Category: Business

Karachi, Atif Ikram Sheikh, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), emphasized that while wheat support prices should be maintained to aid farmers, the financial burden should not be shifted onto consumers, particularly in the form of expensive wheat flour, a staple food in Pakistan.

According to Federation of Pakistan Chambers of Commerce and Industry, Saquib Fayyaz Magoon, Senior Vice President of FPCCI, highlighted the private sector's role in wheat imports, particularly during periods of supply-demand gaps to prevent shortages and stabilize flour prices. Magoon stressed the importance of timely imports in mitigating food security risks and preventing price hikes that could disproportionately affect the masses.

Magoon informed that the private sector's wheat imports were instrumental in addressing the estimated 2.5 to 3 million ton wheat shortage reported by both government and independent sources. He defended the actions of wheat importers, stating that their timely imports were in compliance with government regulations and policies, and blaming them for addressing supply deficits was unjust.

Furthermore, Magoon emphasized that the imported wheat was subject to all applicable taxes and duties, and harassing importers could discourage their crucial role in future crises. He highlighted that timely imports had prevented wheat and flour shortages over the past few months and contributed to a decline in inflation, leading to significant cost savings for consumers.

Magoon pointed out the economic benefits of imported wheat, which costs significantly less than locally produced wheat, translating into substantial savings for consumers and contributing to a downward trend in inflation.

The FPCCI urged the government to ensure that support price subsidies for wheat do not negatively impact consumers, underscoring the importance of a balanced approach to support farmers while safeguarding the interests of the general public.

The post FPCCI Urges Government: Wheat Support Price Subsidies Should Not Impact Consumers appeared first on Pakistan Business News.

Karachi, Deputy Head of Mission from the Embassy of Mongolia Lkhanaajav Munkhtushig expressed eagerness to bolster trade and investment relations with the business community of Karachi through heightened exchange of business delegations between the two countries. Speaking during a meeting at the Karachi Chamber of Commerce and Industry (KCCI), Munkhtushig highlighted the importance of mutual understanding and collaboration to explore new avenues of trade and investment cooperation.

According to Karachi Chamber of Commerce and Industry, Munkhtushig emphasized the need for collective efforts to enhance trade between Pakistan and Mongolia, noting that last year, Pakistan’s trade with Mongolia increased by 62 percent to reach US$4.8 million, a figure he deemed relatively small. He suggested that Pakistan’s business community could potentially increase exports to Mongolia by offering products at competitive rates, thus diversifying trade opportunities between the two nations.

Munkhtushig pointed out that despite Mongolia's small population of 3.5 million, the country experienced robust economic growth of 5.6 percent last year, with further growth estimated at 6.2 percent this year by the World Bank. He underscored Mongolia’s total trade volume of US$24 billion, with significant exports and imports dominated by trade with China.

Highlighting Mongolia’s landlocked status and reliance on Chinese ports for trade, Munkhtushig expressed optimism about the potential benefits of connectivity projects such as the China Pakistan Economic Corridor (CPEC) in improving Mongolia’s access to global markets. He identified textiles, pharmaceuticals, and other sectors as areas of potential collaboration between Pakistan and Mongolia, emphasizing the importance of increased exchanges of trade delegations to achieve tangible results.

Senior Vice President of KCCI Altaf A. Ghaffar expressed full support for enhancing trade and investment ties between Pakistan and Mongolia, highlighting the untapped potential in Pakistan’s mines and mineral sector. Ghaffar emphasized the significance of collaboration between the two countries in various sectors beyond the existing trade volume of US$4.8 million.

The post Mongolian Envoy Advocates for Increased Business Exchanges to Enhance Trade Ties appeared first on Pakistan Business News.

Karachi, Muhammad Hussain Qureshi has been named Deputy Convenor of the Sindh Regional Standing Committee for Small Traders of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). His appointment has received widespread support from business and trade groups.

According to Federation of Pakistan Chambers of Commerce and Industry, Qureshi, who currently presides as the president of a local business association, expressed gratitude towards the United Business Group's leadership and other federation officials for their trust in his capabilities. He assured that he would strive to meet the federation’s goals effectively.

Business communities have shown a positive reaction, extending their good wishes for Qureshi’s new role. They anticipate that his leadership will contribute significantly to the interests of small traders within the region.

The post Muhammad Hussain Qureshi Appointed Deputy Convenor of FPCCI’s Sindh Regional Committee appeared first on Pakistan Business News.

Karachi, Amid a severe economic downturn in Pakistan, the United Business Group (UBG) has advocated for a unified approach to foster economic resilience and prosperity. This call for action came during a pressing time as leaders from the group highlighted the need for cooperation across government, political factions, and the business sector.

According to United Business Group, the collective effort should include contributions from all trade bodies to rejuvenate the nation's languishing economy. Leaders like S M Tanveer, Zubair Tufail, Khalid Tawab, Hanif Gohar, Momin Ali Malik, and Mazher A Nasir collectively voiced the urgent need to dismantle the pervasive "rental business" mentality and tackle fundamental challenges within various sectors. They proposed ambitious goals such as doubling exports in the next five years by focusing on robust industrial and agricultural development.

Reflecting on Bangladesh's economic success despite significant hurdles, the UBG leaders expressed confidence that Pakistan could replicate this success through determined and coordinated efforts. They proposed the creation of an economic forum under the Federation of Pakistan Chambers of Commerce and Industry's guidance to consolidate the business community's recommendations into an actionable plan for economic advancement.

Key strategies outlined for economic rejuvenation include reestablishing trade ties with neighboring countries, ensuring political stability, reducing business costs, and lowering energy prices. They also stressed the importance of financial aid for small and medium enterprises and the cottage sector, alongside improving the security environment.

