CDWP approval had already been obtained for 146 

KMs-cost Rs.26 billion-Hoshab to Awaran project 

A.M.Bhatti

ISLAMABAD : Chairman CPEC Authority Lt. Gen ® Asim Saleem Bajwa has said that work on M-8 is to commence as top priority.

In a Tweet on Sunday Bajwa said the CDWP approval had already been obtained for 146 KMs-cost Rs.26 billion-Hoshab to Awaran project.

This road in remote districts of Kech/Awaran is a beacon of light for impoverished South Balochistan and will definitely change lives of people living there, he added.

It may be mentioned here that work on most of the CPEC projects had already been re-started. The authorities have vowed to make for delays caused by COVID 19.

ISLAMABAD, JULY 05 :  The Specialized Committee Meeting of Trade Facilitation of ECO Chamber of Commerce & Industry (ECO-CCI) was held via video link and attended by representatives of the Chambers of Commerce & Industry of member countries including Afghanistan, Azerbaijan, Iran, Kyrgyz Republic, Turkey, Uzbekistan and Pakistan and ECO Secretariat. The meeting was presided over by Mr. Amjad Rafi, Chairman National Committee of ECO-CCI (Pakistan Chapter) and Chairman Specialized Committee of Trade Facilitation and Shaikh Sultan Rehman, Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) also attended the meeting from Pakistan.

While chairing the meeting, Mr. Amjad Rafi Chairman stated that the real challenge of trade facilitation is to minimize transaction costs and the complexity of international trade for businesses, without compromising efficient and effective levels of collection of customs revenues and other border controls. He also highlighted the pandemic situation and measures taken by the Government to minimize the risk for trade and industry. He also discussed in details the issues related to regional cooperation, trade cost, ECO visa sticker scheme, intra-ECO investment, exchange of knowledge, tariff rationalization, implementation of ECO Trade Agreement (ECOTA), ECO Trade Fair, ECO exhibition, technological transformation, joint ventures, promotion of barter trade and opening of border gates, implementation of ECO trade transit agreement etc.

Shaikh Sultan Rehman, Vice President FPCCI emphasized on promotion of intraregional trade and investment among the ECO countries. He pointed out that intra ECO trade is very low: 7-8 percent while the Intra-regional trade of other trading blocs is more than 50 percent; for example in EU it is 55% and 58% in NAFTA. He added that expanding of trade volumes require trade liberalization, harmonization of policies, reducing the cost of doing business, financial infrastructure, economic efficiency and institutional capacity building. He urged the member countries to move towards export of high value added, medium-to-high technology exports by upgrading and diversifying their industrial structure.

Dr. Syed Yahya Akhlaq, Deputy Secretary General ECO Secretariat also updated the status of implementation of ECOTA. He further informed that the agreement will come into force after approval in the next meeting ECOTA Cooperation Council likely to be held in August 2020 and ECOTA will be implemented either in the end of 2020 or early 2021. The house also suggested the holding of training sessions and work shop regarding the imports/exports procedures among member countries. During the meeting, the participants shared the experience of pandemic and measures taken by their government for facilitating their trade and investment by their government.

ISLAMABAD, July 5 (DNA): Industrial and Commercial Bank of China (ICBC) has recently emerged as biggest foreign bank in Pakistan with advanced asset size and profitability, China Economic Net (CEN) reported on Sunday.

According to this year’s list of 1000 World’s top banks released by the renowned British magazine, comparing with all banks in Pakistan, including domestic banks, ICBC ranks 13th in total assets.

ICBC holds three branch banks in Islamabad, Karachi, and Lahore. Meanwhile, ICBC is an important cooperative financial institution in the construction of China-Pakistan Economic Corridor (CPEC).

“From being among a clutch of evenly sized Asian emerging markets in 2000, [China] now has capital resources three times the size of Japan’s,” analyzed The Banker.

