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Pakistan’s rice exports PAKISTAN, CHINA STAND TOGETHER TO surge by over 76.5% in SAFEGUARD COMMON INTERESTS: WEIDONG first six months

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Sunday, 21 January, 2024 I 9 Rajab, 1445

SAYS CHINA WOULD CONTINUE ITS SUPPORT TO PAKISTAN AGAINST ANY THREAT OF TERRORISM

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ISLAMABAD

FOREIGN SECRETARY SAYS CPEC REMAINS FOREMOST IN ALL-WEATHER SINO-PAK STRATEGIC COOPERATIVE RELATIONSHIP

STAFF REPORT

HINESE Vice Foreign Minister Sun Weidong on Saturday said Pakistan and China stood together to safeguard their common interests and would continue to support each other on issues of significance. Chinese Vice Foreign Minister Sun Weidong was speaking at the inauguration of a photo exhibition and CPEC library at the Ministry of Foreign Affairs here. He said China would continue its support to Pakistan against any threat of terrorism. The minister said that as iron brother and trusted friend, China attached special importance to Pakistan in its foreign policy and looked forward to further strengthening strategic ties between the two countries. Thanking Pakistan’s support to China on its core issues, he reaffirmed China’s support for Pakistan’s sovereignty and territorial integrity and for its economic development, progress and prosperity. He appreciated Pakistan for its support for the One China principle, adding friendship of the two countries was timetested and had across-the-board support among their people. He said he had brought books from China for the CPEC library including books written by President Xi Jinping on governance and the ancient Chinese culture. Sharing memories of his stay in Pakistan as ambassador in the last decade, he said the library was a reminder of the strength of the strategic partnership

which was manifested through the CPEC projects. The CPEC project was inaugurated by the Chinese President along with the leadership of Pakistan in 2015, he recalled, adding the leadership launched projects across Pakistan by signing more than 50 agreements. The Chinese minister expressed his happiness over the completion of various projects under CPEC including highways, power plants and industrial parks, saying it was all made possible due to the strategic guidance of the leadership. He said the Belt and Road Initiative (BRI) by China was undertaken to bring shared prosperity to humanity. “Through BRI, China envisioned to bring the countries together to face the current economic challenges and to turn challenges into opportunities,” he

PML-N to vehemently oppose attempts for polls postponement, says Shehbaz LAHORE

STAFF REPORT

Former Prime Minister Shehbaz Sharif has made it clear that the Pakistan Muslim League-Nawaz (PMLN) will vehemently oppose any attempts to postpone the February 8 general elections. In an interview with a private news channel, Shehbaz emphasized the critical need for proceeding with the electoral process without delay, stating that any postponement would be detrimental to Pakistan’s democracy. Shehbaz Sharif, who serves as the president of PML-N, highlighted the ongoing election campaigns by various parties across the country, underscoring the urgency of conducting the nationwide polls as scheduled. He also credited the previous governments led by his elder brother, Nawaz Sharif, for significant achievements, including Pakistan’s nuclear power status. Highlighting the party’s election strategy, Shehbaz Sharif mentioned that Nawaz Sharif personally interviewed candidates and would be the party’s candidate for the premiership. However, he refrained from confirming the restoration of his previous position as the Chief Minister of Punjab, stating that the decision would be made after consultation with Nawaz Sharif following the election victory. Moreover, Shehbaz Sharif commented on the PMLN’s narrative “Vote Ko Izzat Do” (Respect the Vote), attributing it to the party’s commitment to ending load shedding within five years. Additionally, he addressed legal cases against the PML-N and its leadership, as well as the need for unity among stakeholders for the country’s better interests. Commenting on a large number of cases against the former ruling party, PTI, and its leadership, Shehbaz said Imran would never be in jail if the May 9 riots had not happened. He termed May 9 events ‘betrayal’ and a “conspiracy’ hatched by the PTI founder against the armed forces. He urged all stakeholders to maintain unity in the better interests of the country. A few days ago, Shehbaz claimed that it would “surprise” everyone in the February 8 election, as the date for the much-awaited contest nears and electioneering intensifies almost across the country.

