June 20, 2022 – PPI News Agency

Saudi investors keen to leverage investment opportunities in Pakistan

Islamabad, June 20, 2022 (PPI-OT):A high-level trade delegation of Saudi Arabia visited Pakistan led by Fahad Bin Mohammed Al-Bash, Chairman, Saudi-Pak Business Council and held B2B meetings with the members of Islamabad Chamber of Commerce and Industry (ICCI) in a local hotel to explore business collaborations in areas of interest. The delegation was representing various sectors including edible oil and fats, food processing, trading, building materials, tourism and hospitality, manufacturing, medical tools and equipment, Fintech, pharmaceuticals and infrastructure services. The delegation would also visit Lahore and Karachi.

Speaking at the occasion, Fahad Bin Mohammed Al-Bash, Chairman, Saudi-Pak Business Council said that the Saudi investors were keen to leverage business and investment opportunities in Pakistan. He stressed that the high-level government-to-government relations between the two countries should be matched with strong trade relations to achieve better results. He urged that the private sectors of both countries should tap business opportunities in each other’s country in order to complement their economies. He said that 20 percent of the workforce in Saudi Arabia was from Pakistan and his country wanted to import more trained workers from Pakistan.

He said that many sectors of the Saudi economy including chemical industry, real estate and tourism offered good opportunities to Pakistani investors. He said that they have seen a lot of business opportunities in Pakistan and were working with the embassies of both countries to leverage them up to maximum level. He said that exhibitions of Saudi products in Pakistan and Pakistani products in Saudi Arabia would be organized to introduce the export potential of both countries. He hoped that the visit of the Saudi trade delegation to Pakistan would help in further promoting bilateral trade between the two countries.

Addressing the delegation, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry said that Pakistan offers great opportunities of JVs and investment in various sectors of its economy including mines and minerals, oil and gas, housing and construction, infrastructure development, renewable energy, information technology, food processing, edible oil, logistics, sports, tourism and hospitality. He stressed that Saudi investors should capitalize on them to earn lucrative returns. He said that the Saudi delegation should also explore textile, agriculture, construction materials, medical equipment, pharmaceuticals, fruits and vegetables, dry fruits, consumer goods, agro-processing technologies, machinery and equipment and other sectors for business opportunities. He stressed that it was the right time for Saudi investors to focus on Pakistan for JVs and investment.

Khalid Iqbal Malik, Chairman Founder Group briefed the Saudi delegation members about the investment opportunities in CPEC and stressed that they should exploit them for business development. He said that Saudi Arabia had agreed in principle to establish a multi-billion-dollar refinery complex in Gwadar that should be transformed into a reality. Muhammad Faheem Khan, Vice President ICCI thanked the Saudi trade delegation for visiting Pakistan and hoped that their visit would start a new era of growing trade and economic relations between the two countries. Both sides held B2B meetings and exchanged business contacts with each other.

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

FATF’s satisfaction a great relief for Pakistan

Islamabad, June 20, 2022 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Sunday said the Financial Action Task Force (FATF) has expressed its satisfaction over the implementation of the action plan by Pakistan to curb money laundering and financing of terrorist groups which is a great achievement. The development has saved Pakistan from the threat of global economic isolation and will support the Pakistani economy and reduce business costs which may bring some relief to the people.

In a statement issued here, Shahid Rasheed Butt said that now the possibility of Pakistan being removed from the grey list is bright and the likelihood of blacklisting has been eliminated which friendly countries are rejoicing while enemy countries are mourning. He said that FATF’s positive response will restore the confidence of Pakistani and foreign investors, reduce the cost of imports and exports, and allow banks around the world to transact with Pakistani banks without fear.

Now, Pakistan will be able to borrow from all available means to save its sinking economy. Most of the steps taken to get out of the FATF’s grey list took place during the PTI era, but if suggestions of the then Prime Minister were accepted 2016, Pakistan would have not have been on the grey list for so long, it would not have lost billions of dollars and would have almost gone bankrupt. He said the rupee was depreciating due to ambiguity in the agreement with the IMF, delay in getting the next tranche of the loan and dwindling foreign exchange reserves which needed to be addressed.

