In collaboration with China, Saudi Arabia and Turkey, Pakistan can actually become an investment’s paradise: Mian Zahid Hussain
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 Wednesday said that providing 50 percent subsidy on approved seeds of cotton, and 110 thousands smart phones with latest applications of information on cotton production to farmers by the Government of Punjab is appreciative and will help in achieving the targeted cotton yield for the current year of 10 million bales. Research on increased yield of cotton has carried out with investment of Rs. 350 million, which will support the target’s achievement and increase the quality of the crop.
The veteran business leader said that in the first phase of the textile package, Rs. 25.5 million has been disbursed, however, to get the maximum out of it; its circumference must be increased. Growing exports of the value added sector of the Country is vital and important for the Country’s economic betterment for which the incoming Government to take immediate measures. To improve industry and trade; improve Country’s revenue, tax net should be increased in addition to increased foreign investment. In the fiscal year 2017-18 the developed real estate sector could only contribute Rs. 23 billion which is below than 0.1 percent of the National economy.
The former minister said that the tax system should be reviewed and all national institutions should be restructured in order to make them more effective and business friendly as indicated by the prime minister to be, Imran Khan. Now it is the right time to establish a stable and economically stronger Naya Pakistan and for this purpose, China, Saudi Arabia and Turkey have given clear indication to improve bilateral trade ties between the countries. In addition to improved trade with these countries, new international markets should be found for Pakistani products. Increased trade with Turkey will get the countries more closely and will help both countries to fight the economical constraints faced by them.
Mian Zahid Hussain said that facility centres for exports should be improved and increased in order to get better prices for Pakistani products in international markets. The incoming government should strengthen trade ties with neighbouring countries including Iran, India, Afghanistan, Sri Lanka, Bangladesh, Central Asian countries and European Union and FTAs should also be reviewed keeping Pakistan’s benefit in view. The assistance offered by China, Saudi Arabia and Turkey should be utilized in an effective way so that Pakistan may actually become a paradise for investors.
PTCL Ideas Olympiad closing ceremony held
The final round of the evaluation process and closing ceremony of the PTCL Ideas Olympiad was held on Thursday, August 16, 2018 at PTCL HQ in Islamabad. Panel of the PTCL top management, comprising Adnan Shahid, Chief Commercial Officer, Syed Mazhar Hussain, Chief Human Resource Officer and Adil Rashid, Chief Business Services Officer, carried out the assessment and decided the comparative ranking. The successful participants were presented awards for their winning ideas.
The PTCL Ideas Olympiad was launched in 2017 as a unique innovation platform. PTCL employees from all areas of operations were encouraged to send their best ideas that enables the company to move forward in their strategic direction. The process provided a useful opportunity to PTCL to create a culture of innovation, agility and employee engagement. The Ideas Olympiad presented ideas for meeting PTCL’s strategic objectives in the coming years.
Commenting on the success of the initiative, Syed Mazhar Hussain, Chief Human Resource Officer, PTCL, said, “I congratulate all the successful participants in the Ideas Olympiad for their innovation and creativity. All new ideas are being put to practice and will bring in considerable innovation in our systems and processes. Team has done a remarkable job by executing this program in a disciplined and professional way and created a long lasting advantage for the company.”
A total of 650 ideas were sent in by the employees in categories ranging from Customer Experience, Leadership, People & Culture, Processes and Innovation to Business Growth.
Assessors were drawn from within PTCL’s cross-functional domains to short-list the entries and make a final list of the top 13 ideas for the semi-final stage. At this stage, selected participants presented their ideas in the form of well-rounded business cases.
The winning ideas would be applied across PTCL as viable solutions for business problems. PTCL has come a long way in enacting change as now employees are greatly appreciated for thinking outside the box and unleashing their creative potential.
The Ideas Olympiad has won immense appreciation from the top PTCL management as it offers opportunities to the organization to constantly work towards addressing customer needs through innovative measures.
PTCL celebrates the spirit of independence with tribute to Pakistanis
Pakistan Telecommunication Company Limited (PTCL) is celebrating the spirit of Independence with a musical composed, especially to mark 71st Independence Day of Pakistan.