Due to the impacts brought by COVID-19, banks around the world has been hindered severely in 2020. China’s banking sector is also facing the challenges.

However, “China’s big four retain their leading positions in the Top 1000, meanwhile, the country’s digital banks are starting to make waves.”Chinese banks in total make up 29% of the profits and 25% of the assets, amongst banks in the globe., the report added.

ISLAMABAD, July 5 (DNA): Beijing hybrid wheat promoted in Pakistan was going to become a benchmark project for agricultural cooperation under China-Pakistan Economic Corridor (CPEC), says a report published by Gwadar Pro on Sunday.

In the context of Sino-Pak cooperation in the agriculture sector, China’s Guard Agri. Company last week sent a letter to Beijing Academy of Agriculture and Forestry Sciences, stating that they are looking for further cooperation particularly on an expanding its planting area in 2020-2021.

This project not only benefits Pakistani enterprises but would also alleviate food crisis in the country. “Therefore, we are enthusiastically seeking cooperation, hoping that China would provide seeds to support the plantation of Beijing hybrid wheat in 2020-2021,” the letter said.

Dr. Zhang Shengquan, Beijing Academy of Agriculture and Forestry Sciences/ Beijing Hybrid Wheat Engineering and Technology Research Center told Gwadar Pro that this year, China will also support the promotion of Beijing hybrid wheat in Pakistan, and provide adequate seeds as well.

If the experiment goes well, the hybrid wheat will come onto the Pakistani market on a large-scale next year.

Through a long-term research and experiment, over 120 hybridized combinations and more than 230 pilot projects, comparing with domestic breed, Beijing hybrid wheat has created a 24.4% average increase of yield.

Beijing hybrid wheat gained another good harvest in Pakistan pilot site in the crown of the year 2019-2020.

It is reported that for the same planting area, Beijing hybrid wheat yields 20% more than the best breed in Pakistan, by sowing seeds that are 90% less than the latter.

Maaz Mahmood urges world community to accord serious attention to HR violation in Occupied Kashmir 

Lahore: The All Pakistan Business Forum President Syed Maaz Mahmood has urged the international community to accord serious attention to the violation of human rights in Occupied Kashmir, as consistent Indian attempts to escalate the situation along the LoC is a major hurdle to exploit the two countries’ bilateral trade potential of $37 billion and prosperity of the subcontinent. Since August 2019, the formal trade between the two countries, estimated at $2 billion through formal channels and also tilted in favour of India, was suspended only because of India, which revoked Jammu & Kashmir’s special status.

“APBF seriously concerned over continuing human rights abuses and curfew in Indian Held Kashmir for the last more than 9 and a half months,” he said.

Lauding the efforts of the law enforcement agencies and paying tributes to armed forces who sacrificed their lives at LoC, he said the opening of Kartarpur corridor last year was a positive step by Pakistan, opening the door for potential economic integration by enhancing people-to-people contact, with nearly 45,000 Indian pilgrims visiting Kartarpur since its opening in Nov, 2019.

Although just a first step, the Kartarpur corridor was a positive development in minimizing the trust deficit that exists between the two countries and could further contribute to other confidence building measures such as enhancing cooperation in trade. But continuous human rights abuses and ceasefire violations along the LoC is escalating the tension between India and Pakistan, threatening peace and stability of the region.

Syed Maaz Mahmood expressed solidarity with the peaceful Kashmiris, saying the entire business community was fully supporting them and their cause of independence. He said Kashmir cause is our top priority and APBF wants nationwide support to Kashmiri people.

Only in a single year of 2020, India has committed 1487 ceasefire violations resulting in killings and serious injuries to 106 innocent civilians, he said. Condemning the deplorable targeting of innocent civilians by the Indian occupation forces, he underscored that such senseless acts were in clear violation of the 2003 Ceasefire Understanding, and are also against all established humanitarian norms and professional military conduct.

