January 15, 2021

Energy scarcity, tariff can reverse all the gains: Mian Zahid Hussain

Karachi, January 15, 2021 (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 a reduction in import duties on 152 items coupled with other positive steps are pushing economic activities.

More incentives are needed to spur growth otherwise the budget deficit will cross the target of seven percent to eight percent, he said. Mian Zahid Hussain said that economic activities are better as compared to the last year but a reduction in taxes and incentives are needed while the ritual of continued hike in energy prices should be abandoned.

Talking to the business community, the veteran business leader said that continued and dependable supply of gas and electricity should be ensured otherwise all the gains can be reversed. Moody’s Investor Service has projected a growth of 1.5 percent against the World Banks projection of 0.5 percent. Central bank things growth would be somewhere between 1.5 to 2.5 percent while the government is confident for achieving growth of 2.1 percent.

He noted that even if the government achieves growth target it would be insufficient to provide relief to the masses and economy or make for virus losses. He said that banks are also cautious in extending loans to the private sector as a threat of defaults is looming and repayment deadline in reaching closer. The government should revisit all the important policies and undertake reforms in critical sectors so that economy could be stabilised on a sustainable basis, he demanded.

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

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January 15, 2021

Realme manifested to improve picture quality through innovation by introducing 64MP camera

Islamabad, January 15, 2021 (PPI-OT): Realme has launched some best camera phones in the market. They have matched all the requirements of the customers. The increasing quality and features have threatened the competition as well. Realme has constantly improved and advanced the camera pixels in their mobile phones. Every year, they introduce remarkable mobile phones that focused on providing innovative solutions for a top-quality camera. The journey of Realme regarding transformation from 48MP to 64MP camera is inspiring. Realme 5 Pro had two variants that had a 48MP camera which dominated the markets. Then came along Realme XT, X3, 7 Pro, and 7i. These mobile phones had 64 MP cameras which established new standards in the market.

The Realme 5 Pro had two variants that supported a 48MP AI quad-camera. It had a 119° ultra-wide-angle lens that enhanced the quality of the phone. It proved to be an amazing addition that was loved by the users. It added value to the quality of the camera as well. It was powered by the Sony IMX 586 sensor which resulted in ultra-high resolution. Also, it at F1.8 large aperture that increases the technical depth of the product. Photography enthusiasts benefitted from these features. It had amazing sensors and large pixels. In addition, there was a super clear nightscape feature that created high-quality pictures even in low-light areas.

In a short time, the shift from 48MP to 64MP camera jolted the market. People eagerly anticipated its arrival and after its launch, it fulfilled all their expectations. The Realme XT had a 64MP camera which had ultra-clarity and flagship-level sensors. The camera was an AI quad-camera, ultra-wide-angle with a macro lens. It can take 9216×6912 ultra-detailed photos. It produced 119° ultra-wide angle and 1.5 times wider view. Another 64MP camera mobile phone was the Realme X3 which had all the above-mentioned features but had a spectacular 60x Super Zoom camera with a periscope zoom lens.

Another exquisite mobile phone was the Realme 7 Pro which had a 64MP camera with an ability to capture amazing pictures in low light. Also, it had 3 fun filters (cyberpunk, modern gold, and flamingo) which appealed to the general audience. Furthermore, the Realme 7i also had a 64MP camera which had night filters and Super NighScape features. It has a UIS max video stabilization and cinema mode.

These mobile phones illustrate the innovative journey of Realme from augmenting the camera quality from 48MP to 64MP. The plethora of features and AI inclusion has further improved the value of the camera. Hence, Realme strives for betterment through innovation and fulfill customer needs.

