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Ayaz Sadiq meets Netherlands’ envoy Henny Fokel de Vries

ISLAMABAD, Nov 2 (DNA): Federal Minister for Economic Affairs Sardar Ayaz Sadiq on Wednesday met with Ambassador of the Kingdom of Netherlands Henny Fokel de Vries.

The minister Ayaz Sadiq highlighted the warm and cordial relations between the Government of Pakistan and Kingdom of Netherlands in a meeting with the Ambassador of Netherlands, said a press release issued here.

The minister stressed that the economic cooperation between the two countries needed to be more deepened and enlarged for the mutual benefit of the citizens of both countries.

“Pakistan appreciates the Kingdom of Netherlands’ timely and very valuable humanitarian assistance during the floods of 2010 and the recent devastating climate calamity,” said the minister.

He added that Pakistan’s contribution to global emissions stood at less than 1%. However, Pakistan was a badly affected country figuring among the top five most vulnerable nations globally.

He further remarked that Pakistan needed to be supported to fight the negative impact of climate, saving the most vulnerable and poor communities from the destruction of future disasters.

Henny appreciated the cordial relationship between Pakistan and Netherlands and acknowledged the devastating impact of climate change on the country.

She stated, “The Government of the Netherlands is trying to provide as much assistance as we can and we are ready to assist for long-term recovery programs.”

She said the climate was changing much faster than they expected. The world needed to be united to make sure every country was well protected, she added.

While speaking on enhancing Pak-Netherlands’ relations, the minister for Economic Affairs stressed on revamping government-to-government development cooperation.

He stressed on reviving and allocating special seats in the Netherlands Fellowship Program & Scholarship.

He highlighted the provision of Technical Assistance in agriculture, especially, water resources and irrigation along with support in horticulture especially berries, vegetables, seed production, livestock and dairy as the Dutch have world-class technologies in these areas.

Dutch companies could be engaged to transfer their technology for seed development in Pakistan, the minister said. 

The ambassador assured complete assistance in the said areas and apprised the minister that the efforts on these programs especially on vocational training and technical exchange had already been started which was appreciated by the minister.

‘What makes you to delay elections if you are apolitical’

GAKHAR MANDI – Pakistan Tehreek-e-Insaf (PTI) Chairman and forner prime minister Imran Khan on Wednesday expressed his concern over hindrance in elections, saying that if it has been decided to remain neutral and apolitical, so why the institutions delaying holding transparent elections.

Taking a dig at the incumbent government, Imran claimed that the leaders of the coalition government have taken the NRO by plundering billions of rupees. Reiterating that actual freedom would only come when justice is delivered to the people of the country, Imran added that to ‘break the shackles of the slavery’, it is very important that the system of justice prevails in the country.

Slamming the rulers and allies of the government – PM Shehbaz, Interior Minister Rana Sanaullah, Asif Ali Zardari and Hamza Shehbaz – Imran went on to say that Shehbaz and his son [Hamza] were about to be indicted, when Shehbaz was allowed to become the Prime Minister, while Asif Ali Zardari’s case was also ended.

Warning the incumbent government, the PTI chief said that it would be the big make of it [coalition government], that the PTI long march would be ended in Islamabad as his movement will continue to move forward, unless the elections are held.

– Imran says those who are controlling NAB foisted thieves on country –

The PTI chief and former prime minister Imran Khan said that those who are controlling the National Accountability Bureau (NAB) have imposed thieves on the country.

Addressing the participants of the long march, the former premier [Imran] went on to criticize the incumbent government, saying that the cases of their leaders have been ended. Lashing out at the Pakistan Muslim League – Nawaz (PML-N) bigwigs – PM Shehbaz Sharif, Nawaz Sharif, Maryam Nawaz and Hamza Shehbaz – Imran said that, Shehbaz, Maryam and Hamza cases have been finished, while he [Nawaz] is all set to make his way back to the country.

Continuing to take a dig at the coalition government, the PTI chief said that it [government] has rolled out a law that encourages to arrest the small thieves, but sparing the big looters and allowing them to plunder the nation’s money and stash it in foreign accounts.

Imran kept on slamming the government – now in terms of inflation – quetsionong that what made it [government] to increase the prices of POL products, power and other commodities so significantly.

Tetra Pak donates PKR 22 million to PRCS for flood victims

Sardar Shahid Ahmed Laghari says Red Crescent is grateful for the generous relief support from Tetra Pak Pakistan, which will help us in mobilizing thousands of people to safety and providing them with critical relief and much-needed assistance.

