ICCI urges Bangladeshi firms to invest in Pakistan
Listen to article
President, Islamabad Chamber of Commerce & Industry (ICCI), Nasir Mansoor Qureshi on Wednesday invited Bangladeshi entrepreneurs to explore trade and investment opportunities in Pakistan across key sectors, including textiles, IT, agriculture, renewable energy, food processing, infrastructure, pharmaceuticals, mining, and construction.
He addressed the Dhaka Chamber of Commerce & Industry (DCCI) during a significant business visit to Bangladesh and urged the need for strengthening economic cooperation between Pakistan and Bangladesh, said a press release.
Accompanied by ICCI Vice President Nasir Mehmood Chaudhry, President Qureshi emphasised the deep-rooted bond between Pakistan and Bangladesh, a relationship founded on shared history, cultural affinity, and promising economic potential.
He welcomed the recent development of visa-free access between the two countries as a visionary and long-overdue initiative, and further called for the early conclusion of a Pakistan-Bangladesh Free Trade Agreement (FTA) and the enhancement of direct air connectivity to bolster trade, tourism, and investment flows.
Earlier, DCCI President Taskeen Ahmed extended a warm welcome to the ICCI delegation and appreciated its proactive role in fostering regional economic ties.
"Bangladesh is committed to a new era of cooperation with Pakistan, that prioritises trade, mutual growth, and regional harmony," said Taskeen Ahmed.
He underlined the importance of institutional linkages, collaborative ventures, and knowledge sharing between the business communities of both nations. "Our chambers must lead the way in building an economically integrated South Asia that is modern, resilient, and inclusive," he noted.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
4 hours ago
- Business Recorder
From Dubai to Pakistan: Mashreq well on its way to $100mn expansion in digital banking sector
KARACHI: Mashreq, a global digital bank headquartered in Dubai, is looking to transform the banking landscape in Pakistan by transitioning from physical branches to digital transactions. At the core of its extended operations to the South Asian country is a key project to digitalize inflows of workers' remittances from UAE and other parts of the world, as it aims to connect overseas Pakistanis with their families and friends in the homeland. 'Mashreq has a big focus on bringing workers' remittances into Pakistan,' Mashreq Pakistan CEO Muhammad Hamayun Sajjad said in an exclusive interview with Business Recorder. Pakistanis living in Dubai and other parts of the UAE send around $6.25 billion to $6.50 billion a year to their relatives back home. Mashreq already facilitates a significant volume of these remittances in collaboration with other financial entities. 'We are building a fast, convenient, and transparent financial link between Mashreq Dubai and Mashreq Pakistan to ensure that remittances are received instantly. Currently, remittances are being processed by Mashreq Dubai, and our first goal is to shift this flow onto our Pakistan-based platform,' Sajjad said. 'Our second objective is to identify and address the pain points in the remittance process within Pakistan. By learning from these challenges, we aim to enhance the overall user experience. We see a significant opportunity in streamlining remittances—one of the most vital financial lifelines for the country.' Mashreq has six decades of experience serving people and businesses in major markets around the globe, including the Middle East, US,UK and Europe. It is currently running a pilot project in Pakistan aimed at launching a full-fledged retail digital bank in the country by end of December 2025. Mashreq Dubai operates three entities in Pakistan: Mashreq Bank (in its pilot phase), Mashreq Global Network (hiring and managing employees) and a branch office of Mashreq Financial Institutions Group (providing banking solutions to other financial institutions). It has made a combined investment of over $70 million in Pakistan in the past four years. This is expected to reach $100 million by the end of this year. Trade finance In addition to remittances, the bank is engaged in trade finance, Sajjad said. 