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HYDERABAD: Labourers busy in sorting corn at Subzi Mandi. INP
BUSINESS Sunday, 9 June, 2013
KCCI seminar on business with UN on June 22 KARACHI: Karachi Chamber of Commerce & Industry (KCCI) President Muhammad Haroon Agar on Saturday said the Karachi Chamber in collaboration with the United Nations Procurement Division was organizing a daylong seminar on “Doing Business with the United Nations” on June 22 at the KCCI Auditorium. The KCCI being a premiere body representing the country’s trade had always focused on the growth of the country’s economy and promotion of business relation with their international counterparts. This seminar that is being organised for last few years had proved to be quite efficacious as total number of Pakistani vendors from the United Nations Procurement Division (UNPD) increased from 30 in 2010 to 3,119 in 2012 and 3,444 as of January 2013. The UN procurement volume was roughly $2 billion and the business obtained by Pakistani companies in the UN was much lower than their actual potential. In this seminar presentations and registration will be offered in the commodities/fields of: chemical & petroleum products, logistics & freight forwarding, motor vehicles/parts & transportation equipment, pharmaceutical products and vaccines, architecture, engineering & construction related services, electrical apparatus & electronic component, banking & investment, food rations & catering services, computer equipment and services, telecommunication equipment & services, air transportation services, real estate lease & rental, security equipment, medical equipment, inspection & related services, prefabricated buildings. STAFF REPORT
Foreign buying enhances to $28.99m ISLAMABAD: The foreign investors portfolio investment (FIPI) has registered an increase of $28.99 million in local stock market during a week as compared to previous week's closing. According to National Clearing Company of Pakistan Limited (NCCPL), of total five-day buying, foreign investors had took the positions worth of $1.35 million on first day of week (Monday). On the 2nd day of trading session (Tuesday), the investors invested an amount of $8.69 million in the local stock market. In the same way on Wednesday, an amount of $9.31 million was invested by foreign investors. Similarly, the foreign buying of $7.68 million was made by investors on 4th day of trading session of market. On the last day (Friday) of session, the foreign investors took the positions worth $1.94 million. APP
(FEDERAL BUDGET 2013-2014)
Economists dub IMF bailout, sell-offs economic suicide for new government KARACHI
s the newly-elected federal and provincial governments are readying to unveil their fiscal plans within next couple of weeks, the economists and experts believe the PML-N led government should do away with stereotypes while proceeding with the significant job. some economic analysts whereas proposed presentation of the federal and provincial budgets in the last week of April, others termed it the “biggest challenge” for Nawaz regime to make FY2013-2014 compatible to its election manifesto. The economists also warned the new government against going for a fresh IMF bailout that, they apprehended, would be tantamount to committing economic suicide. The experts on budget reporting suggested that the standing committees, backed by the elected public representatives, in the country’s legislatures must have a proactive role in budget-making. saturday saw renowned economists Dr Kaiser Bengali and Dr shahid Hassan siddiqui and senior journalist Habib Khan Ghauri educating economic reporters at the annual “Budget Reporting Workshop” organized jointly by Karachi Press Club, Karachi Union of Journalists and JournalistLink.com. In his presentation on “Capacity Development Workshop: Effective and Transparent Coverage of Budget 2014”, Dr Bengali said the parliament had been lacking a direct link with the budget making process in Pakistan. The fiscal plan
in Pakistan, he lamented, was for years being prepared by the bureaucracy and not elected representatives of the masses. “Almost 90 percent of the parliamentarians even do not carry the budget documents along after the budget session,” the economist said. He proposed that unlike past practices the budgets, both federal and provincial, should be unveiled in the legislatures in the month of April. Last saturdays of the said month, he said, was the ideal day for budget presentation. “so the lawmakers could have enough time of at least two months to discuss the fiscal document in detail,” said Dr Bengali, former advisor to sindh Chief Minister on finance. To a question on the new government’s tilt towards privatization of the lossmaking state institutions, the economists said any such move by Nawaz government would bring no good to the economy. He revealed that during Musharraf’s era at least 90 industrial entities were sold off, but the buyers had acquired those units only to benefit from their highly valuable land and not operational purpose. “No businessman buys loss-making entities,” the economist maintained. Dr shahid Hassan siddiqui warned the new government against availing a fresh IMF bailout package that, he
