KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Friday hinted at the export of locally produced electric fans with new and improved technology to Gulf and African countries, saying it could potentially boost the country’s export economy.
Pakistan’s fan industry is primarily concentrated in the Punjab cities of Gujranwala and Gujrat, both of which play a key role in domestic production through numerous small and medium enterprises. The country’s leading brands in the sector are all based in these two urban centers, supplying products nationwide.
The finance minister’s statement comes as Pakistan looks to diversify its export base and reduce reliance on traditional sectors like textiles. With energy-efficient appliances such as fans in growing demand globally, particularly in warmer regions like the Gulf and Africa, the government is exploring ways to modernize local manufacturing and align with international standards to reinvigorate industrial output and foreign exchange earnings.
“We are looking forward for these products to not only be used in Pakistan but also have a very good market share in the exports market going forward,” Aurangzeb said while speaking on the sidelines of the “Made in Gujranwala Exhibition” at a local hotel in Islamabad.
“Our efforts now should be to take it to the exports level if we have this much productivity and it is internationally competitiveness as well,” he continued, adding it was important to figure out “how we have to take this initiative ahead to move old fans and the new technology forward.”
According to the Pakistan Bureau of Statistics, Pakistan’s exports rose by 11 percent to $30.7 billion in the last fiscal year ending June 2024. As of March this year, the country has exported $24.7 billion worth of goods, marking an eight percent increase compared to the same period a year earlier.
Aurangzeb said African and Gulf markets were ideal for the export of Pakistani products.
“We have to move toward an export-led growth,” he noted, assuring businesses of the full support of the finance ministry. “Every single sector in this country has to export.”
The government is working to revive Pakistan’s economy with the help of the International Monetary Fund (IMF). The IMF’s executive board is expected to approve a $1 billion tranche for Pakistan under its new loan program in the coming weeks.
Pakistan eyes fan exports to Gulf, Africa in push to boost economy
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Pakistan eyes fan exports to Gulf, Africa in push to boost economy
- Muhammad Aurangzeb calls for enhanced productivity to compete in global markets
- Pakistan’s exports rose 8 percent to $24.7 billion in the current fiscal year through March
PSL X: Pakistan moves all remaining matches to UAE amid ongoing conflict with India
- Fighting has escalated between the two nuclear-armed neighbors since Wednesday when India struck multiple locations in Pakistan
- Pakistan says it has shot down five Indian fighter jets and 29 Israeli-manufactured Harop drones, launched by New Delhi, in retaliation
ISLAMABAD: The Pakistan Cricket Board (PCB) has moved all remaining matches of the Pakistan Super League’s 10 edition to the United Arab Emirates (UAE), it announced on Friday, after deadly confrontations between nuclear-armed India and Pakistan.
Border skirmishes between the two South Asian neighbors have escalated since Wednesday when India conducted missile strikes on multiple locations in Pakistan in response to a deadly attack targeting tourists in Indian-administered Kashmir on April 22 that New Delhi blames on its neighbor. Islamabad has denied any complicity in the attack.
Pakistan said it had shot down five Indian fighter jets in retaliation to Wednesday’s strikes by India, while 29 Israeli-manufactured Harop drones, launched from India, were downed a day later. Officials have confirmed the killing of nearly 50 people on both sides since Wednesday, in the worst violence in decades between the South Asian neighbors.
Amid the escalating situation, the PCB said the remaining eight fixtures of this year’s PSL, which were previously scheduled to be played in Rawalpindi, Multan and Lahore, will now be staged in the UAE, adding that the new dates and venues of the matches will be shared in due course.
“The PCB has always stood by the position that politics and sports need to be kept apart,” PCB Chair Mohsin Naqvi said.
“However, in view of the extremely irresponsible and dangerous Indian act of targeting the Rawalpindi Cricket Stadium, which was manifestly done to disrupt the ongoing HBL Pakistan Super League X, the PCB has decided to shift the remaining matches to UAE so that the domestic as well as foreign cricketers, who are our precious guests, can be saved from the possible reckless targeting by India.”
The PCB postponed a PSL X match between Peshawar Zalmi and Karachi Kings, which was due to take place at the Rawalpindi Cricket Stadium on Thursday after Pakistan shot down an Indian drone near the venue.
As a responsible organization, Naqvi said, it was important for the PCB to ensure the mental well-being of all players participating in the league.
“I regret that our domestic audience and cricket lovers will not be able to watch these matches in Pakistan’s stadiums,” he said.
“Like in the past, we hope that our stakeholders will rally with us to further the best interests of the tournament, our players and the fans. We are committed to ensuring that the league continues to thrive!“
Separately, an Indian Premier League (IPL) match between Punjab Kings and Delhi Capitals in Dharamsala — less than 200 kilometers (125 miles) from the town of Jammu where explosions were reported hours earlier — was also abandoned Thursday because of apparent floodlight failure.
Indian cricket will decide on Friday what happens to the rest of the IPL season, a senior official said
“We are monitoring the situation, seeking the government’s advice, and will take the final decision on the IPL tomorrow,” Rajeev Shukla, vice president of cricket board the BCCI, told The Indian Express on Thursday.
