Business
Afghan traders still unable to make foreign payments despite new license
Members of the Afghan private sector said on Monday that investors and traders are still not able to transfer money to other countries, despite the US having issued a new license for commercial transactions last week.
The US Treasury issued a new general license last week allowing international aid organizations and private firms to conduct commercial and financial transactions with Afghan government institutions.
The new license represents a shift in US policy that had impeded ordinary commerce with Afghan government agencies headed by US sanctioned Islamic Emirate of Afghanistan (IEA) and Haqqani Network leaders since they came into power in August, Reuters reported.
The Afghan traders said that they are not able to synchronize Afghanistan’s commercial ties with the markets in the world.
“We still have problems. I bought material worth US$60,000 in the US, but I can’t transfer the money. The US should stop being cruel to Afghans,” said Sherbaz Kaminzada, head of Afghanistan Chamber of Industries and Mines (ACIM).
Afghanistan Chamber of Commerce & Investment (ACCI) officials meanwhile said that Afghan traders are facing enormous problems and that the central bank, Da Afghanistan Bank, needs to find a way to resolve these issues.
“Our expectation from the central banks is to solve the private sector’s problems, in order to prevent a crisis in the market,” said Khan Jan Alokozay, a member of the ACCI.
Da Afghanistan Bank officials said that they have accelerated efforts to solve the problems.
“Efforts underway to solve the problem and provide banking services for the private sector,” said Mohammad Sabir Mohmand, spokesman for Da Afghanistan Bank.
Economic analysts also called on Da Afghanistan Bank to solve the private sectors’ problems.
Business
Iraqi intelligence report alleges oil smuggling network supplying Afghanistan and Turkey through Iran
The report highlights broader challenges facing regional authorities in combating illicit oil trade and enforcing international sanctions.
An Iraqi intelligence report obtained by Sky News Arabia has revealed alleged large-scale crude oil smuggling operations from northern Iraq into Iran, where the oil is reportedly refined and later sold in regional markets, including Afghanistan and Turkey.
According to the report, shipments of crude oil are transported through land routes and unofficial trade channels into Iranian territory, where they undergo refining and processing before being re-exported to foreign markets.
The intelligence findings suggest that the alleged network is designed to bypass international sanctions and facilitate the movement of petroleum products outside official trade and financial monitoring systems.
The report further indicates that smuggling networks rely on informal transportation routes and cross-border commercial channels to maintain the collection, processing and distribution of oil products while avoiding regulatory oversight.
The revelations have raised concerns over cross-border smuggling, the loss of national resources and the potential impact of illicit oil trade on regional economies.
Security and political observers say the reported activities could put additional pressure on Iraqi authorities to strengthen border controls, monitor oil transportation routes and improve coordination with regional and international partners.
However, the allegations outlined in the intelligence report have not been independently verified, and further details about the networks involved, the quantities of oil transported and the scale of supplies reaching Afghanistan and Turkey remain unclear.
The report highlights broader challenges facing regional authorities in combating illicit oil trade and enforcing international sanctions.
Business
$30 million pharmaceutical investment launched in Herat as new production line opens
Meanwhile, the newly inaugurated serum and injectable production line is capable of producing up to 100,000 packages of serum per day.
The foundation stone has been laid for three new pharmaceutical production blocks at Ovison Pharma in Herat, with an investment of $30 million, while the factory’s new serum and injectable production line has also been inaugurated.
The new production blocks will be constructed on a 3,000-square-metre site, with each facility planned to have five floors. Equipped with advanced machinery and designed to meet international standards, the expansion is expected to significantly increase the factory’s pharmaceutical production capacity.
Meanwhile, the newly inaugurated serum and injectable production line is capable of producing up to 100,000 packages of serum per day.
The expansion marks a significant step toward strengthening Afghanistan’s pharmaceutical industry, increasing domestic production and reducing the country’s reliance on imported medicines.
The investment is also expected to support the development of local manufacturing capacity and improve access to domestically produced pharmaceutical products.
Business
Afghanistan approves new foreign investment policy in bid to attract international investors
The decisions have been forwarded to the office of the Supreme Leader of the Islamic Emirate for final approval.
Afghanistan’s Economic Commission has approved a new foreign investment policy aimed at attracting international investors, improving investment opportunities and supporting the country’s economic growth.
The decision was made during the commission’s regular meeting, chaired by Mullah Abdul Ghani Baradar, Deputy Prime Minister for Economic Affairs, at the Marble Palace on Monday.
According to the Deputy Prime Minister’s Office for Economic Affairs, the proposed policy was presented by a committee established under the leadership of the economic deputy office. Following a comprehensive review and consideration of the commission’s recommendations, the policy was approved.
The policy aims to regulate foreign investment activities, facilitate investment procedures, create a favourable environment for investors, ensure investment security and promote Afghanistan’s economic growth and development.
During the meeting, the commission also approved a proposal concerning the payment of fixed taxes by commercial import companies at the country’s customs offices.
Officials said implementing the proposal would create additional facilities and simplify procedures for importing businesses.
The decisions have been forwarded to the office of the Supreme Leader of the Islamic Emirate for final approval.
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