ISLAMABAD, NOV 2 /DNA/ – Misbah Burney has said that Tetra Pak believes in serving its part by supporting a major humanitarian actor such as the PRCS that has been actively involved in driving relief efforts across the country with great financial diligence and use of local capacity

Islamabad, November 2, 2022: Tetra Pak Pakistan has also stepped forward to donate a generous sum of PKR 22 million to support the Pakistan Red Crescent Society (PRCS) in response to their emergency appeal to maximize flood relief efforts across the country to tackle the alarming situation. The donation cheque was presented by Mr. Misbah Burney, Finance Director of Tetra Pak Pakistan, to Chairman Pakistan Red Crescent Society, Mr. Sardar Shahid Ahmed Laghari at PRCS National Headquarters in Islamabad here on Wednesday. 

During this engagement, both representatives discussed in detail regarding current challenges faced by the flood victims and the need for all stakeholders to work together and expand the scope of relief efforts.

Misbah Burney recognized this relief assistance as a firm commitment from Tetra Pak to help protect the communities it operates in. He said, “The massive havoc and wreckage caused by these floods have shattered these communities, driving millions out of their homes and into the open to face danger and disease like never witnessed before. For an efficient capacity building of relief efforts, we believe in serving our part by supporting a major humanitarian actor such as the Pakistan Red Crescent which has been actively involved in driving relief efforts across the country with great financial diligence and use of local capacity.”

Chairman PRCS, Sardar Shahid Ahmed Laghari, said, “We are heartbroken by the tragic loss of so many lives, and the misery and hardship these floods have brought to people across Pakistan who are now trying to seek safety and shelter to protect their families. Red Crescent relief operation is ongoing in the flood-affected areas and our relief teams are on the ground and working round the clock, providing relief and rescue services to the distressed people”.

He said PRCS is grateful for the generous relief support from Tetra Pak Pakistan which will help us in mobilizing thousands of people to safety and providing them with critical relief and much-needed assistance.

The assistance immediately required by flood victims is life saving, however, the impact of this flooding will be long-term. The significant loss to the livestock and agriculture sector will not only impact the livelihoods of those affected by it but also the food security situation of the country in the medium and long term. There is a dire need for all stakeholders to work together and adopt smart solutions.

Current Account Deficit (CAD) decreases to $ 2.2 billion

ISLAMABAD, NOV 02 (DNA) — Official data shows that the Current Account Deficit (CAD) has declined to $ 2.2 billion during the first quarter (Q1) of the current fiscal year as compared to the deficit of $3.5 billion recorded during the corresponding period (July-September) of the fiscal year 2021-22.

The CAD mainly contracted due to increase in exports and contraction in imports during July-September (2022-23), according to latest financial data released by finance ministry.

During the month of September 2022, the current account deficit shrank to $ 316 million as against $ 676 million in August 2022, largely reflecting an improvement in trade balance, according to the monthly Economic Update and Outlook October 2022 released by the Ministry of Finance.

Exports on free on board (FOB) grew by 5.5 percent during July-September FY2023 and reached $ 7.6 billion ($ 7.2 billion last year). Imports on FOB declined by 7.9 percent during July-September FY2023 and reached $ 16.0 billion ($ 17.4 billion last year).

Resultantly the trade deficit during July-September FY2023) reached to $ 8.4 billion as against $ 10.2 billion last year. As per PBS, during July-September FY 2023, exports increased by 2.6 percent to $ 7.2 billion ($ 6.9 billion last year).

On YOY basis exports increased by 1.5 percent to $ 2.44 billion in September 2022 as against $ 2.40 billion in September 2021.

The major export commodities which have shown growth during the review period include readymade garments (5.8 percent in value and 39.7 percent in quantity), cotton cloth (4.2 percent in value despite 22.7 percent decline in quantity), knitwear (15.4 percent in value & 64.6 percent in quantity), carpet, rugs and mats ( 13.8 percent in value and 11.6 percent in quantity) foot wear (27.1 percent in value and 68.8 percent in quantity ), foot balls (59.1 percent in value and 59.0 percent in quantity) and others rice (0.8 percent in value despite a decline of 2.0 percent in quantity).

The total imports in July-September FY2023 decreased to $ 16.4 billion ($ 18.7 billion last year), thus declined by 12.4 percent.

