Business
Afghan Craftsmen Sign Loan Agreement with Private Bank
A Memorandums of Understanding (MoU) worth $30 million was signed between the Afghanistan Industrial Association (AIA) and a private bank in Kabul on Wednesday.
Dozens of craftsmen signed loan agreements based on Islamic banking with Afghanistan’s International Bank (AIB).
“This loan is for four years, we are trying to seek multiple options to grow out internal products,” Sakhi Ahmad Payman, head of the Association said.
At the same time, an official in Afghanistan’s Chamber of Commerce and Industries (ACCI) claim that the government has about $5 billion for investment purposes, but officials are not cooperating with craftsmen.
“We are ready to build our country and solve our problems by our own. The Government has paid no attention to us, but we are committed,” Baz Mohammad Afsar, Deputy of the ACCI stated.
Meanwhile, a representative for private banks spoke about continuation of their cooperation with private sector.
“This loan is for craftsmen to import machinery, latest technologies, build factories and we do provide loans for others sections as well,” Zulfoqar Ali, representative for private banks told.
The Association asked the government of Afghanistan to open an industrial bank in the country to grow the private businesses.
Business
Export volume totals over $140 million in last month of 1402
The National Statistics and Information Authority (NSIA) confirmed Tuesday that in the last month of solar year 1402, (March 2024) Afghanistan’s exports totaled $141.1 million and imports totaled $789.6 million.
This was down from $174 million for exports in the same period in 1401. However, imports increased by $99.2 million in 1402, up from $690.4 million.
Most exports in the last month of 1402 went to Pakistan, India and the United Arab Emirates, while in the last month of 1401 exports went to Pakistan, India and China.
Business
Afghanistan-Kazakhstan chamber of commerce opens in Herat
The Ministry of Interior said the governor of Herat province Islam Jar met with Alim Khan Yasin Gildaye, Ambassador of Kazakhstan to Afghanistan, to discuss various issues around trade.
According to the ministry, the two sides discussed the expansion of trade facilities, increasing the volume of trade exchanges between traders of the two countries, reducing customs tariffs, solving the challenges of traders and issuing visas to them.
The Afghanistan-Kazakhstan Chamber of Commerce has been opened in Herat in order to facilitate and increase trade between the two countries.
Business
Afghanistan reaches self-sufficiency in production of 133 items: MoIC
The Ministry of Industry and Commerce (MoIC) says Afghanistan has reached self-sufficiency in 45 sectors and the production of 133 items, and that the ministry is striving to change Afghanistan from an importing country to an exporting one.
The ministry officials said that for this purpose, supporting domestic products and attracting investment is essential.
The ministry’s spokesman Abdul Salam Jawad Akhundzada emphasized increasing the use of domestic goods and products in government and national projects and added that efforts have also begun to find a market for domestic products inside and outside the country.
“We have reached self-sufficiency in 133 items of production, which is 45 sectors, and also we reached the capacity of semi-self-sufficiency in 95 items of production, which is 27 sectors,” he said.
Meanwhile, the Chamber of Industries and Mines (ACIM) says over the past two and a half years, more attention has been paid to the development of domestic production and it is also expanding.
The chamber officials stressed expanding the culture of using domestic products in government projects.
“I think that the government is one of the biggest consumers in the market if it uses domestic products in all its development projects,” said Abdul Nasir Rashtia, a member of ACIM.
Economic experts also said that if the use of domestic products in government projects increases, Afghanistan will quickly move towards economic independence.
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