For more information, contact:
Realme
Email: global@realme.com, pr@realme.com
Website: https://www.realme.com

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January 15, 2021

CDC successfully processes 1st cash dividend through RAAST of “Pak Datacom Limited”

Karachi, January 15, 2021 (PPI-OT): As a historic milestone in the country’s payment landscape, Central Depository Company (CDC) has successfully processed the Cash dividend of “Pak Datacom Limited” through State Bank’s RAAST payment gateway. It is indeed a moment to celebrate for both CDC and Pak Datacom Limited as both the companies were the first entities to utilize the services of Pakistan’s new and fastest payment gateway of RAAST (inaugurated by honourable Prime Minister Imran Khan on Monday, 11th Jan 2021).

CDC is working with SBP on this project for the last 1 year to make this possible. CDC is now connected with all major Banks on RAAST, and will process all dividend payments more efficiently and cost-effectively. Speaking at the occasion CEO CDC, Mr. Badiuddin Akbar, said, “It is indeed a landmark achievement that Raast has now been launched and operational with CDC on-board for the processing of all Dividend Disbursement transactions which will extend valuable process improvements in terms of transparency, security, efficiency and cost-effectiveness. We are confident that with the help of Raast, there would be a complete transformation of the payment landscape of Pakistan.”

CDC is thankful to SBP and SECP for their continued support and patronage in achieving yet another milestone in its market transformation journey. CDC is already processing thousands of transactions related to Roshan Digital Accounts in Stock Exchange, where again SBP placed its trust on CDC to act as the bridge between Banks and Capital market entities and to become the gateway for non-residents Pakistanis to invest in Pakistan Stock Exchange (PSX). Around 2000 Roshan Digital Account holders are efficiently investing in PSX with an estimated worth of around PKR 375 million (around USD 2.5 million) through this arrangement facilitated by CDC.

For more information, contact:
Head Office,
Central Depository Company of Pakistan Limited (CDC)
CDC House, 99-B, Block B, S.M.C.H.S.,
Main Shahra-e-Faisal, Karachi – 74400, Pakistan
Tel: +92-21-111-111-500
Fax: +92-21-34326031
Email: info@cdcpak.com
Website: http://cdcpakistan.com/

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January 15, 2021

UK eyes 10 billion pound bilateral trade potential with Pakistan

Islamabad, January 15, 2021 (PPI-OT): Mike Nithavrianakis, Deputy High Commissioner of UK in Karachi and Trade Director for Pakistan said that his country wanted to increase bilateral trade with Pakistan from existing £3 billion to £ 10 billion to achieve mutually beneficial outcomes for both countries. He said that improving bilateral trade and economic relations between the UK and Pakistan would bring progress and prosperity for both countries.

He said that about 5000 companies in the UK were doing business in UAE, but only 150 companies were in Pakistan despite the fact that Pakistan was a huge market of over 200 million people. He emphasized that Pakistan should focus on addressing the issues of red tapism and other bottlenecks along with ensuring a predictable and growth-oriented tax regime to attract more investors from the UK and other countries. He expressed these views while addressing the business community during his visit to Islamabad Chamber of Commerce and Industry.

Mike Nithavrianakis said that the UK was focusing on 4 areas for close cooperation with Pakistan including healthcare, education, green energy and infrastructure. He said that the UK could also cooperate with Pakistan in agriculture, manufacturing, pharmaceutical and other sectors to make its economy more competitive. He said that the UK would try to provide preferential access to Pakistani products in its market that would further improve its exports.

Talking about export of fruits and vegetables to the UK, he said that Pakistani exporters should work on meeting the UK standards to get better penetration in its food market. He further said that Pakistani companies should focus on better marketing of their products as insufficient focus in this area was keeping them back from promoting exports up to their real potential. He said that the UK has issued advisories to its citizens to encourage them to visit Pakistan. He assured that he would cooperate with ICCI delegation to visit UK and in connecting them with right partners there.

Speaking at the occasion, Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce and Industry said that there was great potential for promoting bilateral trade volume between Pakistan and UK for which better connectivity between the private sectors of both countries was needed. He said that Pakistan was expanding its industrial base through development of new Special Economic Zones and added that UK companies should explore JVs and investment in these facilities.

