Category: Business

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MD Pakistan State Oil visits Quetta, discusses business growth prospects with petroleum dealers, celebrates customers care day

Karachi, March 09, 2018 (PPI-OT): Mr. Sheikh Imranul Haque, MD and CEO, PSO, visited the Quetta city accompanied by senior company officials. During a busy business visit, he met with PSO’s local management, business partners and associates to further the company’s business prospects from a growth perspective. Mr Haque also had the opportunity to discuss future opportunities in line with PSO’s business initiatives, current issues and challenges faced by PSO business partners.

Pakistan State Oil (PSO), the largest public sector organization in the energy sector, also celebrated a Customer Care Day at the Carwan Petroleum Service Station, Chaman. The objective of celebrations was to honour the PSO customers, increase the company’s interaction with them and align broader business objectives according to customers’ preferences.

For more information, contact:
Executive-Corporate Communications
Pakistan State Oil (PSO)
PSO House,
Khayaban-e-Iqbal, Clifton,
P. O. Box 3983,
Karachi 75600, Pakistan
UAN: +92-21-111-111-PSO (776)
Ta’aluq Care Line: 0800-03000
Tel: +92-21-99203866-85
Fax: +92-21-99203835
Email: hasan.saeed@psopk.com
Website: www.psopk.com

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Exports achieve 16.5% Growth – Set to Contribute Additional 0.8% to GDP

Islamabad, March 09, 2018 (PPI-OT): The increasing exports since June 2017, continued the trend during February 2018, by achieving the highest monthly growth yet in the fiscal year by posting 16% increase in dollar terms and 22% increase in rupee terms, in comparison to the exports in February 2017. The current year’s export performance has already contributed additional forex inflows of around USD 1.5 bn during the first eight months and is expected to reach the figure of additional USD 2.5 bn, during 2017-18. This increase in economic activity in external sector reflects an increase of 0.8% of GDP.

This means additional around Rs. 280 bn of incomes to trade, industry, agricultural sectors and the resultant additional employment. These results have been achieved due to the export-friendly policies and incentives of the government and the renewed efforts towards seeking better market access by the Ministry of Commerce. The positive trend in the international demand and exchange rate correction are also expected to help sustain this rising trend in the coming months.

The imports have also responded to the steps taken to check the surge in consumer goods inflows since past few years. The imposition of Regulatory Duties on 355 non-essential consumer items by ECC on the proposal by Ministry of Commerce, resulted in reduction in the imports of these goods by 16%, while the FBR revenue registered an increase.

However, since the large chunk of imports comprise of essential goods such as fuels and edible oil, which has been affected by the rising trend since July 2017, the impact of the reduced imports of non-essentials is being offset. The imports of machinery and raw materials, essential for economic growth also contribute to the gap in the balance of trade. However, despite all these pressures, the increase in imports has been only 9.7% during February 2018 as compared to February 2017, bringing down the trade deficit by 21% from USD -3636m in Jan 2018 to USD -2895m in February 2018.

For more information, contact:
Principal Information Officer,
Press Information Department (PID)
Tel: +92-51-9252323, +92-51-9252324
Fax: +92-51-9252325, +92-51-9252326
Email: piopid@gmail.com
Website: www.pid.gov.pk

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Overseas Pakistanis remit US $12.8 billion in the first eight months of FY18

Karachi, March 09, 2018 (PPI-OT): Overseas Pakistani workers remitted US $12833.64 million in the first eight months (July to February) of FY18, showing a growth of 3.41 % compared with US $12410.54 million received during the same period in the preceding year. During February 2018, the inflow of worker’s remittances amounted to US $1450.17 million, which is 11.5% lower than January 2018 and 2.33% higher than February 2017.

The country wise details for the month of February 2018 show that inflows from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman) and EU countries amounted to US $348.31 million, US $332.18 million, US $207.27 million, US $201.01 million, US $149.4 million and US $48.65 million respectively compared with the inflow of US $404.39 million, US $320.3 million, US $177.76 million, US $170.56 million, US $168.2 million and US $31.71 million respectively in February 2017. Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during February 2018 amounted to US $163.35 million together as against US $144.14 million received in February 2017.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

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Government to provide grant of Rs. 1 to 4 Lac to SMEs on acquiring Certifications

Islamabad, March 09, 2018 (PPI-OT): Ministry of Science and Technology has launched a “Certification Incentive Program” (CIP) for SMEs under Productivity, Quality and Invention (PQI) Initiative 2025 to support SMEs in improving certification framework that would lead to better quality products, improved industrial productivity, high level of competitiveness and wider penetration of Pakistani products into the international market.

To brief the business community about the key features of the program, Ministry of Science and Technology organized an introductory seminar on “Certification Incentive Program” at Islamabad Chamber of Commerce and Industry. Shaheen Raja, Project Manager, Ministry of S and T said that SME’s/Firms with achieved certifications such as ISO 9001, 14001, 18001 and others would be eligible to apply for this program.

