing sector, latest data reveals

    Alarming decline in Pakistan’s manufacturing sector, latest data reveals

    The manufacturing industry in Pakistan, which is responsible for about 20 per cent of the country’s economic growth, has experienced its eighth consecutive month of decline. This is a major cause for concern as it could have negative impacts on the overall economy.

    In February, the rate of decline was particularly severe, with a contraction of 11.59 per cent compared to the same period in the previous year, according to data from the Pakistan Bureau of Statistics.

    This decline will impact Pakistan’s overall economic growth, with the gross domestic product (GDP) also expected to suffer a significant blow this fiscal year.

    The negative growth of the sector is due to both domestic and global factors, including high energy costs, rupee devaluation, and the government’s tightening of monetary and fiscal policies. Industrial output fell by 5.56 per cent in the first eight months (July-February) of the ongoing fiscal year, compared to the same period last year.

    The global economic slowdown has further worsened the situation, with many businesses scaling back operations or reducing operating hours, while others have shut down their plants. The LSM sector has witnessed a decline in production from August 2022 to February 2023.

    All major and small sectors’ output contracted in February, including textile, food, coke and petroleum products, chemicals, automobile, pharmaceuticals, cement, fertilisers, iron and steel, furniture, leather products, electrical equipment, and non-metallic mineral products.

    To combat soaring inflation, the State Bank of Pakistan (SBP) also raised the discount rate to 21 per cent, hindering industrial activities by making bank financing more expensive.

  • Inventory shortage forces Pak Suzuki to temporarily halt operations

    Inventory shortage forces Pak Suzuki to temporarily halt operations

    Pak Suzuki Motor Company (PSMC) announced on Wednesday that it will temporarily halt operations at its automobile plant from February 13th to 17th, due to an insufficient inventory.

    The management of Pak Suzuki, the local assembler, manufacturer, and marketer of Suzuki vehicles and related spare parts, has informed the Pakistan Stock Exchange (PSX) that it will temporarily cease operations at its automobile plant from February 13th to 17th, 2023, due to an ongoing shortage of inventory.

    The company’s motorcycle plant, however, will remain in operation. This decision follows a previous temporary shutdown of the automobile plant from January 2nd to 6th and January 16th to 20th, also due to inventory constraints.

    PSMC has reported that the recent introduction of a prior approval mechanism for imports by the State Bank of Pakistan (SBP) has negatively impacted the clearance of its import consignments, leading to a shortage of inventory.

    As a result, PSMC has suspended new bookings for its motorcycles starting January 20th, due to supply chain constraints and an uncertain production outlook. The company has stated that bookings will resume when the situation improves and it is able to serve fresh customers.

    Pakistan’s auto industry, which heavily relies on imports, is facing a crisis as the SBP has imposed restrictions on the opening of Letters of Credit (LCs) due to the persistent depreciation of the rupee. The country’s depleted reserves have resulted in operational challenges for various industries.

  • Export industry is one of the highest priorities of govt: Ishaq Dar

    Export industry is one of the highest priorities of govt: Ishaq Dar

    Federal Minister for Finance and Revenue Ishaq Dar on Monday said that the government will make it easier for all exporters to import the raw materials, components, and accessories they need to meet their demands, including five previously zero-rated export-oriented sectors.

    “Export industry is one of the highest priority of our government,” the minister wrote on Twitter.

    “Five (previously) zero-rated export-oriented sectors and all other exporters will be given complete facilitation for import of raw material, parts, and accessories to meet their export requirements,” Dar added.

    The announcement comes as the country battles a dire foreign exchange crisis and industries, notably exporters, struggle to get their Letters of Credit (LC) issued

    At Karachi port, thousands of containers containing raw materials, food items, and medical supplies are stranded due to a shortage of dollars.

    Banks are refusing to grant fresh letters of credit for importers due to a shortage of needed dollars, which is undermining an economy already under pressure from high inflation and weak GDP.

  • Suzuki to halt car and bike production in January 2023 due to parts shortage

    Suzuki to halt car and bike production in January 2023 due to parts shortage

    Following in the footsteps of Toyota Indus Motor Company (IMC), Pak Suzuki Motor Company (PSMC) has said that its production facility will be totally shut down from January 2 to 6, as a result of a ban on the import of auto parts.

    The automaker, in a notice sent to the Pakistan Stock Exchange (PSX), said that the State Bank of Pakistan (SBP) has introduced a mechanism for prior approval for import under “HS code 8703 category (including completely knocked down – CKDs) vide circular No.09 of 2022 dated May 20, 2022”.

