Pakistan

Pakistan Indonesia Joint Trade Committee MoU Signals New Era of Economic Cooperation
Pakistan

Pakistan Indonesia Joint Trade Committee MoU Signals New Era of Economic Cooperation

Pakistan Indonesia Joint Trade Committee cooperation entered a new phase as both countries signed a landmark Memorandum of Understanding (MoU) to establish the Indonesia–Pakistan Joint Trade Committee (JTC), reinforcing their shared vision for deeper trade and economic engagement. The MoU was signed in Karachi on January 10, 2026, following high-level talks held a day earlier between Pakistan’s Federal Minister for Commerce, Jam Kamal Khan, and Indonesia’s Vice Minister of Trade, Ms. Dyah Roro Esty Widya Putri. The agreement creates a formal institutional framework to strengthen bilateral trade dialogue, address market access challenges, and unlock new investment opportunities. Pakistan Indonesia Joint Trade Committee to Institutionalize Trade Dialogue The establishment of the Pakistan Indonesia Joint Trade Committee marks a strategic move toward structured and sustained economic collaboration. The JTC will serve as a dedicated platform for identifying trade barriers, facilitating cooperation between public and private sectors, and coordinating policy-level engagement between the two governments. The signing coincided with a reception hosted by the Indonesian Consulate General in Karachi, attended by senior officials and leading members of the business community from both countries. The event underscored growing confidence among stakeholders in the future of Pakistan–Indonesia economic relations. Indonesia’s ASEAN Role and Pakistan’s Export Potential During the talks, Commerce Minister Jam Kamal Khan highlighted Indonesia’s strategic importance as a key ASEAN economy and regional trade hub. He emphasized that closer cooperation with Indonesia could open pathways for trilateral and regional trade initiatives involving ASEAN member states. Pakistan, he noted, has the capacity to become a reliable supplier of key products for the Indonesian market. These include minerals, pharmaceuticals, cosmetics, and agri-food commodities sectors where Pakistan holds competitive advantages and export growth potential. Pakistan Indonesia Joint Trade Committee and Trade Facilitation Priorities The Chief Executive of the Trade Development Authority of Pakistan (TDAP) Faiz Ahmed raised several trade facilitation priorities under the Pakistan Indonesia Joint Trade Committee framework. These included early announcement of fruit import quotas, rationalization of certification requirements for Pakistani exporters, notification of rice import quotas, and enhanced market access for Pakistan’s industrial-grade potatoes. Addressing these technical and regulatory issues through the JTC is expected to improve trade predictability and reduce barriers for exporters on both sides. Expanding PTA Toward a CEPA Both Pakistan and Indonesia agreed to jointly work on expanding the scope of the existing Preferential Trade Agreement (PTA). The long-term objective is to progress toward a Comprehensive Economic Partnership Agreement (CEPA), which would significantly enhance trade volumes, investment flows, and supply chain integration. Currently, bilateral trade between the two countries exceeds USD 4 billion. Policymakers believe that deeper tariff liberalization and improved regulatory cooperation could push this figure substantially higher in the coming years. Palm Oil, Food Security, and Economic Interdependence Highlighting the depth of economic interdependence, the Commerce Minister emphasized the importance of palm oil imports primarily sourced from Indonesia in Pakistan’s food supply chain. Imported edible oil plays a vital role in Pakistan’s daily consumption patterns, making Indonesia a critical trade partner. He also noted that engagements such as diplomatic receptions and business forums help project Pakistan’s economic strengths and diversity internationally, countering outdated narratives and showcasing emerging opportunities. 75 Years of Diplomatic Relations and Future Outlook Speaking at the event, Indonesian Vice Minister Dyah Roro Esty Widya Putri recalled 75 years of diplomatic relations between Pakistan and Indonesia, describing the partnership as one built on mutual respect, trust, and shared economic aspirations. She welcomed the formation of the Joint Trade Committee as a practical mechanism to deepen cooperation. With strong political goodwill, expanding trade volumes, and increasing people-to-people linkages, the Pakistan Indonesia Joint Trade Committee is poised to become a cornerstone of bilateral economic relations, driving sustainable growth and regional connectivity.

