ICCI – Page 2 – PPI News Agency

March 30, 2023

Removal from list of high-risk countries an achievement for Pakistan

Islamabad, March 30, 2023 (PPI-OT): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Thursday said the removal of Pakistan from the European Union’s list of high-risk countries is a great achievement. The development will have a positive impact on the overall business environment, it will save time and cost of exporters, will boost exports, and improve international borrowing capabilities, he said.

Shahid Rasheed Butt said that Pakistan will now be able to explore new markets in the continent and the Pakistani companies doing business with the 27-member bloc will not face additional regulatory requirements. The new development would add to the comfort level of our business community and is will ease the cost and time of legal and financial transactions by Pakistani companies and individuals in the EU, he said.

The high-risk countries list includes nations that do not have a robust regulatory and legal system to prevent financial crimes and terror financing that could pose significant threats to the financial system. When a country is added to the list, it is subjected to enhanced scrutiny and additional measures that increase the cost of doing business.

In line with last year’s FATF decision, the EU has decided to remove Pakistan from its list of countries with high risk regarding money laundering and financing of terrorism which is a great achievement. Now the EU has accepted that weaknesses in the country’s legal and regulatory systems have been upgraded and Pakistan can now prevent financial crimes and terrorist financing, he said. Mr. Butt said that since friendly countries and international institutions are not ready to lend to Pakistan therefore authorities should facilitate exporters so that they can earn foreign exchange for cash-strapped Pakistan.

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

The post Removal from list of high-risk countries an achievement for Pakistan appeared first on Business News Pakistan.

March 29, 2023

UAE company keen to promote financial inclusion of SMEs in Pakistan

Islamabad, March 29, 2023 (PPI-OT):A delegation of UAE-based company InvoiceMate visited Islamabad Chamber of Commerce and Industry to introduce their invoice management system on blockchain for promoting financial inclusion of SMEs in Pakistan. Muhammad Salman Anjum Founder and CEO, Saeed Alhebsi Co-Founder of InvoiceMate and Advisor on Artificial Intelligence to the Ministry of Human Resource and Emiratization of UAE, Rafael Shulz Founder BlockchainPunk Labs of Germany, Muhammad Zeeshan Abid Co-Founder and Product Design Lead at InvoiceMate were in the delegation. Ms. Rashida Bajwa, Assistant Director (ME-I), Ministry of Foreign Affairs of Pakistan accompanied the delegation.

Speaking at the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI) welcomed the UAE delegation and assured them of full support in rolling out the blockchain powered financial inclusion enabler InvoiceMate for SMEs in Pakistan. He lauded the efforts of InvoiceMate for revolutionizing invoice financing by enabling financial inclusion of SMEs and informal businesses.

He said that the financial inclusion of SME is very important to accelerate the economic growth in Pakistan. He said that SMEs get only around 6% credit of the total private sector credit in Pakistan, which is less than 1% of GDP and is a major hurdle in their growth and stressed that the government should increase credit to SMEs to at least 20 percent that would boost business activities and put Pakistan on the path of sustainable growth.

Speaking at the occasion, Muhammad Salman Anjum Founder and CEO, Saeed Alhebsi Co-Founder of InvoiceMate said that they are keen to create sustainable financial inclusion opportunities in the Pakistan market. They gave a detailed briefing to the business community about all the aspects of the world’s first blockchain-powered invoice management and financing solution that enables invoice automation.

It comes with function specific features that provide efficient results, while saving money and resources. They said that InvoiceMate uses emerging technologies like blockchain and AI that provides multiple benefits to the businesses including 70-80% reduction in payable workload, 60-70% reduction in payment errors, 40-50% reduction in cost per invoice, 95-100% achievement in data accuracy and 70-75% reduction in reconciliation efforts.

Faad Waheed, Senior Vice President ICCI said that SMEs are the backbone of the economy and said that ICCI would cooperate with Team InvoiceMate in introducing its latest invoice management system in its member companies to increase their efficiency and productivity.

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

The post UAE company keen to promote financial inclusion of SMEs in Pakistan appeared first on Business News Pakistan.

March 28, 2023

Prices of flour, rice, vegetables and fruits increased substantially

Islamabad, March 28, 2023 (PPI-OT): Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said influential profiteers have set new records of looting with the arrival of Ramadan. The prices of essential commodities were already skyrocketing, but with the advent of Ramadan, a new wave of inflation has come across the country, he said.

Shahid Rasheed Butt said that the prices of flour, rice, pulses, and various types of vegetables have been increased and the price of fruits has been increased by two to four hundred percent taking a toll on the masses facing unprecedented inflation. The continued increase in the price of necessities proves the weakness or collusion of the administration, he observed.