claimed, was being offered, uncalled for, by the international lender to provide enough dollars to Pakistan to bear the new losses on the War on Terror front. He said during five years of its term the previous PPP-led coalition government had borrowed from the IMF $8 billion on which losses in the War on Terror were a major drain. “The billions of dollars borrowed did not benefit the masses,” the economist said adding that heavily-indebted Pakistan, facing a huge budget deficit of Rs 2 trillion in FY13, was to pay Rs 1.1 trillion as interest on Rs 16 trillion the cashstrapped country had borrowed so far since 1947. He revealed during fiveyear PPP rule had added Rs 9 trillion to Pakistan’s Rs 6.9 trillion total debts now amounting to around Rs 16 trillion. since 1980, Dr siddiqui claimed, Pakistan had availed nine IMF programs, seven of which had failed to serve their purpose for the borrowed money catered only “unproductive” expenditures of the successive governments. “If prepared in line with IMF conditions the new budget must not be acceptable to the troubled masses,” he said adding the PML-N led government must base its budgetary priorities on its election manifesto. Three items of its manifesto, Dr siddiqui advised the PML-N to materialize
are: taxing all incomes, broadening of the tax net and computerization thereof and taking steps to whiten the black money. Terming huge tax evasions and extravagance of rulers as major issues to be addressed, the economist said Islamabad should bank upon the “strategic partnership” of China which reserved $3.4 trillion dollar reserves compared to that of the United states possessing $450 billion only. Habib Khan Ghauri, former president and secretary of KPC, educated participants of the workshop on what salient features they were required to cover budgetary sessions of the federal and provincial assemblies. The seasoned journalist lamented that the standing Committees were, ideally, meant to propose funds’ allocation under the Annual Development Plan (ADP) in the light of recommendations forwarded by the lawmakers on what was needed in their respective constituencies. Khan, however, said except Public Accounts Committee (PAC) the committee system, by and large, could not work during past five-year rule of the PPP government. “The (former) PAC chairman (Jam Tamachi Unar) had perhaps caused so much embarrassment to them (his party) that he was not given a party ticket for contesting (May 11) election,” said he. Urging the need for improving the committee system, the senior journalist said the reporters should highlight the budgetary allocations for health and education sector that bore a trickledown effect on the common man. To a question, Khan said the financial state of affairs during the previous sindh government remained dubious thus lacked transparency.
LIBYA INVITES PAKISTANI INVESTORS TO INVEST IN CONSTRUCTION PROJECTS ISLAMABAD INP
Abdul Wahed Abugila, Charge’d Affairs, Embassy of Libya visited Islamabad Chamber of Commerce & Industry and said a lot of construction projects were underway in Libya, which offered huge investment potential to foreign investors. He invited Pakistani investors to explore investment opportunities in construction, infrastructure development including roads, bridges, buildings and other ongoing projects as Libya preferred Pakistani investors compared to other countries. He said Libya was also interested in Pakistan’s cooperation in trade, industry, agriculture and other potential areas. He assured that he would request his government to consider giving land on lease to Pakistani investors that would help in improving agricul-
tural productivity in Libya. He said Libya was also giving preference to Pakistani labor as they were playing crucial role in the economic development of Libya. Libyan Embassy was issuing 150-200 daily visas to Pakistanis as there was enough scope for Pakistani talent in Libya. Abdul Wahed Abugila stressed for the need of frequent exchange of trade delegations, increased cooperation between trade bodies of two countries and activation of Pak-Libya Business Council to explore new areas of mutual cooperation and start a new chapter of good relations between the two countries. Zafar Bakhtawari, president Islamabad Chamber of Commerce & Industry, said that being the brotherly Islamic countries, Pakistan and Libya enjoyed good historical relations. However, there was a need to transform them into flourishing trade, commerce and economic relations to achieve mutually beneficial results.