Pakistan FO Urges Citizens to Avoid Travel to Iran Amid Escalating Protests and Unrest
Pakistan

Pakistan FO Urges Citizens to Avoid Travel to Iran Amid Escalating Protests and Unrest

Pakistan’s Foreign Office (FO) has released an official travel advisory urging Pakistani nationals to avoid all unnecessary travel to the Islamic Republic of Iran due to prevailing safety and security concerns. The advisory, announced by the FO Spokesperson in a press statement, comes in response to growing unrest and protests that have gripped parts of the neighboring country for over a week, with reports indicating escalating tensions and potential risks to public safety. The move aims to protect Pakistani citizens amid an unpredictable situation that has prompted similar cautions from other nations. Key Recommendations for Travelers and Residents The advisory explicitly advises against non-essential trips to Iran “until conditions improve.” For Pakistani nationals currently residing in Iran, the FO has stressed the need to exercise extreme caution, remain highly vigilant at all times, minimize non-essential movement, and avoid areas of potential unrest. Citizens are strongly encouraged to stay updated through local and international news sources and to maintain regular contact with Pakistani diplomatic missions for assistance and updates. Contact Details for Pakistani Missions in Iran To facilitate immediate communication and support, the FO provided the following contact information: Embassy of Pakistan in Tehran: +98-21-66-9413-88/89/90/91 (landline), +98-21-66-9448-88/90 (landline), +98 910 764 8298 (mobile) Consulate in Zahidan: +98 54 33 22 3389 (landline), +989046145412 (mobile) Consulate in Mashhad: +98 910 762 5302 (mobile), +98 937 180 7175 (mobile) The advisory underscores Pakistan’s priority on citizen safety while diplomatic channels remain open for any emergencies.

Dr Kabir Ahmed Sidhu SECP Chairman Appointment Signals Strong Regulatory Push
Pakistan

