Day: November 27, 2020

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Per capita gap between rich and poor countries increased by 400 pc in 60 years: Mian Zahid Hussain

Karachi, November 27, 2020 (PPI-OT):Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said peace and prosperity is impossible in presence of colonial international institutions like the IMF and World Bank.

These institutions will continue to fan poverty, hunger and illiteracy to fulfil the economic and political needs of the developed world, he said. Mian Zahid Hussain said that IMF, World Bank, Asian Development Bank, FATA etc. are tools of the developed world to continue plundering resources of poor nations.

Talking to the business community, the veteran business leader said that the IMF and World Bank are not democratic institutions but are being run on the basis of dictatorship and their policies have resulted in a 400 percent difference in the per capita income of rich and poor nations since 1960.

Their colonial policies are increasing conflicts and poverty while mis balancing the global economic system to suit the economics of the west. He said that the Chiefs of IMF and World Bank are not elected but selected by influential nations while the voting process is heavily tilted towards western nations. The middle and low-income countries comprising 85 percent of the world’s population have little say in the voting, he said, adding that one British vote is equal to 41 votes from Bangladesh.

A recent study shows that England transferred around 45 trillion dollars, 17 times more than its current GDP from India between 1765 and 1938 hitting income of Indian commoners by over 50 percent and reducing their life expectancy. Now these institutions are playing the same game with the underdeveloped world in favour of the west which cannot survive without the raw material and labour of poor countries.

For more information, contact:
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net

The post Per capita gap between rich and poor countries increased by 400 pc in 60 years: Mian Zahid Hussain appeared first on Business News Pakistan.

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Hashim Group of Turkey keen to establish joint ventures in Pakistan

Islamabad, November 27, 2020 (PPI-OT): A delegation of the Hashim Group of Turkey led by Emir Han Demir, Head of Operations visited Islamabad Chamber of Commerce and Industry to hold a meeting with Sardar Yasir Ilyas Khan President and showed keen interest to set up joint ventures in Pakistan. Abdul Rehman Khan Vice President ICCI, Malik Jahangir Jan, Country Director Pakistan, Hashim Group, Tasleem Khan Legend Hotel Islamabad and M. Aslam Khokhar Executive Member ICCI were also present at the occasion.

Emir Han Demir said that Hashim Group has business interests in many fields including real estate, mining, tourism, car designing and education in Turkey and they were now exploring Pakistani market for JVs and investment. They said that Pakistan’s economy has great potential to grow and they wanted to bring construction technology and investment to Pakistan to capitalize on the potential business opportunities.

They said that the education sector was another area of interest for them and they were looking at the prospects of bringing partners to Pakistan to invest in education, mining and other sectors. They said that they were setting up an office in Pakistan so that they could take benefit of emerging business and investment opportunities here.

Speaking at the occasion, Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce and Industry said that Pakistan and Turkey enjoyed exemplary strong relations that should be transformed into thriving trade relations as the existing volume of bilateral trade between the two countries was not reflective of their actual potential.

He said that Pakistan and Turkey have shown interest to sign an agreement to provide dual nationality to their citizens and stressed that this process should be expedited that would help in increasing bilateral trade and investment between the two countries. He said that Pakistan and Turkey should also finalize FTA that would give a significant boost to bilateral trade.

Briefing the Turkish delegation about the prospective areas of JVs and investment in Pakistan, Sardar Yasir Ilyas Khan said that Pakistan offered great investment opportunities in construction, mining, tourism, automobile, housing and other sectors and urged that Turkish investors should capitalize on these opportunities through JVs and investment. He said that Pakistan’s economy was now showing good prospects and time was ripe for Turkish investors to increase their presence in Pakistani market.

He said that by investing in Pakistan, Turkish companies could get easy access to Central Asia and many other markets for exports. He said that Turkish companies should transfer technology to Pakistan and help in accelerating the pace of industrialization in our country. He assured that ICCI would fully cooperate with Turkish investors in finding right partners in Pakistan. He said that ICCI was actively working to attract FDI towards Pakistan by encouraging the foreign investors to take benefit of the emerging opportunities for business and investment in Pakistan.

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

The post Hashim Group of Turkey keen to establish joint ventures in Pakistan appeared first on Business News Pakistan.

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K-Electric holds 110th Annual General Meeting

Karachi, November 27, 2020 (PPI-OT): K-Electric (KE) held its 110th Annual General Meeting (AGM) for FY 2020. With the on-going COVID-19 pandemic, the AGM was hosted virtually. The meeting was chaired by Shan Ashary, Chairman of the KE Board, with Moonis Alvi, Chief Executive Officer, KE also in attendance, along with Aamir Ghaziani, Chief Financial Officer, Rizwan Dalia, Company Secretary and Chief People Officer and other members of the Board and KE leadership.

