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Category: Trade & Industry

Trade & Industry news covering business developments, industrial growth, manufacturing trends, and economic policies shaping domestic and global markets.

  • SBP organizes SME exhibition in Multan

    SBP organizes SME exhibition in Multan

    KARACHI: State Bank of Pakistan (SBP) in collaboration with Multan Chamber of Commerce & Industry (MCCI) organized a two-day SME Exhibition on January 24-25, 2022.

    The event was attended by officials and members of chambers of industry & commerce, associations of traders and women entrepreneurs, and SMEs clusters of Multan, Khanewal, Vehari, D.G. Khan besides officials of SBP BSC and banks.

    Muhammad Usman Dar, Special Assistant to Prime Minister on Youth Affairs, speaking in the inaugural session of the Mela, highlighted the progress of Prime Minister’s Kamyab Jawan Program especially designed for young entrepreneurs in the country.

    READ MORE: Mini-budget likely to push up inflation: SBP

    He praised the personal commitment of Governor SBP, Dr Reza Baqir, in expanding the access to credit at grass root levels including small businesses, women entrepreneurs, and people dreaming to own their home through new credit schemes such as SME Asaan finance (SAAF), Mera Pakistan Mera Ghar (MPMG) and SBP Refinance Scheme for Women Entrepreneurs.

    Muhammad Ashraf Khan, Managing Director SBP Banking Services Corporation (SBP BSC) inaugurated the event and while giving his keynote address said that SBP is making all its efforts to enhance collaboration with the industry and chambers across the country to spread awareness of its credit schemes to boost their utilization.

    Besides, SBP BSC in partnership with Industry Chambers and Women Associations is working under a new mechanism to identify potential businesses and their employees to apply in the banks for loans under concessional credit schemes for SMEs and housing.

    READ MORE: Tax imposed to protect domestic entertainment industry

    Highlighting the objectives of the SME Mela, he stated that this would bring banks and business community under one roof, providing an opportunity to micro, small, and medium enterprises to seek guidance from concerned officials of SBP and commercial banks about concessionary refinance schemes.

    He encouraged those SMEs to apply under SBP’s SAAF that have strong business viability but do not have collateral to offer.

    At this occasion, Khawaja Muhammad Hussain, President MCCI thanked both Special Assistant to Prime Minister and MD SBP BSC, assuring full support of all regional chambers for creating awareness about GoP and SBP concessional financing schemes among the business community of Multan and surrounding areas.

    READ MORE: FBR slaps sales tax at 17% on supply of food stuff

    On day one of the Mela, participants were briefed about the key features of SAAF and PM Kamyab Jawan Youth Entrepreneurship Scheme. Under SAAF Scheme, collateral free financing of up to Rs10 million is available through eight participating banks.

    Similarly, under Kamyab Jawan Scheme, concessional loans of up to Rs25 million are available at end user rate of 3 per cent to 5 per cent. On the second day of Mela, participants were apprised about key features of SBP’s financing scheme for renewable energy and Mera Pakistan Mera Ghar (MPMG) Scheme.

    Over 600 businesses and firms attended the Mela and visited the banks’ stalls to seek knowledge of SBP’s financing schemes and banks’ loan products. Notably, 264 participants registered themselves at various bank’s stalls to express interest in concessional schemes, including 105 SMEs and women entrepreneurs who applied on the spot for financing under different SBP’s schemes and Kamyab Jawan Program. During the event, MD SBP BSC also distributed cheques among the borrowers of HBL, Bank of Punjab and Bank Alfalah under SBP’s SAAF.

    READ MORE; FBR enhances tax rates on motor vehicle registration

  • KCCI holds awareness seminar on Pakistan Single Window

    KCCI holds awareness seminar on Pakistan Single Window

    The Karachi Chamber of Commerce & Industry (KCCI) organized an awareness session on Pakistan Single Window (PSW).