He said the program would be for 3 years out of which one year has already passed and it would cost Rs.745,81 million. 75% of this cost would be spent on giving grants to SMEs for achieved certifications while the rest would be spent on their capacity building and trainings. The program would guide and support the SMEs to adopt new trends of international competitiveness, improved industrial productivity and quality.

He said the SMEs were not bound by law to obtain certifications, however, for promoting exports in international market, they have to achieve these certifications as the international clients preferred to buy from certified firms. The SMEs of food, non-food and services sectors would be eligible to apply. The program shall provide only one-time reimbursement against a valid certification and the incentive would be provided to applicant SMEs for only one scheme of their choice.

The scheme envisages one-time reimbursement of partial expenditure for acquiring certification, so applicable. An amount of Rs.0.1- 0.4 million per certification for each SME is earmarked under the project. Intensive nation vide training program for the related certification schemes would be organized and the permanent registered SMEs/units would be eligible to avail the Incentive Scheme.

Addressing the seminar, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that SMEs were the backbone of the economy and government should take strong initiatives to improve their competitiveness and productivity. He said there were about 3.2 million SMEs in the country, but due to lack of financial and other resources, only a nominal number of them had achieved certifications. He hoped that the Certification Incentive Program would help SMEs in adopting new business trends, getting new technologies, improving competitiveness and promoting country’s exports.

Muhammad Naveed Senior Vice President and Nisar Mirza Vice President ICCI thanked M/o Science and Technology for organizing seminar on CIP at ICCI and assured that Chamber would fully cooperate with Ministry in introducing this program in local SMEs so that maximum SMEs of the region could take benefit from it for improving their business prospects.

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: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

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METRO Cash and Carry Pakistan collaborates Punjab Skills Development Fund, PBTE and Star Farm Pakistan for Industrial Training Program 2017

Lahore, March 08, 2018 (PPI-OT): METRO Cash and Carry in collaboration with Star Farm Pakistan organized the Graduation Ceremony of the 1st Industrial Training Program 2017 at local Hotel Lahore to distribute certificates to 50 Trainees issued by Punjab Board of Technical Education Lahore along with stipend cheque on completion of their successful Industrial Training by the honourable chief guest H.E Mr. Martin Kobler (Ambassador of Federal Republic of Germany to Pakistan).

Industrial Training Program 2017 was funded by Punjab Skills Development Fund in collaboration with METRO Cash and Carry and Star Farm. This vocational training program is designed for the Youth of Punjab for provision of training in Meat Handling and Processing and Bakery and Pastry. The objective of this Program is to support industrial and manufacturing sectors for provision of skilled work force, increase access to jobs, create income earning opportunities and to bridge gap between industry needs and skills of youth.

The conference commenced with the welcome speech by Mr. Pervaiz Akhtar (Director Star Farm Pakistan), where he recognized and appreciated the efforts of PSDF for entrusting Star Farm to provide the training and METRO Cash and Carry for facilitating on job training to the participants of ITP, Ambassador Kobler for gracing the occasion, Project Team and wished the trainees best of luck for future.

H.E Mr. Martin Kobler (German Ambassador) also took the stage and appreciated the initiatives taken by Star Farm Pakistan for the capacity building of farmers across the country which holds vocational training very dearly and further emphasized the importance of key role of technical education in the uplift of the economy.

Ms. Huma (Head of Business Development and Partnerships PSDF), talked about the importance of this scheme and appreciated METRO Cash and Carry and Star Farm for their efforts and services in preparing youth in having complete set of skills related to food supply chain and agriculture sector. The closing remakes were shared by Mr. Asim Isar (Director Finance METRO Cash and Carry Pakistan) in which he thanked H.E Mr. Martin Kobler for honouring the event with his presence and also appreciated the efforts of Government of Punjab and PSDF in making Industrial Training Program 2017 a success story.

For more information, contact:
Manager Public Relations
METRO Cash and Carry Pakistan
Phone: +92 (0) 42 37509636
Fax: +92 (0) 42 37508112
Cell: 0300-2128185, 0322-4003745
Email: quratulain.shahid@metro.pk

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UN Women, World Bank and Women on Board Pakistan join to Ring Market Opening Bell for Gender Diversity

Karachi, March 08, 2018 (PPI-OT): Pakistan Stock Exchange, for the second year in a row, commemorated the International Women’s Day in a befitting manner. This time, PSX gave its floor to three leading gender diversity promoting organizations – UN Women, World Bank and Women on Board Pakistan, to perform the “Ring the Bell” ceremony. The ‘Gong Ceremony’ was held to express solidarity with the cause of promoting women inclusiveness and mainstreaming in the business world.

