High oil prices affect global gdp, inflation and povert: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Monday said rising oil prices are affecting energy security, food security, and global GDP.
Inflation and poverty are on the rise across the globe while the global economy is heading for a recession which will hit billions of people, he said.
Mian Zahid Hussain said that the European Union’s desire to end its dependence on Russian oil and gas is a dream that has nothing to do with reality.
Talking to the business community, the veteran business leader said that the situation could improve if Iran was allowed to enter the global oil market.
The war and sanctions are costing Russia billions of dollars daily but at the same time rising oil prices are rapidly increasing Russia’s resources which is reducing the impact of sanctions, he observed.
He noted that oil-exporting countries have turned a blind eye to the world’s problems in the pursuit of profit.
The dispute between Russia and Ukraine is thousands of miles away from Pakistan and our bilateral trade is insignificant with the two countries but the effects of war are severely affecting Pakistan’s economy.
Pakistan’s economic recovery process is affected and the deficit is increasing due to rising oil and commodity prices.
Europe’s preference for the use of LNG is pushing up its price further, which will increase the cost of power production in Pakistan as expensive resources have to be used for power generation.
The central bank is also said to be under pressure to increase interest rates which will further affect the economy and increase the pressure on private enterprises and they will either have to increase their wages or have to retrench staff.
Mian Zahid Hussain further said that the government would have to incur additional expenditure to ensure energy and food security which would further affect its financial position. The plan to build a gas pipeline with the help of Russia will hang for years.
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TCL teams up with PCB as associate partner of Pak-Aussie series
Pakistan’s No. 1 LED TV brand, TCL has joined hands with Pakistan Cricket Board (PCB) as the Associate Partner of the Pakistan national cricket team for the Pakistan vs Australia series, commencing in Rawalpindi from Friday (March 4). The highly anticipated series is Australia’s first tour of Pakistan in 24 years.
Sunny Yang, GM at TCL Electronics Pakistan, and Faisal Hasnain, CEO at PCB, signed the sponsorship agreement at PCB Headquarters, Lahore on February 28.
TCL is set to be the partner of Pakistan national cricket team for the first time. As a part of the agreement, TCL’s logo will appear on the shirts of the Pakistani team throughout the three Tests, three ODIs and one T20I of the series.
TCL has been at the forefront of promoting cricket in the country. Earlier this year, it celebrated its five-year successful partnership with Peshawar Zalmi for Pakistan Super League (PSL) and now this historic partnership will mark its expansion into international cricket.
Speaking on this partnership, Sunny Yang said: “TCL Pakistan is proud to announce its commitment to Pakistan cricket, building on our support for the historic Pak vs Aus series. We look forward to a rewarding collaboration as the Associate Partner of the Pakistan national cricket team. This synergy further underlines our commitment to excellence and in leveraging cricket at global, national and local levels.”
“We are delighted that a global brand TCL has come on board as the Associate Partner of PCB before a historic series against Australia that is taking place after 24 years. This is a wonderful opportunity for both brands to further their values and ideals. It is a perfect platform for people to enjoy a riveting contest between two world-class teams. This partnership can only go further than it already has as TCL has been a partner and a supporter of Pakistan cricket for the last couple of years through its support to PSL and our franchises. I welcome TCL to the PCB’s fraternity,” said Faisal Hasnain on the association.
“This partnership is of very high significance to TCL. It is a great honour for us to be associated with our national team during this historical moment after all what we have been through. Team Pakistan’s recent achievements and displays of world-class potential reflect our own ambitions and accomplishments. As one of the technology leaders, we have been providing an elevated and immersive experience to cricket fans across the country and our partnership with the national team will further inspire exceptional experiences and fulfill our vision of new developments in this field,” stated Majid Niazi, Head of Marketing at TCL Pakistan.
This collaboration is also a part of TCL’s initiative of expanding its global footprint and witnessing immense growth from major international markets.
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Industrial package a good move by may increase worries: Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Friday said the recently announced industrial package by the Prime Minister Imran Khan was a welcome move, but it is insufficient.