Dr Kabir Ahmed Sidhu SECP Chairman Appointment Signals Strong Regulatory Push

Dr Kabir Ahmed Sidhu SECP Chairman marks a significant milestone for Pakistan’s financial and corporate regulatory landscape, as the Federal Government has approved his appointment as the new Chairman of the Securities and Exchange Commission of Pakistan (SECP) with immediate effect. The decision, officially notified by the Finance Division, reflects a clear intent to strengthen institutional governance, enforcement, and investor confidence in Pakistan’s capital markets. Dr Sidhu brings with him a proven track record of regulatory reform, most notably from his tenure as Chairman of the Competition Commission of Pakistan (CCP), where he led one of the most impactful institutional turnarounds in the regulator’s history. Dr Kabir Ahmed Sidhu SECP Chairman: A Proven Reformist Regulator When Dr Kabir Ahmed Sidhu assumed office as CCP Chairman in August 2023, the Commission was grappling with long-standing enforcement bottlenecks, litigation delays, and a growing backlog of unresolved cases. Within just two years, his leadership transformed the regulator’s operational effectiveness. Under his stewardship, the CCP reduced its pending court case backlog by more than 70 percent. Out of 567 pending matters, 434 cases were successfully decided, restoring confidence in the regulator’s enforcement capability and credibility. This progress also contributed to the development of stronger legal precedent and jurisprudence for competition law in Pakistan. Enforcement Impact and Financial Recoveries Under Dr Sidhu A key achievement during Dr Kabir Ahmed Sidhu’s CCP tenure was the unprecedented recovery of penalties. Approximately PKR 1.36 billion was recovered during his leadership—an extraordinary figure when compared to the Commission’s total recoveries of just PKR 2 billion over the previous two decades combined. In addition to recoveries, the CCP imposed over PKR 2 billion in fresh penalties through new enforcement actions. These measures sent a clear message that market abuse, cartels, and deceptive practices would no longer be tolerated. Crackdown on Cartels and Market Abuse Dr Kabir Ahmed Sidhu SECP Chairman appointment comes on the back of his aggressive enforcement stance against cartels and anti-competitive behavior. During his CCP tenure, major investigations were initiated in sectors critical to Pakistan’s economy, including poultry, sugar, edible oil, telecommunications, and medical services. Several landmark enforcement actions were upheld by the Supreme Court of Pakistan and the Competition Appellate Tribunal. This judicial validation significantly strengthened the CCP’s authority and set robust enforcement benchmarks for future regulators including the SECP. Consumer Protection and Corporate Accountability Beyond cartel enforcement, Dr Sidhu placed strong emphasis on consumer protection and misleading marketing practices. The CCP imposed substantial penalties on companies operating across real estate, FMCG, education, pharmaceuticals, and the automobile sector. High-profile enforcement actions were taken against firms such as Kingdom Valley, FrieslandCampina, Unilever, Engro, Al-Ghazi Tractors, Hyundai Nishat, British Lyceum, and 3N Lifemed. These actions reinforced regulatory accountability and enhanced consumer trust in regulated markets. Institutional Innovation and Market Facilitation One of the most notable institutional reforms under Dr Sidhu was the establishment of the Market Intelligence Unit (MIU), the CCP’s first AI-powered surveillance and analytics wing. This initiative marked a strategic shift from reactive enforcement to proactive, data-driven market monitoring an approach that aligns closely with global regulatory best practices. On the market facilitation front, the CCP processed 139 mergers across 34 economic sectors. High-profile transactions included the PTCL–Telenor merger, Shell Pakistan’s sale to Wafi Energy, and several deals across financial services, energy, and logistics. The PTCL–Telenor merger, in particular, was widely recognized for balancing foreign investment facilitation with competition safeguards. Dr Kabir Ahmed Sidhu’s Academic and Professional Credentials Dr Kabir Ahmed Sidhu holds a Bachelor’s degree in Law, an LLM in Banking, Insurance, and International Business Law, and a PhD from the University of Manchester. His academic journey also includes a postgraduate diploma in Civil Litigation from the Manchester Law Society and professional certifications in mortgage and financial advice from the London Institute of Banking and Finance. His doctoral research focused on investor protection and the regulation of stock exchanges in the UK, US, and Shariah-compliant markets expertise that is highly relevant to SECP’s evolving mandate. With over two decades of professional experience, Dr Sidhu has worked with law firms, insurance companies, financial institutions in the UK, and key government ministries in Pakistan, including the Ministry of Law and the Privatisation Commission. What Dr Kabir Ahmed Sidhu SECP Chairman Means for Pakistan The appointment of Dr Kabir Ahmed Sidhu as SECP Chairman is widely seen as a strategic move to enhance regulatory enforcement, investor protection, and market transparency. His track record suggests a strong focus on institutional reform, technology-driven oversight, and balanced market facilitation key pillars for the next phase of Pakistan’s capital market development. As Pakistan navigates economic stabilization and seeks to attract long-term investment, Dr Sidhu’s leadership at SECP could play a decisive role in shaping a more resilient, credible, and investor-friendly regulatory environment.

CDNS National Savings Hits Rs23.4bn Islamic Inflows Goal Mid-Year
Pakistan

CDNS National Savings Hits Rs23.4bn Islamic Inflows Goal Mid-Year

Islamabad, January 9, 2026 – Pakistan’s Islamic finance sector is gaining significant momentum, with the Central Directorate of National Savings (CDNS) achieving Rs 23.4 billion in Shariah-compliant inflows from July 1, 2025, to January 8, 2026, nearing its annual target of Rs 25 billion for FY 2025-26 just halfway through the fiscal year. Record Inflows Signal Investor Confidence in Ethical Investments A senior CDNS official described the milestone as a testament to the growing appeal of interest-free, ethical investment options amid Pakistan’s evolving financial landscape. “We have revived and reinforced our focus on Islamic finance this fiscal year, which is poised to drive sustainable growth in the country’s Islamic economy,” the official stated. The success stems from dedicated Islamic bonds and Shariah-compliant certificates, attracting investors seeking halal returns while boosting national savings. This builds on prior achievements: CDNS met its Rs 24 billion target in FY 2024-25 and mobilized Rs 75 billion through Islamic bonds in FY 2023-24, establishing a strong foundation for expanded offerings and reforms. The official noted Islamic finance’s global significance, playing a key role in major economies, and aligning with Pakistan’s efforts to diversify products, promote savings culture, and ensure economic stability. Broader CDNS Performance and Future Reforms Beyond Islamic investments, CDNS has secured Rs 700 billion in total inflows by end-December 2025 toward its FY 2025-26 goal, reflecting robust overall mobilization. Ongoing reforms focus on efficiency, digitization, and innovative products to meet market demands. With 94% of the Islamic target achieved mid-year, CDNS is positioned to exceed expectations, underscoring a shift toward secure, ethical avenues for wealth preservation amid economic challenges. This surge highlights investor trust in Shariah-compliant instruments, supporting Pakistan’s inclusive Islamic economic framework.

