Category: Industry

The Minister of State and Chairman Board of Investment (BOI), Muhammad Azfar Ahsan, along with Secretary BOI, Fareena Mazhar, visited Pakistan Telecommunication Authority (PTA) Headquarters in Islamabad today.

They met with Chairman PTA, Maj General Amir Azeem Bajwa (R), and discussed matters pertaining to government policy on the Information Communication Technologies (ICT) sector.

During the meeting, the matters pertaining to new investment opportunities in telecom and allied sectors were discussed. Chairman PTA informed that owing to government policies and regulatory mechanisms, Pakistan is among the attractive markets for local and foreign investors looking for new avenues to invest in Information Communications Technologies (ICT) sector.

Both sides agreed to continue to work together to promote investments in Pakistan.

Source: Pro Pakistani

During the COVID-19 pandemic, despite curtailed working hours and employees of Utility Stores Corporation of Pakistan (USC) being vulnerable to the pandemic, USC ensured uninterrupted supplies of essential commodities via its widespread network of retail outlets.

As a matter of fact, USC did not spend any amount on account of COVID-19 funds as the ECC of the cabinet converted Rs. 10 billion into Rs. 7.7 billion as general subsidy and Rs. 2.3 Billion for the automation of USC.

It is worthwhile to mention here that under the Prime Minister’s Relief Package, USC has successfully served over 90 million households since January 2020 by providing subsidies on 5 essential commodities, namely wheat flour, ghee, sugar, rice, and pulses. During these testing times, USC has also assisted the Government of Pakistan in regulating prices of essential commodities in the open market.

USC procures ghee/oil from Pakistan Standards and Quality Control Authority (PSQCA) recommended manufacturers and maintains the high-level quality of edible ghee/oil. Thus, USC assures that no bad quality ghee/oil is procured.

USC procures sugar, rice, and pulses by floating tenders following Public Procurement Regulatory Authority (PPRA) rules as per government standards. The aim of doing procurement through following PPRA rules is to ensure transparency and accountability. Thus, USC assures high-quality food products to its consumers, and effective quality controls, standards, and mechanisms are being adopted to ensure good quality of products.

Moreover, USC is providing good quality wheat flour as per human consumption standards after carrying out laboratory tests.

For better quality controls, USC is in the phase of Enterprise Resource Planning system (ERP) implementation. In its first phase, 90 percent of Point of Sales (POS) machines have been deployed and installed in USC outlets.

The first phase will be live by December 31, 2021. In the second phase warehouses, supply chain management, and human resource management modules will be automated and connected to the data center, which will strengthen systems, bring transparency, and improve decision making through timely and quality data management. USC is committed to providing high-quality and hygienically fit products and better services to its customers.

Source: Pro Pakistani

The government expects the pressure on trade bill to ease up in the second half of the current fiscal year, owing to reduced import of food items, furnace oil, and coronavirus vaccine.

This was revealed during a meeting chaired by the Advisor to the Prime Minister on Finance and Revenue, Shaukat Tarin, on Thursday to review the balance of trade situation.

The meeting reviewed and discussed the import bill for the last five months—July to November 2021. It was informed that the pressure on import bill was mainly due to global high commodity prices, especially energy, steel, and industrial raw materials. The forum noted that the high import of vaccines contributed significantly to the rise in import bill.

The meeting was informed that there will be less import of food items, furnace oil, and vaccines in the coming months that will significantly reduce the pressure on trade bill in the second half of the current fiscal year.

At the conclusion, Tarin advised the concerned authorities to take effective policy measures to reduce unnecessary imports of luxury items.

It is pertinent to mention here that Pakistan’s trade deficit widened by 162.4 percent during the month of November. The trade deficit increased for the fifth successive month in November, rising to $5.107 billion.

In the first five months of the current fiscal year, the trade deficit has increased by more than 117.25 percent. November’s import bill surged to an all-time high of $8.01 billion, up from just $4.12 billion over the corresponding month last year, representing an increase of 94.41 percent.

Federal Minister for National Food Security and Research, Syed Fakhar Imam, Federal Minister for Industries and Production, Makhdoom Khusro Bakhtiar, Federal Minister for Energy, Hammad Azhar, Adviser to the Prime Minister on Commerce & Investment, Abdul Razak Dawood, federal secretaries, State Bank of Pakistan (SBP) Governor, Reza Baqir, Chairman Federal Board of Revenue (FBR), Dr. Muhammad Ashfaq, and other senior officers participated in the meeting.

Source: Pro Pakistani

The sales of petroleum products soared by 17.6 percent from July 2021 to November 2021, during the first five months of the current fiscal year.

During the period the total sale of petroleum products stood at 9.60 million tons compared to 8.16 million tons during the same period in the previous year.

The increase in sales has been credited to the large consumption of furnace oil (FO) to generate electricity over this period.

However, the sales saw a decline in November 2021 as they fell by 12 percent compared to October 2021. The decrease was due to the low consumption of FO by power generation companies. According to analysts the low use of FO by power companies was due to the lower power requirements in the winter months.

In November, the consumption of petroleum products was recorded at 1.75 million tons, down from 1.99 million tons in October.

However, there was a slight growth of 1.72 percent in the consumption of petroleum products in November 2021, compared to November 2020 when the consumption stood at 1.72 million tons.

Double-digit growth was seen in all major categories including diesel, petrol and finance oil during the months from July to November.

Source: Pro Pakistani

Pakistan Poverty Alleviation Fund (PPAF), under its National Poverty Graduation Programme (NPGP), held a research launch and learning event to assess the impacts of recent economic shifts on the poor.

This study measures the economic consequences of the COVID-19 pandemic, locusts attacks, and floods on vulnerable households in Pakistan.

