Corporate Watch

October 01, 2019

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Chinese company to setup ceramic unit

LAHORE: Chinese company has begun construction on a ceramics factory on 37 acres of land with an investment of $70 million in Bhalwal Industrial Estate near Sargodha.

The unit, being constructed by the Oral Ceramics, is expected to begin operations by March 2020.

Punjab Industrial Estates (PIE) Chairman Nabeel Hashmi said the PIE has fetched its first direct foreign investment, which is very encouraging.

PIE has developed and currently manages Bhalwal Industrial Estate and eight other industrial parks across Punjab.

The completion of the project will help reduce import of ceramic tiles and other products and generate employment opportunities in the area, Hashmi said.

The federal government recently upgraded Bhalwal Industrial Estate and two other estates in Rahim Yar Khan and Lahore to special economic zones.—Staff Reporter

NayaPay to digitise economy

KARACHI: Under the guidelines of the State Bank of Pakistan, NayaPay Pvt Ltd has begun operating as an Electronic Monetary Institution (EMI) to digitally transform the economy, the company said in a press release issued on Monday.

The release said that as an EMI, NayaPay will enable opening of e-money accounts and make hassle-free digital payments to each other and businesses.

NayaPay has collaborated with leading banks and other aggregators to facilitate users with multiple avenues for cash withdrawal, loading and bill payment.

Users will have ready access to their funds through the NayaPay app and associated debit card and will be accepted at any ATM across Pakistan as well as at numerous retailers.

Users will also be able to transact with NayaPay merchants instantly from their mobile phones using secure EMVCo QR codes.—Staff Reporter

Published in Dawn, October 1st, 2019