September 20, 2022

Expensive electricity is bankrupting the economy

Karachi, September 20, 2022 (PPI-OT):FPCCI’s Presidential candidate Atif Ikram Sheikh on Tuesday said expensive electricity is bankrupting the economy.

Costly electricity is affecting production and exports and it is necessary to make electricity affordable to boost the economy and improve the quality of life of the people, he said.

Atif Ikram Sheikh said that electricity should be made cheaper to increase production and reduce the cost of services.

In a statement issued here today, he said that there is a need to develop small power plants and promote renewable energy in Pakistan like developed countries to solve the energy problem.

The practice of building large grid stations has ended in developed countries and if the same is done in Pakistan, losses of billions of rupees can be reduced.

As of last year, 50 million people in Pakistan were without electricity, and the number has increased after the floods, he informed.

Pakistan depends on petroleum imports for electricity, which costs billions of dollars and also increases pollution, even now, sixty-four percent of the electricity in Pakistan is being generated from imported fuel.

Energy policy should be aligned with ground realities so that people get affordable electricity, he demanded.

Nepra is continuously increasing power tariffs to add to the burden of the masses, who are already reeling from inflationary pressures due to rising food and fuel prices.

The government has faced criticism for increasing fuel prices during the last few months, but top officials argue the country still offers petroleum products at the cheapest rates in the region.

The government fixes the prices of petroleum products on a fortnightly basis to pass on the impact of fluctuating international prices to consumers.

Three renewable energy sources — wind, bagasse and solar — together contributed 6.5pc of the total power supply. Wind and solar have no fuel cost, while that of bagasse has been calculated at Rs5.98 per unit.

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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September 20, 2022

Investors’ confidence will increase, rupee’s decline may slow down

Islamabad, September 20, 2022 (PPI-OT):The Pakistan Economy Watch (PEW) on Tuesday said the rollover of debt by Saudi Arabia will reduce the problems of Pakistan and improve the confidence of investors.

The extension in the return period of three billion dollars kept in Pakistan by Saudi Arabia may also reduce the speed of fall of the rupee, it said.

Pakistan received this amount on November 2021 and was supposed to return it on December 5 but now the period of return has been extended by one year which is a good decision by a friendly country, said Brig. (retd) Aslam Khan, Chairman PEW.

In a statement issued here today, he said that Pakistan’s foreign exchange reserves are currently eight and a half billion dollars, which are only enough for forty days of imports, which is the main reason for the pressure on the rupee.

Aslam Khan said that if China and the United Arab Emirates also renew their loans, Pakistan’s woes, which have been marred by extreme conditions, high oil and commodity prices, floods and political instability, could ease.

Floods have rendered all targets of the government and IMF irrelevant but lender is still silent on this important issue which is adding to the anxiety of policymakers, he said.

He said that wheat sowing time is approaching and if the flood water does not recede, the sowing will be affected, which may lead to a food crisis in the country.

In the present situation, wheat hoarders need to be dealt with as strictly as possible while rehabilitation of flood-affected people needs to be given top priority.

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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September 20, 2022

PAJCCI’s decade of success is due to the team effort of its management committee and staff; Zubair Motiwala

Karachi, September 20, 2022 (PPI-OT):PAJCCI 9th AGM was held in Karachi today to announce new executive body, office bearers and finalize strategic framework for upcoming tenure. During the AGM future road map, required efforts and engagement with various government and private stakeholders, goals and objectives in dynamic economic landscape, fluid geo-political situation, increasing foreign currency crunch, inflation and disturbed supply chain impact were also discussed and various solution were deliberated.

Qazi Zahid, was unanimously chosen as President of the Chamber, whereas Khalid Shahzad and Haji Abdul Ghani have been chosen as Senior Vice President and Vice President respectively.

Chairman PAJCCI, Zubair Motiwala thanked the retiring team for their service, welcomed the new team and showed confidence that under such seasoned management, PAJCCI will be better equipped to achieve further success. He iterated that the Chamber has been successful in removing several obstacles to trade and continues with relentless zeal to move towards the actual trade potential between the two countries.

Departing President, Jawaid Bilwani, reflected upon challenges originated during his tenure due to change in Government firstly in Afghanistan and then in Pakistan, however, PAJCCI continued its momentum in context of B2B engagements and facilitate results for joint economic prosperity.

Secretary General, Faiza provided the overview of scope, activities, achievements and future challenges of PAJCCI and outlined the broader aspects of actions to achieve the objectives.

The new managing committee comprises of Muhammad Zubair Motiwala, Junaid Makda, Junaid Nawab, Khalid Shahzad, Abdul Bari, Qazi Zahid Hussain, Shahid Ismail, Zia ul Haq Sarhadi, Shahid Hussain, Niaz Muhammad and women members are Ms Mehwish Tariq Siddiqi and Mrs. Sakina Hashim.

The retiring members including Mohammad Jawaid Bilwani, Abdul Basit, Haroon Qasim, Shuja Muhammad, Nafi Jan thanked the leadership and vowed to continue the support in PAJCCI’s activities.

The newly elected President, thanked the executive body for the vote of confidence and assured that under the visionary leadership of Zubair Motiwala (Chairman, Pakistan Chapter) and Khan Jan Alokozai (Co-Chairman, Afghan Chapter) along with the support from executive committee members, Chamber will increase its efforts and engagements to strengthen the voice of business community across the border. He added that futuristic perspective of PAJCCI is to enhance regional trade ties and capacity building of business entities to tap the emerging opportunities.

PAJCCI has achieved several milestones especially during last year when Afghan government was changed and later during the government change in Pakistan by continuous engagement via various forums and inviting Afghan delegations, facilitating meetings with governments on both sides, resulting in smooth trading activities, revenue generation, employment and solidifying the historical relationship with Afghanistan.