On behalf of the participating organizations, the “Ring the Bell” Gong ceremony was performed by Mr. Jamshed Kazi of UN Women, Ms. Rahat Kaunain Hassan of WOB Pakistan, Ms. Sultana Siddiqui of Hum TV, Ms. Shazia Syed of Unilever Pakistan, Ms. Sabrina Dawood of Dawood Foundation and Ms. Elin Burns, UK’s Deputy High Commissioner in Karachi. Each of these leading women professionals, together with Mr. Jamshed Kazi, Richard Morin and Aftab Ahmad, took turns to open the market with one Gong hit each, underscoring the objective of achieving a perfect gender balance in the economic, business, and commerce sectors of the country. The Gong ceremony is also a symbolic activity to pronounce the opening of the market on special occasions including as International Women’s Day.

It may be mentioned that each year, a large number of stock exchanges across the World, dedicate a day for such events during the month of March to mark their solidarity for the cause of greater gender inclusiveness in the listed sector. The tradition of holding of opening bell ringing ceremonies at the global stock exchanges by women activists started about four years ago to coincide with the International Women’s Day, and to highlight the business case for enhanced economic opportunities for women. PSX joins over 65 global stock exchanges who this International Women’s Day hosted a bell ringing ceremony to raise awareness of the pivotal role the private sector can play in advancing gender equality to achieve the UN’s Sustainable Development Goal 5.

Addressing the ceremony, Ms Shazia Syed said that although leadership has no gender, but women’s influence on the lives of every child makes it clear that women have a lasting impact in the emergence of leaders. Ms. Rahat Kaunain Hassan, stated that, “WOB aims at affording the corporate world the opportunity to benefit from the experience of those who have demonstrated the resolve and commitment to progress against odds. The WOB agenda is the empowerment of the corporate sector in national economy, not women alone.”

Mr. Jamshed Kazi said, “Stock exchanges are uniquely placed to promote gender equality through transparent and efficient capital markets that generate long-term value for both women and men. In addition to leading by example through their own operations, stock exchanges can influence investor and company behaviour, help enforce compliance with pro-women legal frameworks and support regulators in promoting the adoption of market standards equally, for everyone.” Mr. Aftab Ahmad shared the statistics of the current gender representation on listed corporate Boards, and said that WOB’s objective is to have at least 25% gender parity on the corporate boards in Pakistan by 2025.

The opening session was initiated by Mr. Richard Morin, MD PSX, wherein he highlighted his own vision for a better gender balance within PSX. He also emphasized the need of developing a pipeline of good female corporate executives so that women are able to command a better proportion of board and top leadership positions on Pakistani corporates.

For more information, contact:
Public Relations,
Pakistan Stock Exchange Limited (PSX)
Cell: +92-332-3289727
Tel: +92-21-111-001122
Tel: +92-21-32428954, 35274576
Fax: +92-21-32419146
Email: nadeem.khanani@psx.com.pk
Website: www.psx.com.pk

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Careem Pledges to Have 20,000 Female Captains by 2020

Karachi, March 08, 2018 (PPI-OT): Careem, the region’s leading ride-hailing app today announced its commitment to recruiting more females to become Captains (Careem refer to drivers as “Captains”) on their platform. Founded in 2012 in Dubai, Careem now has a footprint of close to 100 cities across the wider Middle East and some 500,000 Captains signed up to its platform across the network.

Careem currently has female Captains in UAE, Egypt, Pakistan, Jordan, Morocco, Lebanon, and Palestine. Despite societal norms of driving being a job associated mostly with men, Pakistan leads the female fleet in numbers and has female Captains signed up to drive bikes and rickshaws as well as cars.

Setup to bring about best standards, the Women Captains Committee at Careem will work on a range of projects such as improving the experience for female Captains in all markets as well as preparing for female Captains getting set to drive in Saudi Arabia.

The committee involves Captain Experience, Safety and Security, Social Impact, Sustainability and Supply teams within Careem, who together, will create tailored programs for female Captains to both attract and retain them. In light of the ongoing instability in certain areas of the region, heightened safety and security measures will be put in place to keep female Captains safe.

She Drives Change Careem

Careem will also address the needs of mothers wishing to register on their platform, looking into incentive structures and comfortable, flexible environments for them to work in. The company recognizes the economic impact of women, wanting to enable that growth.

Commenting on today’s announcement, Mudassir Sheikha, CEO and Co-founder of Careem said,

We realize that up until today we have focused our efforts predominantly on attracting and catering to male Captains. It’s time for us and the entire industry to wake up. Not only is there a moral obligation to do so, but there’s also a huge opportunity to grow our business around women and give them the economic opportunity to excel. Women are often the primary breadwinners and looking for alternative, flexible ways to support their families.

From today, Careem will use its muscle across a 13 country-wide network to help remove any blockers that are in the way for women to excel in this field as well. The company will invest in understanding what it means to be a female captain and adapt the business needs to make Careem an exciting and rewarding income opportunity for them.

For more information, contact:
CAREEM
Tel: +92-21-111 227 336
Email: go@careem.com
Website: https://www.careem.com/karachi