Sindh govt invests Rs137.3bn for Karachi development: Murad

KARACHI:Sindh Chief Minister Syed Murad Ali Shah has said that during the last 12 years the provincial government has faced multiples challenges such as the worst law and order, floods 2010-11, COVID-19 and now floods 2022 despite the fact the government has contributed a lot in the provincial as well as national development.

He said this while addressing a 75-member delegation of Security Workshop-24 of National Defence University (NDU) led by Brigadier Tariq Niaz at the CM House on Thursday. Minister Information Sharjeel Memon, Minister Local Govt Nasir Shah, Chief Secretary Sohail Rajput, IG Police Ghulam Nabi Memon, Chairman P and D Hassan Naqvi, Home Secretary Saeed Mangnijo, PSCM Fayaz Jatoi, and other secretaries were also present on the occasion.

The chief minister said that when the PPP came into power in 2008, there was the worst law and order situation in the province. This was the first and foremost challenge for the provincial government. Karachi was ranked 6th dangerous city in the world on the international crime index in 2014 and now it is at 128.

“When law and order becomes a problem, the business and other all other activities such as economic, development, educational, cultural activities come to a standstill,” he said and added that law and order was restored followed by reconstruction of the city’s infrastructure.

The CM said that the Afghan war was also responsible for terrorism, therefore a National Action Plan (NAP) was launched under which targeted operation was initiated which produced the best results. Mr Shah said that Sindh was a plural society where people of different religions live together for centuries. “Our people believe in co-existence, therefore not a single suicide bomber belongs to Sindh, all were imported,” he said.

Investments in Karachi: The chief minister said that investments in Karachi have remained high on agenda for undertaking development activities for infrastructure and services. He added that Rs. 137.3 billion were incurred in the last five years for development projects mainly for internal roads, water supply, sewerage, solid waste management, storm water drains, and transport and mass transit.

Mr. Shah said that 150 km of Roads were constructed through 73 major projects along with storm water drains: 14 Flyovers/Underpasses/Bridges on major roads. He added that four Bus Rapid Transport (BRTs), 31 major schemes for Water Supply and Sewerage systems, and 28 major schemes for health and education infrastructure were in progress.

Thar Coal: The CM said that coal-fired power generation in Thar was a great achievement of the Sindh government. “When coal mining was started in Thar people were making fun of it but made the day,” he said. Mr. Shah said that when the coal mining and installation of power plant projects started the transportation of machinery to Thar was a big challenge, therefore the provincial government constructed the Sujawal Bridge on River Indus.

“A wide road network was established in Thar up to coal field and then an airport was constructed there so that investors and their staff members could travel easily,” he said and added today Thar was contributing around 1000 MW to the national grid.

Murad Ali Shah said that the Nooriabad power project in which his government has shares was providing uninterrupted 100 MW electricity to Karachi. We have also constructed another bridge, Sir Aga Khan Jhik-Mulakatiar bride on River Indus and the third one is under construction to connect Kandhkot with Ghotki to facilitate the smooth flow of vehicular traffic between three provinces, Balochistan, Sindh and Punjab.

Development Strategy: Talking about his development strategy, Murad Ali Shah said that he has been working on providing infrastructure to education institutions for quality education and increased enrolment; improving and upgrading health facilities, managing available health institutions, increasing agricultural productivity and value chain, conservation of water for agriculture, industrial and municipal consumption, Providing clean drinking water and safe disposal of sewage, Improving road connectivity between major cities and towns of the province, Infrastructure development for Mass Transit and Safe City for Karachi, Providing nutrition support, community infrastructure funds, Income generating micro assets and low-cost housing for reducing poverty.

Floods: Talking about post-disaster need assessment (PDNA), the economic impact of floods-2022, the chief minister said that extensive damage in agriculture, industry, and service sectors, is estimated to be equivalent to 4.8 percent of 2022 GDP. He added that significant losses in GDP as a direct impact of the floods are projected to be around 2.2 percent in 2022, with agriculture accounting for the largest decline at 0.9 percent.

