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Economy

Welcome Signs in Economy: Income of IT grads & ICT exports jump 46pc in July-April

ISLAMABAD/KARACHI: Pakistan’s export of Information Communication Technology (ICT) grew by 46 per cent during the first 10 months of 2020-21.

An official announcement said the value of ICT reached $1.70 billion as compared to $1.17bn in 10MFY20.

In April, the exports of ICT grew by 66pc to $196m as compared to $118m in April 2020.

ICT exports now look set to breach the $2bn mark for the first time.

Commerce Adviser Abdul Razak Dawood said an increase in ICT exports is due to exporters’ efforts. “I assure exporters that the MOC is at their service for any facilitation they need,” the adviser further said.

NBP Is now also market maker for govt debt

National Bank of Pakistan (NBP) and Pakistan Stock Exchange (PSX) on Tuesday signed an agreement to taken on board NBP as a market maker for government securities listed on the bourse.

A gong ceremony was held and attended by NBP President Arif Usmani and PSX Managing Director and CEO Farrukh H. Khan, Group Chief NBP Treasury and Capital Markets Muhammad Ismail Usuf and senior management of both the organisations.

Arif Usmani said the market maker status is a landmark moment for NBP which signifies the commitment of both organisations to work together for deepening of debt and capital markets and improving financial inter-mediation.

Another tech firm AFT to launch e-wallet

Akhtar Fuiou Technologies (AFT), a new fintech in Pakistan, on Tuesday announced that it had received State Bank of Pakistan’s (SBP) in principle approval for an Electronic Money Institution (EMI) licence.

AFT, a collaboration between three large business groups of Pakistan and China, will soon launch a pilot operation for its e-wallet business, said a press release.

Firms Profits Rising

KARACHI: Honda Atlas Cars Pakistan Ltd (HACPL) on Tuesday reported that its profit rose to Rs1.8 billion for the year ended March 31, 2021 from Rs682 million in the same period last year. Company’s sales swelled to Rs67bn from Rs55bn in the year.

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