Rs 15.00 | Vol XIV No 203 I 8 Pages I Islamabad Edition

stressed. The deputy foreign minister had arrived in Islamabad to attend the CPEC Joint Working Group meeting on Sunday. In his remarks, Foreign Secretary Syrus Sajjad Qazi said CPEC remained foremost in the all-weather strategic cooperative relationship of Pakistan and China. Welcoming Vice Foreign Minister Sun to Pakistan, the Foreign Secretary said that the Pakistan-China friendship enjoyed complete political, institutional and public support in Pakistan. Underscoring the salience of bilateral friendship for regional peace and stability, he expressed Pakistan’s readiness to further expand and strengthen bilateral ties in all areas of cooperation. He said the China-Pakistan relationship was exemplified by commonality of

interests. He invited other countries to invest in the industry, agriculture, science and technology projects under the CPEC. The CPEC project was a tribute to the wisdom of leaders of different generations who contributed to strengthening of bilateral ties between Pakistan and China, he remarked. The shared vision of CPEC was meant to bring economic prosperity, regional connectivity and industrial growth, the Secretary added. Later, the Chinese Vice Foreign Minister and Foreign Secretary inaugurated the CPEC library and exhibition. Photos of various CPEC projects including Friendship Hospital, Vocational School and International Airport in Gwadar and East Bay expressway were put on display. The East Bay expressway in the Gwadar region was an important infrastructure project connecting the port and free industrial zone with the national highway network. CHINESE VICE FM ARRIVES IN ISLAMABAD FOR KEY CPEC MEETING: Earlier, Chinese Vice Foreign Minister (FM) Sun Weidong arrived in Pakistan on Saturday to participate in the fourth meeting of the CPEC-Joint Working Group on International Cooperation and Coordination scheduled to be held here in Islamabad tomorrow (Sunday). Foreign Secretary Muhammad Syrus Sajjad Qazi will co-chair the meeting with the Chinese Vice Foreign Minister, according to a Radio Pakistan’s report. Additionally, Sun Weidong is expected to meet with the senior leadership of the country.

Impasse continues between FM, IRS over FBR overhaul g

DR SHAMSHAD’S PLAN INVOLVES DISSOLVING FBR AND CREATING TWO NEW TAX DEPARTMENTS, GIVEN TO BOARDS HEADED BY PRIVATE INDIVIDUALS PROFIT

MONITORING DESK

A stalemate persists between Caretaker Finance Minister Dr. Shamshad Akhtar and the Inland Revenue Service (IRS) over the proposed restructuring of the Federal Board of Revenue (FBR). Despite a meeting at FBR Headquarters aimed at resolving differences, both sides maintained their positions, raising the possibility of military establishment intervention to resolve the deadlock, as reported by Express Tribune. Dr. Akhtar’s plan, which involves dissolving the FBR and creating two new tax departments, given to boards headed by private individuals. The IRS rejected Akhtar’s presented model along with the division of FBR into two departments, Federal Board of Inland Revenue and Customs Board of Revenue. The minister’s insistence on private individuals leading the oversight role of the two new tax departments emerging from the FBR restructuring is a point of contention. During a visit to the FBR Headquarters, Dr. Akhtar failed to sway the IRS to her viewpoint. The meeting ended without any resolution, and sources suggest the matter might now be referred to the military establishment for intervention. The proposal for the FBR restructuring, approved by the Special Investment Facilitation Council (SIFC) on January 3rd, included digitalization initiatives. However, differences emerged over who should head the new boards, with the inter-ministerial meeting suggesting the Secretary Revenue Division for the role, a suggestion not reflected in the finance minister’s draft. As the two-week deadline for submitting a summary to the cabinet lapsed, no consensus was reached. Dr. Akhtar’s version of the summary, which she sent to the FBR chairman, diverges significantly from the chairman’s version, particularly on who should chair the oversight boards.

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RICE EXPORTS LIKELY TO MAKE A RECORD OF OVER 3.5BN DOLLARS THIS YEAR PROFIT

GHULAM ABBAS

Driven by a bumper crop and robust international demand, Pakistan’s rice exports for the first half of this financial year have soared by over 76%, surpassing expectations. According to data released by the Pakistan Bureau of Statistics (PBS), from July to December 2023, the country exported rice valued at $1.63 billion, a remarkable increase from $927 million during the same period in 2022, reflecting a growth of 76.5%. Exporters anticipate that the overall export of rice could reach a historic $3.5 billion, considering the current surge in various rice varieties. The export figures include 2,570,727 metric tons (MT) of rice, compared to 1,732,884 MT during the same period in 2022, indicating a substantial 48.35% increase in volume. Basmati rice accounted for 318,284 MT, representing superior quality, while 2,252,442 MT comprised other rice varieties. The rice sector in Pakistan holds significant importance in terms of export earnings, domestic employment, rural development, and poverty reduction. Rice is a vital food and cash crop, contributing 3.0% to agriculture’s value added and 0.6% to GDP, making it the second main staple food crop after wheat. But what is the reason behind this sudden appreciation in the export of rice? Export Market Insights: Pakistan currently exports $1.4 billion worth of rice globally, while the world’s total rice imports amount to $19.2 billion. Notably, semi-milled or wholly milled rice presents a substantial opportunity for additional exports worth $715.3 million. Geographically, the demand for rice is fragmented, with major importers situated in Asia, the Middle East, and Africa. China stands out as a significant importer, representing a quarter of total trade, and there is a rising demand for rice in African countries like Nigeria. The global rice trade predominantly revolves around two main products: fragrant rice and nonfragrant rice. Basmati rice, highly demanded in the European Union and the Middle East, is mainly produced and exported by India and Pakistan. Impact of Indian Export Ban: The ban on Indian rice exports has proven beneficial for Pakistani exporters. Being the holder of 40% market share, the ban on the export of all rice except high-end basmati, presents a golden opportunity for Pakistan. Buyers from Africa and the Far East, who previously purchased Indian rice, have shifted their preference to the Pakistani market. Exporters anticipate this trend to persist until there is a relaxation in India’s rice export policy.