The move is likely to increase investment, accelerate the process of industrial expansion, help introduce new technology, and result in up-gradation and revitalization of closed industries, he said.
Mian Zahid Hussain said the decision of the government will help increase productivity, exports and employment, but the investment may not increase as expected.
Talking to the business community, the veteran business leader said the package could be unacceptable to the IMF, while the FATF could also express its concerns over it.
The government has announced tax cuts and exemptions for local Pakistanis and those living abroad, but this is a violation of the agreement with the IMF, which wants Pakistan to abolish tax exemptions and subsidies for various sectors.
Similarly, the IMF also has objections to such schemes in which the source of income of the investor should not be questioned as the international body considers it as deprivation of the rights of honest investors.
Mian Zahid Hussain further said that due to lack of industrialization in the country, exports are declining, imports are increasing and unemployment is on the rise.
For decades, capital has been flowing to the non-productive sectors, leaving productive sectors in a lurch.
The country is facing inflation while it experiences a balance of crisis every two or three years, requiring borrowing from the IMF and other countries, resulting in a cut in developmental expenditure and other problems.
He noted that the country cannot get out of its problems without giving top priority to the manufacturing sector and for that, it has to make many other decisions including cheaper energy and reduced taxes.
The government must improve the overall investment climate, introduce legal, regulatory and other reforms, and reduce the role of bureaucracy.
Without such reforms, industrialization in the country would be impossible, which is a reason that Chinese industries are not relocating to Pakistan but far-flung countries.
Local and foreign investors will keep on neglecting Pakistan due to a lack of conducive industrial environment, he said.
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Skills builders, developers declare winners of lucky draw
A lucky draw and prize distribution ceremony was held by M/s Skills Builders and Developers at their Site of the Project S. B. Skyline, Plot No. 85-B, Main Jinnah Avenue, Bahria Town, Karachi.
The event was held to celebrate the 7th edition of Pakistan Super League and to distribute prizes. Asad Kathuria, CEO, Skills Builders and Developers, Hanif Sarwar Paracha, M.D, Ahmer Razi, Partner and others were also present on the occasion.
The special appearances on the occasion to entertain the audiences were comedian Nadir Ali, Singer Mehak Gill, Ashfaq Hussain, and Waqar Hussain.
On the occasion, Maham Tariq associated with the Pakistani women’s cricket team picked chits containing names of cricket fans from all over Pakistan to declare names of the prize winners of the lucky draw. A valuable Diamond ring winner was Zahoor Ahmed Soomro from Ghotki and Micheal Kors bag winner was Zarghona Ahmed from Karachi.
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Country will become a desert if water is not saved: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Monday said wastage of water continues unabated which can make the country a desert.
All the rivers should be saved from dying otherwise the country will become a desert in which there will be no agriculture and the industry will also collapse.
Mian Zahid Hussain said that Pakistan ranks 80th out of 122 countries in terms of quality of drinking water and people of most parts of the country are forced to drink contaminated water.
Talking to the business community, the veteran business leader said that now the Ravi River, the most important river for Punjab, has been included in the list of the three most polluted rivers in the world in a study.
The study was conducted by a UK university in which 258 rivers located in 104 countries were categorised.
Increasing pollution in Ravi has increased the risks to the people and the economy which must be noted as numerous pharmaceutical and other companies are dumping waste in this river while human and agricultural waste and toxic chemicals are also being dumped in this river.
The water of the Ravi River falls into the Indus River and this tributary is adding poison to it which is a great threat to the people and agriculture. This situation is not limited to Ravi but the condition of other rivers, streams, springs and lakes is also continuously deteriorating as attention has not been paid.
Mian Zahid Hussain further said that a few decades ago floods would clean rivers every year which was a natural arrangement that would result in better yields and improved water table. The farmers would welcome floods but engineers would try to stop floods by constructing dams, barrages etc.
Floods were stopped through a host of measures that affected yields and declined groundwater levels led to increased dependence and unnecessarily increased the prices of agricultural commodities.
Many countries around the world protect rivers from human, industrial and agricultural waste and take various measures to raise groundwater levels so that life can be maintained but in Pakistan, only talks are held in this regard, he regretted.