Mr. Shah said that the unprecedented recovery and reconstruction needs to be projected at 1.6 times the budgeted national development expenditure for 2023. He added that it would widen the effect on primary and overall fiscal deficits and risen the prices of food and essential items. According to the CM the higher poverty rates, with the national poverty rate estimated to increase by 3.7 to 4.0 percentage points, pushing between 8.4 and 9.1 million people into poverty.

Murad Ali Shah said that poverty in Sindh would increase by between 8.9 and 9.7 percentage points. “Multidimensional poverty in Sindh is expected to increase by 10.2 percentage points,” the CM said and added among provinces, the housing stock in Sindh has been the worst affected, accounting for 83 percent of the total housing damages. Around 4,410 million acres of agricultural land have been damaged, and 0.8 million livestock are estimated to have perished.

Sindh is the most affected province, contributing 72 percent of the total value of the damage and losses registered in the sector, the CM said and added Sindh sustained the highest damage in the forest sector, amounting to Rs 1.8 billion (US$8.4 million), representing 77 percent of total forest damages.

 

Settlement of Kashmir dispute key to everlasting regional peace: AJK President

ISLAMABAD:Azad Jammu and Kashmir (AJK) President Barrister Sultan Mahmood Chaudhry has said the resolution of the lingering Kashmir dispute is key to emergence of permanent peace and stability in South Asia. Speaking at a meeting with American Congressman Thomas Suozzi in New York, he said the United States should appoint a special representative on Kashmir and use its influence to resolve the dispute peacefully.

He appreciated the US administration for pledging more funds to help flood-ravaged people of Pakistan. Barrister Sultan Mahmood Chaudhry asked the American Congressman Thomas Suozzi to raise the voice of the Kashmiri people in the American Congress in order to stop the bloodbath of innocent Kashmiris at the hands of the Indian occupation forces.

PDMA issues alert about rains, snowfall in different parts of KP from tomorrow

PESHAWAR:The Provincial Disaster Management Authority (PDMA) Khyber Pakhtunkhwa has issued an alert about rains, snowfall and gusty winds in different parts of the province from tomorrow (Friday). According to details, the spell will intermittently continue till Monday. The snowfall in the upper districts of the province can cause blockage of roads.

The PDMA has directed all the Deputy Commissioners in Khyber Pakhtunkhwa to take precautionary measures to avoid any human and material losses. The control room of PDMA is fully operational and people have been advised to contact control room on helpline 1700 in case of any emergency.

Brazilian Envoy for face-to-face interaction between business communities

Karachi, November 03, 2022 (PPI-OT): The Ambassador of Federative Republic of Brazil Olyntho Vieira has stressed that instead of having online meetings, the business communities of Brazil and Pakistan must look into the possibilities of holding face-to-face interactions which would certainly help in enhancing trade ties. “The best way of doing business is to regularly meet each other and directly examine and feel the goods being produced by Brazil and Pakistan”, he added while exchanging views at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI).

President KCCI Muhammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Muhammad Haris Agar, Former President Majyd Aziz, Honorary Consul General of Brazil Omer Adil Jaffer, Deputy Head of Mission Embassy of Brazil Fabio Maneghatti and KCCI Managing Committee members were also present at the meeting. Brazilian Ambassador, who was on his first visit to Karachi after assuming charge around two-and-a-half years, said that although his job was to promote Brazilian exports to Pakistan but he would like to see enhanced trade from both sides as improved trade from one side only was no good business.

He was of the view that Pakistan and Brazil were good in producing textile products hence, the businessmen of both countries associated with this sector can join hands to become a big force. This collaboration could prove favourable for Brazilian businessmen who may get into some kind of an arrangement with Pakistani counterparts for producing Brazilian goods in Pakistan and supplying them to the Asian markets which would bring down the shipment cost, he opined, adding that Brazil can offer many good quality products at good prices to Pakistan as the country has been producing almost everything from food to aero planes. He said, “Pakistan has many competitive advantages that we could benefit from and we can work together in different sectors of the economy particularly the IT sector which has developed rapidly in Pakistan.

Brazilian Envoy extended full support and cooperation to the business and industrial community of Karachi and assured to link them with relevant Brazilian businessmen and industrialists. Earlier, President KCCI Muhammed Tariq Yousuf, while welcoming the Brazilian Ambassador, expressed deep concerns over Pakistan’s extremely low export share of just 0.3 percent in the Brazilian market hence, there was a need to look into the possibility of exporting sports goods, surgical and pharmaceutical goods and textile products etc. to Brazil so that the meager trade volume could be improved.