    The seminar was aimed to raise technical awareness about the overall operations of this important facility and provide an opportunity to the participants of the session to better understand the system, highlight issues and get adequate response along with first-hand information from the relevant officers of Pakistan Customs.

    READ MORE: PSW to link 27 banks for trade facilitation

    The session, which was steered by Chief Domain Officer/ Additional Collector Customs Naveed Abbas Memon and simultaneously conducted through online zoom facility, was attended by President KCCI Muhammad Idrees, Senior Vice President Abdul Rehman Naqi, Vice President Qazi Zahid Hussain, Chairman Customs & Valuations Subcommittee Muhammad Arif Lakhani, Former Senior Vice President Muhammad Ibrahim Kasumbi, Former Vice President Nasir Mehmood, KCCI Managing Committee and General Body Members in addition to immense participation of more than 250 people from all over the country including Sialkot, Lahore, Islamabad and Faisalabad who joined the meeting via zoom facility.

    Speaking on the occasion, Chief Domain Officer Naveed Abbas Memon stated that Pakistan Single Window portal has been designed to fully facilitate traders by reducing time, cost and complexity in cross border trade in addition to improving the quality of experience for all stakeholders with primary focus on ease of doing business. He said that it also supports other government departments in adopting an Integrated Risk Management (IRM) approach for efficient enforcement of trade related controls.

    READ MORE: PSW to reduce trade cost, time, and complications: Tarin

    Earlier, while welcoming the participants of awareness session, President KCCI Muhammad Idrees appreciated the PSW initiative introduced by the government which would certainly help in minimizing human interaction and reduce chances of harassment and corruption. However, he stressed that the need to promptly rectify numerous glitches in the system and simplify procedures in order to achieve the prime objective of PSW facility which was to ensure ease of doing business.

    He said that it was heartening to see that PSW promotes ease of doing business by maintaining collaboration with 74 different public sector entities involved in regulation of cross border trade of Pakistan and digitalizing the processes related to importers, exporters, customs house agents, freight forwarders, shipping companies and transporters etc. but there was a room for further improving the system so that it could be brought at par with international standards.

    He was of the view that fully functional and totally flawless operations of PSW would also enable Pakistan to achieve compliance with WTO’s Trade Facilitation Agreement besides helping Pakistan to unlock its potential in becoming a hub for trade.

    READ MORE: Biometric verification for PSW inaugurated at KCAA

    He mentioned that Karachi Chamber has the honor of being the first Chamber of the country to NADRA e-Sahulat at KCCI premises where members of the business and industrial community were being provided biometric verification facility required for registration in the PSW portal. “PSW or any other IT-enabled service to be introduced in future must be devised in such a manner that these facilitate business community rather than becoming a source for exploitation”, he stressed, adding that FBR must work in close coordination with KCCI to make PSW and other such future initiatives successful.

    While appreciating the support and cooperation extended by Pakistan Customs, particularly the seriousness being exhibited towards ensuring ease of doing business, President KCCI opined that the success of PSW initiative would not only prove beneficial for businesses but also for the economy.

    Many participants of the meeting expressed deep concerns over some non-functional tabs in PSW portal and also the delays in biometric verification for registration which was causing demurrage detention losses. In response, on the spot instructions were issued to resolve several glitches so that the business community could use this portal without any problem.

    READ MORE: SBP to eliminate electronic import form for PSW

  • Pakistan, Sri Lanka bilateral should be increased

    Pakistan, Sri Lanka bilateral should be increased

    KARACHI: Dr. Bandula Gunawardane, Minister of Trade of Sri Lanka, has stressed the need to improve bilateral trade with Pakistan above $1 billion from existing $450 million.

    “The bilateral trade volume of approximately $450 million is grossly insufficient as compared to the true potential for the same,” the Sri Lankan trade minister said during his visit to Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

    READ MORE: FPCCI proposes charter to protect economy from politics

    He expressed his resolve and offered his full support to take it to one billion dollars by the year 2024. He enlisted a number of areas to increase the exports to Pakistan; namely, various kinds of tea, natural rubber, coconut & coconut products, raw & processed fish, papermaking raw materials, gemstones, etc.