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International Seminar on Sustainable Technologies in Modern Energy
Japan a role model for energy conservation, modern appliances: Shibli
“Our government intends to harness power from renewable resources with the full participation of the private sector”, said Federal Minister for Science and Technology, Shibli Faraz while inaugurating a two-day International Seminar on ‘Sustainable Technologies in Modern Energy: A Roadmap Towards Green Economy’ at the Pakistan Academy of Sciences, last week.
Shibli was of the view that small conservations from energy efficient appliances translate into savings on large energy projects. He called on adopting the approach of the Japanese with regard to conservation of energy and modernizing domestic appliances.
The seminar was organized by the Commission on Science and Technology for Sustainable Development in the South (COMSATS) with funding of the United Nations Educational, Scientific and Cultural Organization (UNESCO), and COMSATS’ Centre of Excellence in Islamabad, the COMSATS University Islamabad (CUI) from March 7 to 8, 2022.
In his welcome address, Rector CUI, Prof. Dr. Muhammad T. Afzal, offered his institution’s support in setting up Pakistan’s first Fuel Cell Research Institute to spearhead development of fuel cell technology under the government’s knowledge economy initiative. He pointed out that more research and development is needed in smart grid technology to cut line losses and potentially drawing investors and modern distribution companies to invest in Pakistan.
Prof, Afzal said ‘a smart grid’ can help reduce greenhouse gas emissions by up to 211 million metric tons and is much more reliable than a traditional grid.
Speaking on the occasion, Mr. Syed Junaid Akhlaq, Secretary General PNCU, communicated UNESCO’s gratitude to the partner organizations and informed that UNESCO is glad to support this important event being held under ‘COMSATS-UNESCO South-South Regional Technical Cooperation Programme. Mr. Irfan Hayee, Deputy Director Programs, COMSATS Secretariat urged participants to deliberate on policy recommendations resulting from focused discussion at the seminar.
During his virtual address, Prof. Dr. Ashraf Shalaan, Chairperson COMSATS Coordinating Council, lauded COMSATS and UNESCO for partnering on a highly relevant area of sustainable technologies in energy in the developing world. He considered nations’ abilities to keep up with technological progress and innovation critical for socio-economic growth.
The event is catering to major themes of emerging green technologies for sustainable energy; Green ICTs for sustainable development; energy policy implications for sustainable energy growth and development; and balance in energy mix. The topics discussed at the seminar pertained to: digital engineering in Pakistan; Lithium-ion Batteries as Energy Storage Device; Indigenous development of hydropower; Renewable energy-based Distributed Generation; Multifunctional electrode materials for li-ion battery and super-capacitors; Sustainable Technologies in Modern Energy; Solar Thermal Air Conditioning Technologies; Materials for Solar Energy and Hydrogen Production.
The seminar also generates recommendations regarding consumption and distribution of sustainable energy technologies for the government in an expert panel discussion.
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LCBDDA receives $700 million investment proposal.
Lahore Central Business District Development Authority (LCBDDA) also known as Central Business District (CBD) Punjab receives 700 million USD investment proposal from an engineering giant, Techno Engineering Services (TES).
Techno Engineering Services (TES) approached the team of CBD Punjab to provide Hi-Tech independent utilities by installing a captive power plant for uninterrupted electric power supply, natural gas, district cooling system (DCS), fresh water and sewerage treatment plant.
The state of the art power plant proposed to CBD Punjab will be powered by LNG. The captive power plant is an embedded generation of uninterrupted power supply for Pakistan’s most anticipated business hub. The engineering firm tends to install 150 MW LNG plant which will use “waste heat recovery” process by reusing heat energy.
CBD Punjab has always backed cost effective and ecofriendly initiatives and LNG power plant fulfills theme of CBD Punjab ecofriendly approach. LNG is considered to be the cleanest fueling source which doesn’t emit soot, dust or fumes and produces insignificant amount of sulfur dioxide making it very environment friendly.
