Category: Industry

Prime Minister Imran Khan has urged the private sectors of Pakistan and Saudi Arabia to take full advantage of the close and cordial relations between the two countries by realizing the untapped potential in the spheres of trade, business, and investment.

Addressing the Saudi-Pakistan Investment Forum hosted by Saudi Minister of Investment Engr. Khalid bin Abdulaziz Al-Falih on Monday, the Prime Minister stressed the importance of engaging the private sectors to fortify the economic relationship.

The event was attended by a large number of Saudi investors and businessmen, key Pakistani business leaders, investors from the Pakistani diaspora, and stakeholders from Pakistan’s private sector based in the Kingdom.

The leading Saudi firms including SABIC, ACWA Power, Ma’aden, SALIC, Al-Zamil Group, Al-Bawani Group, and Riyad Bank attended the Forum and affirmed their resolve to build deeper business engagement with Pakistan.

The Prime Minister emphasized that Pakistan offered a strong and large consumer market of over 220 million, with an ever-expanding middle class. He highlighted that the Government of Pakistan followed liberal and investor-friendly policies. He underlined that the government was committed to providing an enabling environment to strengthen the investor-friendly dispensation in the country.

Highlighting the significance of Pakistan as a gateway to the Asian markets and beyond, the Prime Minister underlined that the geostrategic position offered Pakistan distinctive opportunities to stimulate intra-region trade by building regional connectivity on modern lines. To realize that potential, the Prime Minister underscored the historic shift in Pakistan’s strategic focus from geo-politics to geo-economics.

He stressed Pakistan’s proximity to the two biggest markets, noting that Pakistan had excellent relations with China and that there could be further economic dividends if the unresolved dispute of Jammu & Kashmir was peacefully resolved with India.

Reaffirming Pakistan’s longstanding, deep fraternal relations with Saudi Arabia, the Prime Minister underscored the reverence Pakistanis had for the Custodian of the Two Holy Mosques and expressed gratitude for Saudi Arabia’s support to Pakistan at every juncture.

The Prime Minister thanked Engr. Khalid bin Abdulaziz Al-Falih for his invaluable role in successfully organizing the Investment Forum. He also warmly welcomed the investors to the Forum and expressed the hope that tangible outcomes would be achieved for the benefit of the two countries.

Foreign Minister Shah Mahmood Qureshi, Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin, and Minister for Energy Hammad Azhar also spoke at the event. Separate presentations were made on the investment opportunities in Pakistan in the housing and hydropower sectors.

In his keynote address, the Saudi Minister underscored the longstanding relations between Saudi Arabia and Pakistan. He reiterated the resolve to further deepen bilateral trade, investment, and business links.

Foreign Minister Shah Mahmood Qureshi focused on Pakistan’s shift from geopolitics to geoeconomics.

Adviser on Finance Shaukat Tarin highlighted the economic resurgence of Pakistan, while the Minister for Energy outlined the vast opportunities in the key sectors like energy, agriculture, and livestock.

The participants of the Forum were informed that all sectors of Pakistan’s economy were open for foreign investment without any restrictions on remitting capital, profits, and dividends. Elaborating on the opportunities, the Prime Minister elucidated that the country had tremendous opportunities for foreign investors in particular in renewable energy, food and agriculture, infrastructure development, housing, health, and tourism sectors. The Prime Minister especially highlighted the Ravi City and Central Business District projects.

The participants were assured of the Government of Pakistan’s support for their investment and business endeavors in Pakistan. The Forum was also preceded by the inaugural meeting of the Pakistan-Saudi Business Council.

Source: Pro Pakistani

Pakistan Customs has foiled an attempt to smuggle a large number of costly imported phones and drone cameras at the Islamabad airport.

Sources told ProPakistani that the confiscated items, included over 350 luxury phones and drone cameras worth Rs. 90 million, which were being smuggled from Dubai to Islamabad.

According to details, two passengers namely Nabeel Ahmad and Shahzad made the attempt to smuggle imported “I phones as well as Pro Max” and five “drone DJI cameras” on Thursday night through flight no. ER702 coming from Dubai to Islamabad. However, the Customs officials deputed at the airport foiled the bid and confiscated the goods. Sources said the Customs officials registered a case against the passengers, adding that further investigation was underway.

It is pertinent to note that the incumbent government has imposed taxes on the import of phones to promote the local industry. Nonetheless, the smuggling of imported phones is still being carried out.

Source: Pro Pakistani

The National Database and Registration Authority (NADRA) will activate the compulsory biometric verification of dollar buyers without any lapse of time.

Sources told ProPakistani that despite requests from the exchange companies to the State Bank of Pakistan (SBP) for extending the deadline for application of the new system, the database regulator will deploy this restriction by tonight at all costs.

Earlier this month, the central bank promulgated biometric verification as a mandatory filter for screening individuals or entities buying $500 or more from the open market. This injunction was drawn to halt dollar outflow to Afghanistan which heavily subverted the exchange rate amid media reports that millions of dollars were being bootlegged to Kabul, particularly after the Taliban takeover.

