Category: Featured

Indonesia is formally joining BRICS as a full member, further expanding the group of major emerging economies that also includes Russia, India, China and South Africa, a report quoted Brazil government’s statement appeared in The Jakarta Post today.  

Indonesia had previously expressed its desire to join the group as a means of strengthening emerging countries and furthering the interests of the so-called Global South. Brazil, which holds the bloc’s presidency in 2025, said the member states approved Indonesia’s entry by consensus as part of an expansion push initially approved at the bloc’s 2023 summit in Johannesburg.

The South American nation noted that Indonesia’s bid got the green light from the bloc in 2023 but the Asian country asked to join following the presidential election held last year. President Prabowo Subianto took office in October. “Indonesia shares with the other members of the group support for the reform of global governance institutions, and contributes positively to the deepening of cooperation in the Global South,” the Brazilian government said.

 The BRICS group also includes Egypt, Ethiopia, Iran and the United Arab Emirates. During its presidency, Brazil aims to boost cooperation between countries of the “Global South” and reform multilateral institutions. One of the objectives, according to the government of left-wing President Luiz Inacio Lula da Silva, is the “development of means of payment” to facilitate trade between member countries.
During the last BRICS summit in Kazan, Russia in November 2024, member nations discussed boosting non-dollar transactions and strengthening local currencies. This raised the ire of US President-elect Donald Trump, who threatened the group’s members with “100 percent tariffs” if they undercut the US dollar. – TJP/ERMD

Ahsan Iqbal, Federal Minister for Planning, Development & Special Initiatives

Ahsan Iqbal, an engineer-turned-politician and the current Federal Minister for Planning, Development, and Special Initiatives in the incumbent government, will be the chief guest at the Ribbon Cutting Ceremony for the Alsons ICU Ventilator, AVB-100—the first Pakistan-made ventilator.

“The ceremony will be graced by Federal Minister for Development, Mr. Ahsan Iqbal, who will officially launch this groundbreaking product by cutting the ribbon. We would be honored to have your esteemed presence at this special event,” reads an Alsons Group press statement.

Alsons Group, a leader in precision engineering and manufacturing in Pakistan, announced last month that its flagship product, the AlnnoVent AVB-100 ICU Ventilator, has successfully received regulatory approval from the Drug Regulatory Authority of Pakistan (DRAP).

This significant milestone sets the stage for the ventilator’s market release in 2025, positioning Pakistan as an emerging player in the global medical device industry, the company said in a press release.

The AlnnoVent AVB-100 is an advanced electro-mechanical ICU ventilator, meticulously designed, developed, and manufactured by Alsons Group to meet stringent international quality and performance standards. It features a versatile range of functions, including five invasive and two non-invasive ventilation modes, making it adaptable for various critical care situations.

This innovation arose from the urgent need for respiratory devices during the COVID-19 pandemic, with Alsons Group committed to strengthening the country’s healthcare infrastructure.

“We take immense pride in the fact that the AlnnoVent AVB-100 is the first electromedical device in Pakistan to successfully navigate the rigorous approval process, including clearance from the National Bioethics Committee (NBC) and DRAP,” said Akbar Allana, Director of Alsons Group.

The development of the ventilator included a comprehensive clinical trial conducted at Jinnah Medical Hospital and Allama Iqbal Medical College, Lahore, under the NBC’s Terms of Reference (ToR). A detailed baseline study, compiled with the support of the Data and Safety Monitoring Board (DSMB), will serve as a foundation for future research and studies in this area.

Founded in 1953, Alsons Group has built a stellar reputation in precision engineering and technological innovation across industries such as automotive, aerospace, defense, lighting, and healthcare. Leveraging this expertise, the company ventured into medical technology, showcasing Pakistan’s potential for cutting-edge technological development.

“We are proud to offer a locally produced solution to meet critical healthcare needs,” Akbar Allana added. “The AlnnoVent embodies our commitment to innovation and demonstrates Pakistan’s capacity to make significant contributions to global healthcare challenges.”

