Tue, 21-Oct-2025

Pakistan achieves record-breaking exports target in 2nd,quarter of FY, 2024

Pakistan achieves record-breaking exports target in 2nd quarter of FY, 2024

ISLAMABAD: The Ministry of Commerce on Thursday said that Pakistan has achieved record-breaking exports target and surpassing expectations at the end of second quarter of Financial Year 2024. In a remarkable turn of events, Pakistan has transitioned from facing potential default to achieving a record-breaking surplus in its current account, showcasing the nation’s resilience and … Read more

Unisame urges for allowing jaggery export

Unisame

KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged the ministry of commerce to allow the export of jaggery (gurr) and brown sugar, a statement said. Unisame President Zulfikar Thaver said that since the sugar export is allowed and the earlier notification is amended to allow export of sugar, jaggery exports should also … Read more

Commerce Ministry’s EDF website hacked

Commerce Ministry's EDF website hacked
  • The official website of the Export Development Fund (EDF) of Pakistan was compromised.
  • The data dump, which is over 4GB in size, contains files, hexed passwords, email records, email history, and other critical information.
  • As a result, private information about the IMF, FATF, CPEC, and other government agencies was compromised.

In what looks to be the second-largest security breach any Pakistani institution has ever experienced in almost a year, the official website of the Export Development Fund (EDF) of Pakistan, an independent entity under the Ministry of Commerce, was compromised.

Exclusive information obtained by a national news outlet claims that the data dump, which is over 4GB in size, contains files, hexed passwords, email records, email history, and other critical information.

The breach demonstrates how the actor had access to the EDF’s mainframe without difficulty and extracted official records from a wide range of categories.

According to the assessment, the website’s security was lax, which made penetration possible.

Raw data snapshots show that the hacker is likely foreign-born and willing to sell the stolen information for $400 or the equivalent in Bitcoin through his Telegram channel.

The EDF website was restored a few hours after the attack, according to our channel checks, however, the site then started listing former Prime Minister Imran Khan and former commerce advisor Abdul Razak Dawood as its key officials.

Following correspondence from regional media, the ministry updated the website once more.

Saleh Farooqi, the secretary of commerce, acknowledged in a statement that the EDF website had been hacked and subjected to a brute-force attack. He said that the server, which had been restored and was now operating properly, had been installed at COMSATS and was run by AHamson/COMSATS.

The email server has also been activated and is now secured, according to the secretary. He continued by saying that emails typically contain information on projects as well as routine correspondence between officers and pertinent parties.

These are internal communications, and they don’t seem to jeopardize the Fund’s operations, he continued.

He added that the service provider and EDF are in direct contact, that protocols have already been changed, and that additional security measures are being implemented.

Hacking is a big issue, but EDF doesn’t handle our critical information. However, Our own fact-finding team will be there, Saleh continued.

According to intelligence analyst Zaki Khalid, who is stationed in Rawalpindi, when commenting on the data leak, it is yet another regrettable example of how lightly cyber security compliance is treated.

“Even though succeeding governments have occasionally provided recommendations, there are still implementation gaps. Evidently lacking is internal monitoring,” he remarked.

These hacking have recently made headlines in Pakistan, with the first significant attack occurring under the previous administration.

Senior Ministry of Finance personnel’s official emails allegedly fell victim to a cyber-security attack in December 2021. As a result, official correspondence containing private information about the IMF, FATF, CPEC, and other government agencies was compromised.

Implications and Next Steps

Despite the exposure of sensitive information, it is embarrassing to realize that once the system was breached, all trade-related coordination with foreign agencies and embassies lost all credibility.

When investors commence sensitive correspondence with the Government of Pakistan, they establish a certain amount of trust.

As a result of the nation’s failure to maintain the integrity of its records/sensitive material on the internet, it may take a very long time to rebuild that trust.

It is widely believed that through attacking and hacking into Pakistan’s online data, these hackers give economic intelligence to Pakistan’s enemies.

It would be quite simple for another nation to damage Pakistan’s commercial connections with other nations in this situation. All they have to do to make life difficult for Pakistan is buy off the hackers and impose their own laws.

Despite these incidents, the National Telecommunication and Information Security Board’s (NTISB) recommendations are not being fully followed, and this issue needs to be rectified very away. In order to manage, safeguard, and reduce network vulnerabilities, institutions must prioritize national security across all online platforms.