The event was followed by panel discussions by industry experts to lead a dialogue on actionable policies and programmes in Pakistan.

The research report titled, ‘Assessing Impacts of Macroeconomic Shifts on Microeconomy of Pakistan’s Poor & Ultra-Poor Households,’ aims to advance the relevant knowledge base for the government and the development sector. The study shows a significant impact of COVID-19 on the economic conditions of the rural poor. In a survey of 423 households across all provinces, the study showed a 10 percent decline in overall household expenses during the lockdowns, with per capital expense on food dropping by 7 percent.

The most significant trend noted was the 71 percent decline in household expenditure on education, followed by a 17 percent decline in health expenditure. Samia Liaquat Ali Khan, Senior Group Head – Graduation Group and Programme Director National Poverty Graduation Programme at PPAF, provided an overview of the program in her welcome address. She said,

Under the NPGP program, which is part of Ehsaas Amdan, we have so far transferred 74,000 productive assets across the 21 poorest districts in Pakistan. I believe that our long-term consistent efforts can lead to the kind of transformation in the lives of the poor that we aspire to see. This data presented today will feed into our programming and will help the communities in developing localized business plans for setting up sustainable livelihoods.

The first panel discussion focused on ‘Creating New Livelihoods: Post-COVID Impacts on Youth,’ underscoring the urgency of placing youth at the front and center of Pakistan’s policy and development discourse. The discussion was chaired by Ms. Samia Liaqat, Group Head-Graduation at PPAF, and featured panelists from the industry, including, Ms. Fatima Mazhar, Chief Operating Officer COLABS, Dr. Rashid Bajwa, Chief Executive Officer NRSP, Ms. Shua Khalid, Co-Founder and Chief Executive Officer Atomcamp, and Ms. Nazil Danish, Creative Strategist Eikon7.

The 2nd panel, titled ‘Adapting for Change – Challenges for Women in a Fast-Changing Economic Environment,’ stressed on inclusion of women, especially rural women, in the current economic landscape to achieve prosperity. The panel was chaired by Syeda Shehrbano Kazim, Chief of Staff at Cheetay, and featured panelists from the industry, including Sidra Amin, Programs Lead i2i, Wardah Noor, Founder KhudKaar, Kiran Afzal, Private Sector Development Specialist at World Bank Group, Favad Soomro, Head Engro Foundation, and Allah Nawaz Samoo, Chief Executive Officer TRDP.

Amin Naeem, Senior Group Head Financial Management and Corporate Affairs at PPAF, thanked the participants and the distinguished panelists for the insightful discussion. While addressing the audience, he expressed PPAF’s long-standing commitment to action research to bridge the gap between the development sector and the research sector.

Research scholars, national and international speakers, representatives from the Government of Pakistan, academia, donor agencies, civil society, media, and PPAF partner organizations attended the event.

By sharing the results of all the ongoing and completed research studies, NPGP enriched the existing literature on development work within the country. Simultaneously, contributing to promoting and enactment of pro-poor & climate-resilient poverty reduction policies and dialogues through evidence-based research.

The National Poverty Graduation Programme (NPGP) is a flagship initiative contributing to Ehsaas Amdan, supported by the International Fund for Agricultural Development (IFAD) and the Government of Pakistan, with the Pakistan Poverty Alleviation Fund (PPAF) as the implementing partner. The programme is designed to catalyze change at the grassroots to uplift 3.2 million poorest households from poverty and set them on a course of economic and social prosperity through tried and tested graduation approach comprising elements of social mobilization, livelihood development, and financial inclusion.

It draws on the most relevant aspects to deliver results by combining support for immediate needs with longer-term human capital and asset investments to move households out of extreme poverty and into sustainable livelihoods. More information about this programme can be solicited from its website: www.ppaf.org.pk/NPGP/.

Source: Pro Pakistani

The China-Pakistan Economic Corridor (CPEC) Authority organized on Wednesday a session with the China Chamber of Commerce for Import and Export of Textiles and leading Chinese textile companies and investors on the potential of Pakistan’s textile sector.

Federal Minister for Planning, Development & Special Initiatives, Asad Umar, Special Assistant to the Prime Minister on CPEC Affairs, Khalid Mansoor, and some textile investors from Pakistan attended the event alongside officials of the Embassy of China in Islamabad and Pakistan’s Embassy in Beijing. Representatives of a number of large Chinese textile companies were also part of the session.

Addressing the session, Asad Umar stated that the event had been organized to highlight to the Chinese investors the comparative advantage of Pakistan in the textile sector. He reiterated that Pakistan wished to have win-win cooperation with the Chinese investors. Such meetings are aimed at giving the investors an opportunity to develop a deeper understanding of the investment opportunities in the textile sector, he noted.

Khalid Mansoor briefed the participants on the measures being taken by the government to facilitate the investors. He said the legal framework was being further improved to make it easier for investors to start and run their operations. He said the industrial cooperation segment of CPEC held great potential, adding that significant work was underway to make full use of it.

A detailed presentation on the textile sector of Pakistan was given to Chinese entrepreneurs and investors wherein various aspects of comparative advantages of Pakistan were explained. The presentation encompassed comparative data of the region for transportation, labor, utilities, and other costs for the investors. It also highlighted the favorable market access situation for the country’s products in foreign markets.

The facilities and incentives available to investors in CPEC Special Economic Zones (SEZs) were also discussed in detail.

Chairman Chinese Chamber announced that the visits of investors to Pakistan would be arranged as soon as the travel restrictions were removed.

Speaking on the occasion, other participants also highlighted various aspects of the textile sector of Pakistan.

Source: Pro Pakistani