    Gunawardane mentioned that Pakistan-Sri Lanka Free Trade Agreement (PSFTA) inked in 2005 has not achieved its real potential and needs to be revisited to make it more effective and result-oriented. He was optimistic that PSFTA can be widely expanded and updated to effectively kickstart an upward spiral in trade volumes and can translate into a multi-billion dollar phenomenon.

    READ MORE: Banks not issuing forms for land trade with Turkey: FPCCI

    Hanif Lakhany, VP FPCCI, has expressed his profound grief over the most unfortunate and gruesome Sialkot incident with a Sri Lankan national; and, respectfully acknowledged the Sri Lankan resolve and resilience to continue to cement the brotherly bilateral relations between the two historically significant strategic partner nations.

    Hanif Lakhany added that Sri Lanka is the only country with whom we have trade surplus on a sustainable basis; and, therefore, it will always continue to be an important market for Pakistani business, trade, and industrial community.

    He also pointed out that Sri Lanka should aggressively promote its wonderful destinations and tourism infrastructure to Pakistanis to broaden People-to-People (P2P) and Business-to-Business (B2B) linkages and relations. 

    READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

    Suleman Chawla, FPCCI’s SVP-elect for 2022, stated that Pakistan happens to be the world’s largest tea importer at approximately $700 million per year; and, unfortunately, Sri Lankan share to that massive volume stands at merely 2%. He added that FPCCI will strive and facilitate Sri Lanka to enhance and multiply its tea exports to Pakistan. He proposed that the issue can be discussed while revising and expanding the PSFTA.

    Engr. M.A. Jabbar, FPCCI’s VP-elect for 2022, mentioned that while bilateral trade volume of India & Sri Lanka is $4 billion and Pakistan & Sri Lanka is less than half a billion; both countries need to look into the marginal and sub-potential trade activities and for its core causes. 

    READ MORE: FPCCI urges measures to overcome gas crisis

    Abdul Rahim Jano, former SVP FPCCI & Group Chairman at Rice Exporters Association of Pakistan (REAP), discussed that he has found Sri Lankan business community and the government as very hospitable and welcoming during his fifty years of experience of dealing with them. He also enlightened the session with regards to the historic trade ties between Pakistani business community and Sri Lanka; and that, it has spanned over a century; dating back to erstwhile pre-partitioned India.

    Zeeshan Shahid, Chairman of FPCCI’s Pak-Sri Lanka Business Council, proposed that Sri Lanka should consider importing motorcycles from the well-advanced motorcycle and motorcycle parts manufacturing plants in Pakistan, which are operating on a large-scale. He added that Pakistani motorcycles have tremendously gained in product quality over the years; and, given the fact, motorcycles are also widely used as the common man’s mode of transportation in Sri Lanka, just like Pakistan. Hence, it will be a win-win situation for both the countries.

  • FPCCI proposes charter to protect economy from politics

    FPCCI proposes charter to protect economy from politics

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed a charter to protect the economy from any political or policymaking unpredictability.

    Acting President FPCCI, Khawaja Shahzeb Akram, proposed a non-political, inclusive, sustainable and legally-binding ‘Charter of Economy’ to forge an across the board contract and unflinching commitment towards economic growth, development and equality. He said that the aforementioned charter should encompass all sectors of the economy and all segments of the society.

    READ MORE: Banks not issuing forms for land trade with Turkey: FPCCI

    Akram in a statement on Thursday said that the draft of the Charter of Economy has been prepared by FPCCI with a high-degree of diligence, meticulous efforts, attention-to-detail, studying best-practices from across the globe and a thorough input from the business community from all sectors and segments of the economy.