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BUSINESS B Sunday, 9 June, 2013
Pakistan to become a regional economic hub soon: Pak envoy BERLIN
AKIsTAN has always been a potentially rich country. Now it has the resolve to realize that potential, making Pakistan a regional economic hub sooner than one may imagine. Democracy has begun paying its dividends, Ambassador Abdul Basit said while addressing the participants of the "Pakistan Business Day: Post Election Politico-Economic scene" held at German Foreign Office under the aegis of Asia Pacific Week Berlin-2013. The event was organized by the Pakistan Embassy in collaboration with Pakistan-German Business Forum and the social sciences Research Center Berlin. Ambassador Basit said that Pakistan straddling south Asia, Central Asia and West Asia had the unique geo-economic advantage. The country also was more competitive and offered far better and easier investment regulatory frameworks than other countries in the region. Companies in the West therefore should look at Pakistan as a country serving three sub regions with the population of over close to three billion. Referring to Pak-German economic and trade relations, Basit said that Road Map for strategic Dialogue between the two countries provided a perfect political frame work to move forward in many sectors including economic, trade, and investment and surely these relations would expand and strengthen in the coming days.
Replying to a question during the Q&A session, Basit said that the civil society, media and the youth had been playing a very positive role to shaping up a moderate, progressive and tolerant society and Pakistan in near future would be different from the one that the world had seen in the last decade. Dr stephan Oswald, Director General, German Federal Ministry for Economic Cooperation and Development (BMZ) in his address said that Germany would continue its support to Pakistan in its endeavor to better the lives of people of Pakistan. German Foreign Minister, Dr Guido Wester Welle's visit to Pakistan soon after the take over by the newly elected government was a strong signal that the Germany attached high importance to its relations with Pakistan ,Mr Oswald added. Jan Herff of BAsF Group Germany made a presentation on Group's investments and its experiences in Pakistan. He said that the BAsF entered into Chemical sector of Pakistan in 1969 and witnessed a steady growth touching its revenue to euro 120 million in 2012.Pakistan is a growing economy and entrepreneurships with a favorable demography and culture and provides a lot of opportunities for investment, he added. Adnan Rizvi of KPMG-Taseer Hadi & Co. Pakistan made a presentation on Investment Opportunities
and Challenges in Pakistan. Mr. Hans juergen Paschke, Consul and Deputy Head of Mission, Consulate General of the Federal Republic of Germany, Karachi, in his address, highlighted Pak-German cooperation in the field of development of skilled labour and vocational training in Pakistan. Horst Roessler, Consultant to Pakistan German Business Forum briefed the participants about various activities being undertaken by the Forum to promote trade and business between the two countries. Earlier, Dr Talat Mahmood, president Pakistan Forum , Asia Pacific Forum Berlin welcomed the participants and gave a brief review of challenges the country was facing in economic and energy sectors and the investment opportunities available in these sectors.
Malaysia participating in Expo Pakistan 2013 in a big way KARACHI: Malaysia is participating in Expo Pakistan 2013 due to be held in September in a big way, said Norsalan Hadi Abdul Kadir, Consul (Trade). Norsalan called on acting FPCCI president Azhar Sayeed Butt the other day here at the Federation House. During the meeting, the FPCCI president said Pakistan was maintaining close trade and bilateral relations with Malaysia since its inception and had been close trade partners. He said though Malaysia counted Pakistan amongst its closest trade partners, there should be more efforts towards enhancing bilateral trade between the two countries. The bilateral trade, he said, was confined to a few commodities only and there were lots of avenues to be explored as far as bilateral trade was concerned. Both sides should take steps to diversify their trade portfolio with each other and provide special incentive to exporters/importers. He said that Malaysia should open its doors to expand Pakistan’s exports. He extended full support of FPCCI which is the apex trade body in Pakistan, for organizing participation in Expo Pakistan, and along the sidelines of the Expo, emphasized the need for increasing the number of trade delegations’ visits between the two countries. He stated that incoming delegations should consist of buyers for items such as surgical equipment, gloves, sports goods, pharmaceutical