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Category: Trade & Industry

This section covers news on trade and industry. Pakistan Revenue is committed to providing the latest updates on business trends.

  • IFC helps Engro in reducing plastic waste

    IFC helps Engro in reducing plastic waste

    KARACHI: International Finance Corporation, a member of World Bank Group, has signed an agreement to assist Engro Corporation in reducing plastic waste, promoting recycling, and boosting the company’s energy efficiency.

    The project is part of IFC’s Pakistan Resource Efficiency Program, which aims to improve efficiency, cost-competitiveness, reliability, and productivity in the manufacturing sector, particularly in energy-intensive industries.

    READ MORE: Engro Corp approves $31.4m for petrochemical project study

    IFC’s climate advisory project will help Engro Corporation assess the opportunities for moving toward a circular plastics economy as it develops a $1.8 billion petrochemical project to produce polypropylene.

    The circular system would see polypropylene products collected and reused or recycled and converted into viable products.

    IFC’s team will also assist Engro Corporation in driving sustainability by reducing its carbon and water footprints and adapting to climate-related risks through targeted interventions.

    READ MORE: Engro Corp posts 23% revenue growth in nine months

    Pakistan is the second-largest domestic market for plastics in South Asia after India and among the top 10 countries most impacted by climate change.

    The country produces about 30 million tons of solid waste annually, of which 9 percent is plastic waste. Its Indus river is a major carrier of plastic waste into oceans.

    Ghias Khan, President, and CEO of Engro Corporation, said: “At Engro, we believe that operating businesses sustainably at a globally competitive level need not be a zero-sum game. Therefore, we are actively partnering with global leaders such as IFC for a circular plastics economy, resource efficiency and carbon footprint reduction, to build a more sustainable future for our coming generations.”

    READ MORE: World Bank’s IFC signs financing agreement to build six power projects in Pakistan

    “Climate change is already impacting Pakistan and it’s crucial for companies to do everything they can to be efficient in their resource usage,” said Hela Cheikhrouhou, IFC’s regional Vice President for the Middle East, Central Asia, Turkey, Afghanistan, and Pakistan “Reusing plastics will not only cut greenhouse gas emissions and protect the environment but will help companies save money and become more competitive internationally.”

    Engro Corporation has been a strategic IFC client for nearly three decades. IFC has supported Engro’s growth from an ammonia-based fertilizer producer to a conglomerate with interests mainly in polyvinyl chloride production, dairy, power generation, liquefied petroleum gas storage and handling, liquefied natural gas regasification, telecom towers and logistics.

  • Envoy for removal of Saudi-Pak trade barriers

    Envoy for removal of Saudi-Pak trade barriers

    ISLAMABAD: Nawaf bin Said Al-Malki, Ambassador of Saudi Arabia in Pakistan, has stressed the need to remove barriers in trade between Saudi Arabia and Pakistan.

    While welcoming a delegation from Federation of Pakistan Chambers of Commerce and Industry (FPCCI) led by its president Mian Nasser Hyatt Maggo at Saudi Embassy Islamabad, Al-Malki underscored the need of the removal of trade barriers and the promotion of trade through the direct route.

    He stated that Pakistan and Saudi Arabia both possess huge natural resources which can be utilized for enhancement of bilateral trade relations.

    The envoy also informed that there is huge potential in rice, textile, sea food, sports goods, agro-based products and there is a need of direct interaction between the traders of both countries in these commodities.

    He said that Saudi Arabia wanted to see Pakistan as a growing economy as it is a very important country for the whole Muslim Ummah.

    The ambassador said that Pakistan has lots of potential for speedy economic growth that should be highlighted more effectively to attract foreign investors.

    Al-Malki urged that the media should focus on projecting the positive things of Pakistan to change wrong perception about it.

    He said that wrong perceptions about Pakistan in foreign world needed to be changed to unlock its real economic potential.

    President FPCCI Mian Nasser Hyatt Maggo said that Pakistan desired to further strengthen its trade ties with Saudi Arabia as both countries have great scope to promote trade in many areas.

    Read More: Pakistan, Saudi Arabia agree to strengthen bilateral economic ties

    Pakistan has strong strategic, diplomatic and economic relations with Saudi Arabia and cannot forget the financial assistance of Saudi Arabia in the form of oil on credit, construction of educational institutions and on Kashmir cause.