IT Minister Inaugurates AI Module at Civil Services Academy
Pakistan

IT Minister Inaugurates AI Module at Civil Services Academy

Islamabad, January 9, 2026 – Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja has launched the Artificial Intelligence 101 module at the Civil Services Academy, marking a significant step in equipping future civil servants with essential digital skills amid Pakistan’s push for technological advancement. Hands-On Training for Probationary Officers The inauguration addressed a special CSS batch comprising 52 probationary officers from Balochistan, 46 from Sindh, and 10 additional officers from Sindh. A two-day intensive AI training program was conducted for over 150 officers, covering fundamentals of AI, prompt engineering, applications in administration and research, productivity tools, and ethical considerations in government use. Additionally, a Training of Trainers initiative prepared 30 faculty members from various civil service institutions as master trainers to sustain the program. The AI module has now been formally integrated into the CSA curriculum, ensuring structured education for every incoming batch. Alignment with National Digital Vision Minister Khawaja highlighted the module as a direct outcome of the National Artificial Intelligence Policy’s focus on building government capacity. She briefed officers on Prime Minister Shehbaz Sharif’s Digital Nation Vision and the Digital Nation Pakistan Act, emphasizing its role in digital transformation across economy, society, and governance. Praising the joint initiative by the Ministry of IT & Telecom, Planning Commission, CSA, and atomcamp, she announced plans for advanced AI publications. The Minister also noted achievements like 100% e-Office adoption in most federal divisions, slashing file processing times, and stressed high-speed internet, cybersecurity, and AI as pillars of Pakistan’s digital future. She committed to expanding training to mid-career and senior officers while aligning with emerging governance frameworks.

K-Electric Naya Nazimabad Grid Station to Strengthen Karachi’s Power Infrastructure
Pakistan

K-Electric Naya Nazimabad Grid Station to Strengthen Karachi’s Power Infrastructure

K-Electric Naya Nazimabad Grid Station has emerged as a landmark development in Karachi’s urban power infrastructure, as K-Electric (KE) and Naya Nazimabad officially partner to build one of the city’s largest grid stations for a private housing society. Announced on January 9, 2026, the collaboration underscores growing private-sector confidence in Pakistan’s evolving electricity distribution ecosystem. The agreement enables Naya Nazimabad to develop a 132 kV grid station, designed in compliance with NEPRA’s Consumer Service Manual (CSM) and structured as a Sponsor Dedicated Distribution System (SDDS). Upon full completion, the grid station will offer a total capacity of up to 189 megawatts (MW) a scale rarely seen in privately developed residential communities. K-Electric Naya Nazimabad Grid Station: Capacity and Phased Development Under the project’s rollout plan, the grid station will be developed in two distinct phases. In the first phase, the facility will energize 60 MW of peak electricity, ensuring immediate relief and stability for residents and businesses. In the second phase, the capacity will be expanded to 189 MW, positioning it among Karachi’s highest-capacity grid stations serving a private housing society. Instead of presenting this information in tabular form, it is important to note that the phased approach allows Naya Nazimabad to match electricity supply with population growth, commercial activity, and future infrastructure expansion—minimizing load stress while maximizing efficiency. Why the K-Electric Naya Nazimabad Grid Station Matters Unlike conventional dedicated power setups, the K-Electric Naya Nazimabad Grid Station offers shared infrastructure advantages. This includes optimized power distribution, improved load management, and significantly enhanced reliability for thousands of residential units, commercial outlets, and recreational facilities within the society. The grid station is designed to meet modern urban energy standards, supporting uninterrupted electricity for elevators, commercial centers, healthcare facilities, schools, and digital infrastructure critical elements of contemporary city living. Leadership Perspectives on the K-Electric Naya Nazimabad Grid Station Commenting on the partnership, Moonis Alvi, CEO of K-Electric, emphasized that the project goes beyond basic power provision. He noted that the grid station represents KE’s vision of a future-ready Karachi, enabling modern lifestyles while contributing to the city’s broader economic and social development. From the developer’s perspective, Abdus Samad Habib, CEO of Naya Nazimabad, highlighted that uninterrupted electricity is fundamental to building a complete lifestyle destination. He stated that collaboration with K-Electric ensures residents receive world-class amenities supported by a robust, sustainable energy backbone positioning Naya Nazimabad as a benchmark for future urban developments in Pakistan. Private Sector Confidence in K-Electric’s Power Infrastructure The K-Electric Naya Nazimabad Grid Station is also the latest example of KE’s expanding partnerships with the private sector. Increasingly, housing developers and industries are opting to invest in their own grid infrastructure, reflecting rising confidence in KE’s reliability, regulatory compliance, and cost competitiveness. This forward-looking model allows customers to tailor power solutions to their operational needs while benefiting from KE’s technical expertise and integrated distribution network. Long-Term Impact on Karachi’s Urban Growth Beyond meeting immediate electricity demands, the grid station supports Naya Nazimabad’s long-term master plan, which includes residential expansion, commercial zones, and recreational facilities. By aligning infrastructure development with future growth, the project contributes to sustainable urban planning in Karachi.