“The situation is changing day by day. We will do whatever we are told and inform all stakeholders. At the moment, our priority is the safety of all players, fans and stakeholders.”
Pakistan’s currency exchange union offers $1 billion to government in case of war
- Currency markets are not in a state of panic, ECAP Chairman Malik Muhammad Bostan says
- Record-breaking 6,482-point plunge stunned the Pakistan Stock Exchange on Thursday
KARACHI: The Exchange Companies Association of Pakistan (ECAP) has offered $1 billion per month to the government in case of war or an emergency, the organization said on Thursday, as fears have grown that the worst confrontation in two decades of conflict between India and Pakistan could escalate.
India on Wednesday struck what it said was “terrorist infrastructure” in Pakistan and Azad Kashmir and Pakistan said it retaliated by shooting down five Indian aircraft. The Indian strikes killed 31 people and injured 57, Pakistan’s army said.
On Thursday, Pakistan’s military said it shot down 29 drones from India at multiple locations, including the two largest cities of Karachi and Lahore and the garrison city of Rawalpindi, home to the army’s headquarters.
The Indian defense ministry said Pakistan attempted to engage a number of military targets in northern and western India from Wednesday night into Thursday morning and they were “neutralized” by Indian air defense systems. In response, Indian forces targeted air defense radars and systems at a number of locations in Pakistan on Thursday, the ministry said.
“We are capable of providing the government with $1 billion (Rs280 billion) dollars per month in case of war or emergency,” ECAP Chairman Malik Muhammad Bostan said. “There is no panic in the currency markets.”
Exchange companies provide $25 million (Rs7 billion) daily to the interbank market, the statement said, adding that they had managed to sell $10 million (Rs2.8 billion) in the interbank market despite fresh tensions between Pakistan and India.
The statement quoted Bostan as saying the inflow of dollars would increase after flight operations returned to normal.
The ECAP offer came amid a record-breaking 6,482-point plunge at the Pakistan Stock Exchange (PSX), marking the largest single-day decline in the index’s history as investors feared escalation in the standoff between India and Pakistan.
The relationship between India and Pakistan has been fraught with tension since they gained independence from colonial Britain in 1947. The countries have fought three wars, two of them over Kashmir, and clashed many times.
The countries, which both claim Kashmir in full and rule over parts of it separately, acquired nuclear weapons in the 1990s.
Islamabad denies as India says military stations attacked by drones and missiles
- Sirens sounded and red flashes and projectiles erupted in the night sky above Jammu for about 2-1/2 hours
- Islamabad says accusations “entirely unfounded, politically motivated, part of reckless propaganda campaign“
JAMMU/ ISLAMABAD: Blasts rang out across the Indian city of Jammu late on Thursday during what the government said was a Pakistani drone and missile attack on military stations around the Kashmir region on the second day of clashes between the nuclear-armed neighbors.
Sirens sounded and red flashes and projectiles erupted in the night sky above Jammu for about 2-1/2 hours, a Reuters journalist said, in what appeared to be an escalation in the countries’ worst confrontation in more than two decades.
Two days of fighting have killed nearly four dozen people.
“Military stations at Jammu, Pathankot & Udhampur were targeted by Pakistani-origin drones and missiles along the international border in J&K today,” India’s Ministry of Defense said on X, citing places in and near the federal territory of Jammu and Kashmir.
“The threats were swiftly neutralized .... No casualties or material losses were reported.”
Indian TV channels also showed flares and flashes in the sky above Jaisalmer city in Rajasthan state, which shares a border with the southern Pakistani province of Sindh.
In a statement, Islamabad denied attacking Pathankot in India’s Punjab state, Srinagar in the Kashmir Valley and Jaisalmer and said the accusations were “entirely unfounded, politically motivated, and part of a reckless propaganda campaign aimed at maligning Pakistan.”
Pakistan’s Ministry of Foreign Affairs said the country would respond to any escalation “with full resolve and determination to safeguard Pakistan’s sovereignty and territorial integrity.”
Electricity in Jammu was slowly being restored after a blackout during the attack, a Reuters journalist said.
Eight missiles, fired from Pakistan at the Jammu region towns of Satwari, Samba, Ranbir Singh Pura and Arnia, were intercepted by air defense units, added an Indian military source who asked not to be named.
They were part of a wider attack, the source added.
Pakistan’s Defense Minister Khawaja Muhammad Asif earlier said further retaliation was “increasingly certain” after both countries accused each other of launching drone attacks.
World powers from the US to Russia and China have called for calm in one of the world’s most dangerous and populated nuclear flashpoint regions. The US Consulate General in Pakistan’s Lahore ordered staff to shelter in place.
US Secretary of State Marco Rubio called for de-escalation in separate calls with Indian Foreign Minister Subrahmanyam Jaishankar and Pakistani Prime Minister Shehbaz Sharif on Thursday, the State Department said.