    Maggo while quoting the statistics, he informed that the share of Pakistan in Saudi Arabia’s trade is just one per cent; while in Pakistan’s trade is approximately 7 per cent stated that Saudi Arabia is an important trading partner of Pakistan and the joint business council between the national chambers of both countries can play a vital role in enhancing the trade and business activities.

    He urged on accelerated efforts for activation of trade and economic promotional activities through this platform. Maggo also underlined the need of exchange of trade delegations, holding of B2B meetings, trade exhibitions and business forums etc.

    Read more: Pakistan, Saudi Arabia agree to enhance duty, tax cooperation

    The President FPCCI further highlighted various potential areas for investment in special economic zones of Pakistan under CPEC project. He invited the investors of Saudi Arabia to explore Joint venturesin these special zones. Pakistan will facilitate Saudi investors by providing them one window operation.

    Qurban Ali, Chairman Capital Office & Mirza Abdul Rehman Chief Coordinator FPCCI also emphasized on the enhancement of bilateral trades and investment and suggested opening of Saudi Arabia EXIM bank branch in Pakistan for trade facilitation. Mirza Abdul Rehman &Qurban Ali highlighted the potentials of bilateral trade in different sectors and also requested multiple entry visa to the genuine businessmen on the recommendation of FPCCI within shortest possible time.

    Saudi Arabia places $3bn with Pakistan’s central bank
  • Yarn merchants demand cut in interest rate

    Yarn merchants demand cut in interest rate

    KARACHI: Pakistan Yarn Merchants Association (PYMA) on Friday demanded the State Bank of Pakistan (SBP) to cut interest rate to provide relief to coronavirus hit economy of the country.

    In a statement Saqib Naseem, Central Chairman Pakistan Yarn Merchants Association (PYMA), while expressing deep concern over the non-reduction of interest rates by the SBP despite the demands of the business community, said that it has recently increased interest rates by 150 basis points, and news was circulating for increasing interest rates further in the coming days, which will have a devastating effect on the corona-hit economy.

    In particular, there will be a significant increase in the production cost of trade and industry, as well as a storm of inflation.

    PYMA office-bearer said that economists should give suggestions in the interest of the economy, which would boost business and industrial activities in the country, and bring prosperity.

    However, it has been observed that most of the measures taken by the government have increased business and industrial costs and it is becoming extremely difficult for the business and industrial community to run their businesses and industries.

    “The severe economic crisis caused by the Corona epidemic, the business and industrial community was already facing a severe shortage of capital and they were struggling to survive. In these circumstances, raising interest rates by the SBP will lead to a severe financial crisis which is not in any way in the favour of the national economy”, they feared.

    Saqib Naseem appealed to an advisor to the Prime Minister on Finance and Revenue Shaukat Tarin to reduce interest rates immediately to save trade and industry from collapse so that the traders have easy access to capital and they can continue their business and industrial production activities while overcoming all difficulties.

    Otherwise, business and productive activities will be hampered for them, which will have a very negative impact on the economy.

    Saqib Naseem elected central chairman PYMA
  • FPCCI urges measures to overcome gas crisis

    FPCCI urges measures to overcome gas crisis

    KARACHI – The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called upon the government to implement effective measures to alleviate the ongoing gas crisis, emphasizing the need for uninterrupted gas supply to industries and a reduction in electricity tariffs.

    (more…)
  • foodpanda demonstrates Pandafly drone at Dubai Expo

    foodpanda demonstrates Pandafly drone at Dubai Expo

    KARACHI: foodpanda has exhibited Pandafly drone at the Pakistan Pavilion in Dubai expo. foodpanda Pakistan’s leading food delivery company and is also the largest e-commerce platform.

    The event is a testament to foodpanda’s commitment to grow and innovate through adoption of disruptive technology, as well as showcase the tremendous support and an enabling environment offered by the Government of Pakistan for continued growth and investment in the technology sector.

    The use of these disruptive technologies by foodpanda, and other companies, in the future will mean faster deliveries over longer distances. Further customers living in peri-urban and remote areas will especially benefit through enhanced choice and competitive pricing.

    Speaking at the event in Dubai, Nauman Sikandar Mirza, CEO of foodpanda stated: “We are very excited to be present at the Pakistan Pavilion to showcase our state of the art drone for food delivery.

    “The support from the Government of Pakistan has been tremendous and our presence at this event has shown it to the world that Pakistan is open to testing innovative technologies and encourage investment in the technology and e-commerce sector.”

