Govt asked to focus on remittances and tax reforms

Islamabad, February 15, 2016 (PPI-OT): Pakistan Businessmen and Intellectuals Forum (PBIF) on Monday said exports continue to fall despite massive investment therefore government should focus on remittances and reforms in the tax administration to save future of the country. Increased remittances and better taxation mechanism can make Pakistan a respectable country which can live without …

Islamabad, February 15, 2016 (PPI-OT): Pakistan Businessmen and Intellectuals Forum (PBIF) on Monday said exports continue to fall despite massive investment therefore government should focus on remittances and reforms in the tax administration to save future of the country.

Increased remittances and better taxation mechanism can make Pakistan a respectable country which can live without grants and loans to run its affairs, it said.

Ministry of Overseas Pakistanis should be empowered while the expanding undocumented economy should be attacked from all sides, said Mian Zahid Hussain, President PBIF, AKIA and First Vice Chairman of the Businessmen Panel of FPCCI.

He said that reforms should be initiated by taxing agricultural income while the recommendations of Tax Reforms Commission should be followed in letter and spirit.

Mian Zahid Hussain said that tax exemptions has inflicted a loss of over 100 trillion rupees in the last 38 years which is above the losses resulted due to terrorism.

Meaningful reforms and selling bleeding enterprises can boost government’s income by two trillion rupees, he said adding that a new legislation should bound those who have assets outside Pakistan to declare it or face forfeiture of assets in the country.

Similarly, he said, punishment and penalties for tax evasion must be enhanced to discourage theft.

Promise to double the exports has been proved to be an embarrassment due to focus on expos and politics.

For more information, contact:
Mian Zahid Hussain,
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net

IGI Securities Limited – Investor Kit

Karachi, February 15, 2016 (PPI-OT): Fertilizers The fertiliser manufacturers are putting up strong resistance to a proposal that calls for allowing the private sector to import urea for bridging the demand-supply gap and breaking the monopoly of domestic producers. In the local market, a 50kg urea bag is available at Rs1,900 compared to Rs1,500 in …

Karachi, February 15, 2016 (PPI-OT): Fertilizers

The fertiliser manufacturers are putting up strong resistance to a proposal that calls for allowing the private sector to import urea for bridging the demand-supply gap and breaking the monopoly of domestic producers. In the local market, a 50kg urea bag is available at Rs1,900 compared to Rs1,500 in the international market. The minister of national food security and research, who himself is a farmer, believes that private-sector importers could fill the gap and stabilise the country’s market.

Taurus Securities Limited Market Roundup

Karachi, February 15, 2016 (PPI-OT): KSE-100 index lost 356 points yesterday, to close at 31,464 with 122mn shares being traded. Top performance as per index points was witnessed in POL, DAWH and FFC; top decliners were MCB, HBL and LUCK. Activity was …

Karachi, February 15, 2016 (PPI-OT): KSE-100 index lost 356 points yesterday, to close at 31,464 with 122mn shares being traded. Top performance as per index points was witnessed in POL, DAWH and FFC; top decliners were MCB, HBL and LUCK. Activity was mainly concentrated in Cement, Technology and Communication and Oil and Gas Marketing Companies.

Small and Medium Enterprises Development Authority invites proposals for SME promotion and development

Karachi, February 15, 2016 (PPI-OT): The Small and Medium Enterprises Development Authority (SMEDA) has invited the Union of Small and Medium Enterprises (UNISAME) to propose specific recommendations regarding taxation, tariffs, regulations, trade related and other issues for developing a set of recommendations for the forthcoming trade policy and budget for the development of the SME …

Karachi, February 15, 2016 (PPI-OT): The Small and Medium Enterprises Development Authority (SMEDA) has invited the Union of Small and Medium Enterprises (UNISAME) to propose specific recommendations regarding taxation, tariffs, regulations, trade related and other issues for developing a set of recommendations for the forthcoming trade policy and budget for the development of the SME sector.

Mairaj Anees Arif general manager policy and planning (GM-P and P) SMEDA has requested Zulfikar Thaver president UNISAME to highlight the issues and send proposals and recommendations for the development of the micro and SME sector.

Thaver on behalf of himself and the SME council of UNISAME invited the attention of the GM-P and P SMEDA to impress upon the policy makers to seriously consider the urgent requirements of the sector and remove the impediments to SME growth.

The main issues are the access to finance, uninterrupted supply of energy, landed cost of raw materials, high cost of land, lack of information, lack of marketing support, logistics and technological gap.

Thaver emphasized that the policy must be SME friendly and facilitate, support, encourage and also motivate the sector.

He said banking, insurance, leasing and logistics are the pillars and policy must make doing business easy for the SMEs and also reduce the cost of doing business.

A start up fund is needed to provide seed money to the new entrants, bridge financing for the existing units and long term financing for modernization.

Land in industrial zones are required on easy instalments and commercial property leasing to enable SMEs buy shops, workshops, warehouses and factories,

The much talked about Exim Bank, the specific SME Bank, Joint Venture Capital Fund, Credit Insurance, Export Bureau/SME Gallery, Chamber of Commerce for SMEs are urgently needed and delay in their set up is causing setback to the sector.