In the last 75 years, no government has paid any attention to the fundamental reforms that have forced Pakistan to repeatedly enter the emergency ward of the IMF. The lender can provide support but stabilizing the economy on a sustainable basis is not their responsibility but ours. If the country’s economy and politics are not fundamentally changed, then Pakistan can become the next Sri Lanka, Greece or Venezuela, he warned.

For more information, contact:
Dr. Shahid Rasheed Butt
Consul General Ghana
Former President ICCI
Former Patron ICST
Tel: +92-333-5132199, +92-51-2822571

PSF ready to fund research projects of pharma industry to facilitate its growth

Islamabad, June 20, 2022 (PPI-OT):Pakistan Science Foundation (PSF) is ready to provide direct funding to the research projects of pharmaceutical industry in collaboration with Islamabad Chamber of Commerce and Industry (ICCI) that would help it resolve its key issues and achieve better growth. This was said by Prof. Dr. Shahid Mehmood Baig, Chairman, Pakistan Science Foundation while addressing the representatives of local pharmaceutical industries at ICCI. He said that currently there was a disconnect between academia and industries and a consultative meeting of PSF with the representatives of local pharma industry was part of efforts to strengthen academia-industry linkages.

Prof. Dr. Shahid Mehmood Baig said that pharma industries should send their research projects through ICCI to PSF for funding that would be considered on merit. He said that universities were doing good research work and pharma industries should also send written issues to PSF and PSF in collaboration with universities would try to find their optimum solutions. He said that PSF was also ready to work with the pharma industry on a public-private partnership model to promote research projects in order to resolve its major issues and facilitate its better growth.

Speaking at the occasion, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry appreciated the efforts of PSF for promoting scientific research and providing funding for research projects in various fields of science and technology. He stressed that the government should accord top priority to S and T as its role was crucial in resolving the industrial, economic, social and environmental issues of the country and put it on the path of sustainable growth.

He emphasized that the universities, R and D institutions and industry should join hands to resolve key issues of the economy and steer it out of the current challenges. He said that ICCI was ready to work with PSF to address the key issues of local industries of various sectors that would help them to produce value-added products and improve exports.

Nasir Qureshi, Convener, ICCI Pharmaceutical Committee said that Pakistan pharma industry has grown from 30 companies to 850 companies now including MNCs due to which Pakistan has become self-sufficient in medicines and was exporting to many countries. However, he stressed that the government should cooperate with the pharma industry to achieve the latest technology and knowledge and get registered with the US Food and Drug Administration that would enable it to further boost export pharmaceutical products around the world.

Jamshaid Akhtar Sheikh Senior Vice President ICCI, Zahid Maqbool, Naeem Siddiqui and representatives of pharma companies also spoke at the occasion and highlighted issues that needed the attention of PSF and the government for redress. They said that the government should withdraw sales tax from the pharma industry to save it from further troubles.

Implementation of CRM-Vital for SMEs promotion: PCJCCI

Lahore, June 20, 2022 (PPI-OT):Mr. Wang Zihai, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) suggested for introducing new SME policy to enable the business community and to redesign the entrepreneurship in line with the world market, during a meeting held today at PCJCCI Secretariat. The meeting was attended by Mr. Wang Zihai, President PCJCCI, Mr. Ehsan Choudhry, Senior Vice President PCJCCI, Mr. Sarfaraz Butt, Vice President PCJCCI, Ms. Sehar Riaz, Senior Corporate Trainer, NBDP SMEDA, Mr. Ayaz Ahmed, CEO, Crosstech Intl, Mr. Abdul Saleem, CEO Affaf Printers, Mr. Sajjad Ahmed, CEO Sagacious Marketing and many others.

Mr. Wang Zihai, President PCJCCI further added that brands emerge from the domestic markets, therefore domestic markets must be redesigned in a way that they become landmark for local brands in international markets. He said that we should also give contemporary training of Customer Relationship Management (CRM) to our young entrepreneurs A CRM system can help business owners streamline their operations, improving both efficiency and productivity.

Mr. Ehsan Choudhry, Senior Vice President PCJCCI said that a fresh and progressive SME Policy is need of the hour to equip the SME sector with new technology, innovation and e-services for developing brand-based trade and industry in the domestic market. He pointed out that the first-ever SME Policy was announced by the government in 2007, but it has not been implemented successfully. The incumbent government, being a business-oriented setup, should take lead to develop a fresh SME Policy by taking all stakeholders on-board through SMEDA. He said that it is high time that “we should unite for an open international stance to integrate our economy into the global economy, and for this we must develop markets at home, called domestic markets or domestic commerce.