    Hassan Afzal Khan, Pakistan’s Consul General in Dubai was also present at the event. Expressing his views, he said, “E-commerce and the use of technology to serve the citizens is definitely the future.

    foodpanda’s use of innovative technologies for food delivery is highly impressive, and featuring it at the Dubai Expo was indeed a great idea. We wish foodpanda all the best in now turning this pilot project into a regular operational service.”

    Also present at the event was Dr. Erfa Iqbal, Chairperson Punjab Board of Investment and Trade. While sharing her thoughts she said, “I am delighted to see that through e-commerce we are able to increase the overall economic activity and bring in financial inclusion, economic empowerment and socioeconomic uplift of the country and foodpanda is at the forefront of it. With this disruptive technology we are paving way for deliveries of the future where speed and convenience of customers are ranked at the highest level. As a country we still have a long way to go and thus, we need to keep on advancing on our efforts to create favorable business environment and make such technological revolution possible.”

    The event was also attended by dignitaries, representatives of the media, corporate stakeholders from the MENA region, some celebrities and social media influencers.

    Earlier in November, foodpanda launched the successful pilot project to test food delivery through Pandafly, the customized drone. Carried out in association with the Government, using a first of its kind drone built locally for commercial purposes in partnership with Woot Technology, the test flight took place in the F-9 Park Islamabad.

    A food package weighing approximately 2.5 kgs was flown over 500m by the drone – with first and last mile of the delivery conducted by foodpanda’s very own riders.

    Foodpanda welcomes PRA tax concession to homechefs
  • Builders, developers stop work on all projects in protest

    Builders, developers stop work on all projects in protest

    KARACHI: Builders and developers have announced to stop construction work on all their projects from Friday, November 26, 2021 against the declaration of null and void to approved projects.

    Mohsin Shekhani, Chairman, Association of Builders and Developers Pakistan (ABAD) in a statement said that work at all the approval projects in Karachi will stop functioning.

    “Despite the approvals of the buildings and projects from all the government agencies they stand null and void,” he said.

    He urged the government to tell the builders and developers, who are the final authority from the get approval.

    Shekhani said that ABAD is against the illegal encroachments and illegal constructions. “Illegal projects if constructed it is a duty of government agencies to check and give NoC,” he added.

    ABAD is following approvals strictly. But despite approvals and getting permission the moves to shatter the confidence of the people, he added.

    “We are backstabbing the overseas Pakistani and local investors who have invested millions of rupees,” he said. Confidence of Overseas and local investors would be perturbed, he added.

    From Friday work at projects in Karachi, Hyderabad and other cities will be halted, he announced.

    Slowly the work in other parts of the countries will also be stopped, Shekhani added.

    ABAD demands abolishing regulatory duty on steel bars
  • FPCCI demands consultations on planned mini-budget

    FPCCI demands consultations on planned mini-budget

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday demanded the government of consultations with stakeholders on the planned mini-budget.

    FPCCI President Mian Nasser Hyatt Maggo in a statement expressed his deep concerns over the approach of the government for not taking the apex business, industry, and trade body of Pakistan into the consultative process over mini-budget; and, what will it entail!

    This effectively keeps all the stakeholders out of the loop, he added.

    FPCCI President said that there are strong rumors that the government will also facilitate only the selected vested interests in the planned mini-budget next week. If all measures demanded by IMF are implemented, the people of Pakistan and the SMEs will have to endure an enormous burden of Rs. 800 billion, he added.

    The FPCCI chief, referring to the announcement made by Finance Minister Shaukat Tarin, said that there is no way the current state of the economy can withstand an additional burden of Rs. 350 billion in taxes and the economy will collapse; and, the government would have to take the stakeholders into the consultative process to rekindle the process of economic growth after much damage.

    Maggo said that the Finance Minister should immediately start the consultative process with FPCCI over the planned mini-budget. FPCCI has always kept the doors of the apex representative trade body of Pakistan open; but, the government has never paid any heed to the mutually-beneficial proposals we have put forward, he added.

    The FPCCI chief said that the apex body had sent proposals on taxation reforms and broadening of the tax base, way back in February 2021; instead, the government has incompetently and insensitively has embarked on the path of tax pyramiding.

    He reiterated that no more taxes can be extracted from the existing taxpayers. We should reach out to alternative multilateral financing sources and friendly countries for bilateral financing, he added.

    FPCCI recommends interprovincial trade of sugar
  • Pakistan offers huge potential for e-commerce: PM Imran

    Pakistan offers huge potential for e-commerce: PM Imran

    ISLAMABAD: Prime Minister Imran Khan has said that Pakistan offered huge potential for e-commerce which will generate employment opportunities and help in economic growth.