With the approval and upcoming release of the AlnnoVent AVB-100, Alsons Group marks a historic achievement, underscoring Pakistan’s self-reliance and ingenuity in medical technology. This milestone signifies the nation’s growing role in the global healthcare sector. – KARACHI: ER Report

On the eve of the new year, the federal government announced its ambitious plans for Pakistan’s economic future. The government aims to achieve sustainable GDP growth of 6% by 2028, create one million jobs annually, attract an additional $10 billion in private investment each year, and reach an export target of $60 billion by FY2028. Prime Minister Shehbaz Sharif officially launched the National Economic Transformation Plan 2024-2029, named Uraan Pakistan: Homegrown National Economic Plan, on Tuesday. This five-year initiative is designed to tackle Pakistan’s key economic challenges through a framework known as the “Five Es”: Exports, E-Pakistan (digital growth), Equity and Empowerment, Environment, Food and Water Security, and Energy and Infrastructure. Earlier in April, Prime Minister Shehbaz had emphasized the need for a comprehensive strategy to double exports. He urged the Ministry of Trade to develop an export strategy in collaboration with successful entrepreneurs and key stakeholders. The unveiling ceremony, held in Islamabad, was attended by Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, and Deputy Prime Minister Ishaq Dar. In his address, PM Shehbaz commended the ministers for their presentations and acknowledged the challenges faced by the government in the past nine months. He noted that despite difficulties, the government had managed to achieve macroeconomic stability, although he emphasized that this was only the beginning of a long journey that would require hard work and sacrifice. He called for unity in the effort to revive Pakistan’s economy. The Prime Minister also addressed the government’s decision to enter into another program with the International Monetary Fund (IMF), acknowledging the reasons behind it, such as the financial losses of state-owned enterprises, the circular deficit, and corruption. He stressed the need to make inputs cheaper, encourage investment, and remove import restrictions to foster competition and efficiency, ultimately boosting export-led growth. He added that exports were essential for earning foreign currency and that the plan focused heavily on achieving this goal. Further, PM Shehbaz highlighted the need to promote the digital and technology sectors, especially artificial intelligence, and called for political harmony to move forward with the privatization of state-owned enterprises, referencing past setbacks such as the unsuccessful privatization of Pakistan International Airlines (PIA). The Prime Minister set a goal of attracting $10 billion in annual foreign investment, acknowledging that this was a challenging target. However, he emphasized that local investment must be facilitated first to attract foreign investment. Foreign Minister Ishaq Dar echoed these sentiments, urging an end to petty politics for Pakistan to achieve progress. Reflecting on the nation’s decline from the 24th to the 47th largest economy, Dar expressed optimism that Pakistan could still join the G-20 group of nations, stressing that the goal was achievable if the country remained focused. Dar also noted the importance of collective ownership of the economic roadmap for long-term success. Finance Minister Muhammad Aurangzeb outlined the key pillars of the plan. These include stimulating private investment to create jobs and improve living standards, boosting exports as a driver of productivity, and optimizing public finances for stability and sustainable growth. Aurangzeb emphasized that the implementation of these measures was crucial, not just the planning itself. He pointed out that while India made significant progress under the leadership of Manmohan Singh, Pakistan had not achieved comparable success over the same timeframe. Aurangzeb also introduced a new tax policy unit, which will operate independently to focus on policy, while ensuring better tax collection and plugging tax leakages through data analytics. This move aims to accelerate privatization efforts and create continuity in tax policies. The government’s ambitious goals include achieving 6% annual GDP growth by 2028, generating one million new jobs each year, attracting $10 billion in annual private investment, and reaching $60 billion in exports by FY2028. Aurangzeb emphasized that while Pakistan has always known the policies it needs, the real challenge lies in implementing them, and this plan will be supported by a robust implementation framework. The government’s message was clear: achieving economic transformation requires collective effort, long-term commitment, and the successful execution of reforms that have long been overdue. – ERMD