Daily Archives: January 5, 2018

CPEC Industrial Cooperation; Private Sector to play proactive role: Secretary Planning CPEC is a game changer and future of the new generation: Business Community

Islamabad, January 05, 2018 (PPI-OT):The Secretary Planning, Development and Reform (PD and R), Shoaib Ahmad Siddiqui has said that CPEC is moving to next stage of development by entering into industrialization phase where Pakistan’s private sector has to play a leading and proactive role. He expressed these views while addressing a consultative meeting of Islamabad and Rawalpindi Chambers of Commerce and Industry on Friday at Ministry of Planning.

The meeting was attended by the Secretary Board of Investment (BoI), Sumaira Nazir Siddiqui, President Islamabad Chamber Sheikh Amir Waheed, President Rawalpindi Chamber Zahid Latif Khan, members of both the chambers and officials from CPEC Secretariat and BoI.

Shoaib Ahmad Siddiqui said that under the win-win cooperation framework between China and Pakistan in the shape of CPEC, both the countries demonstrated tremendous resolve to make dream a reality. He said that the trade and industry development, for Pakistan, is the main gain from CPEC as a driving force for economic growth and to take the fruits of CPEC to the lesser developed regions of Pakistan. “This process is inclusive, not exclusive and it will help create efficient and competitive industrial clusters to attract investment and to diversify exports”, he remarked.

He said that industrial cooperation phase under CPEC is at advance stage where officials and experts of both the sides are engaged to level ground for investment and develop SEZs in line with the modern trends. He pointed out that Government of Pakistan has ensured to kept local business community on board and it is evident of the fact that elected leadership of the community has been made part of every consultation process; either internal preparation or on the level of Joint Working Group and Joint Cooperation Committee of CPEC. “This shows the government resolve and openness to make this endeavour, a successful one, enabling local investors to accrue maximum benefits of this cooperation”. He ensured that the process of consultation will continue and local industry would be safeguarded.

He said that Government of Pakistan has already announced a comprehensive and a business friendly incentive package aimed at up-scaling investments and grows the industry. “The incentive package and policy is very liberal and open for all investors; local, Chinese and others” he reiterated. He said that now it is the time to go a step forward and envisage on more concrete and focused efforts where Pakistan’s private sector has to play a leading role. “Local investors need to look for venues being created by the CPEC industrial cooperation, trying to enter into joint ventures with Chinese and other businessmen” he said.

Presidents of both the Chambers have expressed their full optimism regarding CPEC, declaring the project as a game changer and future of the new generation. They also appreciated the government policy of openness where business community has been provided full chance of representation in consultation process for CPEC. It was highlighted that local investors are ready to grasp the opportunities being created by this multi-billion project. The business community also forwarded a number of proposals for boosting the industrial cooperation under CPEC.

For more information, contact:
Principal Information Officer,
Press Information Department (PID)
Tel: +92-51-9252323, +92-51-9252324
Fax: +92-51-9252325, +92-51-9252326
Email: piopid@gmail.com
Website: www.pid.gov.pk

Board of directors meeting of Agritech Limited

Karachi, Agritech Limitedinformed Pakistan Stock Exchange that board of directors meeting of the company will be held on January 12, 2018 at Lahore to discuss and approve Budget Bases and Annual Budget for Financial Year 2018.

Further, the company has declared the closed period from January 05, 2018 to January 12, 2018.
Agritech Limited Pakistan was incorporated in Pakistan on December 15, 1959 as an unlisted Public Limited Company under the Companies Ordinance 1984. It is a wholly owned subsidiary of National Fertilizer Corporation of Pakistan Private Limited, a Government owned Corporation, until July 15, 2006. Later amalgamation of Hazara Phosphate Fertilizers Private Limited, a wholly owned subsidiary of the Company took place dated May 23, 2012. The company stocks are quoted on the Karachi Stock Exchange. The registered head office of the company is located in Lahore.

The principal business of the company is the production of Urea and Granulated Single Super Phosphate fertilizer. The products of the company include Tara urea, Tara SSP and DAP.

The symbol “AGL” is being used by the stock exchange for the shares of Agritech Limited.

ICCI shows concerns over 41 percent rise in foreign debt during last 4 years

Islamabad, January 05, 2018 (PPI-OT):The Islamabad Chamber of Commerce and Industry has shown great concerns over the constant rise in foreign debt which has increased by more than 41 percent during the last four years and called upon the government to focus on generating indigenous resources to reduce heavy reliance on foreign debt as the increasing foreign debt would further hike the cost of debt servicing and constrain the economic growth of the country.

Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that foreign debt of Pakistan was around $ 60.9 billion in 2013, which has gone up to $ 85 billion by September 2017 showing an increase of over 41% during the last four years. He said the constant rise in foreign debt was the major cause of poverty and under-development in the country as Pakistan was spending about 65 percent of its revenue on debt servicing. He said after debt repayment, the country was left with very insufficient financial resources to spend on defense, health, education, development and private sector credit.