The business leader said that the majority of the people are longing for feeding their families while ruthless profiteers have made the current Ramadan the most expensive month in the history of the country. Despite the plunder of hoarders, no meaningful action is being taken against them which can provide some relief to the masses.

Worried by the worst inflation and insufficient income, people are forced to limit their purchases during Ramadan as it becomes impossible for them to meet their expenses, he observed. Most of the responsibility for the increase in prices of necessities and other items lies with hoarders and big suppliers but common shopkeepers are targeted which is a fruitless exercise.

The decisions regarding price hikes are made by those who keep themselves behind the scenes and always escape an action because of their political connections. If the government wants to control the prices it will have to bring hoarders and big brokers to the book, he remarked. Shahid Rashid Butt said that if all the provincial governments form special teams and take action against the influential hoarders the prices will fall immediately but the politicians will not let it happen.

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

The post Prices of flour, rice, vegetables and fruits increased substantially appeared first on Business News Pakistan.

March 28, 2023

Pakistan can earn billions of dollars through export of pink salt: ICCI

Islamabad, March 28, 2023 (PPI-OT): Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that Pakistan is the only producer of pink salt in the world and the government should cooperate with the private sector in value addition of this salt that would enable the country to earn billions of dollars through its exports around the world. He said this while talking to a delegation of Miracle Salt of USA that visited ICCI led by its President Nadeem Ahmed.

Ahsan Bakhtawari said that the global market of pink salt is around US$ 12 billion, but Pakistan’s annual export of this salt is just around US$ 70 million, which is far less than the actual potential of the country. He said that Pakistan is exporting 90 percent of pink salt in raw form @ of US$ 60-80/ton and many other countries are earning much higher margins by value addition of Pakistan’s raw pink salt and exporting it to other markets. He stressed that the government should fix the minimum export price of pink salt and help the business community in its value addition to boost its export.

Speaking at the occasion, Nadeem Ahmed, President, Miracle Salt of USA said that they are interested to invest in Pakistan’s pink salt to produce its valued added products as this salt has great potential for exports in the global market. He said that the Government of Pakistan should announce a policy of pink salt and regulate its trade and exports that would attract more foreign investment to Pakistan. Karim Aziz Malik, Muhammad Naseem, Mr. Martin and others were in the delegation.

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March 27, 2023

ICCI for focusing on Tajikistan to promote exports with Central Asia

Islamabad, March 27, 2023 (PPI-OT):Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry (ICCI), said that Tajikistan is a gateway for Pakistan in Central Asia and Pakistan can significantly improve its business relations with these countries by establishing close relations with Tajikistan.

He urged that Pakistan’s embassy should cooperate with the private sector in promoting trade and exports with Tajikistan. He said this while talking to the Muhammad Saeed Sarwar, Ambassador-designate of Pakistan to Tajikistan during his visit to ICCI. Ahsan Bakhtawari said that Tajikistan is an import-based country and Pakistan can export many products to it including textiles, pharmaceuticals, surgical instruments, cement, sports goods, and leather products, for which cooperation of the embassy is important.

He said that there is a distance of only 16 kilometers between Tajikistan and Pakistan at Wakhan strip, and if this route is made usable, there can be a significant improvement in bilateral trade between the two countries. He said that ICCI would consider sending a delegation to Tajikistan to explore its market.

Speaking at the occasion, Mohammad Saeed Sarwar, Pakistan’s Ambassador-designate to Tajikistan, said that the business community is playing an important role in promoting the country’s trade and exports, and assured that he would try to explore new opportunities for Pakistan’s export to Tajikistan.

He said that a transit trade agreement has been signed between Pakistan and Tajikistan, and its implementation would improve trade relations between the two countries. He said that the government is focusing on exports and the Pakistani foreign missions would cooperate in this mission.

Faad Waheed, Senior Vice President ICCI said that the Chamber has established a facilitation desk for the Central Asian Countries to facilitate the business community in finding new opportunities for doing business with these countries. He said that the cooperation of the embassy will be helpful in making the desk more effective.

ICCI Group Leader Khalid Iqbal Malik said that the role of embassies in promoting Pakistan’s business interests in the international market is very important and hoped that Pakistan’s embassy in Tajikistan would play an active role in this regard. He said that embassies should be given annual targets for exports so that our exports can grow faster.

Zafar Bakhtavari, former President ICCI said that the direct air links of Pakistan with Central Asia, including Tajikistan, are very important for Pakistan, as they will strengthen people to people contacts, increase exports, and promote tourism. He said that the embassy of Pakistan in Tajikistan should play a direct flight between Istanbul, Islamabad and Dushanbe.