The main commodities imported were petroleum products ($2388.7 million), medicinal products ($ 372.3 million), petroleum crude ($ 1355.0 million), liquefied natural gas ($ 969.8 million), palm oil ($ 1135.7 million), plastic materials ($ 658.8 million) and iron & steel ($ 520.8 million).

Meanwhile, according to the report, the trade balance of Pakistan is expected to improve in the coming months on account of import contraction due to a deceleration in domestic economic activities and aggregate demand.

“Overall economic outlook shows an optimistic picture of the economic performance in the coming months. The CPI inflation is declining, the rupee has gained stability, and the current account balance is on improving trend. These developments indicate that economic activity will remain positive and persistent in coming months”, the report added.

It said for the future path of inflation, the exchange rate is of utmost importance. Moderating inflation also contributes to exchange rate stability, which in the benign case may generate a virtuous inflation-exchange rate cycle. Further, exchange rate stability requires sound economic fundamentals.

Besides inflation, also a manageable current account deficit and guaranteed financing of this deficit by healthy financial inflows are required. When markets get convinced about these prospects, speculative bubbles in the exchange market would be highly unlikely. =DNA

HEC briefs Vice Chancellors on Prime Minister’s National Innovation Award

Islamabad, NOV 2 /DNA/ – Higher Education Commission (HEC) organised online orientation sessions on the Prime Minister’s National Innovation Award (PMNIA) for the Vice Chancellors and Rectors of public and private sector universities.

More than 230 university heads were invited to the sessions, which were aimed at giving them a detailed orientation of various components of the National Innovation Award and how the universities can partake to make this project a success for the country’s youth.

Executive Director HEC Dr. Shaista Sohail, in her briefing to the Vice Chancellors, said that the project is aimed at changing the economic landscape for youth by promoting innovation and creating/supporting local businesses. She explained in detail the nine thematic areas of the National Innovation Award.

“All Pakistani youth aged between 15 to 30 years can take part in the Prime Minister’s National Innovation Award and get business funding of up to Rs 2 million,” said Dr. Shaista Sohail adding that the Award would allow youngsters to turn their potential business ideas into a reality. She further said that in the current situation where Pakistan was facing flood devastations and climate change problems, the new generation needed to come up with out-of-the-box solutions to cope with these challenges.

While briefing about PMNIA Noshaba Awais, Project Director, PMNIA informed the participants that the objectives of the Innovation Award are improving Pakistan’s ranking in the Global Innovation Index, fostering entrepreneurial culture among the youth, and transforming ideas into a successful business.

Vice Chancellors/ Rectors appreciated HEC’s initiative to promote entrepreneurship culture among the youth. They also assured HEC to support the project in every possible way and encourage students to submit their innovative ideas.

It may be mentioned here that PMNIA is open to all kinds of innovative ideas including but not limited to Food Security, Water Management and Sustainability, Sustainable Energy, Urban Planning, Climate Change and Environment, Information Technology and Telecom, Innovative Governance and Reforms, Sociology and Philosophy, Medical and Health Sciences, and others. The selection of awards will be made through an open, rigorous, transparent, competitive, and merit-based process. ​

Islamic Banking’s future envisioned at ICIBF 2022

ISLAMABAD, NOV 2 /DNA/ – Syed Samar Hasnain, ED, Development Finance Group, SBP was the Guest of Honor at the 6th International Conference on Islamic Banking and Finance (ICIBF). It was organized by the Accounting and Finance Department at the Institute of Business Management (IoBM) on November 2, 2022. The two-day conference was held under the patronage of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain.

During his Welcome Address, President IoBM, Talib Karim suggested that educational institutions should collaborate with the corporate sector and other academic institutions. Dr. Muhammad Imran, Group Head of Islamic Banking, Bank Alfalah, shared that Islamic finance works on the principles of cooperation and generosity in contrast with conventional banking’s concepts of concentration of wealth and its inequitable distribution. Zahid Ahmed, CEO, Al Baraka Bank Pakistan called for the stakeholders to pursue Islamic banking’s sound ideologies. “The association between industry and academia will be the game changer for Pakistan”, remarked Syed Amir Ali, President, and CEO, BankIslami Pakistan.