Syed Maaz Mahmood also expressed complete solidarity with Pakistan armed forces, in its fight for the cause of Kashmir and for their fighting against terrorists. He said that the entire business community along with the nation fully support the armed forces for crushing terrorists. He said that political stability coupled with better law and order was pre-requisite for strengthening of national economy and must for survival of the country.

APBF Chairman Ibrahim Qureshi said the business community was fully supporting Kashmiris and their cause of independence. He further said that the global economy is in recession due to pandemic and bilateral trade is diminishing, however, solidarity with Kashmiris is first priority not trade with India despite the fact that economic scenario is worse presently.

Ibrahim Qureshi said that India must understand that peace in South Asia is in the interest of regional countries and the whole world, as extremism will not only damage Pakistan but also hurt India. He called upon New Delhi to abandon fanning militancy in Pakistan and opposing economic corridor which is in her own interest.

APBF chairman said the seven decades long Kashmir’s liberation movement has now entered a critical phase where it is neither a political issue nor a matter of personal or party interests, but a personal matter for every Pakistani citizen who has to play due role in it. He said Modi has waged a war against the whole humanity, and entire business community of Pakistan is standing by their valiant armed forces.

DNA

ISLAMABAD, JULY 05 : The Friends of Business and Economic Reforms president Kashif Anwar on Sunday lauded the recent move of the central bank to slash interest rate by another one percent, recommending it to curtail it 5 percent gradually, besides directing the commercial banks to implement the government’s soft loaning for the revival of small and medium sized industry in its true spirit.

In an open letter, written to the State Bank of Pakistan governor Reza Baqir, he asked to restrict the commercial banks to adjust KIBOR on monthly basis instead of quarterly basis so that the benefit of huge reduction of key policy rate could be passed to the businesses, as they have still being charged markup of over 12 percent.

He hailed the central bank to reduce discount rate by 100 basis points to 7 percent in an unscheduled meeting of monetary policy committee which has so far dropped the key interest rate by 6.25 percent from 13.25 percent since March 17, 2020. He said the rate slash is a welcome move, but only 100bps (basis points) reduction is not enough.

Kashif Anwar urged the State Bank of Pakistan to review its policies and facilitate the private sector particularly the industrial and commercial importers as higher interest rates and economic slowdown had dampened business appetite for bank loans.

He said the cost of production had moved upward, reaching the highest level of last 10 years owing to huge depreciation of Rupee against dollar, record high markup rate and continued hike in power and gas tariffs.

Kashif Anwar was of the view that the cost-of-doing-business and the cost of production had shot up to uncompetitive levels as the borrowing cost was huge and capital financing had become more expensive.

FEBR President observed the businesses were not willing to obtain fresh funds from banks due to higher cost of borrowings. The demand for the private sector credit is to remain subdued unless the SBP eases policy rate further so that economic growth could get momentum,” he said.

He was of the view that the private sector had nothing to borrow from financial institutions because banks preferred to park their money in risk-free government securities. “The flow of banking money is now going towards government papers, which will definitely hit economic growth and affect the investment landscape in the country,” he maintained.

In the prevailing circumstances, interest rate at 7 percent is not feasible for the businesses, he said. “FEBR hopes the central bank will consider the plights of the business community and rates would be brought to 5 percent gradually,” he added.

He urged the State Bank to further cut policy rate for easy access to finance for the local industry and exporters who were confronting new challenges and uncertain conditions. H also urged the need of deferment of payment of utility bills and waiver of surcharges for at least next three years, restoration of zero-rated sales tax regime and exemption from welfare fund contributions.

He said that the government’s resolve to contain the spread of virus was commendable, which can also attract the foreign investment in the country.

On behalf of the industry, he said that incentives such as the cut in import duty on the required industrial raw materials must continue unabated as it would ensure an economic stimulus.

Regarding global oil price reduction, he said that the government should also pass on this relief to the trade and industry to cut cost of production.