Public experience nationwide disruption to social media amid PTI virtual event CONTINUED ON PAGE 03

ISLAMABAD

STAFF REPORT

The finance minister argues for independent domain experts to chair the Customs Board and the Inland Revenue Board, while the Secretary Revenue Division would be a member of both. The Secretary Revenue Division, on the other hand, wants his dissenting opinion presented to the federal cabinet. The proposed restructuring, according to the FBR chairman, would necessitate amendments to tax statutes and related laws. Concerns have been raised about potential legal challenges to the restructuring, which could impact revenue collection efforts. Dr. Akhtar’s version suggests that customs and inland revenue organizations will be led by director generals appointed by the government, with financial and operational autonomy. These organizations would not be attached to the revenue division and would instead be accountable to the oversight boards. This impasse comes against the backdrop of a 2020 World Customs Organization survey, indicating that 73% of countries have separate Customs Administrations, while 27% integrate Customs with Inland Revenue.

Internet monitors – Netblocks and Downdetector on Saturday reported a nationwide disruption to social media platforms, coinciding with a virtual event of the Pakistan Tehreek-e-Insaf. The users across the country also complained about the disruption of social media platforms – X/facebook, Instagram and YouTube. “Confirmed: Live metrics show a nation-scale disruption to social media platforms across Pakistan, including X/Twitter, Facebook, Instagram, and YouTube,” the internet tracking agency said at 7:12pm. It added that “the incident comes as persecuted opposition leader Imran Khan’s political party, PTI, launches its second virtual gathering.” Responding to the tracking agency’s confirmation, the PTI said: “Shame on the caretakers that are causing damage to Pakistanis only.” The party said its virtual event would begin at 8pm. Similarly, Downdetector – an internet monitoring service, the platforms, especially the website versions have been down shortly after 6pm local time. Users in major cities such as Karachi, Lahore, and Islamabad complained about their inability to connect to social media sites including X — formerly known as Twitter — Instagram, Facebook, TikTok, and streaming giant YouTube. Additionally, complaints regarding sluggish internet services surfaced among the affected users. ‘Technical fault resolved, internet services restored’

Accountability court freezes Malik Riaz’s assets

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COMMERCIAL BANKS DIRECTED TO FREEZE THEIR ACCOUNTS AND NOT ALLOW TRANSACTIONS OR WITHDRAWALS TILL FURTHER ORDERS PROFIT

AHMAD AHMADANI

An Accountability Court of Islamabad has ordered to freeze the properties, bank accounts, and vehicles of property tycoon Malik Riaz Hussain and his son Ahmed Ali Riaz, in a 190-million-pound corruption case and sought compliance report be submitted within seven days. The accountability judge Mohammad Bashir issued the order to freeze movable and immovable properties, bank accounts and vehicles of proclaimed offenders Malik Riaz Hussain, a Pakistani real estate tycoon, and Ahmed Ali Riaz son of Malik Riaz Hussain.

The Accountability Court ordered revenue officers across the Country to seize the offenders’ immovable properties. The concerned Excise and Taxation Officers (ETOs) were ordered to ensure vehicles are not transferred to the proclaimed offenders or any other person on their behalf. The Commercial Banks were directed to freeze their accounts and not allow transactions or withdrawals till further orders. It was also stated in the court order that the accused persons Malik Riaz and Ahmed Ali Riaz are declared as proclaimed offenders vide Order dated 06-01-2024 after completion of all proceedings / proclamation notices, as they are not appearing before the Court.

It was further stated that their vehicles shall be “seized by the NAB Authority through Additional Director / Incharge RMDC NAB.” “Additional Director / Incharge RMDC NAB is hereby appointed as Receiver of the immovable properties attached today, to take possession of the property in accordance with law, and to receive the rents of rented properties, and to prohibit the payment of rent or delivery of property to proclaimed offenders or any person on behalf of the proclaimed offenders. Compliance report be submitted within seven days,” said the order of the accountability court issued on January 12, 2024.


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