The musical composition has been created by the leading Pakistani folk music band ’Khumariyaan’, using the instruments from all provinces of Pakistan. The beautiful melody is complemented by the amazing videography, highlighting the beauty of Pakistan and the resilience of Pakistanis.
Titled ’Rhythm of Independence’, PTCL musical highlights the shared values of an everyday Pakistani, which are Powerful, Patriotic, Passionate, Pure, Proud, Pioneer, Pristine, Potential, Promising & Persistence. The video shows, not only the mesmerizing beauty of Pakistan, but also Pakistanis from Gilgit to Gwadar, from Karachi to Khyber and connected as one nation.
Speaking on the launch of the musical video, Adnan Shahid, Chief Commercial Officer, PTCL, said “We take pride in being a company where Pakistan is the first word in our name! We connect the nation and this brilliant musical is another effort of PTCL to showcase how we are united in the rhythm and spirit. Khumariyaan has done a brilliant job with a tune that is a representation of cultural and musical values of Pakistan. We have already had over 500,000 views online in the first 24hrs of its launch. I am very proud of the PTCL team that made this campaign.”
PTCL’s musical portrays a real Pakistan with common Pakistanis and rightly states ’Hum Hain PTCL, Hum Hain Pakistan’. Along with listening to the tune on radio, it can also be viewed on all major TV channels, PTCL website www.ptcl.com.pk and YouTube: http://bit.ly/HumHainPTCLHumHainPakistan.
MIGA issues US$ 66 million worth of guarantees for Hyundai-Nishat Motors Assembly Plant
MIGA, a member of the World Bank Group, has issued guarantees worth US$66 million in support of the design, construction and operation of the Hyundai-Nishat Motor vehicle assembly plant in M3 Industrial City, Faisalabad. The guarantees cover investments and loans guarantees extended by the Sojitz Corporation of Japan, a trading company, to Hyundai Nishat Motor (Private) Limited, a joint venture with the Nishat Group, one of the largest conglomerates in Pakistan, that is developing the facilities. The guarantees are issued for up to 15 years against political risks of transfer restriction, acts of expropriation, war and civil disturbance.
Once operations begin in 2020, the plant expects to assemble a range of Hyundai-brand vehicle models from passenger cars to light pickup trucks geared to general public, SMEs and other fleet running businesses. The plant will have the potential to achieve an annual production capacity of 30,000 vehicles.
Hyundai Nishat Motor (Private) Limited benefits from the Government of Pakistan’s Automotive Development Policy (2016-21) (’ADP’), which aims to ramp up quality vehicle production in the country to 350,000 units per year by 2021, up from the current ~250,000 units per year and offer increased choice for the consumers. The ADP offers incentives to new entrants in the sector, including the ability to import machinery at concessionary duties. The company will also benefit from a ten-year corporate income tax holiday and import of 100 complete built-up units for test marketing at 50 percent of the prevailing duty under the ADP.
At present, automobile production in Pakistan is dominated by Japanese vehicles assembled locally, utilizing Pakistan’s well-established supply chain for automobile parts. However, production has not kept up with the local demand resulting in excessive rise in the import bills. For consumers, there has been a lag of up to 9 months between placing an order to delivery of the vehicle. Motor vehicle ownership in the country is low, at roughly 20 per 1,000 people, with many of the vehicles lacking fundamental safety features.
The Hyundai-Nishat Motor state-of-the-art assembly plant will be designed to deliver the best-in-class Hyundai vehicles to Pakistani consumers through a nationwide dealership network. The promise will be delivered by installing contemporary hardware, software and skills enhancement programs to develop quality workforce with the help of technology principals Hyundai. The project is expected to spur significant economic activity through creation of thousands of jobs and import substitution. The project intends to localize substantial number of automotive parts with the support of local vendor industry which will also benefit from the latest Korean technology.
Stabilizing Country’s economy a big challenge to new Govt: Mian Zahid Hussain
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 said due to ongoing financial crisis in Pakistan, the international credit rating agency Fitch has changed Pakistan credit rating to negative from B. The decision came on the basis of increased budget deficit, which was 4.7 of the GDP in 2017 has risen by 0.9 percent to 5.6 percent of GDP in 2018; reduction in foreign reserves and expectation of increased foreign debts by 2019. Moody’s has also changed country’s credit rating to negative earlier in 2018 due to similar reasons. It is vital to improve Pakistan’s economic impression internationally and achieve stable ratings, in order to gain confidence of foreign investors.