He said the further accumulation in foreign debt would weaken economic future of Pakistan as rising debt would consume major portion of future budgets leaving meagre resources for economic development of the country. He said Pakistan’s foreign debt was just around $3 billion by December 1971, but it was unfortunate that over the last 46 years, foreign debt has registered a phenomenal increase of over 2700 percent.

It clearly showed that our successive governments have contributed to make Pakistan one of the highly indebted countries as the economic growth of the country never matched with consistent rise in foreign debt. He said it was the need of the hour that Pakistani authorities should reorient economic policies and focus on indigenous resources for the development of the country.

Muhammad Naveed, Senior Vice President and Nisar Mirza, Vice President Islamabad Chamber of Commerce and Industry said that if the trend of relying on foreign debt to run the affairs of the country was not curbed, the Pakistan would have to obtain more loans even for debt repayment. They stressed that the government should take urgent measures to generate indigenous resources and arrest the unhealthy trend of rising foreign debt as it has multiple negative effects on the economy.

They said the continuous rise foreign debt would squeeze funds for private sector credit, affect industrial and investment activities, increase poverty and unemployment and impede economic development of the country. They urged that government should focus on creating enabling environment for better growth of business and investment activities and facilitate promotion of exports so that country could generate more indigenous resources and get rid of heavy foreign borrowing.

For more information, contact:
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

Miftah Ismail felicitates United Business Group, Bilour on success in FPCCI elections

Islamabad, January 05, 2018 (PPI-OT):Adviser to Prime Minister on Finance, Economic Affairs and Revenue, Dr. Miftah Ismail has felicitated Mr. Ghazanfar Bilour over his election as President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for the year 2018.

The Adviser said election of Mr. Ghazanfar Bilour was an acknowledgement of his experience in the sphere of commerce and industry. Miftah Ismail remarked: “I am confident that during your tenure, the FPCCI will proactively work with all the stakeholders and play due role in further improving and promoting the business environment in our country”.

In a separate message, the Adviser also extended felicitations to S.M Muneer, Group Leader, United Business Group (UBG) on success of the Group in the elections of FPCCI. In his message, the Adviser wished the elected members a successful term in office.

For more information, contact:
Principal Information Officer,
Press Information Department (PID)
Tel: +92-51-9252323, +92-51-9252324
Fax: +92-51-9252325, +92-51-9252326
Email: piopid@gmail.com
Website: www.pid.gov.pk

Pak-China Currency Swap Agreement termed a brilliant move: Mian Zahid Hussain

Islamabad, January 05, 2018 (PPI-OT):President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday termed Pak-China Currency Swap Agreement (CSA) a brilliant move. The business community welcomes the deal which will reduce country’s dependence on the US which has crossed all limits to malign and damage Pakistan to please India and cheat its own masses, he said.

Government’s move to allow the Yuan to be used for imports, exports and financing transactions will water down the impact of threats of US President who is blaming Pakistan for the failure of America in Afghanistan, he added. Mian Zahid Hussain said that after the CSA, Pakistan may not need IMF help as badly as expected which will help the government to avoid harsh conditions linked to the loan of the international lender as China has provided a loan of 10 billion Yuan to Pakistan which is almost equal to 8.5 billion dollars.

He said that the government and private sector of both the countries should be encouraged to use Yuan for trade and investment which will push bilateral ties to the new altitude. Yuan is at par with other international currencies such as USD, Euro and JPY while Chinese economy is more stable than rest of the countries, therefore, it will yield many long-term benefits for both the friendly nations, the veteran business leader said.

The recent local and global economic developments, particularly the threats by the US President and the growing size of trade and investment with China the use of Yuan will increase significantly and will yield long-term benefits for both the countries, their business communities and masses. Over the decades, China has proved to be much more trustworthy than America, therefore, the dollar should no more remain dominated on the economic scene, the former minister said.

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

Pak-China Currency Swap Agreement termed a brilliant move: Mian Zahid Hussain

Islamabad, January 05, 2018 (PPI-OT):President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday termed Pak-China Currency Swap Agreement (CSA) a brilliant move. The business community welcomes the deal which will reduce country’s dependence on the US which has crossed all limits to malign and damage Pakistan to please India and cheat its own masses, he said.

Government’s move to allow the Yuan to be used for imports, exports and financing transactions will water down the impact of threats of US President who is blaming Pakistan for the failure of America in Afghanistan, he added. Mian Zahid Hussain said that after the CSA, Pakistan may not need IMF help as badly as expected which will help the government to avoid harsh conditions linked to the loan of the international lender as China has provided a loan of 10 billion Yuan to Pakistan which is almost equal to 8.5 billion dollars.

He said that the government and private sector of both the countries should be encouraged to use Yuan for trade and investment which will push bilateral ties to the new altitude. Yuan is at par with other international currencies such as USD, Euro and JPY while Chinese economy is more stable than rest of the countries, therefore, it will yield many long-term benefits for both the friendly nations, the veteran business leader said.

The recent local and global economic developments, particularly the threats by the US President and the growing size of trade and investment with China the use of Yuan will increase significantly and will yield long-term benefits for both the countries, their business communities and masses. Over the decades, China has proved to be much more trustworthy than America, therefore, the dollar should no more remain dominated on the economic scene, the former minister said.

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