'While our Pakistan license does not yet permit trade transactions, Mashreq Dubai continues to handle trade flows with Pakistani banks. The bank is among the top six financial institutions globally for US dollar clearing and operates as a trade hub across 14 countries.' Once licensed fully in Pakistan, Mashreq plans to extend its trade services locally within three to five years. In the meantime, it is focused on establishing fast, reliable financial corridors between the UAE and Pakistan, he added. Separate portals for SME and youth Most banks currently serve SME clients through individual or corporate platforms, which often overlook the specific needs of small businesses. To address this gap, Sajjad said, Mashreq is launching Mashreq Neo Business — a dedicated app and portal designed exclusively for SMEs. For individuals, Mashreq will also offer digital joint accounts, eliminating the need to visit branches. Additionally, the bank is introducing Mashreq Neo NXT, a separate digital platform for youth under 18. While minors cannot open full bank accounts, Neo NXT will enable supervised banking for savings and spending, managed by parents—promoting financial literacy from an early age, the CEO said. Cybersecurity, AI keys to success Mashreq emphasizes a robust cybersecurity framework supported by advanced AI-driven monitoring and fraud detection. The bank aligns its systems with State Bank of Pakistan (SBP) regulations for digital banking, including controls for unusual transactions: automated alerts — such as calls on transfers exceeding Rs2 million — enhance customer safety. Leveraging its digital infrastructure from the UAE, Mashreq plans to replicate this model in Pakistan to build trust and institutional credibility in the evolving digital banking sector. Sajjad said that Mashreq sees a massive opportunity in Pakistan's digital banking gap. According to SBP data there are 90–100 million account holders in Pakistan, out of which only 20 million use online banking. That leaves 70 million largely untapped. Existing banks face high costs and limited digital efficiency, while users still struggle with fraud, access, and reliability. A modern, digital-only bank like Mashreq can fill this gap efficiently and cost-effectively. Nearly 500 Pakistan-based professionals — including 43% senior staff — work remotely for Mashreq Dubai across 18 cities without a local office. Mashreq Pakistan operates with 250-300 staff compared to thousands at conventional banks. Operating remotely — without physical branches — and with a lower number of employees cut banking costs significantly. Mashreq also acknowledges rapid growth in Pakistan's e-commerce landscape over the past 12 to 15 years. Consumer behavior shows a strong shift toward digital purchases over physical retail. The bank sees opportunity in this trend, expecting that increased digitization of payments will eventually help grow e-commerce. Mashreq's infrastructure and partnerships can support the evolving ecosystem of e-commerce payments, logistics, banks, and platforms to ensure smooth consumer adoption, Sajjad added. Copyright Business Recorder, 2025
Express Tribune
5 hours ago
- Express Tribune
PTI alliance mobilises for August 5 'power show'
Listen to article The PTI under the auspices of an opposition parties' alliancethe Tehreek Tahaffuz Ain-e-Pakistan (TTAP)is going to launch its much touted protest movement against the "illegal" detention of PTI founder Imran Khan from tomorrow — Tuesday. According to the protest plan, August 5 — the day when Imran Khan was arrested from Lahore two years back in a corruption case — will be observed as a Black Day across the country. "On August 5 (tomorrow), a nationwide protest will be held under the flags of Pakistan, the PTI, and the white flag of peace," announced TTAP Secretary General Asad Qaiser in an emergency press conference held on Sunday at the PTI District Secretariat in Swabi. He said August 5 marks the completion of two years since Imran Khan's "illegal" arrest and the opposition will hold peaceful protests throughout Pakistan. Qaiser emphasized that the movement would remain entirely within the constitutional and legal framework and would be conducted in a peaceful manner. He said if there is any evidence against Imran Khan then it should be presented in an open court on merit so the nation can learn the truth. He claimed the judiciary is no longer independent, and that court decisions are now influenced by the executive. "Imran Khan is the most popular and dignified leader of this nation, who not only elevated Pakistan's image internationally but also gave the nation a vision," he added. "His legal and constitutional rights are being violated, which is a direct attack on democracy, the Constitution, and the rule of law." PTI's Shahram Khan Tarakai, who also spoke at the press conference, said on August 5, provincial organizations and elected assembly members will stage protests in various cities, adding that both the TTAP and the PTI are fully prepared. He stressed that the movement is not a temporary reaction but a sustained democratic struggle that will continue until its objectives are achieved. "Our movement is peaceful and we will once again prove that Imran Khan's supporters are law-abiding citizens who respect the Constitution." He further stated that their struggle is for the supremacy of the Constitution, protection of fundamental human rights, and judicial independence. "Every individual must raise their own voice for their rights — only then will they be heard." Asad Qaiser, who served as the National Assembly speaker during the PTI's rule, demanded that judges ensure justice by delivering verdicts on merit