Mr. Sarfaraz Butt, Vice President PCJCCI shared his views by saying that, what we import and what we export is a product of these domestic markets; efficient and well-developed domestic markets promote local economy as well as the international trade. If we are able to develop these domestic markets, we will be able to develop brand names for high margin exports. He added that Pakistan needs to develop new approaches to strengthen domestic markets.

Mr. Salahuddin Hanif, Secretary General PCJCCI suggested that the public and private sectors should follow a vibrant vision of transforming Pakistani cities into a dynamic commercial hub of the region-a tourist destination, a shopping Centre, regional headquarters for Multinational Corporation etc. He said that PCJCCI is striving hard by initiating various one to one consultancy sessions related to contemporary techniques and modern ideas like CRM and others. But for this change we should unite and support each other so that SME sector can boom.

For more information, contact:
Media Manager,
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor, Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353
Fax: +92-42-35777524
Cell: +92-324-4925611
Email: info@pcjcci.org
Website: www.pcjcci.org

Tanker mafia banking on the opportunity: Mian Zahid Hussain

Karachi, June 20, 2022 (PPI-OT):Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said the country is facing a scarcity of water but the authorities seem oblivious to this important issue.

The prices of wheat and other agricultural commodities are constantly rising in the international market while local farmers are not getting water which is destroying their economy and reducing crop production, he said. Talking to the business community, the veteran business leader said that lack of water is killing a large number of livestock and soon it will start damaging industrial production.

He said that the infamous tanker mafia is also taking full advantage of the water shortages and the price of water has been increased by three to four hundred percent in different cities including Islamabad which has increased the financial pressure on the people.

Mian Zahid Hussain said that international organizations have been warning Pakistan for decades about a famine in 2025. The per capita availability of water has been reduced from 5660 cubic meters in 1951 to 908 cubic meters now but no government has made serious efforts to develop water resources and save water but has set a record of mismanagement.

Water worth 20 billion dollars falls into the sea every year but no attempt has been made to save the water. The business leader said that not a single political party in the country is serious about the water problem. Mian Zahid Hussain further said that rivers are drying up, many rivers, streams and canals have become so polluted that water has become unfit for consumption, lakes are drying up and aquatic life is running out but nothing is being done in this regard.

Pakistan’s glaciers are also melting fast and the country is suffering from a water emergency. Neglecting the water sector is making the effects of climate change more deadly, making it impossible for the people, agriculture and industry to survive. In these circumstances, the effects of global warming in Pakistan would be severe and water of huge value would evaporate before it could be used.

Groundwater levels in Pakistan’s rural and urban areas are also declining rapidly, posing a serious threat to the people and the industry. The government should realize the scarcity of water, tackle conspiracies of other countries, take steps to save water and rehabilitate rivers, and give priority to the construction of small dams. He said that efforts should be made to create a national consensus on the construction of dams so that Pakistan could be saved from becoming a desert.

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

(Pakistan-Iran agree to enhance energy cooperation)

ISLAMABAD:Federal Minister for Power Engr Khurram Dastgir Khan held a one-on-one meeting with Iran’s Minister for Energy Ali Akbari Mehrabian in Tehran on Monday.

The meeting aimed at increasing avenues of cooperation in energy field between both the neighbours. Both sides discussed various aspects about the electricity supply from Polan to Gwadar.

The Federal Minister for Power lauded the energy cooperation between Pakistan and Iran and reiterated Pakistan’s commitment to strengthen the relations. He stressed on the need to expedite the electricity import project. Both long term and short-term energy plans were also discussed.

Man shoots brother dead over land dispute in Nawabshah

Nawabshah:A man shot his brother dead over a land dispute in Ali Bakhsh Jamali village of Nawabshah on Monday.

According to police, the accused with the connivance of another person shot his brother named Arif Jamali dead when he was asleep outside his house in Ali Bakhsh Jamali village near Bandhi area. On information, the police reached the spot, took the body into custody and shifted it to a local hospital.

They also launched a search for the arrest of the accused who, along with the co-accused, had fled the scene after committing the crime. The FIR of the incident was, however, yet to be filed till the filing of the report.