The veteran business leader said that curbing the ongoing economic crisis, improving exports and stabilizing the national economy are big challenges to newly elected Government, Prime Minister Imran Khan and expected finance minister Asad Umar. Common masses and the business community have eyes on the new government for resolving all issues especially pertaining to economy and strongly believe that Imran Khan and his team will successfully compete in this situation while effectively playing their role in taking Country’s economy out of all odds.
The former minister said that Pakistan has been into 12 programs of IMF since 1980. Currently Pakistan is looking for several options including China, Saudi Arabia, overseas Pakistanis, Islamic Development Bank and IMF. But going into another IMF program will seriously impact every field of life including GDP. According to intelligence unit of the Economist’s survey, Karachi is on 137th number on the global liveability index of 140 cities across the globe, which is highly considerable for the government especially Sindh government, he added.
Mian Zahid Hussain said that we believe that elected assembly members from Karachi and the ruling Party PPP under the leadership of Bilawal Bhutto and Chief Minister Murad Ali Shah will take immediate measures to make Karachi a better place to live. According to the Economist, Karachi stands at 48 percent in infrastructure, 67 percent in education, 39 percent in culture & environment, 46 percent in health care and 25 percent in stability, while Vancouver of Canada stands at 95 percent in stability and 100 percent in remaining sectors. Foregoing all political controversies all elected members of Sindh government and assembly should together work for the betterment of economic hub and mini Pakistan, Karachi in order to make the City’s image better. All relevant institutions should work for making Karachi improved with respect to political, economic and environmental stability, he added.
Link International Exchange Company opens free library
Link International Exchange Company Airport branch started activity “Free Library” give a book and take a book this will help to educate those who cannot afford books.
If you have spare books at home don’t waste it. Visit our Lahore Airport Branch and keep it in our library. This will help to educate our country people those cannot afford books.
JS Bank Celebrates Independence Day With Zeal And Renewed Commitment
JS Bank, one of the nation’s leading and fastest growing Bank’s marked Pakistan’s Independence Day celebrations with fervor and enthusiasm at its head office. During the ceremony the team at JS Bank, a Pakistani owned and operated institution, renewed their pledge to serve the country and take it to greater heights.
During the event, badges and small flags were distributed among the participants. The program commenced with a recitation of the Holy Quran followed by the national anthem. A cake was cut to mark the occasion by the Bank’s President and CEO – Basir Shamsie and Group Head CRBG – Kamran Jaffar. Expressing their views, the officials wished all present Azadi Mubarak, reflected on the growth of the Bank since its inception and stated that JS Bank is committed towards the progress and prosperity of the nation.
A reflection of these efforts, JS Bank has partnered with World Wildlife Fund (WWF) Pakistan to plant 20,000 trees across the nation to help counter adverse climate change as well as undertaken efforts with partners to reduce generation of plastic waste to protect the environment.
The Bank also engaged people social media through a video message by the Bank’s President and CEO – Basir Shamsie and a video remembering the efforts of our forefathers and highlighting the Quaid’s message of unity, faith and discipline for continued growth.
Jaffer business systems in drive to make Pakistan green
Jaffer Business Systems (JBS) has started the drive to make Pakistan Green. On the occasion of our 71st Independence Day, as part of its CSR, JBS has gifted thousands of marigold flower seeds to its customers along with a greeting card to spread greenery in Pakistan.
JBS is continuing this campaign and those who wish to participate in the campaign and play their part in making Pakistan green can visit JBS official Facebook page https://www.facebook.com/jbspakistan/and request for the seeds.
Expressing his views, Veqar ul Islam, Director and CEO, JBS stated, “We at JBS take responsibility for the impact of our activities on the environment. We consider the society and communities we operate in as our valued stakeholders. We are also fully-conscious of our social responsibilities and we believe that the greatest of all arts is the art of losing ourselves in the service of others.”