With immediate effect, the central bank directed the concerned exchange companies to biometrically verify currency sales in dollars by 22 October, owing to a rising outflow of US dollars from Pakistan to Afghanistan which, in retrospect, was a major contributor towards the depreciating PKR.

Struggling with the sudden paradigm shift, exchange companies on Thursday penned a skittish letter to the SBP as a last resort to seek an extension in the deadline for application of the biometric verification. There is a little chance the central bank would reconsider it at a time when the Pakistani Rupee so callously struggles to hold its shape against the rampant dollar.

On Friday’s market close, the Rupee sank to a fresh all-time low against the US Dollar. It hit its previous record low on Thursday when it closed at 173.96.

Source: Pro Pakistani

The Small and Medium Enterprises (SMEs) making a business turnover of Rs. 50 million have been exempted from the levy of marking fee, as the government has decided to facilitate the SMEs and the manufacturers of compulsory products to give them relief amidst the inflation.

The Board of Directors of Pakistan Standards and Quality Control Authority (PSQCA), in its 23rd meeting, approved exemption.

It has been decided that the marking fee is to be reduced for more than 1500 industries that manufacture essential products and are registered with Pakistan Standards and Quality Control Authority to give them relief due to Market inflation in business to support the local industry.

The following table depicts the revision of the marking fee.

The PSQCA marking fee was previously revised in 2008 at the rate of 0.05% ex-factory price for food items and 0.1% ex-factory price for non-food products. The government was receiving requests from the industry to revise the marking fee.

The reduction will facilitate the micro, small, medium, and large enterprises of food as well non-food producing enterprises. It will also encourage new businesses to register and come under the ambit of licensing and certification regimes. Moreover, it will help increase the size of the economy.

Source: Pro Pakistani

The National Electric Power Regulatory Authority (NEPRA), in line with its monumental initiative called ‘Power with Security,’ hosted an in-house seminar on Cyber Security today at NEPRA Tower.

The main objective was to create awareness about power assets of Pakistan among NEPRA Professionals on Cyber Security with special emphasis on the protection of the Supervisory Control and Data Acquisition (SCADA) system — a computer-based system used for gathering and analyzing real-time data — to monitor and control equipment dealing with critical and time-sensitive materials/events, and then roll out the same initiative by engaging NEPRA’s Licensees and other Stakeholders.

In his opening remarks, Chairman NEPRA, Tauseef H. Farooqi, highlighted the significance of “Power with Security.” He elaborated that the SCADA system is prone to cyber-attacks and not only that in any such unfortunate scenario, the Power Sector installations would not only be able to control their processes at local and remote locations, but it will also jeopardize the functions to monitor, gather, and process its real-time data. Hence, there is a strong need to pre-empt such vulnerabilities through the introduction of effective cyber security tools.

Najeeb Ahmad, Peter Kreutzer, Torben Cederberg, and Willem Groen briefed the participants about various types of Power Grid Solutions of Hitachi ABB and the Cyberthreat protection used against Industrial cyber-attacks/vulnerabilities, the social engineering attacks, and the differences in implementation of cyber security in such systems. They also put emphasis on the need for industrial security solutions, remote access, incident handling, formulation of an effective cyber security department, and regulations so that the threats are handled effectively.

The webinar concluded after detailed Questions and Answers session of the participants with the Chairman and the Speakers.

The seminar was headed by Chairman NEPRA, Tauseef H. Farooqi, and attended by a large number of NEPRA professionals. The participants were sensitized about the importance of Cyber Security by Chairman NEPRA, Tauseef H. Farooqi. Managing Director, Hitachi ABB Power Grids Pakistan, Najeeb Ahmed, and renowned International Cyber Security Experts from Sweden and Switzerland, including Peter Kreutzer (Global Product Manager), Willem Groen (Lead Cyber Security Network Control/HVDC), and Torben Cederberg (Regional Sales Director Network Control).

Source: Pro Pakistani

Unfolding a major investment plan, Bestway Cement Limited has announced to expand its operations with a new brownfield cement plant in district Haripur, Khyber Pakhtunkhwa.

According to stock filing, the company has planned to set up a brownfield cement plant — which will add 7,200 tonnes of clinker per day, a 9MW waste heat recovery plant, and a 6.4 MW off-grid solar power plant in the district.

The firm has decided to scale up its operations in order to tap into the rising domestic demand for construction materials.

For the waste heat recovery plant at Hattar, the company has signed an agreement with Sinoma International Engineering Co Ltd. It has also signed an agreement with Reon Energy for the off-grid solar power plant.

According to Bestway Cement Limited, it has secured all regulatory approvals and made all financial arrangements to execute the expansion plans, however, it has not disclosed the investment figures in the notification issued to Pakistan Stock Exchange.

The construction sector in Pakistan is witnessing a boom at present. It has also pushed up the demand for construction materials, including cement, across the country.

In the next few years, the cement sector is set to expand its capacity as various leading producers of cement have announced new plants in various cities.

Source: Pro Pakistani