    “Restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels.”

    “Therefore, due to shortage of inventory level, the management of the company has decided to shut down its plant for the automobile as well as a motorcycle for the period from January 2 to January 6, 2023,” PSMC said.

    It is important to note that this is not the first time that Suzuki, one of the country’s top-selling automakers, has closed a production facility. Several shutdowns have already been announced in 2022 by some well-known automakers, including Honda and Toyota.

    PSMC is involved in the assembly, progressive manufacturing, marketing, and distribution of Suzuki vehicles, pickup trucks, vans, 4x4s, motorcycles, and associated spare parts.

    According to Geo, due to the central bank’s limits on the opening of letters of credit (LCs) as a result of a severe liquidity crunch, Pakistan’s car sector, which is heavily dependent on imports, is currently experiencing serious difficulties.

  • Honda Pakistan to launch the long-awaited HR-V tomorrow

    Honda Pakistan to launch the long-awaited HR-V tomorrow

    The long-awaited all-new Honda HR-V will finally make its formal debut on Friday, according to Honda Atlas Cars Limited (HACL), which recently teased the crossover in a Facebook post and confirmed the unveiling.

    Honda Pakistan will offer two versions of the HR-V, the VTi and VTi S. The 1.5-liter 4-cylinder naturally aspirated (NA) petrol engine in the base model will produce 119 horsepower and 145 Nm of torque. A 1.5-liter turbocharged 4-cylinder petrol engine with 179 horsepower and 240 Nm of torque will power the second model.

    According to details, the Honda HR-V VTi is anticipated to cost between Rs6.3 and Rs6.5 million. The top variant would cost approximately Rs6.7 million.

    If this pricing is accurate, the Honda HR-V will be a fierce competitor for crossover SUVs that are already on the market. As Pakistani car buyers may favour a crossover over a pricey sedan, sales of Honda Civic and crossover SUVs from other automakers could also have a little impact.

    The sources have also stated that because bookings would begin immediately after the launch, the delivery of this car will begin in November 2022.

    Here are the features that the impending crossover may offer:

    • Traction control 
    • Hill start assist 
    • Stability control  
    • Dual tone side view mirrors + roof
    • Body coloured & black front grille
    • Automatic climate control 
    • Honda Sense
    • Four airbags

    For those who are unaware, the Honda HR-V is not a brand-new sight in Pakistan; local auto dealers have been offering hybrid versions of this vehicle, which are originally imported from Japan.

  • Malala Yousafzai is all set to produce Hollywood films

    Malala Yousafzai is all set to produce Hollywood films

    Pakistan’s youngest Nobel Prize Laureate Malala Yousafzai is all set to produce Hollywood films after signing a three-film deal with Apple Inc, Variety magazine has revealed.

    Yousafzai is among creative leaders honoured for Variety’s 2022 Power of Women presented by Lifetime.

    Her production company Extracurricular has partnered with the indie studio A24 for a still-untitled feature documentary on the legendary “Haenyeo” society of fisherwomen, who live on South Korea’s Jeju Island.

    The second project is a scripted series based on Asha Lemmie’s coming-of-age novel “Fifty Words for Rain,” about a woman’s search for acceptance in post-World War II Japan

    The third is a feature film with “Don’t Look Up” director Adam McKay, based on Elaine Hsieh Chou’s book “Disorientation” — a satire about a college student’s revealing dissertation about a young poet.

    “What I hope to bring to the table are the voices of women of color and debut writers and Muslim directors and writers. I hope we can have a wide range of perspectives and that we challenge some of the stereotypes we hold in our societies. And I also hope that the content is entertaining and that people fall in love with the characters and have the best time together,” she said.

    She told the magazine that she has watched ‘Succession,’ ‘Ted Lasso’ and ‘Severance,’ and pointed out that in those shows there were a lot of white men.

    “If we can watch those shows, then I think audiences should be able to watch shows that are made by people of colour, and produced and directed by people of colour, with people of colour in the lead. That is possible, and I’m gonna make it happen,” she avowed.

    Malala disclosed that her favourite TV shows include adult animated sitcom “Rick and Morty” and Netflix comedy “Sex Education”.

    Talking to the magazine, Yousafzai said that she doesn’t want to get into British politics.

    “This activism for girls’ education and gender equality is already a form of getting involved in politics. So I’m not sure if I’ll become the prime minister of a country.” Still, she adds, “We’ll see in the future”. After a beat, she said mischievously, “Maybe that is also a political answer”.