Home Blog Page 8

Pakistan to improve pension system for overseas retirees

News Desk
-
0
Pakistan to improve pension system for overseas retirees

ISLAMABAD, Nov 20 (Wealth Pakistan): The Ministry of Finance, in collaboration with the Controller General of Accounts (CGA) and the Accountant General Pakistan Revenues (AGPR), has launched several initiatives to improve the pension system for overseas Pakistani retirees. A document available with Wealth Pakistan shows that the government is working to resolve long-standing issues related to pension disbursements, data integration and logistical challenges, ensuring timely payments for pensioners living abroad.

Data gaps create delays in pension processing

One of the major challenges highlighted by the Finance Division is the difficulty in linking the data of autonomous bodies with the AGPR system. This gap has caused delays in processing pensions and General Provident Fund (GPF) contributions for civil servants on deputation.

Civil servants posted to autonomous bodies follow separate pension contribution mechanisms. These mechanisms do not always integrate with AGPR’s system. As a result, discrepancies in pension transfers often arise. To address the issue, the Finance Ministry plans to develop a more robust tracking system. The goal is to maintain the pension history of civil servants and ensure accurate transfer of their contributions.

Problems faced by staff of abolished or merged entities

The document also notes difficulties faced by employees of abolished or merged entities. While some pensioners continue receiving payments without issue, others nearing retirement have faced delays in leave encashment and GPF withdrawals.

The Finance Division has directed departments to prioritise these cases. The aim is to protect pensioners’ rights during the transition and prevent delays in benefit disbursements.

Overseas retirees struggle with banking and verification

Many Pakistani retirees living abroad have reported difficulties opening bank accounts in Pakistani rupees to receive pension payments. According to the State Bank of Pakistan (SBP), pensioners must open new bank accounts to continue receiving funds. Biometric verification is also mandatory for overseas retirees to validate their pension claims.

The verification process — including the submission of proof of life certificates — remains a challenge for pensioners living in remote regions where access to bank branches is limited.

NADRA developing online biometric verification

To resolve these issues, NADRA is developing an online platform that will enable biometric and facial recognition verification. This system will allow overseas pensioners to submit proof of life certificates remotely, removing the need to travel to Pakistan for physical verification.

The platform aims to ease the burden on retirees while ensuring timely payments. Development work is currently underway, with plans to roll out the system in the near future.

Government pushes banks to synchronize systems

Alongside technological improvements, the Finance Ministry has instructed SBP to work with banks to align their systems with the new online verification application. This coordination is intended to ensure smooth pension transfers for overseas retirees.

This joint effort by the Finance Ministry, SBP, NADRA and AGPR seeks to improve efficiency and transparency in pension management. The reforms aim to ensure that overseas Pakistani pensioners receive their benefits without unnecessary delays.

Part of broader public sector pension reforms

These measures form part of the government’s wider plan to modernise the public sector pension framework. The goal is to improve service delivery and guarantee that pensioners — whether in Pakistan or abroad — receive timely and reliable payments.

China’s 2026–30 plan opens new horizons for Pakistan’s banking

News Desk
-
0
China’s 2026–30 plan opens new horizons for Pakistan’s banking

ISLAMABAD, Nov 20 (Wealth Pakistan): China’s 2026–30 financial modernization plan offers Pakistan a major opportunity to upgrade its financial system and strengthen long-term economic cooperation. The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China outlined a strategy focused on high-quality development, institutional reforms, technological innovation and stronger links between finance and the real economy. These priorities closely match Pakistan’s financial-sector needs.

China targets financial stability and governance reforms

A key goal of China’s new plan is to build a stable, flexible and modern financial system that supports technology and industry. The plan stresses stronger financial governance and more effective regulation. These areas are important for Pakistan, where financial institutions continue to face deep structural challenges.

China’s data-driven model of financial supervision could help Pakistan enhance oversight, improve transparency and expand credit access for productive sectors. Better governance would also support Pakistan’s long-term financial stability.

