Day: October 22, 2020

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FPCCI Extends support to Economic outreach vision of Prime Minister Imran Khan Mian Anjum Nisar, President FPCCI

Karachi, October 22, 2020 (PPI-OT):Mian Anjum Nisar, President FPCCI presenting Crest to Dr. Moeed Yusuf, Special Assistant to the Prime Minister on national Security during his visit to Federation House Karachi. Also present are Sheikh Sultan Rehman, Khurram Ijaz, Zubair Baweja, Vice Presidents FPCCI, Khurram Sayeed, Zakaria Usman, Mian Shaukat Ahmed, Asim Ghani and others are also seen in the picture.

Karachi (PR) Mian Anjum Nisar, President Federation of Pakistan Chambers of Commerce and Industry said that Pakistan’s narrative should be supported by all segments to build image of Pakistan as moderate and investment friendly destination.

During the meeting with Dr. Moeed Yusuf Special Assistant to the Prime Minister on National Security and focal person for Economic Outreach program President FPCCI discussed various avenues of economic prosperity and also highlighted some issues confronted by trade and industry of Pakistan. For Economic Outreach Program he offered full cooperation of FPCCI and informed that being the national apex institute of the private sector in Pakistan, FPCCI has its vast outreach at national and international levels and was strongly connected with all leading economic and trade blocs. FPCCI advisory and thematic committees could be instrumental to achieving vision of the Prime Minister for Economic Outreach.

Mian Anjum Nisar while presenting suggestion for Economic Outreach Program also highlighted some issues that are affecting industrial growth and economic development of the country. He said that our competitors, due to better level playing field have attracted huge investment and have penetrated in the world leading export markets.

While we are still advocating to remove basic hurdles such as expensive and interrupted energy supply. Tariffs and duties on basic raw materials for exports-oriented industry. Insufficient production of agricultural products which are input material of industry such as cotton etc. inadequate infrastructure to support cross borders trade particularly availability at ports.

Responding to the participants of the meeting Dr. Moeed Yusuf Special Assistant to the Prime Minister on National Security and focal person for Economic Outreach program said that the Prime Minister has given this task to develop Pakistan’s narrative and this task will better coordinate with each and every ministry to harmonize our stance. The National Security Division has created an economic outreach roadmap for economic diplomacy, which will now be processed through the ministries and the assessment of economic potential of ministries.

He further said that a mapping exercise of ministries and government organisations has been initiated by this division. This mapping exercise will identify Pakistan’s comparative advantage in priority countries. He presented the model that will develop Pakistan’s narrative. He told that the Economic Outreach program will engage vast representation of stakeholder while National Security will serve as focal point. He further informed that to expand Pakistan trade in goods and trade in services his team has identified various areas of improvement.

While concluding Mian Anjum Nisar President of the Federation of Pakistan Chambers of Commerce and Industry said that we have seen different industrial policies by different regimes but now industrial policy should be formulate that assures protection of the existing industries and does not produce negative growth. He demands thermal efficiency of electricity plants that should not consume more fuel for producing electricity. He also demanded charter of economy and national image building policies.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/

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Transparency International Pakistan condemns the efforts to pass Right of Access to Information (Amendment) Bill, 2020

Karachi, October 22, 2020 (PPI-OT):Transparency International Pakistan condemns the efforts to pass Right of Access to Information (Amendment) Bill, 2020, which has been moved as a private member bill in the Senate of Pakistan, declaring it unconstitutional, and against the interests of the people of Pakistan, and will cause serious damage to Pakistan efforts to combat Corruption, and will have negative impact on CPI of Pakistan in 2022, said Sohail Muzaffar, Chairman TI Pakistan.

Chairman said the Article 19-A of the constitution makes the right to access of information pertaining to a public authority a fundamental right and to hold them answerable, were the remarks of LHC Justice Syed Mansoor Ali Shah in 2010, quoted below in judgment of PLD 2010 Lahore 605.

“Right to information is another corrective tool which allows public access to the working and decision making of the public authorities. It opens the working of public administration to public scrutiny. This necessitates transparent and structured exercise of discretion by the public functionaries. Article 19-A empowers the civil society of this country to seek information from public institutions and hold them answerable.”