The agrobased industries need to be upgraded and technological support is required for value addition education.

Alternate energy devices namely solar, wind and biomass installations must be subsidized to enable the SMEs to install them.

SMEDA needs to be strengthened and revamped to increase its efficiency and out reach.
The Turkish model proposed for SMEDA needs to be adopted to make SMEDA a meaningful authority on modern lines.

The Union chief appreciated the efforts of SMEDA and urged the government to make it an institution of high calibre and proficiency for SME promotion and development as in advanced countries of the world.

UNISAME will be submitting the proposals to SMEDA for onward recommendations to the ministries of commerce, finance and industries for consideration.

For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Tel: +92-21-35884225-6
Fax: +92-21-35380642
Cell: +92-300-8245307, +92-321-8245307
Email: unisame@gmail.com

Australia ready to cooperate with Pakistan in agriculture, energy and other sectors: Envoy

Islamabad, February 12, 2016 (PPI-OT): Pakistan was facing some challenges and Australia was ready to cooperate with it in multiple sectors including agriculture, energy, exploration of natural resources, information technology, health, education and value chain to uplift its economic profile, observed H.E. Ms. Margaret Adamson, High Commissioner of Australia while addressing business community at Islamabad …

Islamabad, February 12, 2016 (PPI-OT): Pakistan was facing some challenges and Australia was ready to cooperate with it in multiple sectors including agriculture, energy, exploration of natural resources, information technology, health, education and value chain to uplift its economic profile, observed H.E. Ms. Margaret Adamson, High Commissioner of Australia while addressing business community at Islamabad Chamber of Commerce and Industry.

She said Pakistan was in the driving seat globally in IT sector with young and talented pool of IT professional and this area has great potential for mutual cooperation between the two countries. She said water conservation and optimum utilization of water was another area of great interest for Pakistan and Australia as both could face water shortage issue. She said their strong cooperation in this area could help them to cope with this challenge more effectively.

She said Pakistan was a strong market of 200 million people with abundant natural resources while Australia possessed advanced technology and expertise in many fields, so both countries have good potential to complement each other in many areas. She said this region had great opportunities for business and investment and opined that CPEC was vital to strengthen the regional connectivity and promote regional integration.

Ms. Margaret Adamson said Australia could supply LNG to Pakistan to overcome its energy issues. She was of the view that Pakistan’s profile as an investment destination was needed to be further uplifted to attract more Australian investment. However, she assured that Australia would continue to work with Pakistan in agriculture, energy, health, education and other sectors to strengthen its economy.

In his welcome address, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said Pakistan and Australia enjoyed good political relations which should be transformed into growing trade and economic relations. He said bilateral trade of US$ 485 million during 2014-15 between Pakistan and Australia was far less than their real potential and stressed that both countries should focus on exchange of trade delegations on regular basis to identify new avenues of mutual cooperation.

He said Australia should share its advanced agro-technology, expertise and quality seeds with Pakistan to improve productivity and quality of its agro products. Various proposals for enhanced cooperation in areas of industry, textiles, agriculture, dairy, livestock, trainings and skills development and other areas were also discussed.

For more information, contact:
Khalid Chaudhry
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

Liquefied Natural Gas deal with Qatar is one of the biggest achievement of Government: Mian Zahid Hussain

Islamabad, February 12, 2016 (PPI-OT): Pakistan Businessmen and Intellectuals Forum (PBIF) on Friday said $ 16billion government-to-government LNG deal with Qatar is one of the biggest achievement of the Government which will balance energy mix, boost economy and exports and provide jobs to millions. The LNG deal is game changer which would cater for 20 …

Islamabad, February 12, 2016 (PPI-OT): Pakistan Businessmen and Intellectuals Forum (PBIF) on Friday said $ 16billion government-to-government LNG deal with Qatar is one of the biggest achievement of the Government which will balance energy mix, boost economy and exports and provide jobs to millions.

The LNG deal is game changer which would cater for 20 percent of the energy needs but unlike economic corridor its impact would be felt immediately, it said.

The import of gas proves commitment of the Prime Minister Nawaz Sharif regarding resolving energy crisis while petroleum minister Shahid Khaqan Abbasi has worked hard over the years to make it a reality, said Mian Zahid Hussain who is President PBIF, AKIA and First Vice Chairman of the Businessmen Panel of FPCCI.

He said that deal would help textile, value-added, fertilizer and CNG industry which will reduce oil import bill and unemployment besides providing additional revenue to the government.

Mian Zahid Hussain said that this deal will have a positive impact on every person and every sector of the economy as gas import from Iran and Turkmenistan, benefitting from Thar coal and local exploration remains unsatisfactory.

He said that Pakistan is to import gas worth one billion dollars per annum while Pakistan will also save one billion annually which has made this deal ideal while agreement to export one hundred thousand workers to Qatar will reduce unemployment and improve forex situation.