RMB cooperation may ease Pakistan’s dollar dependence

China also plans to improve its currency mechanisms and expand the international use of the renminbi. This creates an opportunity for Pakistan to reduce its reliance on the US dollar.
The existing bilateral currency swap remains underused. However, wider use of the renminbi for bilateral trade could shift payments toward local currencies. This change would ease pressure on Pakistan’s external account and improve payment predictability.

Experts see opportunities in digital finance and long-term funding

Syed Munir Ahmed, Executive Director at Devcom-Pakistan, said Pakistan could diversify funding sources under China’s reform agenda. He noted that aligning Pakistan’s financial practices with China’s regulatory and digital standards would help the country access long-term development finance for energy, environment and technology sectors.

He added that a clear policy direction and a stable investment environment are essential for Pakistan to benefit from China’s next phase of financial engagement.

Green bonds, digital banking and infrastructure finance could attract China

Ahmed also said China is expanding the role of its policy banks and commercial lenders in global development finance. Pakistan could become a preferred partner by updating frameworks for green bonds, digital banking and infrastructure finance.
These areas support energy transition projects, industrial upgrades and digital innovation. They also match China’s wider goals of promoting technological progress, supporting the real economy and advancing environmentally sustainable growth.

China’s fintech success offers lessons for Pakistan

China’s focus on financial technology presents another opportunity. Chinese platforms lead the world in mobile payments, digital credit and online wealth management. Pakistan’s growing fintech sector could benefit from knowledge sharing and investment.

Cross-border digital payment systems could improve e-commerce and remittances. Cooperation in artificial intelligence and big data could also support Pakistan’s financial inclusion programmes.

Risk management remains central to China’s reforms

China is strengthening early-warning systems, digital supervision and regulatory skills. These steps offer guidance for Pakistan, which faces challenges such as non-performing loans, undocumented financial activity and limited credit for small businesses.
China’s technology-driven approach to financial governance can help Pakistan modernize banking oversight and expand credit availability.

Pakistan must modernize its regulatory environment

Dr Hassan Daud Butt, Senior Associate Professor at Bahria University and senior advisor on CPEC affairs, stressed that Pakistan must upgrade its regulatory environment. He said China’s next financial reforms will favor countries with stable policies, transparent regulations and efficient financial institutions.

According to him, Pakistan can play a larger regional role only if it aligns long-term planning with China’s priorities on innovation, industrial finance and digital integration.

Green finance emerges as a major pillar of China’s plan

Hassan added that green finance will become a central feature of China’s upcoming agenda. Pakistan, which faces high climate risks, could work with China to establish joint green funds or issue sovereign green bonds for renewable energy, afforestation, water management and climate-resilient infrastructure.

Such cooperation would support Pakistan’s climate goals and align with China’s green-development commitments.

A roadmap for deeper financial cooperation

China’s 2026–30 financial modernization plan blends stability, innovation and openness. For Pakistan, the opportunity lies in aligning domestic reforms with this direction. Stronger financial governance, digital banking expansion and deeper cooperation with Chinese institutions could help Pakistan secure long-term financial stability and attract investment.

By taking a forward-looking approach, Pakistan can position itself more effectively within a global financial system shaped by China’s next phase of modernization.

Textile and engineering sectors show resilience in Jul–Oct

News Desk
-
0
Textile and engineering sectors show resilience in Jul–Oct

ISLAMABAD, Nov 20 (Wealth Pakistan): Pakistan’s export performance in October showed a mild year-on-year decline. However, several major sectors — especially textile and engineering-related industries — recorded growth during the four months from July to October, according to the Monthly Trade Report for October 2025 issued by the Trade Development Authority of Pakistan (TDAP).

October exports decline slightly

Goods exports in October stood at 2,849 million dollars. Last year, these were 2,982 million dollars, showing a fall of 4.46 percent.

Textile and leather exports reached 1,707 million dollars in October. These were 1,719 million dollars last year, showing a decline of 1 percent.