    FPCCI’s Acting Chief added that the aim of the charter is to protect the economy from any political or policymaking unpredictability; and, ensure provision of a business and economic environment where all investors, entrepreneurs, businessmen, traders and industrialists should feel confident and motivated to plan their businesses for the long-term.

    READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

    There should be no fear of a rollback in tax holidays or waivers; no strains of erratic new or ad hoc taxation; no imposition of unfair regulatory regimes; no harassment, bribes or corruption; no unhealthy or uncompetitive governmental policies; no ludicrously expensive utilities and no unstable political environs that destabilize the business sentiments.

    Acting President FPCCI stated that a country should reward investors, inventors, entrepreneurs, SMEs, employment generation activities, exporters & foreign-exchange-earners and taxpayers who actually run the country through their services and contributions.

    READ MORE: FPCCI urges measures to overcome gas crisis

    Akram maintained that all political parties; whether in the government or opposition; should single-mindedly support FPCCI’s proposal to have a Charter of Economy in the supreme national interest and to save the economy of Pakistan from the ever-yawning existential challenges. He added that all institutions of the state should also come together to support the all-out efforts for the rejuvenation of the national economy.

    He explained that the real job of the government and all its institutions is to provide an enabling environment for the businesses; cut costs of doing business and support ease of doing business. Pakistan’s business community is resilient, capable and experienced enough to take care of the rest; and, produce enough business and economic activity to put Pakistan on a sustainable high-growth trajectory.

    READ MORE: FPCCI demands consultations on planned mini-budget

    Sultan Rehman, Coordinator FPCCI Head Office, emphasized that FPCCI is the apex representative body of the entire business, trade and industrial communities of Pakistan; and, it has the mandate, capability and experience to bring them all together to sit with all the stakeholders of the state to express their full support towards the proposed Charter of Economy.

  • Business community resents increase in power tariff

    Business community resents increase in power tariff

    KARACHI: The business community has resented the increase in power tariff by National Electric Power Regulatory Authority (NEPRA) and said it will burden the consumers, according to a statement issued on Saturday.

    The businessmen panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) condemned the NEPRAto raise power tariff by Rs4.3 per unit in Jan-2022 bills, saying the burden of power theft, mismanagement and inefficiencies cannot be shifted on to the consumers on the plea of fuel adjustment.

    READ MORE: Banks not issuing forms for land trade with Turkey: FPCCI

    Mian Anjum Nisar BMP chairman said that the high cost of doing business has proved to be dangerous for Pakistan’s industry, discouraging investment both in capacity and capability, calling for lessening the burden of heavy taxes on the power sector.

    He asked the government to shut down all expensive oil-based power plants to ensure availability of cheaper energy for consumers. He lamented that the previous government did not pay heed to rehabilitation and maintenance of old power plants which caused several system constraints, inflicting heavy losses.

    FPCCI former president said that the under-utilization of the efficient power plants due to the non-availability of RLNG can be avoided if the Ministry of Energy has timely assessed and managed the availability of RLNG. He asked the Ministry to play an active role in ensuring the supply of RLNG in a timely manner, so that it may not affect the operation of the efficient power plants. Thus, the inefficiencies of the power sector can be mitigated without passing it to the end consumers, he added.

    READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

    This huge burden of cost on consumers is being put as the government could not arrange RLNG to run the plants. Owing to low supply of the imported gas, the less efficient plants were operated that generated costly electricity in the month of Nov 2021, which is not just, he added.

    He said that the RLNG being the imported fuel can be managed through better supply chain management and accordingly impact of such mismanagement in the non-availability of RLNG cannot be passed on to the consumers, he argued.

    Anjum Nisar said that constant hike in power tariff on the plea of fuel adjustment has pushed the electricity prices higher and added to the already soaring cost of trade and industry. Seeking the same competitive energy tariffs for domestic industries to capture the global market, he said that due to the high rates of electricity, power theft became rampant as the tariff was not affordable for the consumers.