He was of the view that the close cooperation of UK companies with Pakistani counterparts would help in producing value added products and improving our exports. He specifically pointed out that we are not seeing our top agricultural products like mangoes, apples, oranges, bananas etc. on the shelves of main supermarkets of the UK including Tesco, Sainsbury’s, Asda, Waitrose and Morrison etc. He said that those Pakistan companies that are providing A-Grade products should be connected with the companies of the UK to enhance their exports.

Sardar Yasir Ilyas Khan identified agriculture, industry, IT, mining and tourism as potential areas of cooperation between Pakistan and the UK. He said that ICCI would ensure to connect the British High Commission with PASHA to shortlist at least 200 Pakistani companies that could provide software products and services to the UK. He said that ICCI would also try to connect the local businesses with UK companies to bring their franchises to Pakistan.

He said that many UK companies in Pakistan were doing better business as compared to some other countries and more should come to capitalize on the emerging business opportunities in Pakistani market. He said that ICCI would consider taking a business delegation to the UK and British High Commission should facilitate in making its visit successful.

Fatma Azim Senior Vice President, Abdul Rehman Khan Vice President ICCI, Omais Khattack, Shakeel Munir, Khalid Chaudhry and others also spoke at the occasion and stressed that UK should streamline its visa process for Pakistani business community that would help in developing strong business linkages between the two countries.

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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January 15, 2021

German Consul General calls on Administrator Karachi Laeeq Ahmed and discussed matter of mutual interests

Karachi, January 15, 2021 (PPI-OT): German Consul General Mr Holger Ziegeler on Thursday called on Administrator Karachi Laeeq Ahmed and discussed matter of mutual interests. The Administrator briefed Mr Holger Ziegeler about different projects of Karachi Metropolitan Corporation. Ahmed said that Germany made considerable development in every sector and model adopted for uplifting in German cities are commended across the world. The Administrator said that the basic job of KMC is to provide civic facilities to the people. He added that Karachi’s population was increased considerable and the issues are being resolved through comprehensive plan and strategy to make Karachiites standard of life equal to people of other metropolitan cities.

Ahmed said that works are underway across Karachi to uplift infrastructure of the city. He said that public private partnership could be effected in carrying out the development works. The Administrator said that there is need to expand relationships of Germany and Pakistan in different sectors. “The standard of German products is very high that’s why their demand in Pakistan is also high,” he added. Ahmed said that Germany’s expertise and experience could be utilised for the city’s uplift especially in infrastructure development, transport, communication, solid waste and municipal services.

He said that Karachi is an important city due to its geographical situation and posses unique importance in the region. “It is a economical hub of Pakistan and has importance for the neighbouring countries,” said the Administrator. He said that COVID-19 had done massive damage to the other countries but fortunately Pakistan was not affected badly as the ratio of youth is high in the country’s population. Speaking on the occasion, Mr Holger Ziegeler said that Karachi is a commercial centre and has offices of multi-national companies.

He said that industries and commerce are main sectors for development of any country. The German Consul General appreciated the KMC for taking measures to uplift infrastructure of the city and hoped that the same would give fruitful results. Mr Holger Ziegeler also hoped that Pakistan and would come closer and the latter’s investors would invest in Pakistan particularly Karachi as it would benefit both the countries. The Administrator also presented a shield to Mr Holger Ziegeler.

For more information, contact:
Administrator Secretariat
Karachi Metropolitan Corporation (KMC)
City District Government Complex, 1st Floor, Civic Centre,
Gulshan-e-Iqbal, Karachi
Tel: +92-21-99232400-01
Fax: +92-21-99232406
Email: administrator@karachicity.gov.pk

January 15, 2021

Betterment was witnessed in Karachi Metropolitan Corporation in all district municipal corporations after posting of Administrators

Karachi, January 15, 2021 (PPI-OT): Sindh Local government Minister Syed Nasir Hussain Shah said that betterment was witnessed in Karachi Metropolitan Corporation in all district municipal corporations after posting of Administrators. Priority should be given to ongoing development schemes. The KMC has enough resources and if the same are utilised rightly there would be no need for any grant to KMC. We will request Chief Minister to issue funds to KMC, if needed, the Minister passed these remarks while presiding over a meeting at KMC building to review uplift works.