    The prime minister expressed these views in a meeting with Group CEO of Daraz (online E-Commerce platform) Bjarke Mikkelsen.

    The Prime Minister Imran said that the government is providing full support to foreign investors under the ‘ease-of-doing-business’ policy.

    CEO Daraz Bjarke Mikkelsen expressed interest in further investment and expansion of e-commerce in Pakistan.

    Advisor Finance Shaukat Tarin, Chairman Special Technology Zones Authority Amir Hashmi, Senator Aon Abbas Bappi, MD Daraz Ehsan Saya and Emmad Khan from Daraz were present during the meeting.

    About Daraz

    Daraz is the leading online marketplace in South Asia, empowering tens of thousands of sellers to connect with millions of customers. Daraz provides immediate and easy access to 10 million products in more than 100 + categories and delivers more than 2 million packages every month to all corners of its countries.

    PM Imran launches tax monitoring ‘track, trace’ system
  • FPCCI recommends interprovincial trade of sugar

    FPCCI recommends interprovincial trade of sugar

    KARACHI: Mian Nasser Hyatt Maggo, President, Federation of Pakistan Chambers of Commerce and Industry (FPCC), has recommended trade and transportation of sugar and sugarcane at interprovincial level.

    In a statement on Wednesday, Maggo observed that market forces allowed under fair and transparent conditions do have the potential to stabilize the sugar market and ensure availability across Pakistan on competitive prices.

    FPCCI Chief has maintained that no government can continue to regulate and subsidize any major commodity for an indefinite time period and for an indefinite expenditure cap. He added that around 60 per cent of sugar is consumed in the country by commercial consumers; and, these consumers can create a healthy competitive environment.

    Healthy competition and free market access is the only real-world, efficient, consumer-friendly and sustainable solution to Pakistan’s chronic food inflation; which has doubled the food prices in the past few years alone, he added.

    Adeel Siddqui, VP FPCCI, said that the price of sugar will continue to be unstable and will continue to add inflationary pressures if the sugar cane crops of different provinces remain confined to their provincial boundaries. Free market is the answer to price instability in the wheat flour as well, he added.

    He stated that the currently ongoing crushing season will see a bumper sugar crop and, in any case, opening up of provincial borders for sugar cane transportation will help bring the sugar prices down substantially and relieve the masses at large.

    Maggo added that Pakistan Sugar Mills Association (PSMA) and the government are face-to-face on the issue of restricted movement of sugar within provinces; and, as President FPCCI, he is ready to mediate between the government and PSMA to reach a win-win resolution.

    He emphasized that the Ministry of Finance & Revenue and Food Security & Research should establish a better and functional liaison with the stakeholders of sugar industry at every stage to avert any future sugar crises in the country; and, also, save precious foreign exchange reserves through creating an enabling environment for the domestic sugar industry.

    Digital mode to disrupt business transactions: FPCCI
  • Tax officials meet foreign investors to resolve issues

    Tax officials meet foreign investors to resolve issues

    KARACHI: A team of senior tax officials held a meeting with foreign investors on Tuesday in order to resolve their pending issues.

    The team of senior tax officials was headed by Shahid Iqbal Baloch, Chief Commissioner Inland Revenue (CCIR), Large Taxpayers Office (LTO) Karachi. Kazi Hifzur Rehman, Commissioner Inland Revenue, Audit Zone-III, LTO Karachi was also with him to attend the meeting at the premises of Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body of the foreign investors operating in Pakistan.

    Chief Executive / Secretary-General of OICCI Abdul Aleem and other member taxpayers of OICCI attended the meeting.

    The CE / Secretary-General welcomed the Chief Commissioner-IR, Large Taxpayers Office, Karachi Shahid Iqbal Baloch, KaziHifzur Rehman, Commissioner-IR, to OICCI.

    CCIR LTO Karachi Shahid Iqbal Baloch highlighted the role of his office in the collection of all domestic taxes particularly with reference to members of OICCI, who are the highest taxpayers of the country.

    The members of OICCI shared their views and issues of taxation with the Chief Commissioner-IR, LTO, Karachi who also ensured their timely completion and highlighted that the team of officers posted at LTO, Karachi are thorough professionals and it was reiterated that all their pending issues related to taxes shall be completed as per law accordingly.

    The meeting ended with vote of thanks by the Chief Commissioner-IR, LTO, Karachi Mr. Shahid Iqbal Baloch.

    LTO Karachi, PBC discuss tax issues