Month: June 2024

Pakistan and China Sign 32 MoUs to Boost Trade and Investment

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Pak-china

ISLAMABAD: In a significant move to enhance bilateral trade and investment, Pakistan and China have signed 32 memorandums of understanding (MoUs). The agreements were formalized during Prime Minister Shehbaz Sharif’s visit to China, where he led a delegation of 100 businessmen aiming to explore new avenues for economic collaboration. An official announcement from the Commerce Ministry on Wednesday highlighted that Minister for Board of Investment Aleem Khan and Minister of Commerce Jam Kamal engaged with CEOs of major Chinese enterprises. Aleem Khan emphasized that this visit presents an excellent opportunity…

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Power Consumers to Face 14% Markup on Installment Payments

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Nepra-Price

ISLAMABAD: Consumers grappling with the highest-ever electricity tariffs and seeking installment plans for their hefty bills due to financial hardships are now required to pay a 14% markup on delayed payments. Additionally, they will be disqualified from availing subsequent part-payment facilities for a year. This comes on top of a 10% late payment surcharge (LPS) for bills not paid within the prescribed deadline. The National Electric Power Regulatory Authority (Nepra) has implemented these changes through an amendment to the Consumer Service Manual (CSM) following requests from the Power Division and…

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PM Shehbaz Pledges Full Support and Security for Chinese Investors During China Visit

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Shehbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif has assured Chinese investors of comprehensive facilitation and stringent security measures for their projects in Pakistan. Addressing the Pakistan-China Business Forum in Shenzhen, PM Shehbaz emphasized the immense potential for bilateral trade and investment, particularly in sectors such as IT, agriculture, mining, steel, textiles, and renewable energy. Highlighting the successful Chinese model of economic transformation, the Prime Minister expressed his commitment to replicating this model in Pakistan. “I will go back to Pakistan with this resolve. Come what may, we will follow this model of…

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COP29 Joins Forces with IRENA to Monitor UAE Consensus Energy Goals Set at COP28

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New-COP29

Azerbaijan and IRENA Partner to Track Progress Towards Renewable Energy and Efficiency Targets by 2030 Abu Dhabi, United Arab Emirates / Baku, Azerbaijan, 5 June 2024 – The incoming COP29 Presidency, represented by Azerbaijan, has announced a strategic partnership with the International Renewable Energy Agency (IRENA) to monitor the progress towards tripling renewable energy capacity and doubling energy efficiency by 2030. These ambitious goals were established in the ‘UAE Consensus’ during COP28. This collaboration was formalized by Azerbaijan’s Minister for Energy, Parviz Shahbazov, and IRENA’s Director-General, Francesco La Camera, during…

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AGP Office Distances Itself from Strategy on SHPL Award

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New-AGP

AGP Office Declines Involvement in Strategy for SHPL Award, Leaves Decision to CPPA-G and Power Division ISLAMABAD: The Office of the Attorney General for Pakistan (AGP) has distanced itself from the strategy to handle the award of millions of dollars in favor of Star Hydro Power Limited (SHPL). This strategy was suggested by the foreign counsel engaged by the Central Power Purchase Agency (CPPA-G) and the Power Division, according to sources. In a correspondence dated June 3, 2024, the AGP Office concurred with the strategy proposed by CPPA’s foreign counsel,…

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