For more information, contact:
Mian Zahid Hussain,
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net

Outgoing Japanese ambassador calls on Prime Minister

Islamabad, February 12, 2016 (PPI-OT): Outgoing Japanese Ambassador Mr. Hiroshi Inomata paid a farewell call on Prime Minister Muhammad Nawaz Sharif at PM House today. The Prime Minister appreciated the Ambassador’s contribution in further strengthening the bilateral ties between Pakistan and Japan and said that Pakistan attaches great importance to its relations with Japan. Mr. …

Islamabad, February 12, 2016 (PPI-OT): Outgoing Japanese Ambassador Mr. Hiroshi Inomata paid a farewell call on Prime Minister Muhammad Nawaz Sharif at PM House today.

The Prime Minister appreciated the Ambassador’s contribution in further strengthening the bilateral ties between Pakistan and Japan and said that Pakistan attaches great importance to its relations with Japan.

Mr. Hiroshi Inomata, while expressing satisfaction at the state of current bilateral relations between the two countries, said that Pakistan has performed extraordinarily in the domain of foreign policy besides impressive economic performance.

Encouraged by the economic turnaround achieved by Pakistan, significant number of investors are now preparing to explore business opportunities in Pakistan, the outgoing Japanese Ambassador said. Mr. Hiroshi Inomata said that Pakistan’s efforts towards reaching out to its neighbouring countries are highly commendable. The outgoing Japanese Ambassador said that it has been a great honour for him to be the Japanese Ambassador to Pakistan and expressed his gratitude for the cooperation and valuable support extended to him by the Government of Pakistan throughout his tenure.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +92-51-9252323 and +92-51-9252324
Fax: +92-51-9252325 and +92-51-9252326
Email: piopid@gmail.com

Pakistani entrepreneurs invited to start joint ventures with their Portuguese counterparts: Charge De Affairs of Portugal

Lahore, February 12, 2016 (PPI-OT): Pakistani entrepreneurs are invited to start joint ventures with their Portuguese counterparts in the sectors of textile, food, rice, information technology, sports goods and agriculture that would be equally beneficial for the both countries. The invitation was extended by the Charge De Affairs of Portugal Joao Paulo Sabido while talking …

Lahore, February 12, 2016 (PPI-OT): Pakistani entrepreneurs are invited to start joint ventures with their Portuguese counterparts in the sectors of textile, food, rice, information technology, sports goods and agriculture that would be equally beneficial for the both countries.

The invitation was extended by the Charge De Affairs of Portugal Joao Paulo Sabido while talking to the LCCI Senior Vice President Almas Hyder and Vice President Nasir Saeed here at the Lahore Chamber of Commerce and Industry on Friday. President Pakistan Portugal Business Council Mr. Awais and LCCI Executive Committee Members were also present on the occasion.

Joao Paulo Sabido said that there is a huge scope for the expansion of two-way trade between Portugal and Pakistan as both countries. He said that Pakistani entrepreneurs should focus on Portugal to exploit the untapped market potential for all the traditional and non-traditional products.

He highly appreciated the comparative prices, quality and standards of Pakistan-made products especially textile, rice and sports goods. While stressing the need for exchange of trade delegation and chamber-to-chamber contacts, he said that Pakistani trade delegations would have extremely favourable response towards Pakistani products as both countries have longstanding cordial relations.

He said that Portugal is one of the largest users of yarn therefore Pakistan should avail this opportunity to the maximum. He said that Portugal is generating most of energy through renewable/wind energy, Pakistan could learn a lot from Portuguese expertise in this regard.

The LCCI Senior Vice President Almas Hyder said that Pakistani businessmen are eager to develop close working relations with the Embassy of Portugal. He said that Pakistan and Portugal enjoy good diplomatic relations. Portugal comes at 8th place among the top exporting destinations and at 12th place among the top importing member states of European Union.

He said that although Pakistan is having favourable balance of trade with Portugal and overall trade is also growing for the last three years in particular but its level need to be enhanced.

The LCCI Senior Vice President said that said that in 2012, the total worth of Pakistan’s exports to Portugal was dollar 109 million which increased to dollar 155 million in 2013 and dollar 167 million in 2014. There was almost same trend noticed in imports from Portugal to Pakistan. In 2013, the value of imports was dollar 13 million that slightly increased to dollar 19.2 million in 2014.

The LCCI Vice President Nasir Saeed said that Textile items are mostly exported from Pakistan to Portugal followed by manmade staple fibres and raw hides and skins. We need to identify more tradable items to enhance the current level of trade. He said that Pakistan has sufficient capacity to export various food items and consumer goods like agriculture and dairy products, sports goods, surgical instruments, leather and leather products etc.

Nasir Saeed said that through exchanging timely information about trade and business opportunities, noticeable change could be brought in current state of affairs. He said that B-2-B and Chamber-2-Chamber contacts are a must to find ways of building strong trade ties between Pakistan and Portugal.

For more information, contact:
Shahid Khalil
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
11-Shahrah-e-Aiwan-e-Tijarat,
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854
Website: www.lcci.org.pk