Business

Afghanistan’s exports total $2 billion for last solar year

Published

2 years ago

March 29, 2023

(Last Updated On: )

The deputy minister of trade and industry said on Tuesday at a press conference that Afghanistan’s exports totaled $2 billion for the past solar year.

Presenting his financial report for the 1401 solar year, Mawlavi Qadratullah Jamal said: “For the first time, Afghanistan’s exports have reached about two billion dollars, which shows an increase of 135 percent compared to [solar year] 1400 and 166 percent compared to 1399.”

According to the deputy minister, the recent actions of the Islamic Emirate’s administrations on improving the trade balance, maintaining monetary stability, creating work opportunities and providing transparency in revenue collection are among the reasons for the growth in Afghanistan’s trade and export revenue.

“During the last year, with a total value of $925.5 million, coal, cotton, hemp, pomegranate, raisins, figs, grapes, Roman eggplant, black pine nuts and onions to Pakistan, India, Uzbekistan, Tajikistan, United Arab Emirates, China, Iran, Iraq, Turkey and Kazakhstan have been exported,” Jamal said.

Officials add that in order to standardize and increase the country’s exports, the ministry plans to establish export processing centers in five zones around the country.

Officials have also said that the necessary facilities have been provided for importing goods and that the private sector can import their goods without any problems.

The deputy minister added that in order to strengthen trade, facilitate exports and imports and expand cooperation between countries, necessary arrangements have been made with neighboring countries such as Iran, Pakistan, Russia, China, Uzbekistan, and Turkmenistan.

The officials of the ministry say that in terms of development and improvement of the industry in Afghanistan, fundamental steps have been taken, which includes growth in 50 sectors – including the iron smelting and skewer production sector, the spice sector, the soft drink production sector, the carpet sector and the printing sector.

According to the ministry, there are 51 industrial parks in the country, of which 14 industrial parks have been kept active during the last year, and efforts are underway to attract investment and reactivate all industrial parks.

According to the officials, in terms of attracting domestic and foreign investments, by providing the necessary facilities, the barriers to the investors have been removed.

Recently, a service center was established at the Kabul airport, and so far, 100 investors have received visas through this center. In addition, the ministry has created a legal and regulatory framework so that domestic and foreign investors can invest in the country with full confidence.

Also, the complex and time-consuming processes have been modified and now the private sector and entrepreneurs can receive, renew or cancel their licenses in the shortest possible time, officials said.

According to the ministry, during the last year, 5,100 licenses were distributed, 7,228 licenses were renewed and 333 licenses were canceled and 7,000 business passports were also distributed.

According to officials, during the year 1401, the amount of 341.6 million afghanis was allocated to this ministry and the amount of 15.5 million afghanis was allocated to this ministry, of which 83.3 percent of this amount was used.

Also, in 1401, a total amount of 704.48 million afghanis was collected, which shows a 43.37 percent increase compared to last year.

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Business

Gold climbs to record high as tariff worries bolster safe-haven demand

Published

1 day ago

April 1, 2025

Ariana News

(Last Updated On: )

Gold’s record run extended to another all-time high on Tuesday, buoyed by safe-haven demand as investors brace for U.S. President Donald Trump’s planned announcement on reciprocal tariffs.

Spot gold was up 0.3% at $3,131.56 an ounce at 0914 GMT, after hitting a record high of $3,148.88 earlier, Reuters reported.

U.S. gold futures were 0.3% higher at $3,159.10.

“Trump’s tariff comments and his increasingly volatile stance on Russia’s war against Ukraine are proving the perfect chaos for new record gold prices,” surpassing even the COVID pandemic five years ago, said Adrian Ash, head of research at online marketplace BullionVault.

Trump said on Sunday his reciprocal tariffs to be announced on Wednesday would include all countries, rather than a limited number.

Goldman Sachs on Monday raised the probability of a U.S. recession to 35% from 20% and said it expected more rate cuts by the Federal Reserve, as Trump’s tariffs roil the global economy and upend financial markets.

Gold, traditionally seen as a hedge against uncertainty and inflation, has risen more than 15% this year. Non-yielding bullion also tends to do well in a low interest rate environment.

“The market is watching April 2 closely for further economic indicators that could impact Federal Reserve policy decisions. If rate cuts are confirmed, this would provide additional support for gold’s upward trajectory,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.

Bullion’s rally this year has also been supported by strong demand from central banks, geopolitical instability in the Middle East and Europe, and increased flows into gold-backed exchange-traded funds.

In the last session, gold closed out its strongest quarter since 1986, and climbed over $3,100/oz, marking one of the most significant upswings in the precious metal’s history.

Investors will also monitor U.S. job openings data later on Tuesday and the U.S. non-farm payrolls report on Friday.

Silver steadied at $34.06 an ounce, platinum fell 0.4% to $988.35, and palladium gained 0.3% to $985.86.

Business

Efforts underway to expand Afghanistan’s trade relations with India

A number of investors also suggest that the Islamic Emirate should actively participate in regional and trade fairs to increase exports, so that Afghan products can be marketed in regional and global markets.

Published

3 days ago

March 30, 2025

Ariana News

(Last Updated On: )

The Ministry of Industry and Commerce says that efforts are underway to expand trade relations with India, the volume of which reaches $650 million annually.

Abdulsalam Jawad Akhundzada, a spokesman for the Ministry of Industry and Commerce, says that India is also interested in expanding trade relations with Afghanistan, and Kabul has also taken steps in this regard by using Chabahar Port, and talks have been held with the Indian side on visas.

The Chamber of Commerce and Investment also says that trade relations between Afghanistan and India are expanding and these relations are strengthening with each passing day. According to officials of the chamber, Afghanistan has exported goods worth $500 million to India in the past year.

According to investors, once the visa issues with India are resolved, a large portion of the country’s fresh and dried fruits will be exported to India because India is a good market for Afghan fruits in the region.

Investors want the Islamic Emirate to pave the way for increased exports to India through Chabahar Port.

Business

36 mining contracts inked over the past year: Mines ministry

Published

5 days ago

March 28, 2025

Ariana News

(Last Updated On: )

The Ministry of Mines and Petroleum says it has signed 36 large and small mining contracts, with a total value of $1.3 billion over the past year.

Officials from the ministry stated that these contracts include 10 large mines, 25 small mines, as well as projects related to cement, salt, marble, and a major gas extraction contract with Uzbekistan, all signed with both domestic and foreign companies.

Meanwhile, economic experts have emphasized the importance of increasing investments in the mining sector for the country’s economic growth. They have stressed that priority in mining contracts should be given to domestic companies.

“It is better to prioritize domestic investors over foreign ones,” said Kamaluddin Kakar, an economic expert.

In the meantime, members of the private sector also stated that if both foreign companies and Afghan investors can partner in the mining sector, this will not only foster investment development in the country but also bring positive changes in capacity building within the mining extraction sector.