products, seafood, textile fabric etc. Bashir Janmohammad Chairman Pakistan Malaysia Business Council while presenting his thanks to the honorable Consul General, and said there is a lot of issues to be addressed if we want to see Pakistan-Malaysia trade register a significant increase. He said first of all we should address the imposition of export cess on palm oil exports from Malaysia, the commodity has been made dearer and Pakistan importers are looking towards other sources. Chairman PakMalaysia Business Council further said there he had travelled to Kuala Lumpur with a strong Trade Delegation of Pakistani businessmen under the leadership of former CE TDAP Mr. Tariq Puri and they had stressed the need for intra-Government level cooperation to address such issues, but sadly there had been no movement from those quarters. He said until we have exchange of commerce/trade ministers and officials, bilateral trade cannot reach its true potential. STAFF REPORT
CORPORATE CORNER for the participating designers. The event will be attended by top ranking celebs like Hina Bayat, Dr Muneeze, Ayesha Khalid, and others. The exhibition will also be a soft launch for upcoming star designer Gia Aamir. The event will be decorated by fashion models and socialites and with a plethora of activities to liven up the night. PRESS RELEASE
Bank Alfalah joins hands with WWF for environmental protection KARACHI: President & CEO of Barclays Bank Shazad G Dada, Consul of Italy Roberto Franceschinis, Almas Jafri and others on the Occasion of the 67th Anniversary of the Proclamation of the Italian Republic. PR
Summer Multi-Designer Exhibition today “Summer Multi-Designer Exhibition”, an event that promises to make this summer a lot hotter! The city of lights will glitter more when more than 20 designers will showcase their artistic creation and all that under one roof. The mega event will also see people associated with the fashion industry and celebs from the silver screen. The exhibition will highlight the following brands: Folkloric, Madiha Ibrar, Misha Waheed, Chunnat, Umsha, Rani Siddiqi, Hina Aamir, Shagufta Imam, Zunaira’s Lounge, Timmas, Mosaic, Anns Impression, Sammy K, Phul Jhari, Kanza Malik, Ermeel, Aisha Alam , SIS Clothing, Rehan & Muzzamil Imprints by Sadaf Tahir and Najia Malik. The fashion extravaganza will be held in Karachi on June 10, 2013 at Café Pink Cadillac in Karachi. The event will host a ramp walk
As part of Bank Alfalah’s commitment towards environmental protection and its ‘Go-green’ initiatives, the Bank recently joined hands with WWF for a tree plantation drive. With a volunteer turn out of approximately 200 Bank Alfalah employees, saplings were planted to beautify Lahore airport. Speaking at the occasion, Khurram Hussain, Bank Alfalah’s Group Head Retail Central, North and Consumer Banking said, ‘’Bank Alfalah is keen to support sustainable development in the communities where we live and operate through both financial investment as well as volunteerism. This latest collaboration with WWF has yielded very gratifying results as we play our part in contributing to preserving the environment in Pakistan. Despite the tough weather conditions, our employees participated with immense fervor and commitment to further this noble cause in Lahore and we hope to sustain this momentum in the future.” Bank Alfalah continues to focus on meaningful corporate citizenship programs to support education, environment, entrepreneurship, health and sports in underprivileged communities. With over 470 branches spread across 163 cities in Pakistan, the Bank looks ahead with optimism in order to continue its contributions towards Pakistan’s development and progress. PRESS RELEASE
A Chinese delegation meets managing director of Water Board to discuss investment avenues. PR
The Spring/Summer 2012 formal collection officially marked Ayesha Hasan’s entry in the world of fashionand that too, with work that stood out from the rest. With intricate gota, marrori, wasli, resham, zardozi handwork on wearable cuts, her clothes became reputed for being different, traditional, nd timelessly elegant. Although still a new face in the industry, Ayesha Hasan has built a reputation for being one of the few young designers who has proven her expertise in prêt, diffusion wear as well as haute couture in a span of just one year. Since her label’s inception in 2011, Ayesha Hasan has had numerous sold-out exhibitions, and received a tremendous response on her debut showcase at FPW4. The launch event was managed by Catwalk and PR is handled by Catalyst PR & Marketing. PR
Asif Jooma, CEO, ICI Pakistan receiving ACCAWWF 'Best Sustainability Report 2012' Award. PR
Chief Operating Officer Khurram Khalil Nanitalwala (Medicam Group of Companies) hosted a dinner in honor of Ali Raza. Kaiser Waheed, BH Sung, Jean Albertini, Francis Blanc and others attended. PR