He also stressed the need for having bilateral trade agreements between Pakistan and Brazil as no such agreement exists. If both countries could agree upon any mutually beneficial preferential treatment or a duty-free regime, this would prove favourable in furthering trade relations between the two countries. Referring to Mercosur agreement signed between Brazil, Argentina, Paraguay and Uruguay for ambitious, balanced and comprehensive trade, President KCCI stated that Brazil should look into the possibility of incorporating Pakistan into Mercosur Agreement or any other similar arrangement to improve the existing trade ties not only with Brazil but also with other neighbouring countries.

He said that as Brazil has been exporting substantial products to China and holds excellent trade ties, it must also become part of China-Pakistan Economic Corridor (CPEC). He also stressed the need for dealing with the communication gap between the business communities of Pakistan and Brazil by introducing some kind of an effective business platform wherein the business communities could meet, learn about each other and regularly exchange information through closer interaction.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

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Malik Muhammad Tahseen Alvi taken over the charge as new chairman of Faisalabad Electric Supply Company Board of Directors

Faisalabad, November 03, 2022 (PPI-OT): Malik Muhammad Tahseen Alvi has taken over the charge as new chairman of Faisalabad Electric Supply Company (FESCO) Board of Directors (BODs). Chief Executive Officer (CEO) FESCO, Engr. Bashir Ahmed and other officers warmly welcomed the new chairman of BOD. At this occasion, former MNA Haji Akram Ansari, MPA Sheikh Ejaz and others welcomed his appointment as FESCO BOD chairman and said that it is the result of the Prime Minister of Pakistan Mian Muhammad Shahbaz Sharif’s people-friendly policies that the appointment of consumer friendly heads of institutions has been implemented.

Later, first introductory meeting of the Board of Directors was held at the FESCO headquarters, under the chair of Chairman FESCO BOD, Malik Muhammad Tahseen Alvi. Board Director Mahfouz Ahmed Bhatti, Engineer Muhammad Babar Ikram, Raja Ameer Hamza, Iftikhar Ahmed Ansari, Nouman Khalid, Muhammad Momin Javed, Rab Nawaz, Muhammad Humair Hayat Khan, Ali Ranjha, Mian Farrukh Iqbal, Muhammad Anwar Sheikh and Miss Lubna Osman were also present in the introductory meeting.

During his address, Chairman Malik Muhammad Tahseen Alvi said that the board would utilize all available resources to provide better facilities to its customers and staff. He further said that provision of quality service to the consumers would be the top priority of the board so that a better image of FESCO could be emerged. He ordered to ensure the uninterrupted power supply to the consumers. All possible measures would be adopted to ensure the availability of these state-of-the-art facilities to the consumers because their satisfaction is a testament of the company’s performance.

Earlier, CEO FESCO Engr. Bashir Ahmad gave a detailed briefing to the introductory meeting of the new BOD about the operation of the company and its scope and said that FESCO has a prominent position among all Distribution Companies (DISCOs) due to the tireless efforts of its officers and officials. He said that FESCO jurisdiction is consisting upon eight districts while its recovery is 100%. He said that the staff of customer service centers are busy around the clock resolving consumers’ electricity related complaints on priority basis while purchasing materials for new connections is also being done.

For more information, contact:
Faisalabad Electric Supply Company (FESCO)
West Canal Road, Abdullah Pur, Faisalabad, Pakistan
Tel: +92-41-9220184-9220229
Fax: +92-41-9220233
Website: http://fesco.com.pk/default.asp

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Poland-Pakistan trade improved to US$722 million, says Polish Envoy

Karachi, November 03, 2022 (PPI-OT): The Ambassador of Republic of Poland Maciej Pisarski has said that trade between Pakistan and Poland has improved little bit to US$722 million and it was largely in favour of Pakistan by US$600 million mainly due to intensification of Pakistani exports of textiles, leather and sports goods to Poland within the framework of GSP Plus.