    While terming the increase in power tariff by Rs4.30 per unit as a shameful decision, he demanded of the government to withdraw the increase. The government’s decision to increase the power tariff by 4.30 rupees per unit is anti-industry act and the BMP strongly condemns dropping the electricity bomb on the poor masses and demands of the government to withdraw its decision.

    READ MORE: FPCCI urges measures to overcome gas crisis

    He urged the power ministry to identify system constraints and communicate targets to all the concerned departments to initiate up-gradation of transmission system on war footing. He called for completing all ongoing power projects well before time. He said production of hydel power has been increased while furnace oil price is constantly declining in the international markets.

    Nisar said that business-friendly policies must be adopted as other neighboring countries of the region are giving to trade and industry.

    The amount specified in trade policy should be utilized for the promotion of exports by giving incentives to the trade and industry and by exploring new markets, he suggested. The BMP Chairman said the electricity price in Pakistan is already on the higher side which is the main source of price-hike in the country.

    READ MORE: FPCCI recommends interprovincial trade of sugar

    He said provision of cheap electricity will help reduce production cost which would provide relief to the public. He said rising imports and widening trade deficit has posed a serious threat to economic growth and required to be tackled on priority basis.

    He endorsed recommendations of National Electric Power Regulatory Authority, directing the government to include hydropower projects in the scope of renewable energy, as the country cannot afford to rely on costly and anti-environment fossil fuels.

  • Industry asked to maintain record of employees, guards

    Industry asked to maintain record of employees, guards

    KARACHI: Nasir Aftab, Deputy Inspector General of Police (DIG) West Zone Karachi Friday asked industrialists to maintain record of employees and security guards in order to prevent criminal activities.

    The DIG while addressing a meeting with the office bearers of North Karachi Association of Trade and Industry (NKATI) said that the Sindh Police will continue to take all possible measures to protect the lives and property of the industrialists.

    SSP Central, Ghulam Murtaza Tabassum, SSP Investigation, Shehla Qureshi, President NKATI Faisal Moiz Khan, SVP, Shabir Ismail, VP, Naeem Haider, senior member executive committee Syed Usman Ali, chief CMC Farooq Khatora, former President NKATI, Syed Tariq Rashid and members managing committee were also present.

    READ MORE: NKATI expresses concerns over gas disconnection

    The DIG further said a team will be formed consisting of policemen DIG West, Rangers personnel and representatives from NKATI to formulate SOPs regarding law and order in the industrial area.

    Police services can be availed while withdrawing cash from the bank. He also directed the SSP Central to provide more personnel to the NKATI Crime Monitoring Cell.

    NKATI President, Faisal Moiz Khan appreciated the cooperation of DIG West, Nasir Aftab, and said that all development works in North Karachi Industrial Area have been carried out with the grant from Sindh Government. Which is a sign of full confidence of the Sindh government.

    READ MORE: NKATI condemns artificial raw material shortage

    He suggested that a CPLC-like system should be set up in every industrial zone and it should be regularly notified by the Sindh government to give it a legal status. He requested DIG West to put this proposal before the top government agencies. In this regard, we are also in touch with the Sindh Home Department.

    “Khamisa Goth and Lasi Goth are connected in North Karachi Industrial Area from where criminals enter North Karachi Industrial Area and easily escape after committing incidents. Therefore, police co-operation is required to monitor the routes through which these criminals enter the industrial area. An integrated strategy needs to be formulated in this regard,” he pointed out.

    READ MORE: Gas supply suspension: NKATI appeals PM to save industry

    NKATI president drew attention to the encroachments in the North Karachi Industrial Area, saying that most of the people sitting on chairs outside the tea hotels are criminals. Therefore, it is very important to put an end to such encroachments because criminals sit in the same hotels and keep an eye on the industrialists. At present 7 personnel have been provided to Gabol Town Police Station and 13 personnel have been provided to North Karachi Industrial Area Police Station so the shortage of personnel should be met.

