Pakistani banks have been allowed to restore normal financial relations with Iran in the wake of lifting of ban on Tehran by the United Nations Security Council (UNSC). The State Bank of Pakistan (SBP) has issued instructions to all banks and financial institutions in this regard. However, Banks and Financial Institutions have been advised to remain mindful about the activities and persons who continue to remain on the UNSC list, as well as the currencies or financial systems which are subject to certain restrictions.

Pakistan is keen to take Pak-Japan bilateral trade and investment ties to new heights. Trade between Pakistan and Japan is around $2 billion which is not at par with the potential that exists in two countries. Pakistan’s exports to Japan stood at $193 million while imports from Japan are $1.7 billion. The high potential areas for Japanese investment are energy sector, coal fired power generation, hydel power generation, oil and gas sector and refineries and the transfer of technology in Pakistan for the development of economy.

All Pakistan Compressed Natural Gas Association (APCNGA) expressed confidence that the government’s recent deal to import Liquefied Natural Gas (LNG) from Qatar would help revive the CNG sector, which was bearing the brunt of prevailing energy crisis in the country. Pinning high hopes with the LNG import agreement and the government’s sincere efforts to overpower the energy shortage would pave the way for reopening of hundreds of CNG outlets which had been closed due to prolonged gas suspension over the past several years.

A Chinese company expressed interest in establishing a steel mill with a million tons’ capacity in Punjab during a meeting with the Punjab Board of Investment and Trade (PBIT). Officials assured the delegation of safety and security of investment and personnel. The company has been promised easy access to raw materials such as water, limestone and coal as well as a steady supply of laborers and skilled workers who will be trained as per Chinese company’s requirements. The company would also be given a 30-year lease in a mineral rich area with an easy option to keep extending the lease in 10-year installments.

Pakistan and Korea are determined to launch a free trade agreement (FTA) following an ongoing feasibility study hoping to capitalize on each other’s geostrategic leverage. Seoul has recently scaled up contributions to the economic development cooperation fund from $180 to $500 million, under which the Korea Exim bank has agreed to establish an information and communications technology park in Islamabad. A government-to-government project with anticipated investments by Korean firms, the scheme is worth over a million dollars.