The relationship between India and Pakistan has been fraught with tension since they gained independence from colonial Britain in 1947. The countries have fought three wars, two of them over Kashmir, and clashed many times.
The neighbors, which both claim Kashmir in full and rule over parts of it, separately acquired nuclear weapons in the 1990s.
DRONES, MISSILES, AIR DEFENCES
In the latest confrontations, India said it hit nine “terrorist infrastructure” sites in Pakistan on Wednesday in retaliation for what it says was a deadly Islamabad-backed attack in Indian-administered Kashmir on April 22.
Pakistan says it was not involved and denied that any of the sites hit by India were militant bases. It said it shot down five Indian aircraft on Wednesday.
Pakistan’s military said earlier on Thursday it shot down 29 drones from India at multiple locations including the two largest cities of Karachi and Lahore and the garrison city of Rawalpindi, home to the army’s headquarters.
The Indian defense ministry said Pakistan attempted to engage a number of military targets in northern and western India from Wednesday night into Thursday morning and they were “neutralized” by Indian air defense systems.
In response, Indian forces targeted air defense radars and systems at a number of locations in Pakistan on Thursday, the ministry said.
Before trading ended, both countries saw their stocks, bonds and currencies decline, and Pakistan’s benchmark share index closed down 5.9 percent.
Local media reported panic buying in some cities in the Indian state of Punjab, which shares a border with Pakistan, as people hoarded essentials.
US secretary of state Rubio urges Islamabad and New Delhi to step back
- Marco Rubio holds separate phone calls with Pakistani PM and Indian external affairs minister
- Urges Pakistan and India to improve communications, engage in “direct dialogue” to de-escalate
ISLAMABAD: US Secretary of State Marco Rubio on Thursday held separate telephone calls with Pakistan’s premier and the external affairs minister of India and urged the two nations to engage in “direct dialogue” to de-escalate their ongoing conflict, the state department said.
India hit Pakistan and Pakistan-administered Kashmir, called Azad Kashmir, with missiles on Wednesday and Pakistan said it shot down five Indian aircraft in retaliation in their worst clash in over two decades. Pakistan said 31 civilians were killed in the Indian strikes while New Delhi says it targeted “terror camps.”
On Thursday, Pakistan said it had shot down 29 drones launched by India while New Delhi said it had “neutralized” Islamabad’s attempts to target military targets with drones and missiles.
“He expressed US support for direct dialogue between India and Pakistan and encouraged continued efforts to improve communications,” the state department said in two separate statements after Rubio spoke to Pakistani Premier Shehbaz Sharif and Indian External Affairs Minister Subrahmanyam Jaishankar.
“The Secretary emphasized the need for immediate de-escalation.”
India is an important US partner for Washington, which aims to counter China’s rising influence, while Pakistan remains an ally, despite its diminished importance after the US withdrawal from neighboring Afghanistan in 2021.
Both India and Pakistan claim Muslim-majority Kashmir in full, with each controlling only part and having fought wars in the past over the region.
The latest standoff was triggered by an April 22 attack in Indian-administered Kashmir that New Delhi blamed on Pakistan, which has denied the claims and called for a neutral investigation.
Pakistan’s Chinese-made jet brought down two Indian fighter aircraft — US officials
- Performance of leading Chinese fighter jet against Western rival is being closely watched in Washington
- Episode may offer insights into how Beijing might fare in any showdown over Taiwan or the wider Indo-Pacific
ISLAMABAD/WASHINGTON: A top Chinese-made Pakistani fighter plane shot down at least two Indian military aircraft on Wednesday, two US officials told Reuters, marking a major milestone for Beijing’s advanced fighter jet.
The performance of a leading Chinese fighter jet against a Western rival is being closely watched in Washington for insights into how Beijing might fare in any showdown over Taiwan or the wider Indo-Pacific.
One US official, speaking on condition of anonymity, said there was high confidence that Pakistan had used the Chinese-made J-10 aircraft to launch air-to-air missiles against Indian fighter jets — bringing down at least two.
Another official said at least one Indian jet that was shot down was a French-made Rafale fighter aircraft.
Both officials said Pakistan’s F-16 aircraft, made by Lockheed Martin, were not used in the shootdown.
Delhi has not acknowledged the loss of any of its planes and instead said it carried out successful strikes against what it said was “terrorist” infrastructure inside Pakistan.
World powers from the US to Russia and China have called for calm in one of the world’s most dangerous, and most populated, nuclear flashpoint regions.
In France, Rafale manufacturer Dassault Aviation and the MBDA consortium, which makes the Meteor air-to-air missile, could not immediately be reached for comment on a public holiday.
While Reuters reported on Wednesday that three Indian planes went down, citing local government officials in India, this marks the first Western confirmation that Pakistan’s Chinese-made jets were used in the shootdowns.
Pakistan’s Defense minister, Khawaja Muhammad Asif, told Reuters on Thursday that the J-10 was used to shoot down three French-made Rafale planes, which were newly acquired by India.
Pakistan says it downed five Indian planes in air-to-air combat.