This is an urgent requirement, and these issues must be looked into right away.

The NCP 2021 must be put into place in order to secure the IT infrastructure of the Pakistani government, which will entail a substantial investment and organizational reorganization.

 

[embedpost slug=”ministry-of-industry-and-commerce-released-report-on-performance-of-qeemat-punjab-app/”]

Read more

China is confident about 2022 foreign trade

China

China is confident that its foreign trade will remain within a respectable range during the entire year. In May, the country’s total imports and exports went up by 9.6% compared to the same month last year. This is a sign that the economy is getting better. China is confident that its foreign trade will remain … Read more

Thailand’s export growth slowed

Thailand’s exports, which are a major engine of the country’s economic development, increased 9.9% year on year in April, according to figures released on Friday. According to figures issued by the country’s Ministry of Commerce, growth slowed from an increase of 19.5 percent in March, falling below market expectations of 14.6 percent. According to the … Read more

Meeting to discuss gur exports issue on February 9

KARACHI: The Ministry of Commerce has convened a meeting on February 9 to discuss the issue of gur (jaggery) exports, a statement said on Tuesday. Agro Products Director General Dr Kausar Zaidi convened the meeting on the request of the Union of Small and Medium Enterprises (Unisame) to Federal Commerce Secretary Sauleh Farooqui and on … Read more

Unisame felicitates govt on trade policy formation

Unisame

KARACHI: The Union of Small and Medium Enterprises (Unisame) has felicitated the government functionaries on framing the Strategic Trade Policy Framework for 2020/25, a statement said on Wednesday. Unisame president Zulfikar Thaver thanked Adviser to the Prime Minister on Commerce Razak Dawood and Commerce secretary Sauleh Faruqui on framing the policy, saying that it reflects … Read more

PYMA appeals Tarin not to impose R&D on polyester filament yarn

Shaukat Tarin

KARACHI: Saqib Naseem, central chairman of Pakistan Yarn Merchants Association (PYMA), has urged Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin not to succumb to the pressure of the local manufacturers, and to reject any proposal for the imposition of regulatory duty on imports of polyester filament yarns, especially HS Code 5402.3300 … Read more

Jordan approves meat exports from Pakistan

Pakistani exporters keen to enter the Chinese meat market

KARACHI: Jordan’s Ministry of Agriculture approved meat exports from three Pakistani slaughterhouses to Jordan, a statement said on Friday. Pakistan has opened a new market for meat exports as Jordan approved three slaughterhouses including Tata Best Foods, The Organic Meat Company in Karachi and Tazij Meats in Lahore to export meat from Pakistan to Jordan, … Read more

 Pakistan, Russia to hold 7th meeting of IGC from November 24

Pakistan-Russia Inter-Government Commission

ISLAMABAD: The 7th meeting of the Pakistan-Russia Inter-Government Commission will be held in Yekaterinburg, Russia from November 24 to 26, 2021. Federal Minister for Economic Affairs Omar Ayub Khan and Minister for Energy of the Russian Federation Nikolay Shulginov are the co-chairs of the commission. In this regard, Omar Ayub Khan chaired a high-level meeting … Read more

Minister urged to propose white poppy seeds export without delay

KARACHI: The Union of Small and Medium Enterprises (Unisame) has urged Federal Minister for Science and Technology Shibli Faraz to recommend export of Khaskhas (white poppy seeds without any further delay, as the SME farmers and exporters are losing opportunities in the global markets and suffering due to wrong policies, a statement said on Friday. … Read more

Commerce Ministry blamed for delay in Slic privatisation

ISLAMABAD: The Privatisation Commission has put the entire blame for delay in the privatisation process of the State Life Corporation (Slic) on the Ministry of Commerce, saying that despite repeated follow-ups no progress has so far been achieved. During a meeting of the Senate Standing Committee on Privatisation, held under the chairmanship of Senator Shamim … Read more

MOC releases Rs6 billion under DLTL schemes: Razak Dawood

Government releases Rs6 billion under DLTL schemes: Razak Dawood

The Ministry of Commerce (MOC) has released Rs6 billion under duty drawback on local taxes and levies (DLTL), Advisor to Prime Minister on Trade and Investment Abdul Razak said. “I am glad to share that the Ministry of Commerce (MOC) has released a total of Rs6bn under DLTL schemes,” said Dawood, adding that this includes … Read more

The government plans to sell 20% of its stake in PAKRI through the PSX

PAKRI

The Pakistani government wants to sell 60,000,000 (20 percent) shares of Pakistan Reinsurance Company Limited (PAKRI or “the Company”) via a Secondary Public Offering using the 100 percent Book Building Method through the Privatization Commission.