Engineering, manufacturing and other products recorded exports worth 658 million dollars. Last year, these were 474 million dollars, reflecting an increase of 39 percent.

Agro and food exports fell sharply to 483 million dollars. Last year, these stood at 785 million dollars, showing a decline of 38 percent.

Four-month period shows mixed sectoral trends

From July to October, Pakistan’s goods exports totaled 10,448 million dollars. Last year, these were 10,888 million dollars, showing an overall decline of 4.04 percent.

Textile and leather exports rose to 6,753 million dollars. Last year, these were 6,506 million dollars, showing a rise of 4 percent.

Exports of engineering, manufacturing and other products increased to 1,982 million dollars. Last year, these were 1,829 million dollars, showing a rise of 8 percent.

Agro and food exports, however, declined. These exports amounted to 1,732 million dollars during July–October. Last year, these were 2,508 million dollars, marking a fall of 31 percent.

United States remains top export market

The United States stayed Pakistan’s largest export destination in October. Exports reached 517 million dollars, slightly lower than 523 million dollars last year.

The United Arab Emirates recorded a strong rise. Exports reached 285 million dollars compared with 154 million dollars last year, showing an increase of 85 percent.

Exports to China, Germany, Spain, the Netherlands and other European destinations showed mixed trends, with some slight increases and some declines.

Commodity-wise performance varies

Exports of bed linen, table linen and related items reached 399 million dollars in October. Last year, these were 388 million dollars, showing growth of 3 percent.

Exports of men’s and boys’ garments under HS code 6203 totaled 271 million dollars. These were 289 million dollars last year, showing a decline of 6 percent.

Rice exports fell sharply to 163 million dollars. Last year, they were 367 million dollars, reflecting a decline of 56 percent.

During July–October, textile items such as bed linen, knitwear, hosiery, cotton yarn and woven fabrics showed mixed trends. Bed linen remained the top export commodity at 1,580 million dollars, up from 1,501 million dollars last year.

Exports of petroleum oils and related products also increased during the same period.

Sectoral variations shape overall export outlook

The figures show a combined impact of declines in key food exports and improvements in certain textile and engineering categories. These mixed sectoral trends shaped Pakistan’s export performance in both October and the July–October period.

UAE and Singapore become fastest-growing export markets

News Desk
-
0
UAE and Singapore become fastest-growing export markets

ISLAMABAD, Nov 20 (Wealth Pakistan): Pakistan’s trade flows with major partner countries showed clear shifts in October, with strong growth in exports to the United Arab Emirates (UAE), Singapore, Italy, Poland and Thailand. At the same time, exports to China, Afghanistan, Bangladesh and several European destinations declined, according to the Monthly Trade Report for October 2025 issued by the Trade Development Authority of Pakistan (TDAP).

Exports rise sharply to UAE, Singapore and Europe

Pakistan’s exports to the UAE rose to 285 million dollars in October. Last year, these were 154 million dollars, showing an 85 percent increase.

Singapore also became a fast-growing export market. Exports rose to 60 million dollars, up from 17 million dollars last year, reflecting a jump of 262 percent.

Exports to Italy increased to 104 million dollars from 83 million dollars, showing growth of 25 percent.
Exports to Poland rose to 49 million dollars from 36 million dollars, a rise of 35 percent.
Thailand also recorded higher shipments. Exports reached 32 million dollars, compared with 21 million dollars last year, showing a rise of 51 percent.

Exports to China, Afghanistan and Bangladesh decline

Exports to China fell to 230 million dollars from 267 million dollars, showing a decline of 14 percent.
Exports to Afghanistan dropped sharply to 59 million dollars. Last year, these were 130 million dollars, showing a fall of 55 percent.

Exports to Bangladesh fell to 56 million dollars from 65 million dollars, a decline of 14 percent.
Exports to Sri Lanka decreased to 22 million dollars, compared with 34 million dollars last year, marking a drop of 36 percent.

