Business
$8 billion to be invested this year for development of economic infrastructure: MoIC
The Ministry of Industry and Commerce (MoIC) officials say this year they have taken measures to develop economic infrastructure in order to provide an investment field worth $8 billion US dollars in agriculture, mining and processing sectors.
According to MoIC officials, if this investment takes place, a great change will take place in the country’s economic development.
“Eight billion dollars will be invested this year and the practical works of many projects have started,” said Akhundzada Abdul Salam Jawad, a spokesman for the MoIC.
“We hope that our business process and our investment process this year will be much better compared to last year.”
Khanjan Alkozi, a member of Chamber of Commerce and Investment (ACCI) has welcomed the implementation of development and infrastructure projects this year by commerce ministry,
“Implementation of projects for the Afghan economy is a positive step, if these projects are implemented, fundamental and effective changes will be made in the unemployment sector and the growth of the Afghan economy,” said Alkozi.
Economic experts have also said that when the commerce ministry is able to provide an investment of eight billion dollars, it will be considered an important economic development in the country.
Earlier, MoIC had said that it would convert the former military base of foreign forces into economic zones, but so far no practical steps have been taken in this regard.
A number of traders meanwhile say that large investments should be made in the country in order to strengthen the Afghan economy more quickly.
The Ministry of Commerce and Industry said Thursday it has signed cooperation agreements with ten institutions to support the development of small and medium-sized enterprises.
Nooruddin Azizi, Acting Minister of Commerce and Industry, said: “In the implementation of projects, we must pay special attention to our activities and actions and try to make useful use of the projects according to the requirements and benefit the beneficiaries.”
These ten institutions are to present their projects, the total value of which is around over $1.1 million. The projects will be carried out in Kabul, Baghlan, Ghor, Herat, Logar, Nangarhar, Balkh, Badakhshan and Jawzjan provinces and provide direct jobs for about 1,000.
To date, the ministry has signed MoUs for 72 projects in total, collectively valued at about $53.6 million.
These agreements have been signed with domestic and foreign companies for the establishment of small and medium-sized businesses.
In accordance with the principles and laws of the Islamic Emirate and prioritizing the implementation of projects for immigrants and returnees and internally displaced people, the ministry said 635,865 people will benefit through jobs directly and over 4.3 million will benefit indirectly in 25 provinces once these projects are implemented.
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.
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.
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