The said amendment bill, if enacted by the Parliament, Sohail Muzaffar said, will limit the scope of the right to information law by excluding Parliament from the definition of public bodies, which are bound to provide information to citizens.
Sohail Muzaffar, Chairman also said that it shall be known that RTI/FOI act was passed in Sweden 254 years ago, in 1766, when the struggle for increased openness resulted in the adoption of the Freedom of the Press Act of 1766. Among other things, the Act regulated the publicity of official documents and enumerated a number of such documents which could be printed freely by anyone, for example the documents of the Parliament, the courts, and the civil service. Anyone who so claimed could obtain access to such documents and should have a right to copy the documents on the premises of the keeper or to receive certified copies of them.

For more information, contact:
Executive Director
Transparency International Pakistan (TIP)
5-C, 2nd Floor, Khayaban-e-Ittehad, Phase VII, D.H.A.,
Karachi, Pakistan
Tel: +92-21-3539 0408-9
Facsimile: +92-21-3539 0410
Personal E-Mail: saadr2@gmail.com

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Despite unprecedented economic challenges posed by COVID-19, ICI Pakistan Limited has maintained growth momentum with an increase in Profit after Tax by 6% and Earning per Share by 18%

Karachi, October 22, 2020 (PPI-OT):Following the meeting of the Board of Directors, ICI Pakistan Limited announced its financial results for the first quarter ended September 30, 2020.

Financial Highlights

On a consolidated basis (including the results of the Company’s subsidiaries: ICI Pakistan PowerGen Limited and NutriCo Morinaga (Pvt) Ltd), net turnover for the quarter under review was PKR 14,465 million, which was almost in line with the same period last year (SPLY). Whereas operating result at PKR 1,456 million was lower by 11% in comparison to the SPLY.

However, consolidated PAT for the quarter under review at PKR 886 million was 6% higher than the SPLY whereas EPS attributable to the owners of the holding Company at PKR 10.66 was 18% higher than the SPLY, mainly on the back of lower finance cost (due to lower interest rates and lower debt) along with stable exchange rate. The Company recognised PKR 103 million as share of profit from its Associate (NutriCo Pakistan (Private) Limited).

On a standalone basis, PAT and EPS for the quarter under review at PKR 934 million and PKR 10.11, respectively, were 1% higher than the SPLY

Following the announcement of results for the first quarter, ICI Pakistan Limited Chief Executive Mr. Asif Jooma said, “Despite the COVID-19 pandemic which severely impacted the trading conditions, ICI Pakistan Limited has delivered a performance consistent with pre-COVID levels. Although a second wave of COVID-19 is feared, the Company remains confident and committed to deliver enduring value for all its stakeholders by strengthening and building relationships, leveraging its diversified product portfolio, and proactively exploring opportunities for both organic and inorganic growth in line with its brand promise of Cultivating Growth.”

For more information, contact:
CSR Coordinator and
Public Relations Manager
ICI Pakistan Limited
ICI House, 5 West Wharf, PO Box 4731
Karachi 74000
Tell: +92-21-32318148, +92-21-32314646
Mobile: +92-300-8238751
Email: abdul.ghani@ici.com.pk

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JS Securities Limited – Pakistan Market: Technical Outlook (22-10-2020)

Karachi, October 22, 2020 (PPI-OT): KSE-100 index closed above the 50-DMA; ‘Positive’

The KSE-100 index showed positive movement to close at 41,536 (+579 points). Volumes stood at 661mn shares versus 493mn shares traded previously. The index has closed above the 50-DMA that will now restrict downside at 41,022. Meanwhile, a break above 41,613 (yesterday’s high) will extend the gain towards 42,896. The RSI and the MACD have moved up, supporting a positive view. Investors are recommended to view any downside as an opportunity to ‘Buy’, with risk defined below the 50-DMA. The support and resistance are at 41,124 and 41,780, respectively.

PPL: Upside to continue

Strategy: ‘Buy on dips’ – targeting Rs92.08 and Rs95.84; stoploss at Rs88.00.