Shareholders were briefed about prevalent challenges such as the COVID-19 lockdown, continuous accumulation of outstanding net receivables from government entities (over PKR 80 billion on principal basis, as of September 30, 2020), increased finance cost (up by 166%) and the resulting distressed working capital situation.

Before the COVID-19 lockdown, KE showed strong operational performance and upto March 20, 2020, recorded 3.1% growth in units sent-out, with around 2% points improvement in T and D losses, compared to the same period last year. However, significant drops in consumption by industrial and commercial consumer segments, load-shed exemption to high-loss areas and inability to carry-out theft detection activities, adversely impacted the sales mix leading to an overall increase in T and D losses. (FY 2020: 19.7%; FY 2019: 19.1%) along with significant decline in units sent-out in the last quarter, recording an annual growth of 0.5% in units sent-out (FY 2020: 17,787 GWh; FY 2019: 17,697 GWh). These factors along with a significant increase in finance cost, resulted in PKR 2.96 billion net loss, compared to PKR 17.3 billion net profit in the preceding year.

During FY 2020, despite the lockdown, KE invested over PKR 55 billion across its energy value chain. Construction of the 900 MW RLNG-fired BQPS-III is being pursued on fast track basis. Further, with the objective of enhancing transmission capacity and improving overall network reliability, KE has completed over 94% of the TP-1000 project.

KE has also converted over 9,000 Pole Mounted Transformers (PMTs) to Aerial Bundled Cable (ABC). This has enabled the Company to significantly reduce T and D losses and benefit consumers through reduced load-shed. KE has continued to invest in technology, including installation of Automated Meter Readers (AMRs) at PMT level and implementation of a Meter Data Management System (MDMS), which will provide greater visibility into network performance.

In FY 2020, ‘Project Sarbulandi’ was launched. This project is aimed at improving network health, providing a safer environment, network upgradation through installation of ABCs, load-shed reduction, and upliftment of areas through community engagement activities. Project Sarbulandi, to date, has managed to positively impact over five million inhabitants, through the conversion of over 1,000 PMTs to ABC and provision of low-cost meters to over 100,000 customers.

As part of a diversification strategy, KE has incorporated a wholly owned subsidiary, KE Venture Company (Pvt) Ltd (KEVCL). KEVCL will be a holding company for different initiatives taken by the Company in the energy sector. Initially, the subsidiary will explore investments in renewable energy. Another wholly owned subsidiary, K-Solar, has been incorporated under KEVCL. K-Solar will specialize in Distributed Generation. In addition, 150 MW solar IPPs at Vinder, Uthal and Bela are going to be developed as joint ventures under KEVCL.

Customer-centric initiatives remained a core focus. KE’s social media platforms, 118 call centre and KE Live App were instrumental in customer facilitation during the lockdown. KE also introduced various alternative payment solutions, such as digital banking, reducing the need of physical visits to banks, and partnerships with Bykea and Daraz.

Shareholders were also apprised of the Company’s planned investments of USD 1.5 billion over the next three years, spread across the entire power value-chain. This includes expeditious completion of BQPS-III, along with setting up of new grid stations for power off-take of upto 1,400 MW from the National Grid by 2023. However, sustainable resolution of the government receivables issue and timely approvals by NEPRA remain critical to the execution of these investment plans.

For more information, contact:
Media and PR Department,
K-Electric
KE House, 39-B, Sunset Boulevard, Phase-II,
Defence Housing Authority, Karachi, Pakistan
Tel: +92-21-32637133, +92-21-38709132
Cell: +92-300-2281183, +92-346-8223641
Website: https://www.ke.com.pk

The post K-Electric holds 110th Annual General Meeting appeared first on Business News Pakistan.

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Zong 4G’s Special Offer Brings Enhanced User Experience for Residents of Attock, Kamra, and Hazro

Islamabad, November 27, 2020 (PPI-OT): Keeping in mind the evolving digital communications needs of Zong 4G’s customers in Attock, Kamra, and Hazro, Pakistan’s leading cellular and digital services provider, has brought special new offers for these cities. Through these exclusive offers, Zong 4G’s customers living in Attock, Kamra, and Hazro can enjoy 75 All Net Minutes, 5,000 MB Data, 5,000 On-Net Minutes, and 5,000 SMSs for the whole week with a recharge of PKR 250 only.

