Author: Editorial Desk

Marking a pivotal moment for Kazakhstan’s maritime sector, AD Ports Group alongside KazMunayGas have inked a Heads of Terms agreement for a cutting-edge ship building and repair facility in Mangistau. This deal, witnessed by Kassym-Jomart Tokayev, President of Kazakhstan, underscores its strategic value. AD Ports Group, renowned for global trade, logistics, and industrial facilitation, joins forces with KazMunayGas, the top oil and gas company in Kazakhstan. Their collaboration aims to revolutionize the maritime scene within the Caspian Sea Region. The planned facility promises an array of services, spanning drydocking, afloat repairs, shipbuilding, and refurbishment, catering to diverse vessel types including…

Pakistan’s auto parts industry faces a crucial juncture. Despite consistent participation in international auto exhibitions and hosting its renowned auto show, the sector’s export growth has been disappointingly sluggish over the past seven years. According to Pakistan Bureau of Statistics data, auto parts exports peaked at $27 million in FY22 but declined to $22 million in FY23, with a further reduction to $7.1 million between July and October FY24. This situation calls for a reassessment of strategies to unlock the industry’s full potential. Global Market Dynamics and Domestic Hurdles Auto parts exports are influenced by global market trends, including the…

The nation’s garment sector, a key economic driver, embarks on substantial improvements in labor rights and working conditions. This strategic move aims to dodge potential sanctions from crucial markets like the European Union (EU) and the United States, ensuring steady exports, especially in the knitwear domain. Mohammad Hatem, Executive President of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), shared insights with The Daily Star: “We do not think there will be any impact on export.” This reflects the country’s dedication to meeting international labor standards. Knitwear emerged as a significant segment during the fiscal year 2022-23, contributing 55 percent…

India, the world’s second-largest gold purchaser, is poised to significantly shape the global economic landscape. Alok Kumar Choudhary, State Bank of India’s Managing Director, stressed India’s gold market impact during the 15th International Gold Economic Forum organized by ASSOCHAM. Choudhary highlighted India’s potential role in crafting a global economic corridor, pointing out the ongoing relevance of gold in central banks’ reserves, notably the Reserve Bank of India. Dr. C. Rangarajan, former Economic Advisory Council Chairman to the Prime Minister and ex-RBI Governor, detailed gold’s historical and cultural importance. He emphasized India’s substantial impact on the global gold market, being responsible…

For moving towards sustainable aviation, Vermont-based electric aircraft manufacturer Beta Technologies has announced a major expansion of its facility at Plattsburgh International Airport. This expansion, supported by a $20 million grant from the state of New York, is set to transform the site into a state-of-the-art flight test and aircraft delivery center. The grant, sourced from the Empire State Development’s Regional Economic and Community Assistance program, is part of a larger $41 million initiative to enhance Beta’s existing facility. This project, in partnership with Clinton County, aligns with Governor Kathy Hochul’s vision of fostering innovative industries in the state. Governor…

At the 28th session of the United Nations Framework Convention on Climate Change’s Conference of the Parties (COP28), currently unfolding in Dubai, a crucial discussion point emerges from the United Nations Conference on Trade and Development (UNCTAD). The agency presses for rapid measures to curb the carbon emissions in the maritime sector, an industry pivotal to the global economy and at risk of soaring its carbon footprint parallel to the growth in global trade. The COP28, spanning two weeks and attracting over 70,000 participants, is recognized as the largest climate conference to date. Distinguished attendees range from world leaders of…

Brazil’s recent strategy to rejuvenate its petrochemical sector involved modifying import tariffs on polymers. Targeting the enhancement of local producers like Braskem, this policy shift diverges from previous governmental decisions. Policy Transformation Brazil’s Chamber of Foreign Commerce (Gecex-Camex) recently increased import tariffs on a slew of polymers such as HDPE, LDPE, LLDPE, PP copolymers and homopolymers, PVC, and PS. These rates escalated from 11.2% to 12.6%, partially overturning a 2022 decision to lower them. This move is designed to enhance the profitability of Brazilian producers. Significantly, countries within the Mercosur trade bloc, including Argentina, Paraguay, Uruguay, and associate member Colombia,…

South Korea expects a 7.9% jump in exports next year, predominantly due to a rebound in the semiconductor sector. This forecast from the Korea International Trade Association (KITA) marks a sharp turnaround from two years of trade downturn. KITA aligns these projections with global economic growth in the upper 2% range for 2024. The financial landscape, including the won-dollar exchange rate and international oil prices, is expected to see notable changes. The won is projected to stabilize in the mid-1,200 won range against the dollar, while Brent crude oil prices might climb to $90 per barrel, a 4.65% rise from…

2022’s global economy, including Morocco’s economic landscape, experienced unprecedented turbulence, marked by a drastic reduction in growth and a spike in inflation. The Economic, Social and Environmental Council’s 12th annual report offers a detailed analysis of these challenging times, with a special emphasis on Morocco’s economic resilience and adaptation. Global economic growth fell sharply from 6.3% to 3.4%, while inflation escalated from 4.7% to 8.7%, largely due to the Russo-Ukrainian war’s impact. The report sheds light on the influence of these global events on commodity prices and inflation. The Moroccan economy, specifically, saw growth drop from 8% to 1.3% in…

Oil prices experienced a modest uptick on Wednesday, propelled by a mix of anticipatory investor behavior and supply disruptions. The global oil market is closely monitoring the upcoming OPEC+ meeting, where pivotal decisions on output policies for the forthcoming months are expected. Concurrently, a storm in the Black Sea region has unsettled the supply chain, further influencing oil prices. Brent crude futures edged up to $81.71 a barrel, and US West Texas Intermediate (WTI) crude futures experienced a 0.2 percent increase to $76.58 a barrel. These changes follow a 2 percent gain on Tuesday, driven by speculation over OPEC+’s potential…