ENGRO: Upside likely

Strategy: ‘Buy on dips’ – targeting Rs324.76 and Rs330.87; stoploss at Rs304.39.

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Gross premium in Pakistan less than 0.9 percent of GDP: Dr Murtaza Mughal

Islamabad, October 22, 2020 (PPI-OT):Federal Insurance Ombudsman Dr. Muhammad Khawar Jameel has said that insurance is a very import sector which provides risk coverage masses and businesses. Despite its importance the insurance penetration in Pakistan is dismally low due to lack of awareness while less than one percent of consumers take the pain to study the insurance policy which result in disputes.

Speaking at a seminar as the chief guest which was organised by Convener FPCCI Central Standing Committee on Insurance said Dr. Murtaza Mughal, he said that he is striving hard to improve the image of the sector amongst the general public and especially in the business circles.

He said that the Federal Insurance Ombudsman is providing speedy and free of cost justice to the policyholders and that now mediation is preferred over litigation which has proved very fruitful as not a single appeal has been filed against our decisions over the last one year. Dr. Muhammad Khawar Jameel noted that insurance has remained a neglected sector in the past but now the government is paying full attention to its development and an awareness campaign is underway.

He said that insurance companies should realise the latest trends in the market and adjust accordingly while improving their products and services. The official noted that complaints against bank assurance are increasing which indicate room for improvement in this sector.

Speaking at the occasion, Dr. Murtaza Mughal said that there are black sheep in the insurance sector which are defaming it and impeding growth. Delaying tactics by insurance companies in processing claims is denting the confidence of masses, he said, adding that majority opt for insurance when it is a legal requirement.

He said that insurance coverage in Pakistan is less than one percent and the total premium is just 0.9 percent of the GDP against the regional average of 2.2 percent while the global average is hovering at 6.6 percent of the GDP. This sector can only prosper if the process of product designing, sales as well as the claim process is made transparent and the issues of policyholders are addressed in a proper way.

For more information, contact:
President
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
82-East, Blue Area, Islamabad
Tel: +92-51-2510375
Fax: +92-51-2802449
Cell: +92-321-5157671
Email: president@pakistaneconomywatch.com
Web: www.pakistaneconomywatch.com

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PM to perform ground-breaking of Rawalpindi Ring Road soon: Chairman RDA

Islamabad, October 22, 2020 (PPI-OT):Tariq Mehmood Murtaza, Chairman Rawalpindi Development Authority (RDA) said that an amount of Rs.6.2 billion has been released for land acquisition of Rawalpindi Ring Road (R3) project and Prime Minister Imran Khan along with Chief Minister Punjab Usman Buzdar would soon perform the ground-breaking of this project of vital importance. He said that 65.5 KMs long 6 lanes R3 would change the lifestyles and set new horizons of development in the twin cities.

He said that the R3 will not only reduce the traffic congestion in the twin cities, it will also provide a clean, healthy and safe environment besides making significant contributions to national development. He said that business hubs, industrial zones, transport terminals, wholesale markets, logistic and education hubs, health city, dry port, recreational parks and residential estates would be constructed on both sides of the R3 that would uplift the economy of the region and provide plenty of jobs. He expressed these views while addressing the business community at Islamabad Chamber of Commerce and Industry (ICCI).

Tariq Mehmood Murtaza said that the cost of the R3 project was estimated at Rs.50 billion and after the financial closure, its construction would be completed within 2-3 years. He said that the R3 project would be executed on the public-private partnership (PPP) model and stressed that the business community should actively participate in its construction to capitalize on its investment potential. Muhammad Abdullah Deputy Project Director, RDA gave a detailed presentation on R3 project to the business community.

In his welcome address, Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce and Industry (ICCI) appreciated the initiative of PTI government for starting the R3 project that was the dire need of the twin cities. He said that multiple specialty zones could be built on both sides of the R3 project and stressed that the sitting President of ICCI should be included in the RDA Board to get the input of the private sector and address its genuine concerns for the smooth execution of R3 project on PPP mode.