JBS has been carrying out various activities as a part of their CSR initiative. They actively take part with an unflinching interest in funding educational and healthcare projects and organizations.
Closing Ceremony of IBA IESS 2018
The closing ceremony of the 3rd annual International Entrepreneurship Summer School (IESS) 2018 was held at the IBA main campus.
Commencing the ceremony, Dr. Shahid Qureshi, Program Director IBA Aman-Centre for Entrepreneurial Department (CED), gave a brief introduction of IESS 2018 and shed light over the first 10 days of entrepreneurial learning. Discussing various aspects of the program, he said, “One of the benefits of IESS is the international faculty and the hands-on learning experience. With the activities that were held, our participants got a chance to know more about different countries, and with this, we hope to project Pakistan as a place of hope and to spread the message of love.”
Dr. Qureshi also highlighted that 4 international students from Germany, UAE, Mexico and Switzerland along with 10 national and 43 IBA students participated in this program and gained exposure to the local entrepreneurial setups and markets.
Renowned international faculty members including Mr. Hans Michael and Ms. Ulrike Guelich from Thailand, faculty from South Korea, Qatar & Canada, along with the national and IBA faculty taught in IESS.
The 10-days entrepreneurship course included various guest speakers, including renowned Youtuber, Irfan Junejo, who imparted the essentials of entrepreneurship. The IESS is designed to share entrepreneurial knowledge within the South Asian context. Students learn entrepreneurship, while immersing in the cultural richness of Pakistan through workshops, lectures, cultural events, recreational activities and countrywide travelling to the beautiful landscapes of the country.
As a part of Experience Karachi program participants attended 10 academic sessions and visited the famous places, such as Do-Darya, the textile mills, Jodia Bazaar, Frere Hall, Mohatta Palace, Sea View and the Mausoleum of the founder of Pakistan. Under the Discover Pakistan program, the IESS participants will go on a blissful journey of 10 days to explore the northern beauty of Pakistan.
Marking the occasion, chief guest and Executive Director IBA, Dr. Farrukh Iqbal said, “I thank all participants, especially international students, because you will return to your respective countries as ambassadors of Pakistan.” Dr. Iqbal then distributed certificates among the participants.
Expressing his thoughts on the occasion, Patrick Muntzinger from Germany said, “I’m feeling very sad because IESS is coming to an end. I have traveled to over 60 countries and so far Pakistan tops the list.”
IBA celebrates 71 years of independence of Pakistan
The Institute of Business Administration (IBA) Karachi celebrated the Independence Day at the main campus, university enclave with faculty, staff, students, alumni and their families in attendance.
The guests assembled at the patio opposite Fauji Foundation building where the ceremony commenced with the recitation from the Holy Quran, followed by a flag hoisting ceremony by Dr. Farrukh Iqbal, Executive Director IBA, Karachi.
Addressing the audience, Dr. Iqbal said, “Societies that stand united, that uphold the values of tolerance, hope and stand together in happiness and sorrow, and are empathetic and sympathetic towards one another, are the societies that give birth to healthy communities. This generates a ripple effect and helps build healthy cities. And this is the need of the hour.” He also praised the diverse representation of the IBA family during the occasion.
The campus was adorned with flags and reverberated with patriotic songs while attendees wore the traditional colors and sang to the evergreen national songs. Prayers were made for the country’s prosperity and the sacrifices made by the people during partition as well as in the war against terror.
Later, a tree plantation activity was carried out at the campus where more than 40 trees were planted with the aim to make IBA the greenest campus in the country and contribute towards a healthy and clean environment. Previously, more than 1300 trees have been planted at both main and city campus of the university to clean the environment.
Mr. Aamer Shabbir, General Manager – Administration, IBA, Karachi, stressed on the importance of a green environment and said, “In the era of global warming, it is vital to promote horticulture on university campuses by planting more and more trees. IBA wishes to fulfill its social responsibility by adding greenery to Karachi’s natural environment, so that future generations will be able to benefit from this”.
After the plantation drive, a cake-cutting ceremony was held at the Alumni Student Centre. The ceremony concluded with a cricket exhibition match played by the IBA faculty and staff.