in open courts with media presence. He called for the formation of a judicial commission to investigate the events of May 9 thoroughly, and for those found responsible to be punished in accordance with the law. He also questioned the weakening state of parliament, noting that now a government official deletes words from members' speeches, "which reflects the degradation of the speaker's role". Qaiser said the party would soon decide whether or not to remain part of the current parliamentary system. He demanded transparent judicial proceedings in all pending cases in the Islamabad High Court concerning Imran, his wife Bushra Bibi, and other party leaders, with full protection of their legal and constitutional rights. Speaking at a rally in Buner as part of the protest movement, PTI Chairman Gohar Ali Khan said political tensions escalated nationwide after the events of May 9 and have yet to subside. "Our members have been subjected to legal cases, punishments, and disqualifications. PTI's MPAs, MNAs, and Senators are being declared ineligible, which is only adding fuel to the fire," he added. He said the demand for the release of Imran is the voice of 70% of the people, the voice of 170 million citizens. "This voice cannot be suppressed any longer because the voice of the people is the voice of democracy," he said. The PTI has finalized its plan of action for the August 5 protest, according to the instruction of Imran Khan. Instead of marching toward Islamabad or holding a central rally, it has been decided that protests will be held in every district. In Peshawar, a rally will be taken out from Hayatabad Toll Plaza to Qila Bala Hisar, which will continue into the night. In Peshawar and Khyber districts, a rally will begin at 3:30pm from Hayatabad Toll Plaza on Ring Road and proceed to Qila Bala Hisar, led by Chief Minister Ali Amin Gandapur. In Swabi, participants will gather at the Ambar Interchange, and a one-day protest will be held. The protest will start at 3:30 pm and continue until Isha prayers. In Nowshera, party workers will gather at Khairabad, Nowshera and also hold a one-day protest, beginning at 3:30pm and continuing until Isha prayers. All members of the National Assembly and the K-P Assembly and ticket holders have been instructed to record videos of their gatherings from their Hujras, Deras, or starting points and submit these to their respective district organizations, which will then forward them to the regional leadership.
Express Tribune
5 hours ago
- Express Tribune
BD protest victim gives evidence at ex-PM trial
The first witness in the trial of Bangladesh's fugitive ex-prime minister Sheikh Hasina gave evidence on Sunday, a man shot in the face during protests that toppled her last year. Hasina, 77, who has defied court orders to return from India to attend her trial on charges amounting to crimes against humanity, is accused of ordering a deadly crackdown in a failed bid to crush the student-led uprising. Up to 1,400 people were killed between July and August 2024, according to the United Nations. The first witness, among the 11 cases that the prosecution is expected to present to the court, was Khokon Chandra Barman, whose story reflects the violence of the protests. The 23-year-old wears a mask to conceal his face, which was ripped apart by gunshot during the culmination of the protests on August 5, 2024, the same day that Hasina fled Dhaka by helicopter. "I want justice for the ordeal I've been going through, and for my fellow protesters who sacrificed their lives," he told the court. Barman lost his left eye, while his right eye was damaged, as well as his lips, nose and teeth. A video showing Barman's blood-covered face was played in court, with the opening statements aired on the state-run broadcaster. Prosecutors have filed five charges against Hasina — including failure to prevent mass murder — which amount to crimes against humanity under Bangladeshi law. "Sheikh Hasina was the nucleus around whom all the crimes committed during the July-August uprising revolved," chief prosecutor Tajul Islam told the court on Sunday. Hasina is on trial in absentia alongside two other accused. One, her former interior minister Asaduzzaman Khan Kamal, is also a fugitive. The other, Chowdhury Abdullah Al-Mamun, the former inspector general of police, is in custody. He has pleaded guilty. Attorney General Md Asaduzzaman said he wanted a "fair trial", speaking to reporters outside the court. "People were killed and maimed — we demand the highest punishment for the crimes committed," Asaduzzaman said. Amir Hossain, the state-appointed lawyer for Hasina, noted that Barman was shot during the chaotic final day of the weeks-long protests. He pointed out that several police officers were also killed in clashes with protesters and it was "unclear who actually shot Barman". Hossain said he was not in contact with Hasina, who has refused to accept the authority of the court. The trial continues.