Exports to the United States, Pakistan’s largest market, decreased slightly to 517 million dollars from 523 million dollars. Exports to Germany, Spain, the Netherlands, Saudi Arabia, France, Denmark and Canada showed mixed trends.

July–October: US stays top export destination

During July–October, the United States remained Pakistan’s largest buyer. Exports reached 2,106 million dollars, up from 1,977 million dollars last year, reflecting a rise of 6 percent.

Exports to the UAE stood at 697 million dollars compared with 586 million dollars last year, showing an increase of 19 percent.
Exports to Spain, Italy, Poland, Denmark, Australia, Tanzania and Portugal also grew.
However, exports to China, Afghanistan, Bangladesh, Saudi Arabia and Malaysia declined during the same period.

China remains top import source

China stayed the largest source of imports in October. Imports from China reached 1,636 million dollars, compared with 1,345 million dollars last year, showing a rise of 22 percent.

Imports from the UAE increased to 613 million dollars, up from 351 million dollars, showing growth of 74 percent.
Imports from Saudi Arabia rose to 390 million dollars from 168 million dollars, marking an increase of 132 percent.

Other major import origins showing growth included Indonesia, the United States, Singapore, Japan, Thailand, Oman, Korea, Kuwait, Morocco, Malaysia, Germany, Brazil and Romania.

Imports rise during July–October as well

During July–October, China supplied 6,374 million dollars’ worth of goods, compared with 4,930 million dollars last year, an increase of 29 percent.

Imports from the UAE reached 2,174 million dollars. Last year, these were 1,679 million dollars, showing a rise of 30 percent.
Indonesia, Japan, the United States, Thailand, Oman, Brazil, Morocco, the United Kingdom, Viet Nam and Italy also recorded higher shipments during the period.

Trade patterns show significant shifts

The figures highlight major changes in Pakistan’s export and import relationships during October and the four-month period under review.

Pakistan’s trade deficit widens sharply in October

News Desk
-
0
Pakistan’s trade deficit widens sharply in October

ISLAMABAD, Nov 20 (Wealth Pakistan): Pakistan’s trade deficit widened sharply in October as imports rose and exports fell, according to the Monthly Trade Report for October 2025 released by the Trade Development Authority of Pakistan (TDAP).

Exports fall while imports continue to rise

Pakistan’s goods exports for October stood at 2,849 million dollars. Last year, these were 2,982 million dollars. This reflects a fall of 4.46 percent.
Goods imports, however, increased to 6,057 million dollars. A year earlier, these stood at 5,040 million dollars, showing a rise of 20.18 percent.

Goods trade deficit expands by over 55 percent

Due to these trends, the goods trade deficit for October widened to 3,208 million dollars. Last year, it was 2,058 million dollars. This marks an increase of 55.88 percent.

The pattern stayed similar during the July–October period. Goods exports for these four months stood at 10,448 million dollars. Last year, these were 10,888 million dollars, showing a decline of 4.04 percent.
Goods imports reached 23,030 million dollars during July–October 2025-26. These were 20,003 million dollars in the same period last year, marking a rise of 15.13 percent.

Overall four-month deficit crosses 12.5 billion dollars

The overall trade deficit for July–October reached 12,582 million dollars. Last year, it was 9,115 million dollars for the same period.

Services sector shows mixed performance

The report also includes services data for September, which is the latest month available.
Services exports for September 2025-26 stood at 796.73 million dollars. Last year, these were 662.52 million dollars, showing an increase of 20.26 percent.
Services imports reached 995.23 million dollars, compared with 964.67 million dollars in the previous year, showing a rise of 3.17 percent.

For July–September, services exports amounted to 2,199.12 million dollars. These were 1,914.85 million dollars last year.
Services imports for the same period stood at 3,129.59 million dollars. Last year, these were 2,814.80 million dollars.

Services deficit narrows for September

The services trade deficit in September was 198.50 million dollars. Last year, it was 302.15 million dollars.
However, for July–September, the services deficit widened slightly to 930.47 million dollars. Last year, it was 899.95 million dollars.