He said that Pakistan provides easy access to Tajikistan and other Central Asian countries to the outside world through its Gwadar and Karachi ports, so the close relations will be a win-win outcome for Pakistan and Central Asian countries. Rizwan Chheena, Sheikh Ejaz, Ameer Hamza, Muhammad Shabbir, Khalid Chaudhry, Munizeh Majid and others also spoke at the occasion and shared useful ideas to improve trade and economic relations between Pakistan and Tajikistan.

The post ICCI for focusing on Tajikistan to promote exports with Central Asia appeared first on Business News Pakistan.

March 26, 2023

Ishaq Dar assures Pakistan to close deal with IMF to revive economy

Islamabad, March 26, 2023 (PPI-OT): The friendly countries are expected to materialize their commitments with Pakistan that would pave the way to close the deal with the IMF and revive the economy. This was said by Muhammad Ishaq Dar, Federal Finance Minister while addressing as Chief Guest an Iftar Dinner hosted by the Islamabad Chamber of Commerce and Industry in honor of foreign diplomats.

Ishaq Dar said that in 2016, Pakistan was a rising economy as it was expected to become the world’s 18th-strongest economy, but is now facing serious economic challenges. He said that Pakistan would not default and the government is making all possible efforts to steer it out of a difficult situation in order to put it on the path of sustainable economic growth. He lauded the initiative of ICCI for hosting an Iftar Dinner for diplomats.

Speaking at the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that the government should ensure consistency in economic policies that would enable the business community and investors to invest in Pakistan with confidence.

He assured that the business community would fully support the government in its efforts to revive the economy. He highlighted the business and investment opportunities in Pakistan for diplomats. He said that Pakistan is a huge market of over 220 million consumers and offers great investment opportunities in various sectors of its economy.

He said that the foreign investors should transfer technology to Pakistan and explore JVs and investment in areas of interest. Tariq Fazal Chaudhry, former Federal Minister said that the government is determined to promote ease of doing business and hoped that the current difficult phase would be over soon. Faad Waheed, Senior Vice President ICCI said that Pakistan needs exports to overcome its foreign exchange crisis and hoped that the foreign diplomats would fully cooperate with Pakistan in realizing this goal.

Engr. Azhar ul Islam Zafar, Vice President ICCI thanked the chief guest, diplomats and all participants for participating in the Iftar Dinner. He said that if the government creates a more conducive business environment, the private sector would be able to improve the health of the economy.

Ch. Junaid Afzal, Chairman, Nova Group said that with the efforts of Ahsan Zafar Bakhtawari, President ICCI, Nova Group is working out on an attractive discounted package of residential and commercial plots for the members of the business community. He said that Nova Group would cooperate with ICCI for the establishment of an industrial park in the region.

Zafar Bakhtawari, former President ICCI said the business community is hopeful that Finance Minister Ishaq Dar would soon conclude a deal with the IMF that would enable Pakistan to cope with its current economic crisis. He said that the government should now work hard to end the country’s reliance on foreign loans and make it self-sufficient and assured that the business community would fully support in achieving this goal.

H.E. Atadjan Movlamov Ambassador of Turkmenistan, H.E. Yerzhan Kistafin Ambassador of Kazakhstan, H.E. Khazar Farhadov Ambassador of Azerbaijan, H.E. Ulanbek Totuiaev Ambassador of Kyrgyzstan, H.E. Dr. Mehmet Pacaci Ambassador of Turkey, H.E. Adam M. Tugio Ambassador of Indonesia, Dr. Ramez Alraee, Ambassador of Syria, and diplomats of many other countries including Saudi Arabia, Australia, Malaysia, Poland, Sri Lanka, Nepal, Republic of Turkish Northern Cyprus attended the Iftar Dinner. They appreciated ICCI for hosting a magnificent Iftar Dinner for them.

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March 26, 2023

31st March is the last date for renewal of ICCI Membership

Islamabad, March 26, 2023 (PPI-OT): The membership renewal process of Islamabad Chamber of Commerce and Industry (ICCI) is in full swing for the year 2023-24 and as per Trade Organizations Act, the last date for renewal of membership is 31st March 2023.

The Chamber has already notified its members through various means including letter, email, WhatsApp and SMS that the membership of ICCI shall expire on 31-03-2023 and all members are required to get the membership renewed on or before 31-03-2023, submitting a copy of the Income Tax Return for the year 2022 (and copy of latest Sales Tax Return if applicable). For this purpose, the ICCI office will remain open from 9:00 am to 4:00 till March 31, 2023.

ICCI further clarifies that in case, an existing member could not get membership renewed on or before 31st March 2023, his/her membership shall cease automatically and for becoming a member of ICCI again, they will have to go through the re-admission process.

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