Ahmed Ali Siddiqui, SEVP and Head, Product Development and Shariah Compliance, Meezan Bank commented that financial inclusion through technology must be used to promote Islamic banking. Syed Samar Hasnain reiterated that financial institutions are important for Pakistan’s economic growth. He shared the five pillars of Islamic banking and provided an introspective analysis of the present state of Islamic banking in Pakistan. Chancellor IoBM, Bashir Janmohammad acknowledged the efforts by Islamic banks in Pakistan and suggested that Shariah-compliant products should be marketed accordingly to create awareness. While addressing online, Omar Mustafa Ansari, Secretary-General, AAOIFI, Bahrain, said that the government’s support and rising public demand will increase the share of Islamic banking in Pakistan. He further said that Shariah-compliance products are limited and must be augmented. IoBM also inaugurated the Center for Islamic Business and Finance during ICIBF-2022. The Global Islamic Finance Report 2022 by the Cambridge Institute of Islamic Finance (Cambridge IIF), UK was also launched. Prof. Dr. Humayon Dar, Director General, Cambridge IIF, UK, presented the report and keynote address.

As many as 40 national and international speakers, Presidents and CEOs of banks, Shariah advisors, and academicians were invited to share key insights regarding the potential, challenges, and developments of Islamic banking in Pakistan. The event was attended by. Dr. Imam Uddin, HoD, Accounting and Finance Department, IoBM, organized the conference with his inspiring team of faculty and students.

Brazilian Envoy for face-to-face interaction between business communities

DNA

KARACHI: The Ambassador of Federative Republic of Brazil Olyntho Vieira has stressed that instead of having online meetings, the business communities of Brazil and Pakistan must look into the possibilities of holding face-to-face interactions which would certainly help in enhancing trade ties.

“The best way of doing business is to regularly meet each other and directly examine and feel the goods being produced by Brazil and Pakistan”, he added while exchanging views at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI).

President KCCI Muhammed Tariq Yousuf, Senior Vice President Touseef Ahmed, Vice President Muhammad Haris Agar, Former President Majyd Aziz, Honorary Consul General of Brazil Omer Adil Jaffer, Deputy Head of Mission Embassy of Brazil Fabio Maneghatti and KCCI Managing Committee members were also present at the meeting.

Brazilian Ambassador, who was on his first visit to Karachi after assuming charge around two-and-a-half years, said that although his job was to promote Brazilian exports to Pakistan but he would like to see enhanced trade from both sides as improved trade from one side only was no good business.

He was of the view that Pakistan and Brazil were good in producing textile products hence, the businessmen of both countries associated with this sector can join hands to become a big force. This collaboration could prove favorable for Brazilian businessmen who may get into some kind of an arrangement with Pakistani counterparts for producing Brazilian goods in Pakistan and supplying them to the Asian markets which would bring down the shipment cost, he opined, adding that Brazil can offer many good quality products at good prices to Pakistan as the country has been producing almost everything from food to aero planes.

He said, “Pakistan has many competitive advantages that we could benefit from and we can work together in different sectors of the economy particularly the IT sector which has developed rapidly in Pakistan.

Brazilian Envoy extended full support and cooperation to the business and industrial community of Karachi and assured to link them with relevant Brazilian businessmen and industrialists.

Earlier, President KCCI Muhammed Tariq Yousuf, while welcoming the Brazilian Ambassador, expressed deep concerns over Pakistan’s extremely low export share of just 0.3 percent in the Brazilian market hence, there was a need to look into the possibility of exporting sports goods, surgical and pharmaceutical goods          and textile products etc. to Brazil so that the meager trade volume could be improved.

He also stressed the need for having bilateral trade agreements between Pakistan and Brazil as no such agreement exists. If both countries could agree upon any mutually beneficial preferential treatment or a duty-free regime, this would prove favorable in furthering trade relations between the two countries.

Referring to Mercosur agreement signed between Brazil, Argentina, Paraguay and Uruguay for ambitious, balanced and comprehensive trade, President KCCI stated that Brazil should look into the possibility of incorporating Pakistan into Mercosur Agreement or any other similar arrangement to improve the existing trade ties not only with Brazil but also with other neighboring countries.

He said that as Brazil has been exporting substantial products to China and holds excellent trade ties, it must also become part of China-Pakistan Economic Corridor (CPEC).

He also stressed the need for dealing with the communication gap between the business communities of Pakistan and Brazil by introducing some kind of an effective business platform wherein the business communities could meet, learn about each other and regularly exchange information through closer interaction.

UNODC hands over Mobile Crime Scene Investigation Units to Balochistan Police

ISLAMABAD, NOV 2 /DNA/ – UNODC Country Office in Pakistan continues to strengthen the rule of law in Balochistan through supporting the Police Department of Balochistan towards enhancing its operational capacity and efficiency in handling and investigation of serious crimes.

