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Private sector welcomes peace move which could bring enormous investment opportunities 

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(Last Updated On: August 11, 2020)

Peace in Afghanistan would provide enormous opportunities for local and international businesses to invest in the country, in turn boosting the economy and aiding in its overall development. 

Afghan business owners and leaders in the private sector have said the war has created major obstacles for investors in the country over the past 19 years. 

Following President Ashraf Ghani’s decree, issued on Monday afternoon, to release the remaining 400 prisoners so as to pave the way for peace talks, the Afghanistan Chamber of Commerce and Investment (ACCI) urged all warring parties to seize the opportunity to bring about peace so as to improve the country’s dismal economic climate.

“We welcome the Loya Jirga’s decision to release Taliban prisoners, which could have a positive impact on the country’s economic growth,” said Khanjan Alokozai, an ACCI member said. 

Officials at the Afghanistan Chamber of Mines and Industries seconded this and said peace in Afghanistan would not only increase investment opportunities but also create much-needed jobs.  

“With the release of the prisoners, our hope is that dialogue between Afghans will begin, as this will increase investment in the country,” said Sakhi Ahmad Paiman, deputy director of the Chamber of Mines and Industries.

Ghani’s decree comes a day after the consultative Loya Jirga voted in favor of releasing the hardcore Taliban insurgents, as per the Doha agreement between the US and Taliban in February – which was one condition that needed to be fulfilled before intra-Afghan peace talks could start.

Meanwhile, economic experts are also optimistic about the opportunity for peace and for what is hoped will be the resultant economic growth in the country.

Hakimullah Siddiqui, an economist, said: “Both sides of the war must seize the opportunity to stabilize and grow the country economically, in order to increase economic opportunities.”

Other economists said peace would open up vast opportunities for investments in all sectors, including mining, agriculture, services, energy, and manufacturing. 

Talks are expected to officially begin on Sunday, in Doha, Qatar, between government and the Taliban.

The Afghan government’s negotiating team is expected to leave Kabul on Wednesday.

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Ministry of commerce allocates land for oil refineries

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(Last Updated On: March 14, 2024)

Acting Minister of Industry and Commerce Nooruddin Azizi, said in a meeting with oil refinery officials that as soon as they are ready to invest, the ministry will establish an oil and gas industrial park.

In this meeting, refinery officials discussed problems regarding the Qashqari oil field and agreed that land should be provided. They said oil extracted from Qashqari needed to be refined through the standard process.

Azizi, while announcing the cooperation and support of the Islamic Emirate and especially the Ministry of Commerce and Industry for the private sector of the country, said: “A joint proposal should be arranged and submitted to this ministry for the land of the refineries, and also if the officials of the refineries are ready to invest in the area of Dara-e-Hairatan, an oil and gas industrial park will be created and the land will be placed under their control.”

Azizi emphasized the need to increase the capacity of existing refineries and the quality of oil, shared the decision of the High Economic Commission regarding the establishment of a large refinery.

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Pakistan’s Federal Secretary of Commerce invited to visit Kabul

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(Last Updated On: March 11, 2024)

Acting Minister of Industry and Commerce, Nooruddin Azizi, has invited Pakistan’s Federal Secretary of Commerce Mohammad Khurram Agha to visit Kabul.

In a virtual meeting, the two sides discussed the progress made in the last two and a half years in the country, the increase in trade between the two countries, solving problems and removing trade and transit barriers.

They also discussed the need for more facilities, establishing close relations between the governments and private sectors of the two countries and boosting regional cooperation, the Ministry of Industry and Commerce said in a statement Monday.

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Headline inflation in Afghanistan down to -10.2% in January: World Bank

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(Last Updated On: March 11, 2024)

In January 2024, headline inflation experienced a significant downturn, reaching -10.2 percent on a year-on-year basis, the World Bank said in a report.

This substantial drop was largely due to a sharp decline in prices across both food and non-food categories, the report said.

Moreover, core inflation, which strips out the typically volatile food and energy sectors, also fell into negative territory, posting a rate of -6.5 percent on year-on-year basis.

“This ongoing core deflation reflects a troubling inability of both private and public sectors to stimulate sufficient demand. While this period of falling prices may offer temporary financial relief to the most vulnerable households by reducing the cost of living, it can also harm the broader macroeconomy,” the World Bank said.

According to the bank, Afghanistan’s exports contracted by 5 percent on year-on-year basis to $140.5 million in January 2024, down from $148.1 million the previous January.

Food exports to India jumped by 22 percent, compared to an 18 percent decline in Pakistan. Pakistan and India continued to be the top export destinations, claiming 45 percent and 34 percent of the total exports in January 2024, respectively.

The 2023 growth trend in imports extended into January 2024, hitting $830 million, up 37 percent from $600 million in January 2023.

According to the report, in 2023, the afghani (AFN) saw a significant 27 percent appreciation against the US dollar, buoyed by the influx of around $1.8 billion in UN cash shipments and an estimated $2 billion in remittances.

Revenues have been below the Islamic Emirate of Afghanistan’s (IEA) target during the first eleven months of FY2024, with border taxes underperforming despite a surge in imports.

Over the eleven-month span of FY2024, from March 22, 2023, to February 21, 2024, Afghanistan’s revenue collection reached AFN 189 billion, narrowly missing the target by 2 percent but marking a 5.6 percent increase from the previous fiscal year, the report said.

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