    Syed Usman Ali, senior member, executive committee, said that cooperation with the police and NKATI is very strong, which has resulted in a significant reduction in crime in the North Karachi Industrial Area, but there is a shortage of personnel. He informed that Installation of 750 CCTV cameras in North Karachi Industrial Area will be started soon. While street lights have been installed to illuminate the industrial area, North Karachi Industrial Development & Management Company is paying the bills of K Electric in this regard.

    READ MORE: Water shortage stalls industrial production: NKATI chief

  • Business community demands revisiting mini-budget

    Business community demands revisiting mini-budget

    The business community in Pakistan has vehemently rejected the recent approval of the mini-budget by the government and is urging a reevaluation of the Finance Supplementary Bill 2021-22, which was endorsed by the National Assembly just a day earlier.

    (more…)
  • Carrefour enhances Pakistan investment to Rs10.5 billion

    Carrefour enhances Pakistan investment to Rs10.5 billion

    ISLAMABAD: Carrefour, owned and operated by UAE-based Majid Al Futtaim in Pakistan, has added a further Rs1 billion rupees to its current investment of Rs9.5 billion in the country with the inauguration of a new hypermarket in Gujranwala on Monday

    Syed Fakhar Imam inaugurated the new standalone hypermarket by Carrefour today, in the presence of, Thierry Joulin, Chief Operating Officer Majid Al Futtaim Retail, Umer Lodhi, and Country Manager of Carrefour Pakistan.

    Syed Fakhar Imam emphasised on the important role of retail sector in the local sourcing of fresh produce for the modernization of agricultural sector and its benefit for Pakistan’s economy.

    He also appreciated Carrefour’s role in creating this direct connection between supermarkets and farms which was effectively catering to the domestic food demand of fresh fruits and vegetables.

    With the opening of its 10th store in Pakistan, Carrefour has expressed its great confidence in the country’s retail sector and underlined its desire to support the growth and prosperity of the communities it is a part of.

    The guests were also given a tour of the 15,000 sqm premises that will provide the community of Gujranwala with an elevated shopping experience.

    Through its offering of over 25,000 products in the categories of consumer goods, fresh foods, electronics, home accessories and others, Carrefour Pakistan will bring convenience to the daily lives of shoppers and provide economic support to 170 households in the city through job creation and local sourcing of products.

    Speaking at the occasion, Umer Lodhi said: “We stand by our commitment of providing support to the local economy through our expansion plans and the opening of this hypermarket in Gujranwala is a reflection of this commitment in action. It is also a moment of great pride for us as we play our part in the economic revival of the country alongside the Government of Pakistan through the achievement of shared objectives, including sustainable community development.”

    Working with more than 700 partners from across Pakistan, Carrefour continues to support and source from local producers. Committed to helping drive Pakistan’s economy forward, Carrefour continues its journey of growth, strengthening partnerships, and providing innovative retail services to shoppers.

    In addition to the convenience of in-store shopping for quality products at its ten stores in Pakistan, Carrefour also offers its delivery service through the Carrefour Pakistan app to provide customers with another option for how to shop. The app can be downloaded from the Google Play Store and Apple’s App Store.

  • Oman keen to improve trade ties with Pakistan

    Oman keen to improve trade ties with Pakistan

    KARACHI: Business communities of Pakistan and Oman should work together to improve trade and investment relations.

    This was stated by Chairman of Oman Chamber of Commerce & Industry (OCCI), Redha Jumma Mohamed Ali Al-Saleh, who led a 20-member delegation during visit to Karachi Chamber of Commerce and Industry (KCCI).

    “Oman and Pakistan have been enjoying very good relations and both countries have many things in common but the trade volume was not sufficient which needs to be focused as before COVID-19 pandemic, trade volume stood at $655 million but it came down to $250 million,” said Chairman OCCI.