PM Sharif Launches Digital Ramazan Subsidy Package to End Corruption
Pakistan

PM Sharif Launches Digital Ramazan Subsidy Package to End Corruption

Islamabad, January 9, 2026 – Prime Minister Muhammad Shehbaz Sharif has announced a revolutionary transparent system for the upcoming Ramazan relief package, replacing decades-old corrupt practices that plagued subsidy distribution through utility stores. Ending Corruption Through Digital Innovation Chairing a high-level review meeting, the Prime Minister emphasized that the new mechanism eliminates financial irregularities and mismanagement, ensuring subsidies reach the deserving without deprivation. He directed that subsidy amounts be distributed exclusively via digital wallets under the Social Protection Wallet system of the Benazir Income Support Programme. Starting March 2026, eligible individuals will receive free SIMs for seamless digital transfers, preserving their dignity while promoting a cashless economy. The involvement of the State Bank of Pakistan was highlighted as a milestone in this transition. PM Sharif praised last year’s package, validated by a reputable international audit firm as free from corruption or serious mismanagement. Enhanced Oversight and Inclusive Strategy The Prime Minister instructed the establishment of a digital dashboard and structured monitoring system for real-time oversight. He stressed maximizing inclusion of the underprivileged and called for coordinated efforts among ministries to formulate a comprehensive strategy for Ramazan and Eid packages. Attendees included key ministers like Finance’s Muhammad Aurangzeb, Information’s Attaullah Tarar, and others, along with heads of NADRA and PTA. Subsidized essential items will continue through the Utility Stores Corporation, with a focus on administrative discipline and third-party validation to maintain transparency.