He said that for each SEZ, 1000 to 1500-acre minimum land should be acquired to facilitate the investors. He further said that Sec-4 must be used to acquire land on an immediate basis for SEZs that are desperately needed for jobs creation, industrial promotion and economic revival. He said that the existing 3 industrial estates in Islamabad have saturated due to which investors of this region were compelled to move to other areas and stressed that RDA in collaboration with ICCI should build a new industrial estate at a location that should be easily accessible to the investors of the twin cities. He assured that ICCI would fully cooperate with RDA for timely execution of the R3 project.

Mian Akram Farid, Chairman, Founder Group said that the government should set up new industrial estate near Islamabad International Airport and the private sector should be provided the opportunity to invest in the industrial and commercial zones of the R3 project. He said that one window facility for investors in industrial zones should be provided as many local and overseas Pakistanis were keen to invest in SEZs of R3.

Fatma Azim Senior Vice President, Abdul Rehman Khan Vice President ICCI, Khalid Javed, Zubair A. Malik, Abdul Rauf, Khalid Iqbal Malik, Mian Shaukat Masud, M. Ejaz Abbasi, Naeem Siddiqui, Tahir Ayub and others also highlighted the concerns of business community of various sectors and stressed that RDA should address them for the smooth execution of R3 project.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

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Handing over of project to WAPDA: WAPDA vows to construct K-IV in shortest possible time

Lahore, October 22, 2020 (PPI-OT):In the wake of handing over implementation responsibility of Greater Karachi Water Supply Scheme (K-IV) to Pakistan Water and Power Development Authority (WAPDA) by the Ministry of Planning Development and Special Initiatives, WAPDA Chairman Lt Gen Muzammil Hussain (R) today held a meeting with the stakeholders to find out a way forward for completion of K-IV within the shortest possible time.

The meeting was attended by the National Assembly Member hailing from Karachi Muhammad Najeeb Haroon, Chairman Planning and Development Board Government of Sindh, Joint Secretary Ministry of Water Resources, Director General (Monitoring) Ministry of Planning, Development and Special Initiatives, Managing Director Karachi Water and Sewerage Board, Project Director (K-IV) Sindh, Director (Plans) FWO, Project Manager (K-IV) OCL Consultants, Member (Finance) WAPDA, Member (Water) WAPDA and WAPDA’s General Managers concerned.

Speaking on the occasion, WAPDA Chairman thanked the Federal Government for reposing trust in WAPDA for construction of K-IV. He also thanked the participants for taking their time out to attend the meeting and share their views about such an important Project. Emphasizing upon the significance of K-IV, the Chairman vowed that WAPDA will make strenuous efforts to complete the Project within stipulated time so that the people of Karachi – the largest city and economic hub of Pakistan – can accrue benefits from the Project as early as possible. Employing its in-house expertise for implementing mega projects and making benefit of the data available with the Federal and Provincial stakeholders, WAPDA will chalk out well defined timelines for completion of K-IV, making it sure to achieve the targets accordingly, the Chairman further said.

Later, Project Director (K-IV) Sindh, Director (Plans) FWO and Director OCL Consultants also briefed the participants about the Project. Impediments in the way to completion of K-IV and the matters relating to evolving an effective mechanism of mutual cooperation were also discussed in details during the meeting.

It is worth mentioning here that Greater Karachi Water Supply Scheme (K-IV) envisages to supply 260 million gallons per day of water to Karachi in Phase-I. The Project was earlier being undertaken by the Sindh Government, however, the Federal Government, under an arrangement with the Provincial Government has now taken up implementation of the Project as part of the Prime Minister’s Package for Karachi and directed WAPDA to immediately take over the implementation responsibilities of the Project.

For more information, contact:
Public Relations Division,
Pakistan Water and Power Development Authority (WAPDA)
G-32, WAPDA House, Sharah-e-Quaid-e-Azam, Lahore, Pakistan
Tel: +92-42-99202633
Fax: +92-42-99203144
Cell: +92-333-4515923
Email: wapdapr@gmail.com
Website: http://www.wapda.gov.pk/