To avail the offer, users can dial *54#, or contact their nearest retailer or Zong franchise for more information. The offer can also be subscribed to using the My Zong App. Users of other networks can easily switch to Zong 4G’s largest and widest network by calling the helpline 0314-3334455, or contacting their nearest Zong retailer or franchise.

“Zong 4G is a customer-centric organization that’s ever-evolving to meet the connectivity needs of its customers across the country through best-in-class offers and services,” said Zong’s official spokesperson. “We work with the mission of empowering Pakistanis in every corner of the country and our special offers for the underserved areas aim to accomplish this very goal.”

Through the No.1 network, Zong 4G is always a step ahead to bring the most exciting offers to its customers across the length and breadth of the country. Helping Pakistanis stay connected through its powerful network and market-leading offers, Zong 4G is accelerating Pakistan’s journey towards digitalization and social empowerment.

For more information, contact:
ZONG
ZONG Headquarters
CMPak Complex, Plot# 47,
Kuri Road, National Park Road,
Chak Shahzad, Islamabad, Pakistan
Tel: +92-51-111-222-111
Fax: +92-51-111-031-031
Website: www.zong.com.pk

The post Zong 4G’s Special Offer Brings Enhanced User Experience for Residents of Attock, Kamra, and Hazro appeared first on Business News Pakistan.

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National Highway Authority holds E-Kachehri

Islamabad, November 27, 2020 (PPI-OT): In line with directive of Prime Minister of Pakistan Mr. Imran Khan on reaching out to the public through holding Khuli Kachehris by organizations under the Federal Government, National Highway Authority Member Coordination Mr. Asim Amin held E-Kachehri at head office of the Authority through NHA official Facebook Page and answered to the questions placed by the people all over the country.

In his opening remarks Mr. Asim Amin (Member Coordination) said, as per directive of the Prime Minister office, complaints regarding overcharging and provision of sub-standard items at motorway service/rest areas are being attended promptly. To this effect, NHA has formed special teams which raided on the spot and took action against the responsible. He appealed to the travellers to obtain receipt of shopping and compare the rates shown on receipt with the rates declared by the local administration also displayed there. In case of overcharging complaints may be lodged at the phone numbers provided there. He assured that necessary immediate action will be taken against the defaulters.

Speaking about Hyderabad-Sukkur motorway he said, the project will be re-tendered and hopefully construction work will be started next year. NHA has also planned a direly needed flyover on Islamabad-Murree Road at cost of about Rs. 6.5 billion and this project will be tendered by July 2021. He informed that maintenance activities on Balkasar-Mianwali Road (129KM) and Mianwali-Muzaffargarh Road (286KM) will be started in 8 to 12 weeks. He said, Indus Highway is an important North South Link and it reduces distance between Peshawar and Karachi by 450 Km as compared to Karachi-Lahore-Peshawar National Highway (N-5). This two lane highway is being dualised in sections gradually.

He said, 2-lane Karachi-Quetta road will also be dualised. He also informed about proposed flyover at Shahdara near Lahore to control traffic congestion there. He expected that this flyover would be tendered by November 2021. He said Lahore-Sialkot Motorway will further be extended to Kharain and Rawalpindi. Sialkot-Kharian (70KM) and Kharian-Rawalpindi (115 KM) projects will also be tendered by November 2021.

Giving answers to the questions Mr. Mr. Asim Amin (Member Coordination) said, work on Kohat-Jand road is in progress and that installation of warning signs at necessary points will be ensured. He said, shifting of utilities at Soan Road project near Rawalpindi is in progress, and on its completion, NHA will realize its work in about eight months period. He said, work on a segment of Mardan-Shergarh road is also in progress while remaining portion is near award of work. He said, money collected from Toll Tax is used for maintenance of NHA network. Presently NHA is getting about Rs. 30 Billion annually from toll tax, while the amount required for maintenance of network is Rs. 70 to 80 Billion.

In such a state, priorities are determined and that Jhelum-Lahore G.T Road stands among NHA priorities. Giving answer to a question, he further said, in order to ensure smooth flow of traffic at Pindi Bhattian Toll Plaza steps like increasing Booths, M-Tag and Electronic Toll Collection system are being considered for execution that will ultimately improve traffic conditions there. He said, work on Hakla-D.I. Khan Motorway is in progress including a bridge on Indus River and it is expected that this motorway will be operational next year. He said work on Chitral-Shandur road project will be started soon with cooperation of neighbouring friendly country China.