For more information, contact:
Pakistan Afghanistan Joint Chamber of Commerce and Industry (PAJCCI)
Tel: +92-21-99218024-7
Fax: +92-21-99218028
Email: info@pajcci.com
Website: http://www.pajcci.com/

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September 20, 2022

LPG mafia raised price of domestic gas cylinders to Rs3600

Islamabad, September 20, 2022 (PPI-OT):Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said the central bank should immediately increase the interest rates and take action against the banks involved in dollar smuggling in order to stabilize the rupee and reduce inflation.

Import of vegetables from Afghanistan and Iran should not be hindered as it is important for food security in Pakistan, he said.

Shahid Rasheed Butt said that LPG mafia has increased the price of the domestic gas cylinder to 3600 rupees but the relevant institutions are silent spectators while the electricity bills are burying the people alive.

He said that the use of air conditioners is increasing worldwide due to increased temperature which is adversely affecting the environment.

The air conditioning industry needs to be better regulated and there is a need for increased investment in research and development to develop machines that use less electricity and have a less negative impact on the environment, he said.

Mr. Butt said that according to the International Energy Agency, currently there are two billion air conditioners running in the world, while their number will reach five billion by 2050.

Presently, air conditioners and fans are consuming almost ten percent of the power production but with the increase in temperature, their use will increase and cause an increase in the pressure on the power system.

An increase in usage of air conditioners and fans by sixty to seventy percent has been also recorded in some areas during hot weather which is alarming.

Air conditioners use more electricity than any other appliance in the home. They consume a lot of electricity and leak potent planet-warming gases into the atmosphere.

As global temperatures rise and heat waves become more common and more deadly, the demand for air conditioners is increasing, especially in emerging economies such as India and China.

Most people make a decision based on price while buying an air conditioner because most companies hide important details on the packaging, we need better, safer, cleaner devices therefore and policymakers must impose regulations to save the planet.

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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September 20, 2022

ICCI urges government to address delay in opening LCs of importers

Islamabad, September 20, 2022 (PPI-OT):Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry (ICCI) said that the business community was facing the problems of unnecessary delay in opening Letters of Credit (LCs) for import of raw materials and called upon the government to address this issue on urgent basis for facilitating the growth of business activities. He said this while addressing a dinner reception hosted by Muhammad Naveed Malik, former Senior Vice President, and ICCI.

Muhammad Shakeel Munir said that due to delay in opening of LCs, many industries including food, pharmaceuticals, steel, automobiles, telecom, home appliances etc. we’re facing the shortage of raw material for their manufacturing activities and if this issue was not addressed forthwith, it would badly affect the production activities and further hurt the already struggling economy.

He said that the government had announced to lift ban on imports, but the business community was still facing a delay in opening of LCs for many important items including machinery and equipment. This situation has created a lot of concerns in the SMEs and large scale manufacturing industry, therefore, he appealed to the finance minister to take urgent notice of this matter and intervene to address this issue of utmost importance for the business community.

Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President ICCI, Khalid Iqbal Malik, Mian Akram Farid, Muhammad Ejaz Abbasi, Sheikh Amir Waheed, Nasir Qureshi, Sardar Yasir Ilyas Khan, Muhammad Naveed Malik, Ahsan Zafar Bakhtawari, Sardar Tahir Mehmood, Engr. Azhar ul Islam Zafar, Ch. Masood, Malik Najeeb, Ashfaq Chatha, Saeed Khokhar, Mustafeez Abbasi and others also spoke at the occasion and said that many industries in Pakistan relied on imported materials, but production activities were badly suffering due to delay in opening of LCs for imports.

They emphasized that the Ministry of Finance and the State Bank of Pakistan should take urgent measures to address this issue of vital importance to save the production activities from further problems.

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September 20, 2022

Board of directors meeting Rescheduled of TPL Trakker Limited

Karachi, TPL Trakker Limited informed Pakistan Stock Exchange that board of directors meeting of the company will be held on September 26, 2022 at Karachi. The agenda of the meeting will to consider the Quarterly Accounts for the period ended June 30, 2022 for declaration of any entitlement has been rescheduled on September 26, 2022.

Further, the company has declared the closed period from September 19, 2022 to September 26, 2022.

TPL Trakker is engaged in providing technology solutions, focused on Connected Car, Data and Location services, and Industrial IoT technologies.

TPL Trakker is in the business of providing superior quality GPS, GSM & Satellite Mobile Asset Tracking Management and Information Solutions. We work with various businesses and equip them with advanced data tools for location tracking, fuel monitoring, reporting, safety and compliance.

Our portfolio includes Car Tracking Units, Software, Operational and Project Management Expertise, Deployment, Data Evaluation, and Consultancy. Modified solutions such as Stolen Vehicle Recovery Assistance, Fleet Management Solutions, Safe Transport Environment, Trakker NAV, Personal Tracking, and e-Solutions are also offered to clients looking for tailored services to meet very specific needs.

The total number of shares are 187, 263, 0930. The Profit after taxation in 2020 is (458,517,000) which was 35,863,000 in 2019.

September 20, 2022

Pakistan’s Permanent Mission to UN organizing Young FMs’ Conference in New York today

Islamabad, September 20, 2022 (PPI-OT):Pakistan’s Permanent Mission to the UN is organizing Young Foreign Ministers’ Conference in New York on Tuesday on the sidelines of the 77th Session of the UN General Assembly. The meeting of Young Foreign Ministers on Political Participation and Leadership provides an opportunity to consider various matters including politics, economy, security, human rights, environment and cooperation amongst states, peoples, organizations and other actors.

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