The shares will be offered through 100% Book Building, according to the draft prospectus. 75 percent of the Offer size (45 million shares) will be distributed to successful bidders, while 25% of the overall transaction (15 million shares) will be released to the general public.

Unsubscribed shares from the general public part will be distributed pro-rata to succeeding bidders.

Because PAKRI is a publicly-traded company, the Offer’s Floor Price will be revealed shortly after Book Building begins.

The Floor Price will be announced on the Pakistan Stock Exchange, Habib Bank Limited, and Next Capital Limited websites after approval by the Privatization Commission Board and the Cabinet Committee on Privatization (CCOP).

PAKRI is Pakistan’s only reinsurance firm, having been established as a public limited corporation in 2000. In order to promote the local insurance business, it took over all of the assets and liabilities of the former Pakistan Insurance Corporation (PIC), which was established under the PIC Act, 1952. It is a public sector firm that operates as an autonomous agency under the Ministry of Commerce of the Pakistani government, with the primary goal of developing the insurance and reinsurance industry in the country.

In view of the treaty and facultative business, it acts as the national reinsurer, providing reinsurance protection to the local insurance industry.

PAKRI improves the country’s foreign exchange retention capacity by providing reinsurance services locally. In the sphere of reinsurance, it also collaborates and participates with its foreign counterparts.

This is being done under the framework of the Economic Cooperation Organization (ECO), with the goal of minimizing foreign exchange outflows and raising the level of insurance and reinsurance services in the region. PAKRI is a founding member of the Federation of Afro-Asian Insurers and Reins.

Through the Ministry of Commerce, the Pakistani government owns around 45 percent of the Company’s shares.

The retail portion of this Offer does not require guaranteeing because it is being made through 100% book building with a 25% allocation to retail investors.

If the Offer remains unsubscribed, the unsubscribed shares will be distributed pro-rata to the successful bidders. The successful bidders have previously agreed to subscribe on a pro-rata basis to any unsubscribed shares.

The growth of the non-life insurance market, which is primarily driven by economic growth, is PAKRI’s primary revenue generator. As commercial activity grows, so does the demand for insurance, which leads to increased demand for the reinsurance company.

PAKRI’s primary revenue generator is the growth of the non-life insurance market, which is predominantly driven by economic growth. As the business expands, so does the demand for insurance, resulting in greater demand for the reinsurance company.

As businesses succeed, the demand for insurance will grow, ultimately increasing the demand for reinsurance. Being the only domestic reinsurance company, PAKRI is well-positioned to capture any anticipated growth in the insurance industry.

PAKRI’s gross premium has risen to Rs. 17-18 billion in recent years, up from Rs. 8-10 billion in 2014-18. This massive increase can mostly be attributed to new power projects that were reinsured over the period.

More projects under the CPEC program are likely to be constructed, providing the Company with a potential revenue stream. In addition, in 2018, the Company launched its Retakaful business, insuring Rs. 424.8 million in 2019 and Rs. 603 million in 2020.

There are three general takaful companies with 22 window takaful activities, according to the Insurance Association of Pakistan (IAP) Yearbook 2019-20. PAKRI has yet to capture the full market, which will boost the retakaful window’s contribution.

PAKRI has a well-diversified portfolio that includes debt, equity, mutual funds, and investment property. Except for mutual funds, which are outsourced to prominent asset management firms, it maintains these investments in-house.