Weaker exports and strong import demand drive deficit

The figures reflect weaker export performance in several goods sectors. At the same time, demand for imported products remained strong. As a result, the trade deficit widened during both the month and the cumulative period under review.

Import bill jumps in Oct on petroleum, machinery and autos

News Desk
-
0
Import bill jumps in Oct on petroleum, machinery and autos

ISLAMABAD, Nov 20 (Wealth Pakistan): Pakistan’s import expenditure rose sharply in October, driven by higher purchases of petroleum, vehicles and industrial inputs. The data comes from the Monthly Trade Report for October 2025 released by the Trade Development Authority of Pakistan (TDAP).

Imports rise sharply in October

Imports of other manufacturing products reached 4,235 million dollars in October. This figure was 3,336 million dollars last year, showing a rise of 27 percent. Agro and food imports also increased. These imports stood at 842 million dollars, compared with 699 million dollars last year. This reflects growth of 20 percent.

Textile and leather-related imports amounted to 479 million dollars. Last year, these imports were 321 million dollars. This marks an increase of 49 percent.

Four-month import bill also increases

From July to October, Pakistan’s import bill reached 23,030 million dollars. This is higher than 20,003 million dollars in the same period last year. The rise is 15.13 percent.

Imports of other manufacturing products totaled 16,217 million dollars in July–October. Last year, these were 13,854 million dollars, showing an increase of 17 percent. Agro and food imports reached 3,150 million dollars. A year earlier, these were 2,455 million dollars, marking a rise of 28 percent. Textile and leather imports stood at 1,520 million dollars. These imports were 1,049 million dollars last year, showing an increase of 45 percent.

China remains top import source

China remained the largest source of imports in October. Imports from China reached 1,636 million dollars. Last year, these were 1,345 million dollars, showing growth of 22 percent.

Imports from the United Arab Emirates rose to 613 million dollars. These were 351 million dollars last year, showing an increase of 74 percent. Saudi Arabia also recorded higher imports. These imports rose to 390 million dollars from 168 million dollars, marking growth of 132 percent.

Other countries showing rises included Indonesia, the United States, Singapore, Japan, Thailand, Oman, Korea, Kuwait and Morocco.

Petroleum, autos and chips show notable changes

Imports of petroleum oils other than crude stood at 527 million dollars. Last year, these were 375 million dollars, showing a rise of 41 percent. Crude oil imports reached 459 million dollars. These were 196 million dollars last year, marking a jump of 134 percent.

However, imports of petroleum gases fell to 289 million dollars. Last year, these were 355 million dollars, showing a decline of 19 percent. Passenger car imports rose sharply to 155 million dollars. These were 59 million dollars last year, showing growth of 162 percent.

Imports of semiconductor devices reached 100 million dollars. A year earlier, these were 44 million dollars.

July–October commodity trends show further increases

During July–October, imports of soybeans, motor vehicles, palm oil, cotton, steel products and industrial chemicals recorded major rises. Crude oil imports reached 1,767 million dollars. Last year, these were 1,444 million dollars, showing a rise of 22 percent. Refined petroleum imports touched 1,875 million dollars. These were 1,701 million dollars a year earlier.

Import demand remains strong

The figures show strong demand for industrial, manufacturing, food and energy-related imports during October and the July–October period.

Punjab approves prefeasibility report for food processing units project

News Desk
-
0
Punjab approves prefeasibility report for food processing units project

LAHORE, Nov 19 (Wealth Pakistan): The Punjab Board of Investment & Trade (PBIT) has approved the prefeasibility report for the Food Processing Units Project. It also directed the consultants to reshape the report so that banks and financial institutions can easily review it.

Approval and background

The approval came during a meeting chaired by PBIT Chairman Muhammad Muntaha Ashraf. A spokesperson told Wealth Pakistan that the Director General (DG) briefed the participants on the project’s progress. He explained that member departments submitted eighty-six proposals from different sectors. Out of these, twenty were shortlisted by the Projects and Business Development Group (PBDG) for further development.