Secretary Local Government Najam Shah, Administrator Karachi Laeeq Ahmed, Senior Director Coordination Masood Alam, Finance Advisor of KMC Afaq Saeed, Special Secretary Local Government Najeeb Ahmed, Director General Works and Services Shabeeh ul Hassan Zaidi, Local Government Minister focal person to KMC Karamullah Waqasi and others were also present on the occasion.

Nasir said that Pakistan Peoples Party Chairman Bilawal Bhutto Zardari had directed the provincial government to carry out uplift works in Karachi. He directed the concerned officials to priorities the schemes that are in favour of the public. The Minister said that KMC assets were rented out on nominal fares in the past, directing to conduct scrutiny into the matter. He said that charged parking system should be transparent.

Nasir said that bylaws of advertisement should also be made as it can increase revenue of the KMC. He directed the local government Secretary to hand over completed projects including Drig road underpass, Mehran underpass of the department to KMC. The measures adopted by KMC for uplifting infrastructure of Karachi were discussed as well as future planning was done in the meeting. The Minister hoped that civic facilities being provided to the people would be expanded and their issues be resolved. He said that all issues could be resolved through right utilization of resources.

January 15, 2021

SECP aims to liberalize Non-Bank financial sector through promoting self-regulation

Islamabad, January 15, 2021 (PPI-OT): In pursuance of its reforms agenda for reforming the non-bank financial services, the Securities and Exchange Commission of Pakistan (SECP) has issued draft Self-Regulatory Organizations (Registration) Regulations, 2021 for soliciting public comments. These transformational regulations, being introduced for the first time under the SECP Act 1997, are intended to promote establishment of self-regulatory organizations (SROs), to inculcate self-discipline and collective responsibility amongst market players, with a view to enhance investor confidence.

Internationally, there has been a shift towards self-regulation; typically involving a unique combination of private interests with government oversight, as it offers an effective and efficient form of regulation for the complex, dynamic and ever-changing financial services industry. A SRO, having certain degree of regulatory authority over an industry or profession, can serve as a collective forum for advancing objectives of an industry through adoption of higher standards of operations, promote fair practices, encourage efficient complaint handling mechanisms for improved customer experience and enhance research and development functions.

The draft regulations cover the parameters for registration and regulation of companies that are eligible to be registered as a SRO under the SECP Act, 1997, and lays down fit and proper criteria applicable on its promoters, directors, chief executive and chairman of board of directors. The regulations also specify the obligations and functions of a SRO and enable them to make regulations designed to improve transparency and fair play, screening, certification and training requirements, measures to reduce conflicts of interest, and improved compliance with the code of corporate governance.

The draft Self-Regulatory Organizations, (Registration) Regulations 2021 have been placed on SECP’s website and can be accessed at following web-address: https://www.secp.gov.pk/document/s-r-o-16-i-2021-draft-self-regulatory-organizationsregistration-regulations-2021-for-soliciting-publicopinion/?wpdmdl=41193 and refresh=5ffd754dd69641610446157 Interested entities, stakeholders and the general public can submit their comments on the draft within thirty days from the date of its notification. The draft regulations will be finalized in the light of stakeholder consultation and subsequently notified after due regulatory process.

For more information, contact:
Head, Internal and External Communication
Securities and Exchange Commission of Pakistan (SECP)
NIC Building, 63 Jinnah Avenue, Islamabad
Tel: +92-51-9214005 or +92-51-9214009 (Ext. 378)
Fax: +92-51-9206459
Cell: +92-302-8552254
E-mail: shakil.chaudhary@secp.gov.pk
Website: www.secp.gov.pk