[embedpost slug=”psx-holds-gong-ceremony-to-mark-listing-of-citi-pharma-limited”]

Read more

China’s service trade up 6.7% in H1 

BEIJING: China’s service trade rose 6.7 per cent year on year to around 2.38 trillion yuan ($367.97 billion) in the first half of the year, the Ministry of Commerce said on Tuesday. Of the total, service exports reached approximately 1.13 trillion yuan, up 23.6 per cent year on year, and service imports stood at around … Read more

FPCCI holds training session for using Amazon platform

FPCCI

KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has conducted an awareness session to train business entrepreneurs to sell their products through Amazon’s platform, a statement said on Wednesday. FPCCI president Mian Nasser Hyatt Maggo welcomed the gathering of e-commerce trainers and practitioners at the Federation House to educate and train the … Read more

Chinese investment in Pakistan to expedite once Covid subsides: adviser

Chinese investment in Pakistan to expedite once Covid subsides: adviser

ISLAMABAD: The coronavirus pandemic had restricted the movement of investors, especially from China but it would pick pace once the Covid-19 subsided, a senior government official said. Addressing a conference, organised by the Pakistan-China Institute, Adviser to the Prime Minister on Commerce Razak Dawood said: “More Chinese investors will visit Pakistan to explore the existing … Read more

Pakistan’s exports to Australia surge 33% in FY21: adviser

Pakistan’s exports to Australia

ISLAMABAD: Pakistan’s exports to Australia increased 33 per cent during the fiscal year 2020/21 as against the exports of the previous fiscal year (2019/20), a senior government official said on Wednesday. In a tweet, Adviser to Prime Minister on Commerce and Investment Razak Dawood said that the country’s exports to Australia were recorded at $281 … Read more

10 Pakistani Products Approved In International Trade Bodies

10 Pakistani Products Approved In International Trade Bodies

The Ministry of Commerce has approved the registration of 10 Pakistani products in Geographical Indication (GI). According to the report, for registration with GI, Chaunsa and Sindhri mangoes, Kinnow, Hunza Ruby, Swat Emerald, Kashmiri Tourmaline, Skardu Topaz and Aquamarine, Peridot Stone and Peridot Valley are included. After registration with GI, Pakistani products will be able … Read more

Pakistan Exports Hit Record High, Exceeds $2 Billion

Pakistan Exports Hit Record High, Exceeds $2 Billion

Adviser to Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood said that the country’s exports in March stood at $2.345 billion and increased by 13.4% in March as compared to February, while for the first time since 2011, exports exceeded $2 billion for the sixth consecutive month. In a series of Tweets, … Read more

PM Congratulates Exporters For Leaving Behind India, Bangladesh In Exports

PM Congratulates Exporters On Leaving Behind India, Bangladesh In Exports

Prime Minister Imran Khan has congratulated the exporters and the Ministry of Commerce on the increase in exports in November and December 2020. In a tweet on a social networking site, the Prime Minister said, “I have received the regional export trends and this shows that, compared to our exports, the exports of India and … Read more

Petition filed to bring Amazon, PayPal in Pakistan

Petition filed to bring Amazon, PayPal in Pakistan

An application has been filed in the Islamabad High Court (IHC) seeking annulment of the non-provision of online business facilities and e-commerce policy in Pakistan. The court has sought a reply from the federal government on the petition filed against the e-commerce policy and also directed the Ministry of Commerce and the Ministry of Information … Read more

Pakistani Mango: PFVA requests to commence export from June 1

Pakistani Mango: PFVA requests to commence export from June 1

All Pakistan Fruit and Vegetable Exporters Importers and Merchants Association (PFVA) sent a letter to the Ministry of Commerce to commence mango exports in the country from June 1 instead of May 20. PFVA director  Haider Ahmed says that due to climate change, the mango crop may not be ready till May 20, while there … Read more

Embezzlement of funds, ministry officials summoned

ministry of commerce

The Senate Standing Committee on Commerce and Textile Industry Chairman Senator Mirza Muhammad Afridi has summoned the officials of the ministry of commerce to clarify their position after receiving complaints regarding misuse of the Export Development Fund (EDF). The commerce officials have been asked to appear before the committee on October 22 and bring the … Read more

Federal Cabinet meeting: Pakistan ends trade ties with India

Pakistan ends trade ties with India

The federal Cabinet approved suspending bilateral trade ties with India here on Friday. It was earlier decided in the National Security Council’s meeting. Which was summoned after India revoked occupied Kashmir’s special status. The decision was announced during a session of the federal Cabinet today. Meanwhile, the Ministry of Commerce says that bilateral trade is … Read more