For more information, contact:
Chairman
National Highway Authority (NHA)
NHA HQ, 27, Mauve Area, G-9/1,
Islamabad, Pakistan
Tel: +9260417
Fax: +9260404
Email: chairman@nha.gov.pk
Website: www.nha.gov.pk

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Unity imperative to tackle issues confronting Muslim Ummah: National Assembly Speaker

Islamabad, November 27, 2020 (PPI-OT): Ambassador of Kingdom of Saudi Arabia Nawaf bin Saad Al-Maliki called on Speaker National Assembly Asad Qaiser in Parliament House, today. Bilateral relations and issues of mutual interest came under discussion during the meeting. Speaker Asad Qaiser while talking to the Ambassador said that Pakistan is proud of its everlasting friendship with Saudi Arabia. He said that both the brotherly countries are tied in bonds of religion, culture and history. He said that any attempt of aggression against Saudi Arabia would be considered aggression against Pakistan. Acknowledging the assistance Saudi Arabia has been extending to Pakistan, the Speaker said that Saudi Arabia has always been a generous supporter of social development in Pakistan.

The Speaker said that Muslim Ummah was presently confronted with issues for which solidarity is an important need of the hour. He said that growing Islamophobia in the west is also a great challenge for which joint strategy be devised to tackle this issue besides brining out the true image of the religion of peace. Talking about Pakistan’s desire of having cordial relations with all neighbouring countries, the Speaker said that Pakistan believes in resolving all outstanding issues through dialogue. He said that Pakistan’s relations with Afghanistan were strengthening and would usher in development and prosperity in both the countries. The Speaker welcomed the recent contact between Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan.

Referring to the parliamentary relations between National Assembly and Saudi Shura Council, the Speaker said that exchange of delegations would play an important role in strengthening relations between the two brotherly countries. Mentioning the vast economic opportunities between two countries, the Speaker said that bilateral cooperation in economic sectors would be mutually beneficial.

He asked the Ambassador to take up issue with his government for according concessions to Pakistani expatriates working in Saudi Arabia who were currently facing immense issue due to revision in labour laws. He also thanked Saudi Government for releasing Pakistanis jailed in Saudi Arabia on petty crimes. The Speaker also reiterated his invitations to Chairman Saudi Shoora Council and Imam-e-Kaaba to visit Pakistan at their earlier convenience.

Saudi Ambassador Nawaf bin Saad Al-Maliki said that Saudi Arabia also attaches great importance to its fraternal relations with Pakistan and considers it a sincere friend and brother. He said that the friendship between the two countries is getting stronger with each passing day. He assured the Speaker that Saudi Arabia would continue its cooperation in all sectors in Pakistan. He said that Pakistani expatriates living in Saudi Arabia are playing an important role in the development of Saudi Arabia. He assured that the new Labour Laws would facilitate immigrants working in Saudi Arabia. He assured the Speaker that he would convey his invitations to Chairman Saudi Shoora Council and Imam-e-Kaaba.

For more information, contact:
Secretary
National Assembly of Pakistan
Automation Centre,
National Assembly Secretariat,
Parliament House,
Islamabad – Pakistan
Tel: +92-51-9221082-83
Fax: +92-51-9221106
Email: assembly@na.gov.pk
Website: www.na.gov.pk

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President proposes establishing trade triangle among Pakistan, China and ASEAN

Islamabad, November 27, 2020 (PPI-OT): President Dr. Arif Alvi has proposed establishing a trade triangle among Pakistan, China and Association of Southeast Asian Nations (ASEAN) to maximize the quantum of intra-regional business opportunities. In his virtual address to the 17th China-ASEAN Expo held in China’s Nanning city on Friday, he said Pakistan’s stable macro-economic policies and ease of doing business offered an attractive market to both China and the ASEAN countries for trade cooperation in diverse areas.

The President said despite the challenge of the Coronavirus pandemic, Pakistan’s economy strengthened and its online businesses grew due to implementation of far-reaching economic reforms. He said we encourage the ASEAN countries and the Chinese businessmen to invest in SEZs as Pakistan’s macro-economic policies have changed tremendously with an improved state of ease of doing business. On exports to ASEAN and China, he said, textiles, food produce including meat and vegetables, surgical goods, minerals and Information Technology could be the prospective areas.

For more information, contact:
Ministry of Information and Broadcasting
Government of Pakistan
4th Floor, Cabinet Block, Pak. Secretariat, Islamabad, Pakistan
Tel: +92-51-9103557
Email: info@moib.gov.pk
Website: http://www.moib.gov.pk