    READ MORE: KCCI urges SBP to restore PKR at Rs150 to dollar

    Vice Consul General of Consulate General of Oman in Karachi Hamood Nasser Al Nahdi, Pakistan’s Ambassador in Oman K.K. Ahsan, Chairman Businessmen Group Muhammad Zubair Motiwala, Vice Chairman BMG Tahir Khaliq, Senior Vice President KCCI Abdul Rehman Naqi, Vice President Qazi Zahid Hussain and KCCI Managing Committee Members were also present at the meeting.

    Chairman OCCI further stated that the visit Omani delegation, which has arrived after a very long time, would certainly help in improving the existing trade and business ties between the two countries.

    “Under the vision 2040, Oman is working on five sectors including mining, logistics, tourism, food security and industrial growth. As Pakistan is also focused on all these sectors hence, we can work together,” he added.

    READ MORE: KCCI flays restoration of IR officers bank freezing powers

    He informed that Oman was open for foreign investment as under the new rules, investors can now invest 100 percent capital with no need for having a local partner but it was better to have a local partner who could help in easily setting up businesses in Oman. “As compared to other countries, taxes in Oman were much lower with tax holidays for up to five years. Oman has also opened a road to Saudi Arabia which has substantially reduced the distance, cost and time hence, Oman can become a hub for export to Saudi Arabia, Iraq, Syria and GCC countries.”

    Chairman OCCI informed that Oman has free zones where no tax was applicable on production for exports while incentives were also being offered to new investors who can start businesses in a stable economic, social and political environment with availability of advanced infrastructure facilities and other benefits including tax exemptions on equipment for establishing industrial projects.

    He admitted that obtaining Omani visa was not an easy task but the Omani Embassy in Pakistan along with OCCI was working seriously towards making it easier. “We are ready to assist any Pakistani businessman in obtaining visa with a view to make your visit easier.”

    READ MORE: KCCI demands COVID restrictions ease for businesses

    He was of the opinion that Karachi Chamber was the right platform for Omani investors to seek advice before undertaking joint ventures with Pakistani companies and same was the case for Pakistani investors who can approach Oman Chamber before partnering with any Omani company.

    Chairman BMG Zubair Motiwala, in his remarks, stated that Pakistan and Oman have been enjoying friendly relations and excellent bonding since Pakistan came of existence and it was heartening to see that Pakistani manpower has been comfortably working in Oman. Sultan Qaboos Bin Said, during his 40 years of rule, has done a marvelous job by transforming a desert to one of the most modern countries of the world.

    “The new ruler of Oman Haitham bin Tariq is also doing an excellent job by bringing positive changes which means that the progress of Oman would continue in the times to come”, he added.

    He said that although government-to-government relations exist but people-to-people relations were also very important which have to be not only maintained but further improved.

    “Pakistan’s exports to the world have been rising by 20 percent every month due to conducive investment policies and business friendly environment, hence the Omani investors must look into the possibility of setting up businesses or undertaking joint ventures in Pakistan.”

    Zubair Motiwala, while referring to meager trade volume of around $650 million between Pakistan and Oman, stressed that both countries have to look into the issues and identify the bottlenecks which have been hindering trade and collective efforts have to be made to take the current trade volume to at least $1 billion.

    READ MORE: KCCI opposes lockdown, suggests forceful vaccination, strict implementation of SOPs

    “Trust deficit is one of the major issue that needs to be addressed as obtaining business visa for exploring trade and investment opportunities in Oman is hard to get which has to be simplified while exchange of trade delegations must also frequently take place along with single country exhibitions in Karachi and Muscat which would certainly prove more effective for promoting trade and investment,” he said, adding that the biggest booster for trade is regional cooperation and regional connectivity instead of international trade. “We have to supplement and complement each other by sharing the expertise and undertaking joint ventures.” 

