ISLAMABAD, DEC 19 (DNA) – Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has said Gwadar port would provide huge opportunities to the energy rich Central Asian Countries  and Afghanistan for regional trade connectivity.

Abdul Razak Dawood said that government was prioritizing the economic integration to promote regional trade and connect the regional important trade players with the deep sea port Gwadar.

Replying to question, he said that Central Asian Republic (CARs) are demanding to providing them trade facilitation in Gwadar and Bin Qasim sea port for international and regional trade and providing them the facility of the warehouse.

Adviser said Deep Sea Port of Gwadar has its own Geo-Strategic and economic importance which was located at the centre of regional connectivity and a possible railway link from Gwadar to Kandhar and other parts of Afghanistan. He said Central Asia via Afghanistan can become a key trade and transportation route for the entire region.

Razak Dawood said that Pakistan was actively participating in regional forums of Central Asia Economic Cooperation (CAREC) and Quadrilateral Traffic in Transit Agreement (QTTA) so that maximum benefits could be taken when the Gwadar Port operates at full capacity in near future.

Government of Afghanistan has requested Pakistan to provide Cross-Stuffing Facility at Gwadar Port, he said. He informed that when modalities are finalized by the Federal Board of Revenue (FBR), ample employment opportunities will be generated for the locals.

He said development of Gwadar Port under China-Pakistan Economic Corridors (CPEC) would provide more opportunities to establish new industries as huge investment has been pouring in under CPEC and it will also provide the shortest possible route to the goods in transit.

He said that with the improvement in Trans-shipment facilities at Gwadar, the whole dynamics of the regional connectivity would be changed. = DNA

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DNA

KARACHI – Elections of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) will be scheduled on December 30th and likely to be turning into interesting scenario on the concept of hung parliament.The campaign of two leading groups Businessmen Panel (BMP) and United Business Group (UBG) are on the way of completion, both group beating their drums of winning and claimed the confidence of majority voters from 180 trade bodies who will participate in the forth coming elections.

Till now three candidates of Vice President’s have won their seats unopposed; Vice President from Sindh Province (belongs to UBG), Vice President from Baluchistan province (belongs to BMP) and Vice President from Women Chambers namely Adeel Siddiqui, Nasir Khan and Farzana Ali Baloch have already elected.This election the seat of Federation President belongs to Sindh Province as per rotation policy of the trade act 2013 and in this regard Mian Naseer Hayat Magoon, Former President KCCI and Sheikh Khalid Tawab, Former SVP FPCCI will contest.

Similarly for the Seat of Senior Vice President FPCCI , Shahzeb Akram Former Chairman PPMA and Abdul Rauf Mukhtar Former Vice President FPCCI will contest.Sources said in the remaining eight seats of Vice Presidents , UBG have a majority in the chamber class of the Punjab Province, while BMP have a majority in the chamber class of KPK Province, including BMP have little majority on the seat of Small Chambers and a tie on the seat of Federal Area, till the pending decision of the Mirpur Chamber of Commerce.

Interestingly on the Association Class and in the preview of the nomination papers filed before Election Commission of the FPCCI, both BMP and UBG groups likely to get two, two seats respectively but final outcome will be witnessed on the Election Day at Karachi that how voters would reciprocate.Sources also said on January 1st, 2021, FPCCI corridors will witness a combination of both group office bearers, because clean sweep in the Federation elections couldn’t been seen possible and it is equally be good for the business community that their apex trade body will perform for their cause due to stiff competition.

If we look around on neighbour countries Federations, The FICCI, FBCCI are playing their persistence role for uplifting their country economies, so same is expected now from FPCCI that now they should come out, solve their bottlenecks and play their different role, they should provide out of box solutions and also they should behave as a effective think tank of the business community before the eyes of the government.Similarly Government also needs a effective voice from FPCCI especially on the front of trade diplomacy, till date FPCCI lacks in it and that’s why Pakistan couldn’t perform properly; the Post Brexit is the novel opportunity for pakistani businesses to tap Britain market.

DNA

KARACHI – Former Convenor FPCCI Central Committee on Insurance Dr Murtaza Mughal on Saturday said the insurance industry has failed to deliver amid pandemic calling for new products and reforms in this sector so that it can deliver in challenging environment.

Talking to Senior Vice Chairman Insurance Association of Pakistan (IAP) and CEO Alfalah Insurance Abdul Haye and other industry experts, Dr Murtaza Mughal said that claims are being avoided because the policies were not designed to pay out when there is a pandemic; and if paid, it will push service providers to insolvency.

He said that insurance is meant to act as a safety net for people and businesses but presently some type of government-backed scheme is needed.

He said that SECP and Insurance Association of Pakistan (IAP) must join hands to boost the insurance sector so that it can play its due role in the national development while improving the insurance penetration which is a prerequisite for a stable economy.

He emphasised on increasing insurance penetration in Pakistan which is less than 1 percent of the GDP as against the global average of around 5 to 6 percent.

Dr. Mughal who is also president of Pakistan Economy Watch stressed on the need of implementation of  compulsory third party motor insurance and compulsory group medical insurance in Pakistan which is pending with SECP since 2018.

He was of the view that annually almost 20,000 people die in road accidents while many more get injured and they are not compensated.

CEO Alfalah Insurance Abdul Haye was of the view that in wake of current pandemic private employers having more than 50 employees should provide health insurance cover to their staff  while enforcement of compulsory group life insurance in Pakistan for companies should be considered.

The participants emphasised on adoption of uniform laws governing insurance sector as different provinces are following different rules and regulations creating problems while business ethics should be stressed.

Satwat Butt, former chairman Regional Committie North IAP, Chairman Lahore Insurance Institute Muhammad Hisham and Altimash Malik, GM UIC and others were also present in the meeting.