“It is a challenge for me to deal with Poland’s trade deficit with Pakistan hence, I’ll be exploring ways and means of how to reduce this deficit by improving Polish exports to this country. As potential is there so we need to do more to improve the existing trade and investment ties which is very important”, he added while speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry.

Honorary Consul General of Poland Mirza Omair Baig, President KCCI Mohammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Muhammad Haris Agar and KCCI Managing Committee Members were also present at the meeting. Polish Ambassador, while appreciating KCCI’s suggestions to improve trade and investment ties, advised the business community of Karachi to look forward to Poland for investment as it was a place where foreign investors can set up their business operations and operate throughout the entire Europe.

He informed that a Polish Oil and Gas Exploration Company, which has been successfully operating in Pakistan since last 25 years, has been able to extract tight gas from the rock formations by applying latest technologies. “This company is interested in doing more hence, they are applying for additional concessions so that they could expand their operations to extract indigenous Pakistani gas which is sold to the domestic market only and is four times cheaper than the imported LNG.”

He was of the opinion that the agriculture, textile, leather, pharmaceutical and dairy sectors were very important where the business communities of the two countries can collaborate while Poland can also offer interesting technologies in the banking sector, fintech, digital security, drones, smart cities and all other things which were related to the new era of digitalization.

Referring to the climate change and the recent flash floods suffered by Pakistan, the Envoy said that Poland can offer cutting edge technologies for water management and renewable energy. “We have great potential but we need to sit together to identify those sectors where opportunities are the greatest”, he added and appreciated the idea of setting up a joint business forum.

He also assured Polish Embassy’s complete support and cooperation for connecting Karachi Chamber with its peer Chambers of Commerce in Poland by facilitating seminars and workshops to bring together business people, to know each other and identify priorities. Earlier, President KCCI Mohammed Tariq Yousuf, while welcoming the Ambassador, pointed out that the existing trade volume between Pakistan and Poland was still very low which needs to be expanded through collective efforts from both sides.

While seeking Polish Embassy’s support and cooperation, he suggested to establish a joint business forum to not only promote business-to-business interactions but also explore possibilities of undertaking joint ventures in areas of interest including agriculture, textile, leather, food and pharmaceutical sector in addition to the energy sector. “Pakistan despite being one of the largest producers of milk and its by-products has not been able to add value to its dairy products therefore, keeping in view the Polish expertise in the dairy sector, you can help us in value addition of our dairy products”, he added and invited the Polish business community to set up businesses in Special Economic Zones being established under CPEC.

“Pakistan and Poland must also collaborate in Education and Research, Home Textiles and Gas Exploration
whereas Pakistan’s skilled and semi-skilled labour force can also be provided to Poland”, he suggested, adding that there was a need to develop linkages between universities of both countries which would result in improving the quality of education and research work whereas commencement of direct flights between the two countries would also pave way for improved business ties.

Keeping in view the geo-strategic position of Pakistan, President KCCI advised the Polish business
community to have joint ventures in Pakistan which would certainly give them an easy and very cost-effective access to the middle eastern markets.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

The post Poland-Pakistan trade improved to US$722 million, says Polish Envoy appeared first on Business News Pakistan.

Board of directors meeting of Pak-Gulf Leasing Company

Karachi, Pak-Gulf Leasing Company informed Pakistan Stock Exchange that board of directors meeting of the company will be held on November 10, 2022 at Karachi. The agenda of the meeting will to consider the Annual Accounts for the period ended June 30, 2022.

Further, the company has declared the closed period from November 03, 2022 to November 10, 2022.

“Pak-Gulf Leasing Company is a company incorporated in Pakistan on December 27, 1994 as a public limited company. The foundations of the company are laid under the Companies Ordinance, 1984. The operations of the company commenced on September 16, 1996. The company is principally engaged in the business of leasing. The shares of the company are quoted on all the three Stock Exchanges of Pakistan, namely, the Karachi Stock Exchange Guarantee Limited, the Lahore Stock Exchange Guarantee Limited and the Islamabad Stock Exchange Guarantee Limited. The registered office of the company is located at Karachi.

 

The symbol “PGLC” is being used by the stock exchanges for the shares of Pak-Gulf Leasing Company.”