    Senior Vice President KCCI Abdul Rehman Naqi, while warmly welcoming the Omani delegation, pointed out that Pakistan exported US$149.22 million worth of goods to Oman in 2020 while the imports from Oman stood at US$614.81 million. “There are a number of commodities in which the two countries can enhance trade like the semi-milled or wholly milled rice, tents of textile materials, fresh or dried guavas, mangoes, onions and shallots, fresh or chilled potatoes etc.

    He also stressed the need for setting up Oman-Pakistan Joint Business Council to enhance trade cooperation and economic relations between the two friendly countries. “Moreover, Special Economic Zones being setup under CPEC provide an ideal opportunity for Omani investors to consider Pakistan for investments and joint ventures, particularly in the food sector. Oman can enhance economic cooperation with Pakistan by virtue of investments as vast prospects of investment lie in industry, livestock, energy, agriculture and information technology.

    Pakistan and Oman should cooperate in the field of Blue Economy including enhancing tourism through frequent ferry service given their close proximity, he said, adding that Pakistan can tremendously benefit from Oman’s technological advancement in the oil sector.

  • Banks not issuing forms for land trade with Turkey: FPCCI

    Banks not issuing forms for land trade with Turkey: FPCCI

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed concerns over reluctance shown by banks for not issuing export and import forms for land-based trade with Turkey.

    Mian Nasser Hyatt Maggo, President, FPCCI lambasted the bottlenecks being thrown in the way by the commercial banks through their reluctance to issue export forms (e-forms) and import forms (i-forms) for the land-based trade with turkey through train and trucks under transnational and UN-ratified TIR Convention on the false and fabricated pretext that it involves trade with a sanctioned country.

    READ MORE: FPCCI suggests regulating cryptocurrencies in Pakistan

    In a statement, FPCCI chief appreciated the public-private partnership in making Pak-Turkey cargo train service possible; and, commended the successful and timely completion of its first run. He appreciated the efficient operational coordination and integration of Pakistan Railways and private sector to make it possible; which will have a multiplier effect on bilateral trade volume of Pakistan with Turkey and Azerbaijan as well. 

    President FPCCI also acknowledged and appreciated the historically relentless efforts of the FPCCI’s Pakistan-Turkey Joint Business Council (PTJBC) over the past twenty years to make the dream of Pak-Turkey land-based trade a realty; which will be cost-effective, time-saving and reliable.

    READ MORE: FPCCI urges measures to overcome gas crisis

    Mian Nasser Hyatt Maggo added that FPCCI had written a letter to Mr. Shaukat Tarin, Federal Minister of Finance & Revenue, in December 2021 to apprise him of the issue; but, unfortunately, no action has been taken as yet. He maintained that the business and trade community of Pakistan is very enthusiastic on the prospects of land-based trade with Azerbaijan and Turkey that they have heavily pre-booked the truck and train cargoes under TIR; whereas the initial truck-based cargoes under TIR have successfully reached Azerbaijan and Turkey in October 2021. 

    Amjad Rafi, Chairman of FPCCI’s Pakistan-Turkey Joint Business Council (PTJBC) for the past twenty plus years, has demanded that the State Bank of Pakistan (SBP) should swing into action immediately, through the regulatory mechanism at its disposal, to make the commercial banks start playing their legally-binding facilitative role to issue trade documentation to the business and trade community of the country.

    READ MORE: FPCCI recommends interprovincial trade of sugar

    It will surely lead to larger volumes of bilateral trade with Turkey due to lower freight costs and timely deliveries in approximately 14 days instead of 30 days.

    FPCCI Chief has proposed that the Government of Pakistan should form an empowered committee to look into the matter for a speedy resolution before anymore damage can be done. The proposed committee should be headed by FPCCI President, by virtue of post; and, representatives of the Ministry of Finance, the Ministry of Commerce, the State Bank of Pakistan (SBP) and National Logistics Cell (NLC).

    READ MORE: FPCCI demands consultations on planned mini-budget