Business

Afghanistan Still Witness Lack of Financial, Accounting Systems: ACCI

Published

7 years ago

April 6, 2017

(Last Updated On: October 24, 2022)

Afghanistan Chamber of Commerce and Industry (ACCI) officials say one of the greatest obstacles along the way of developing business in Afghanistan is lack of a standard and credible financial and accounting system.

The head of ACCI while speaking in a presser told reporters that such system which enables government to raise its accountability and transparency would further develop the country’s business climate.

“During the past 17 years, we have seen a number of businesses bankrupt due to lack of a standard financial system,” Atiquallah Nasrat, ACCI chief said.

Based on ACCI, having a proper financial system would allow enterprises to receive loans from banks which would save them from early bankruptcy.

But, officials in Afghan ministry of finance say in many cases the merchants themselves avoid using news system.

“Businesses are being done by traditional methods in Afghanistan and resistance has denied the business to use news, up-to-date methods which are more effective and would further enhance their dealing capacity,” Wali Noori, MOF chief policy said.

The government trying to implement academic and standard financial system. The CEO office says the government has provided more than 1300 scholarships for training accountants with latest financial system methods.

“Yet recruiting professional accountants and finance officers is not obligatory for private enterprises, but after the new upcoming amendments in the law, such recruitments would become an obligation,” Mustafa Mastoor, CEO economic adviser told the summit.

Based on the information of ACCI, a roughly 70 percent of small business owners which are being denied from bank loans are those who haven’t transparent financial balance and cannot fulfill bank’s requirements.

Business

Azizi calls on Malaysian investors to invest in Afghanistan

Published

5 days ago

April 24, 2024

Ariana News

(Last Updated On: April 24, 2024)

Nooruddin Azizi, Acting Minister of Commerce and Industry, met with representatives from the ministries of foreign affairs, defense and interior of Malaysia, along with other senior officials, on Wednesday and called on Malaysians to invest in Afghanistan.

The visiting delegation is being led by senior diplomat Dr. Shazelina Zainul Abidin.

According to the IEA’s foreign ministry, the two sides discussed bilateral trade, holding a business communication conference to strengthen trade relations between the two countries, the trade balance between Afghanistan and Malaysia, and creating a market for Afghan products, including carpets, cotton, and minerals.

According to the ministry, at the end of the meeting, the Acting Minister emphasized the increase of investment from regional countries in Afghanistan and called on Malaysian investors to also invest in Afghanistan.

Business

Afghanistan starts exporting via railway to Turkey

Published

6 days ago

April 22, 2024

Ariana News

(Last Updated On: April 22, 2024)

The Ministry of Interior says that Afghanistan has started exporting goods to Turkey via the Herat-Khaf railway line.

In a post on X, the ministry said: “Afghanistan’s exports to Turkey started in a calm atmosphere through the Herat-Khaf railway line.”

The ministry added that one train will run daily for a month and then two trains will run daily.

According to the ministry, the security of Khaf-Herat railway line is provided by the guards of the National Public Protection Agency.

Khaf-Herat railway project not only connects Iran and Afghanistan by rail, but also completes a 2,000-kilometer route along the east-west rail corridor from China, through Uzbekistan, to Afghanistan, to Iran, and on to Turkey and Europe.

As a landlocked country, this railway network will provide a safe route to connect with Europe via Iran’s railway network and Iran’s southern ports.

This railway line is strategic for trade between Iran and Afghanistan and will allow six million tons of goods to be sent between the two countries.

Business

Afghanistan, Kazakhstan to hold joint expo in Kabul

Published

1 week ago

April 21, 2024

Ariana News

(Last Updated On: April 21, 2024)

A joint expo between Afghanistan and Kazakhstan will be held in Kabul in the next four days, officials said on Sunday.

Officials of the Ministry of Industry and Commerce said that the two-day expo will be held for the purpose of expanding and strengthening trade relations between the two countries.

“This expo will be held as a follow-up of the Kazakh-Afghan international expo, which was held in the city of Astana, Kazakhstan, with the participation of a large delegation of the government and the private sector of the Islamic Emirate of Afghanistan,” Abdulsalam Javad Akhundzadeh, the spokesman of the Ministry of Industry and Commerce, said.
“At this expo, domestic products from different sectors of Afghanistan and the Republic of Kazakhstan will be put on display for two days.”

According to officials, 40 large Kazakh companies, and 40 large Afghan companies will exhibit their products.

Mohammad Saber Latifi, head of the Afghanistan International Expo Center, said that fruits, minerals and commercial services will be displayed at the expo.

During the expo, various memorandums of understanding for the trade of goods are also expected to be signed by companies.