Islamabad: In a bid to strengthen bilateral relations and enhance economic cooperation, the President of Iran has arrived in Islamabad for a two-day visit. This visit, aimed at boosting trade ties, comes as Pakistan and Iran set an ambitious trade target of $10 billion.
During the visit, discussions are expected to focus on increasing bilateral trade and exploring new avenues of cooperation. This marks a significant step in the two countries' efforts to enhance economic collaboration in various sectors.
In other economic news, the KSE-100 Index experienced a significant rally, gaining 1,645 points to close at 141,035. The trading volume reached 607 million shares, with notable performances in the sectors of Technology, E and Ps, and Banks. OGDC, PPL, and PSO emerged as top performers, while ILP, SRVI, and GADT saw declines.
Meanwhile, Pakistan's exports have reached $31.75 billion in the fiscal year 2024-25, despite facing global trade challenges. In a related development, Romania has offered Constan?a Port as a gateway for Pakistani exports to Europe, potentially opening new avenues for trade expansion.
Additionally, the energy sector is under the spotlight, with U.S. interest in Pakistan's Indus basin energy potential. Pakistan has also secured a relatively better deal in recent financial negotiations, according to the Finance Advisor.
In the financial sector, banks are showing increased interest in long-term bonds amid rising yields, and the FBR is set to make e-invoicing mandatory starting August 1. Furthermore, the government plans to offer solar projects to a Saudi firm under a G2G agreement.
Elsewhere, the textile industry has expressed concerns over changes to the Export Finance Scheme (EFS), and NEPRA has sounded an alarm on flaws within the power sector. Despite these challenges, Pakistan continues to pursue new trade ventures with Azerbaijan and has secured a commitment of $5 billion from donors for the Reko Diq project.
Lastly, the OGDCL has announced a new oil discovery at the Chakar-1 Well in Tando Allah Yar, highlighting the country's ongoing efforts to bolster its energy sector.