The DG added that, following the committee’s instructions, six proposals were sent to financial consultancy and accountancy firms. These firms are preparing detailed investment prefeasibility reports.

Meetings with consultants and departments

The DG said that PBIT held eighteen meetings with the hired consultants and relevant departments. These meetings helped align sectoral needs and ensure proper data-driven planning. As a result, the consultants had enough guidance to shape the reports clearly.

Food processing project presentation

After the DG’s briefing, the consultants presented their report on the Food Processing Units Project. They said that the project aims to reduce post-harvest losses by processing citrus, mango, guava and tomato crops. Moreover, they recommended locating the project near Faisalabad because the area offers strong industrial and logistical support.

Guidance by the PBIT chairman

The chairman praised the presentation. He asked the consultants to narrow the focus of the report and present a clearer economic case. He also advised them to design the report so that it appeals directly to small and medium-sized investors. After this discussion, PBDG members expressed satisfaction. They instructed the consultants to prepare the report for presentation to banks and financial institutions.

Representatives from technical departments and consultancy firms also attended the meeting and shared inputs during the discussions.

Expert views on agriculture and post-harvest losses

Dr. Muhammad Imran of the University of Agriculture Faisalabad told Wealth Pakistan that the Food Processing Units Project can strengthen Punjab’s agriculture sector. He said that Punjab contributes heavily to the national economy, especially through textile exports and fruit production. These fruits include citrus, mango, guava and tomatoes.

However, he pointed out that large quantities of these crops are lost after harvest. Growers often lack proper storage, modern harvesting tools and processing facilities. As a result, farmers lose income, and the agriculture sector loses productivity.

Value addition and economic opportunities

Dr. Imran said that food processing units can convert raw produce into value-added products. These products can also earn foreign exchange when exported. In addition, the project can create new business opportunities in processing, packaging and distribution. This growth can help entrepreneurs and improve the province’s overall food value chain.

Textile exports edge down in October

News Desk
-
0
Textile exports edge down in October

ISLAMABAD, 19 November 2025 (Wealth Pakistan): Pakistan’s textile industry faced continued pressure in October as exports dropped for the third straight month. The Pakistan Textile Exporters Association (PTEA) said the sector is passing through a difficult phase. According to the Monthly Trade Report for October 2025, the month showed a small month-on-month recovery but failed to reverse the broader downward trend, report Wealth Pakistan.

Exports decline despite slight monthly recovery

Textile exports fell 0.57 percent to $1.616 billion in October 2025, down from $1.625 billion in October 2024. However, exports improved 2.78 percent from September to October, giving only limited relief. PTEA noted that October’s decline extended a volatile pattern. The sector had surged over 30 percent in July, but weak global demand and domestic challenges have kept overall performance unstable.

Mixed performance across textile categories

Export data for October showed a mixed trend. Cotton yarn exports increased 3.34 percent in quantity, but their value slipped 4.57 percent. Cotton cloth exports dropped 7.86 percent in value. Knitwear rose 20.76 percent in quantity but fell 2.02 percent in value. Bedwear exports increased 5.93 percent in value, while towel exports declined 5.01 percent. Readymade garments grew 2.45 percent in value.

Overall, Pakistan’s total exports in October reached $2.848 billion. This was a 4.48 percent drop from $2.982 billion recorded in October last year.

July–October performance shows mild gains

During July to October of FY2025-26, textile exports increased 3.99 percent to $6.391 billion, compared with $6.146 billion a year earlier. Several categories recorded growth. Knitwear rose 8.23 percent, bedwear grew 6.94 percent and readymade garments increased 5.11 percent. Made-up articles also grew 4.17 percent.

However, major segments continued to fall. Towel exports slipped 0.29 percent. Cotton cloth dropped 12.75 percent. Art, silk and synthetic textiles declined 0.98 percent. According to PTEA, the high cost of doing business remains a major problem, especially when compared with regional competitors.

