Under flat rate scheme, domestic consumers using more than 200 units will be charged at Rs26.7 per unit from Dec 2024 to Feb 2025.  Shehbaz Sharif vows to achieve target of $25b in IT exports in 3 years .  UAE investors express desire to expand investment in Pakistan.

ISLAMABAD  -  Prime Minister Shehbaz Sharif on Friday unveiled a three-month electricity relief package for the winter season providing a relief of up to Rs26.7 per unit for domestic, Rs15.5 for industrial and Rs22.71 for commercial consumers.

The prime minister, addressing an event to commemorate the birth anniversary of Allama Muhammad Iqbal being celebrated on November 9 here, told the gathering of ministers, students, and artists that the relief package would remain in force from December 2024 to February 2025.

“Under the package, the domestic consumers will get a relief of up to Rs 26.7 per unit for their power consumption surpassing 200 units of the protected category. It will help them save Rs11.42 to Rs26 per unit in the three months of winter,” the prime minister said.

Similarly, the industrial sector will save 18-37% or Rs 5.27 to Rs 15.5 per unit under the package to help boost industrial production, growth and livelihoods. The commercial consumers will be given a 34-47% saving or Rs 13.46 to Rs 22.71 per unit subsidy in the package.

Prime Minister Shehbaz Sharif said the package would stimulate a quantum jump in the country’s economic progress by boosting agriculture, industrial productivity, business activity and exports.

He said that the commitments and vision of the current government were being translated into actions through the relief package that would become the harbinger of improved economic resilience.

Besides thanking the IMF for permitting the government to announce the package, he also commended the cabinet members and relevant senior officers for their efforts and teamwork in working out the relief package.  

Coming to the Iqbal Day celebration, he motivated the youth and children to remain resolute in their ambition to achieve a glorious future for the nation.

Highlighting the government’s achievements on the economic front, Prime Minister Shehbaz informed that the foreign remittances in the first quarter of the current fiscal year were record high as the overseas Pakistanis had sent $8 billion in remittances to the country. The Pakistani diasporas were the real ambassadors of the country offshore protecting the national interests and prestige, he added.

He paid tribute to Dr Allama Muhammad Iqbal for his revolutionary philosophy that motivated Muslims and non-Muslims all across the world.  He also recited different verses of the poems of Allama Iqbal that advocated for reawakening the passion of leadership, integrity, commitment, determination, courage, hard work, empathy, self-confidence and compassion to emerge as a leading nation in the world. Federal cabinet members Sardar Awais Ahmad Khan Leghari, Musadik Malik, Jam Kamal Khan, Khawaja Muhammad Asif, Shaza Fatima Khawaja and other senior government officers also attended the event.

‘UAE investors meet with PM’

The United Arab Emirates has shown keen desire to further expand investment in Pakistan in shipping, ports efficiency enhancement, logistics and digitization of customs.

This interest was expressed by UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, who called on Prime Minister Shehbaz Sharif, while leading a delegation of his country’s investors, in Islamabad. Welcoming the delegation, the Prime Minister expressed gratitude and thanks to UAE President Sheikh Mohamed bin Zayed and UAE Prime Minister Mohammed bin Rashid Al Maktoum for their steadfast support to Pakistan. He underlined that the fraternal Pakistan and UAE ties are rooted in shared history and culture. Shehbaz Sharif highlighted the comprehensive economic partnership between the two nations across sectors such as trade, energy, and investment, which has contributed to growth and prosperity in both countries.

The PM highlighted that the visit demonstrates the commitment of the Government of UAE to further enhance its investment footprint in Pakistan. He underscored that the investments by the brotherly country UAE would play a crucial role in boosting Pakistan’s economy.

Besides, the Prime Minister witnessed the exchange of four Memorandums of Understanding relating to Ministries of Maritime Affairs, Aviation, Railways and Federal Board of Revenue with Abu Dhabi Ports Group. As per these MoUs, Pakistan and AD Ports Group would explore potential collaboration in customs, rail, airport infrastructure and maritime shipping and logistics sectors. These MoUs are aimed at improving digital customs controls, developing dedicated freight rail corridors, upgrading Pakistan’s maritime fleet and marine services, as well as Pakistan’s international airports.

The UAE delegation also included Chairman of Kaheel Group Sheikh Ahmed Dalmook Al Maktoum, Managing Director and Group Chief Executive Officer of  Abu Dhabi Ports Group Capt. Mohamed Al Shamisi, UAE Ambassador to Pakistan Hamad Obaid Ibrahim Salem Al-Zaabi and senior officials of the AD Ports. The Pakistan delegation included Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, Defence Minister Khawaja Muhammad Asif, Commerce Minister Jam Kamal Khan, Finance Minister Muhammad Aurangzeb, Minister for Maritime Affairs Qaiser Ahmed Sheikh, SAPM Tariq Fatemi and senior government officials.

‘Target of $25 billion in IT exports’

Prime Minister Shehbaz Sharif on Friday highlighting the government’s efforts to promote the telecommunications sector reiterated his resolve to meet the target of $25 billion in IT exports in the next three years.

The prime minister, in a meeting with a five-member delegation of VEON Group led by Chairman Augie K Fabela here, said that the government was taking measures to introduce 5G internet service to provide fast and reliable internet connectivity even in remote areas. The 5G services would also help the government realise its vision of Digital Pakistan, he added.

The telecommunication sector had a significant role in promoting a cashless and digital economy, he said and lauded the services of VEON Group’s subsidiary Jazz in Pakistan’s telecommunications and financial technology sectors, according to a PM Office press release.

Prime Minister Shehbaz said that the government was willing to collaborate with VEON Group in IT, digitisation and artificial intelligence.

The members of the delegation appreciated the government’s efforts for economic stability and said that Pakistan had become an important investment destination for the IT and telecom sector.

Minister of State for Information Technology and Telecommunications Shaza Fatima Khawaja, Minister of State for Finance and Revenue Ali Pervaiz Malik, Coordinator to PM Rana Ehsan Afzal and relevant senior officers attended the meeting.