Under the gracious support of the Bureau of International Narcotics and Law Enforcement Affairs (INL), UNODC is implementing a 5-year (2017-2022) ‘Improving the Rule of Law in Balochistan-Pakistan’ program in collaboration with the  Government of Balochistan. The Program aims to strengthen trust between citizens and government in the security and justice sector. In addition to policy and legislation reforms, majority of the efforts are geared towards providing the Police Department of Balochistan both with forensic know-how as well as equipment through handing over state-of-the-art Mobile Crime Scene Units (MCSUs). Up until now eight MCSUs have been handed over to the Balochistan Police to enable scientific and systematic processing of crime scene including proper identification and collection of evidence.

In continuation of the INL-led support, a gracefully hosted handing-over ceremony of two additional Mobile Crime Scene Units to the Balochistan Police was carried out by UNODC in collaboration with the Government of Balochistan in Quetta on 2nd  November 2022. The event was attended by key stakeholders and dignitaries from the Rule of Law and Criminal Justice sectors, including the Police Department of Balochistan and UNODC. The participants welcomed the induction of two additional Mobile Crime Scene Units as a significant milestone that will further enhance the capacity and outreach in crime scene investigation of the police in Balochistan increasing the total number of Mobile Crime Scene Units to eight.

These Mobile Crime Scene Units will serve as mobile crime investigation labs, enabling increase in the timely outreach and conduct of extensive evidence collection and processing at crime scene sites to document, such as homicide crime scenes and investigations that involve causalities. The objective is to strengthen the capacity of the local police through deploying a Mobile Crime Scene Unit that acts as a mobile crime investigation and forensic lab staffed with trained technicians who are equipped with skills to document and investigate crime scenes as well as recover and preserve any physical evidence.

Speaking on the occasion, Ms. Jouhaida Hanano, Criminal Justice Advisor from UNODC reiterated UNODC’s commitment towards improving the quality of investigation by strengthening the Balochistan Police Crime Branch through establishing four Forensic Collection Units in selected districts of Sibi, Khuzdar, Loralai and Gawadar. This will further enhance the outreach and capacity of the front-line police in the district to systematically collect evidence and process crime scene documentation in a timely manner.

The Inspector General of Police from Balochistan, Mr. Abdul Khaliq Sheikh appreciated the ongoing support from the INL and UNODC that has gone a long way in not just providing materials and equipment but enhancing the knowledge and capacity of the Police in crime scene investigation in Balochistan. He further added that as crime-control agents, police must fulfil its duty to deliver a more vigilant and peaceful rule of law, and crime scene investigation and forensics are important means to this end.

Punjab Governor attends PIAF Chairman son Walima ceremony

Lahore, NOV 2 /DNA/ – The Walima ceremony of Mujahid ur Rehman Saigol, the son of Pakistan Industrial and Traders Associations Front (PIAF) Chairman and former Vice President of Lahore Chamber of Commerce & Industry Fahim ur Rehman Saigol, was held here the other day.

Punjab Governor Balighur Rehman was the special guest of the ceremony while a large number of businessmen, industrialists, officers, socio-political figures and relatives participated the event. The presence of the Governor made the event really more joyful and memorable for whole family as well as the business community of Lahore.

FPCCI Irfan Iqbal Sheikh, The National Assembly standing committee on Finance Chairman and MNA Qaiser Ahmad Sheikh, BMP Chairman Mian Anjum Nisar, besides officials of trade organizations across the country, current and former presidents of chambers, market leaders, political & social figures and people belonging to different sections of the community also attended the event and wished the newly-wedded couple.

The PIAF Chairman, on this occasion, paid tribute to the Punjab Governor and appreciated other guests to accept the invitation and spared the time to attend the Walima Ceremony of his son.

Saudi envoy calls on Chairman HEC

ISLAMABAD, NOV 2 /DNA/ – Ambassador of Saudi Arabia to Pakistan Nawaf bin Said al-Malki called on Chairman Higher Education Commission (HEC) Dr. Mukhtar Ahmed at the HEC Secretariat on Wednesday.

The Saudi Ambassador and Chairman HEC agreed to expand bilateral collaboration and strengthen academic and research linkages among the Pakistani and Saudi higher education institutions. They also discussed the facilitation of Pakistani and Saudi students studying in the two countries.

Mukhtar Ahmed said that HEC is committed to ensuring maximum utilisation of the Saudi Government scholarships for Pakistani students.=DNA

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