Energy prices, liquidity issues and costs hurt competitiveness

The report pointed to three main challenges. Energy remains the biggest burden. PTEA again called for energy tariff rationalization and a new electricity package. It also demanded gas levy reforms and recognition of Combined Heat and Power (CHP) systems as essential for production. In addition, PTEA urged the government to end cross-subsidies placed on the industry.

Liquidity shortages remain another pressure point. Exporters still await the release of several refunds, including sales tax, income tax, duty drawback and Duty Drawback of Taxes (DDT). PTEA said income tax rates for exporters should match the rates applied to domestic businesses to ease cashflow problems.

PTEA warns of widening trade risks

PTEA also warned that Pakistan’s growing trade imbalance poses long-term risks. The association noted that global opportunities exist, but Pakistan must improve its competitiveness. It urged policymakers to restore investor confidence and address structural issues. According to PTEA, ignoring high production costs, funding shortages and rising competitive pressures may push the textile sector into deeper contraction. The association stressed that the economy cannot afford further strain at a time when export-led growth is crucial.

FBR, EPZA upgrade fire safety at EPZ Karachi

News Desk
-
0
FBR, EPZA upgrade fire safety at EPZ Karachi

ISLAMABAD, Nov 19 (Wealth Pakistan): The Federal Board of Revenue (FBR) and the Export Processing Zones Authority (EPZA) have launched a joint effort to improve fire safety at the Export Processing Zone (EPZ) Karachi. They took this step after a fire incident exposed serious gaps in the zone’s safety systems. According to a document available with Wealth Pakistan, the two authorities are now working together to ensure that all units install and maintain fully functional firefighting systems.

Joint action after the fire incident

The fire incident raised major concerns about the zone’s readiness to handle emergencies. Because of this, both sides agreed to strengthen fire safety standards. The EPZA Rules 1981 make safety a shared duty of the Authority and the enterprises. Rule 15 clearly says that both must protect workers, buildings, equipment and goods. Therefore, FBR and EPZA began a coordinated effort to address the weak points in the firefighting systems.

Inspection drive and compliance checks

Soon after the incident, both organizations launched a series of joint inspections in mid-2025. These inspections focused on checking each unit’s firefighting equipment, its condition and its ability to handle emergencies. The teams also checked compliance with the Customs Rules 2001, especially Rule 343, which deals with firefighting arrangements in EPZ units. Because of these inspections, 27 units now have fully operational firefighting systems. Meanwhile, the remaining units are installing their systems under EPZA’s supervision to meet the required safety standards.

Role of Customs officials in the inspection plan

In June 2025, Customs issued a formal letter that created a special team of officials for the inspection work. This team included Deputy Collectors, Superintendents and inspectors. They visited each unit, checked installed systems and guided the units on the required safety measures. Their involvement also helped speed up the inspection process, and it improved coordination between Customs and EPZA.

Approved vendors and supply of firefighting equipment

To make the process smoother, EPZA approved a list of qualified vendors who can supply firefighting equipment to investors. These vendors met the required quality standards and were cleared to install or upgrade fire safety systems in the units. In addition, EPZA worked closely with these vendors to ensure that the equipment matched the standards set under the rules.

Awareness sessions for stakeholders

EPZA also arranged awareness sessions in August 2025 for zone investors and stakeholders. These sessions helped explain fire safety procedures, evacuation steps and emergency response rules. As a result, more investors became aware of their responsibilities and the steps needed to ensure safety in their units.

Ongoing safety work across all units

Although 27 units now have working firefighting systems, the rest of the units are still in various stages of installation. EPZA is supervising this process to make sure all units complete their safety setups as soon as possible. Since the zone has a large number of industrial units, this process will take time. However, the improvements made so far show steady progress. Once completed, these upgrades will likely reduce the risk of major fire incidents in the future.

