Business
Hundreds of factories face uncertain future amid ongoing economic crisis
Afghan businessmen on Thursday warned that hundreds of factories will be forced to close down if the US and the international community continue to impose economic sanctions against Afghanistan.
These sanctions include the freezing of over $9 billion in foreign reserves, by the US Treasury and the International Monetary Fund (IMF), four months ago.
Businessmen said their biggest problem is their inability to buy raw materials.
“We can’t tolerate the situation; the world is being cruel to Afghans. We will lodge complaints to the UN for our rights to be upheld,” said Sherbaz Kaminzada, head of the Chamber of Mines and Industries.
Businessmen also said that of the $9 billion in frozen foreign reserves, $2,5 billion of that is private sector money. They also blamed the international community for the current crisis in Afghanistan.
“We and the people of Afghanistan know who created problems, and want them to resolve the problems themselves,” said Sakhi Ahmad Paiman, deputy head of the Chamber of Mines and Industries.
Officials from logistics companies said that national and international organizations owe the sector billions of dollars.
“We served Afghanistan and provided services, our payments are outstanding because foreign reserves have been frozen. We hope that the money will be released soon,” said one logistics company employee, Mohammad Baz Ghairat.
Islamic Emirate of Afghanistan (IEA) officials said the international community is to blame for the economic crisis in the country.
“We called on the international community many times, but they have blocked Afghanistan’s assets; Afghans need it now,” said Inamullah Samangani, deputy spokesman for the IEA, adding that they are being blamed for something the US created.
Economic analysts on the other hand said that the US should release Afghanistan’s assets and provide opportunities for Afghan businessmen.
“We see problems growing day by day, the international community is the cause of this. They imposed sanctions against Afghanistan’s economic mechanism; they are responsible,” said Sayed Azim Mangal, an analyst.
Businessmen said if the sanctions are not lifted soon, they will appeal to the international courts to resolve the problem.
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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