The UBG emphasized that addressing these issues would enhance the business community’s confidence and willingness to engage actively in measures to mitigate the economic challenges. Immediate actions such as cutting industrial energy rates, formulating long-term economic policies, and expanding the tax base were highlighted as critical to kickstarting the recovery process.

The post United Business Group Calls for Collaborative Effort to Overcome Pakistan’s Economic Crisis appeared first on Pakistan Business News.

KARACHI: Pak-Qatar Asset Management Company Limited (PQAMC) has recently announced the monthly dividend of Pak-Qatar Monthly Income Plan (PQMIP) under PQAMC's Shariah-Compliant Income Fund. The plan is also amongst the highest return paying plan in the category.

As per the PQAMC Website, PQMIP announced dividend is PKR 1.4074 per unit for the month of April’24 taking cumulative payout to PKR16.7996 per unit with an annualized return of 22.29% YTD earned as on April 26, 2024. PQAMC is rated AM2 with ‘Stable Outlook’ by PACRA - the internationally acclaimed rating agency. The PQMIP plan is also rated A+ with a ‘Stable Outlook’ by PACRA.

The Chief Executive Officer of Pak-Qatar Asset Management Company Limited – Mr. Farhan Shaukat has approved the distributions of dividends for the month of April 2024, under the authority delegated to him by the Board of Directors.

Mr. Farhan further stated that: “The above entitlement will be distributed to the unit-holders, whose names appear in the register of unit-holders at the close of business on April 25, 2024. This reflects PQMIP’s strong and consistent performance and our commitment to our Participants of PQMIP”

Pak-Qatar Group has a vision to add value to the economy of Pakistan by making valuable investments and creating innovative and Halal financial ventures and services for sustainable growth. The stakeholders can also review the performance of Pak-Qatar Monthly Income Plan on the website of the Mutual Funds Association of Pakistan (MUFAP) - the trade body for Pakistan's multi billion rupees asset management industry.

Karachi, In a significant move to advance road safety standards within its logistics operations, Unilever Pakistan hosted a comprehensive workshop today at its head office. The event, titled "All in For Safety on the Roads," aimed to unify various stakeholders around Unilever’s vision to become a “Zero Injury Company” through enhanced safety practices across its logistics network.

According to Unilever Pakistan Limited, the workshop included participants from diverse organizations, focusing on critical areas such as safe driving practices, driver fitness, and effective risk management strategies. These discussions underscored the company's commitment to embedding a culture of safety excellence throughout its operations.

The session provided a platform for sharing insights into Unilever's logistics safety protocols, including enforcement of minimum mandatory requirements like the LTO License to Operate and strict adherence to safety SOPs. Moreover, collaborative syndicate sessions allowed attendees to analyze past incident reports and discuss training and development initiatives, vehicle fitness protocols, and risk mitigation strategies to better manage operational safety risks.

Abdul Hannan, Head of Supply Chain – Pakistan at Unilever, reflected on the event's success, emphasizing the critical role of collaboration in enhancing road safety. "We are proud to spearhead this collaborative effort to enhance road safety with our logistics partners. By uniting industry leaders and sharing best practices, we are taking significant strides toward ensuring safety on the roads for all," said Hannan.

The workshop also featured insights from industry experts, including Makhdoom Faisal Bhatti, Head of Supply Chain at BASF, who shared best practices in aligning organizational goals with road safety initiatives. Additionally, DB Ali Suhag, Head of the Sindh Police Accident Research and Analysis Center, highlighted the critical aspects of road safety behavior and the importance of helmet usage.

This initiative by Unilever Pakistan not only aims to foster a safer working environment but also to create a sustainable model for road safety that could be emulated by other organizations.

The post Unilever Pakistan Leads Collaborative Workshop to Promote Road Safety in Logistics appeared first on Pakistan Business News.

Karachi, In a significant move to advance road safety standards within its logistics operations, Unilever Pakistan hosted a comprehensive workshop today at its head office. The event, titled "All in For Safety on the Roads," aimed to unify various stakeholders around Unilever’s vision to become a “Zero Injury Company” through enhanced safety practices across its logistics network.

According to Unilever Pakistan Limited, the workshop included participants from diverse organizations, focusing on critical areas such as safe driving practices, driver fitness, and effective risk management strategies. These discussions underscored the company's commitment to embedding a culture of safety excellence throughout its operations.

The session provided a platform for sharing insights into Unilever's logistics safety protocols, including enforcement of minimum mandatory requirements like the LTO License to Operate and strict adherence to safety SOPs. Moreover, collaborative syndicate sessions allowed attendees to analyze past incident reports and discuss training and development initiatives, vehicle fitness protocols, and risk mitigation strategies to better manage operational safety risks.

Abdul Hannan, Head of Supply Chain – Pakistan at Unilever, reflected on the event's success, emphasizing the critical role of collaboration in enhancing road safety. "We are proud to spearhead this collaborative effort to enhance road safety with our logistics partners. By uniting industry leaders and sharing best practices, we are taking significant strides toward ensuring safety on the roads for all," said Hannan.

The workshop also featured insights from industry experts, including Makhdoom Faisal Bhatti, Head of Supply Chain at BASF, who shared best practices in aligning organizational goals with road safety initiatives. Additionally, DB Ali Suhag, Head of the Sindh Police Accident Research and Analysis Center, highlighted the critical aspects of road safety behavior and the importance of helmet usage.

This initiative by Unilever Pakistan not only aims to foster a safer working environment but also to create a sustainable model for road safety that could be emulated by other organizations.

The post Unilever Pakistan Leads Collaborative Workshop to Promote Road Safety in Logistics appeared first on Pakistan Business News.