Long-term safety plans and regular inspections

FBR and EPZA are also developing long-term plans to maintain safety standards. These plans include regular inspections, proper maintenance of equipment and refresher sessions for workers and investors. In addition, both organizations plan to strengthen coordination to solve safety-related problems more quickly. Through these long-term steps, they hope to create a safer working environment for all industries operating in EPZ Karachi.

Broader impact on Pakistan’s industrial zones

The cooperation between FBR and EPZA highlights the importance of safety in industrial areas across Pakistan. EPZ Karachi is one of the country’s key economic hubs, and safer working conditions will help protect workers, goods and infrastructure. Moreover, stronger safety measures can also build investor confidence and improve the overall operational performance of the zone.

FBR clears 531 consignments at Sost Dry Port, generating Rs 2.96 billion

News Desk
-
0
FBR clears 531 consignments at Sost Dry Port, generating Rs 2.96 billion

ISLAMABAD, Nov 19 (Wealth Pakistan): The Federal Board of Revenue (FBR) has reported major progress in clearing stuck-up consignments at Sost Dry Port. A total of 531 consignments have been cleared since the resumption of operations on the Karakoram Highway (KKH), according to a document available with Wealth Pakistan.

Revenue generated after reopening

The document shows that this initiative began after an agreement between the Federal Government, the Government of Gilgit-Baltistan, and the Gilgit-Baltistan Supreme Council. As a result of the clearance drive, revenue worth Rs 2.96 billion has been generated. Since 1st July 2025, the total revenue collected from these consignments has reached Rs 3.43 billion.

Waiver of fines speeds up clearance

To clear the backlog, the Customs Appellate Tribunal waived fines and penalties for 85 consignments. This allowed re-examination and reassessment of items that had remained stuck at the port for a long time. Moreover, the decision helped expedite the clearance of consignments, including those with Import General Manifest (IGM) dates before February 2025.

Current status of pending consignments

According to the document, 72 consignments have been cleared from the gate. In addition, 60 consignments are under re-examination and re-assessment. Meanwhile, 24 consignments remain restricted because of missing documents required under the Import Policy Order (IPO) 2022. Furthermore, 20 consignments are still pending as importers have not yet filed their Goods Declarations (GDs).

Challenges slowing down the process

Despite the recent progress, several issues continue to affect the pace of clearance. Some importers are reluctant to meet the IPO requirements, such as providing No Objection Certificates (NOCs) and completing other regulatory steps. Moreover, unstable internet connectivity, harsh weather conditions, and irregular power supply have slowed down work at the Dry Port. These logistical challenges have made routine clearance processes more difficult.

FBR strengthens staff deployment

To tackle these challenges, the FBR has increased staffing at the port. Additional Deputy Collectors, Superintendents, and inspectors have been deployed. Their presence is expected to speed up the clearance process in the coming weeks. In addition, coordination between the FBR and Customs teams has improved, which should further support timely clearance.

Importance of Sost Dry Port for bilateral trade

The FBR has reaffirmed its commitment to ensuring fast and transparent clearance at Sost Dry Port. The port plays a vital role in trade between Pakistan and China. Therefore, improved operations are likely to support trade flows and contribute to economic stability in the region.

Background of the Sost Dry Port agreement

Sost Dry Port, located along the Karakoram Highway, is a major trade gateway between Pakistan and China. Over the years, the port faced several operational problems due to delays, incomplete paperwork, and weak infrastructure. As a result, many consignments remained stuck for long periods.

In February 2025, the Federal Government, the Government of Gilgit-Baltistan, and the Gilgit-Baltistan Supreme Council signed an agreement to address these issues. Consequently, clearance activities resumed in late September 2025. The agreement also aimed to speed up the clearance of long-pending consignments that were delayed because of missing documents or other regulatory hurdles. A key step in this process was the intervention of the Customs Appellate Tribunal, which waived fines and penalties and allowed quicker reassessment of stuck consignments.

1...789...28Page 8 of 28