Pakistan SPI Inflation Records Weekly Uptick Amid Food Price Volatility
Pakistan

Pakistan SPI Inflation Records Weekly Uptick Amid Food Price Volatility

Pakistan SPI Inflation continued its upward movement as short-term inflation, measured through the Sensitive Price Indicator (SPI), rose by 0.12 percent on a weekly basis, according to the latest data released by the Pakistan Bureau of Statistics (PBS). On a year-on-year basis, SPI recorded a notable 3.20 percent increase, highlighting persistent price pressures on essential consumer goods across the country. The SPI serves as a critical indicator for tracking short-term inflation trends in Pakistan and reflects changes in the cost of living for households, especially low- and middle-income groups. Pakistan SPI Inflation: Weekly Price Movement Snapshot During the reported week, PBS monitored 51 essential commodities across 50 markets in 17 major cities. The data shows a mixed inflationary trend: • Prices of 21 items (41.18%) increased• Prices of 8 items (15.68%) declined• Prices of 22 items (43.14%) remained unchanged This price dispersion indicates continued volatility in food and energy items, which remain the primary drivers of Pakistan SPI Inflation. Key Weekly Price Increases Driving Pakistan SPI Inflation The most significant weekly increase was recorded in wheat flour, which surged by 5.07 percent, reinforcing concerns over food inflation. Other notable price hikes included: • Chicken rising by 2.86 percent• Garlic increasing by 2.44 percent• Chilies powder climbing 1.01 percent• Liquefied Petroleum Gas (LPG) up 0.88 percent• Tea (prepared) higher by 0.73 percent• Shirting fabric rising 0.56 percent• Sugar increasing 0.58 percent• Bread edging up 0.22 percent These increases reflect supply-side constraints and seasonal demand pressures contributing to Pakistan SPI Inflation. Items Recording Weekly Price Declines On the relief side, several perishable food items experienced a decline in prices: • Potatoes fell by 3.73 percent• Onions declined 2.20 percent• Pulse gram dropped 1.51 percent• Eggs eased 1.44 percent• Pulse mash fell 0.65 percent• Pulse masoor declined 0.38 percent• Bananas dipped 0.21 percent• Tomatoes edged lower by 0.05 percent Despite these reductions, the overall SPI remained positive due to sharp increases in staple food items. Pakistan SPI Inflation: Year-on-Year Trend Analysis On an annual basis, Pakistan SPI Inflation increased by 2.83 percent for the current week, underlining structural inflationary pressures. Major Yearly Price Increases • Wheat flour surged by a massive 31.12 percent• Gas charges (Q1) jumped 29.85 percent• Beef increased 13.15 percent• Chilies powder rose 13.01 percent• Sugar climbed 11.18 percent• Bananas and firewood increased 10.57 percent each• Gur (jaggery) rose 10.50 percent• Powdered milk increased 9.51 percent• Eggs surged 8.03 percent These figures indicate that food and energy inflation remain key contributors to Pakistan’s overall inflation trajectory. Significant Annual Price Declines Offering Some Relief Several items recorded sharp year-on-year declines, particularly vegetables: • Tomatoes plunged 57.04 percent• Potatoes dropped 48.71 percent• Onions declined 41.33 percent• Garlic fell 39.07 percent• Pulse gram decreased 30.97 percent• Tea (Lipton) down 17.79 percent• Diesel eased 0.30 percent These declines helped partially offset broader inflationary pressures. Industrial Inputs: Fertilizer and Cement Prices Beyond food items, essential industrial inputs also showed marginal movements: • The average price of Sona urea stood at Rs4,346 per 50 kg bag, reflecting a 0.54 percent weekly increase, though still 4.19 percent lower than last year.• Cement prices averaged Rs1,404 per 50 kg bag, showing a 0.20 percent weekly decline, but remained 0.48 percent higher year-on-year. Why Pakistan SPI Inflation Matters PBS calculates Pakistan SPI Inflation on a weekly basis to provide policymakers with real-time insights into price trends. The SPI plays a crucial role in assessing inflationary risks, shaping monetary policy decisions, and guiding government interventions aimed at price stabilization. As inflationary pressures persist, especially in staple food and utility items, SPI data will remain central to understanding Pakistan’s short-term economic outlook.

Foreign Investment Inter into PSL: Secure Bids for Sialkot and Hyderabad in Historic Auction
Pakistan

Foreign Investment Inter into PSL: Secure Bids for Sialkot and Hyderabad in Historic Auction

Islamabad, January 9, 2026 – Prime Minister Muhammad Shehbaz Sharif has welcomed the successful auction of two new Pakistan Super League (PSL) franchises, emphasizing that the participation of international firms signals growing confidence in Pakistan’s economy and will promote foreign investment. Transparent Auction Draws Global Interest The auction for the new teams in Sialkot and Hyderabad was conducted transparently, with the entire process broadcast live on television – a first for any cricket league franchise sale. PCB Chairman Mohsin Naqvi, who also serves as Interior Minister, oversaw the event, congratulating the board for attracting bids from both national and international entities. The Prime Minister praised the transparency, stating it reflected the PSL’s rising global popularity. Bidders included prominent companies from the US, Australia, and Pakistan, with five US-based firms participating, highlighting renewed investor trust following recent economic reforms. New Franchises Owned by Diaspora Entrepreneurs The Sialkot franchise was secured by Australia-based OZ Developers, led by Hamza Majeed, for a record Rs1.85 billion per annum. The Hyderabad team went to US-based FKS Group, represented by Fawad Sarwar – a Pakistani entrepreneur who migrated to the US 26 years ago – for Rs1.75 billion. The combined bids generated Rs3.6 billion annually for Pakistan cricket. PM Sharif congratulated the new owners and PCB, noting that overseas Pakistanis are playing a vital role in national development. He described the new teams as a “breath of fresh air” for the league, which now expands to eight franchises. The US Chargé d’Affaires attended the auction, underscoring strengthened bilateral trade ties through such investments.

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