Imran Amin – CEO LCBDDA stated, “Our aim is to provide best possible ecofriendly utilities to residents across CBD Punjab. Acquiring investment proposal from renowned engineering firms like TES is laudable. It is evidently visible that CBD Punjab has paved the road to enlist Pakistan in first world countries. CBD Punjab is dynamic in contributing to country’s economic growth. Keeping insight the deteriorating air index these ecofriendly utilities are a step towards a greener and breathable Punjab’’.
The canvas of CBD Punjab is massive which will be colored by sky scrapers, ultra-high-rise buildings and architectural masterpieces. Considering the weather conditions of Lahore, District Cooling System (DCS) is also proposed in the proposal.
The proposal also has the provision for fresh water supply where is the raw water will be treated for all the impurities using modern internationally applicable techniques. Another environment friendly part of this proposal is treatment of sewerage water output of which will be used for horticulture and firefighting. Investment proposal of such hefty amount is a clear sign that CBD Punjab will be game changer and give new heights to Pakistan’s economic growth.
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Shell Tameer and IOBM team up to strengthen women entrepreneurship
Aiming to nurture the future women entrepreneurs and initiate a gender balance in the business world of Pakistan, Shell Tameer and IoBM’s Shahjehan S. Karim Incubation Center (SSK-IC) held a panel discussion on the “Gender Equality for Sustainable Future.” The event, held in the light of International Women’s Day, was the foundation stone for the upcoming Mentoring Circles for Women Entrepreneurs by Shell Tameer.
Shell Tameer will provide mentorship to start-ups incubated at IoBM’s Shahjehan S. Karim Incubation Center (SSK-IC), facilitate consultancy and training workshops for start-ups, and promote grant challenges and other activities across their social and digital platforms. IoBM will partner with Shell Tameer to conduct on-campus events and share incubating and funding opportunities for Shell Tameer alumni and start-ups.
Esteemed members of the panel including Habib Haider, Head of Corporate Relations Shell Pakistan; Shaista Ayesha, CEO Seed Ventures; Talib S. Karim, President IoBM; Dr Imran Batada, CTO and Director CIT IoBM, imparted valuable knowledge among aspiring entrepreneurs and early start-ups. Hira Wajahat, National Lead Climate Launchpad, moderated the session.
Habib Haider, Head of Corporate Relations Shell Pakistan, explaining the aim of Shell Tameer and the role of an entrepreneur in society & economy, said, “Shell Tameer is a mission to pave way for young entrepreneurs. Over the past years, it has trained countless individuals who are now adding value to Pakistan’s economy. I’m excited to witness the great ideas by young female entrepreneurs and look forward to strengthening the ties between Shell Tameer and SSK-IC.”
CTO and Director CIT IoBM, Imran Batada, highlighted the struggle ahead for young entrepreneurs and how SSK-IC helps them develop their businesses. “An entrepreneur identifies the need and then builds a solution. Understanding the market is also necessary via thorough research to acquire maximum knowledge about the target segment. SSK-IC and Shell Tameer envisions empowering students and converting them into job creators.”
Afshan Pasha: Social Performance Lead Shell Pakistan, Mr Saifullah Malik: Manager Communication and Programme Coordinator and Imran Azeem: Training and Development Manager Shell Tameer also attended the event.
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Standard Chartered and British Asian Trust celebrate the impact of the agri-preneur project
Standard Chartered and The British Asian Trust (BAT) orchestrated a grand ceremony to celebrate the success and impact of their collaborative “Agri-preneur Project”. This event was held at the British Deputy High Commission’s Runnymede Garden in Karachi, to celebrate the impact of this resourceful venture. The key stakeholders and distinguished guests expressed their delight on the successful execution of the Agri-preneur project. In eighteen months, this livelihood initiative directly supported 1000 young women and men, enabling them to nurture profitable and sustainable agricultural enterprises, in the rural and peri-urban regions of Sindh and Punjab.
In the year 2020, Standard Chartered Foundation provided a donation to The Futuremakers British Asian Trust (BAT), for enabling the implementation of this Agri-preneur project. It is part of by Standard Chartered, a global initiative by Standard Chartered Bank to tackle inequality by promoting economic inclusion for disadvantaged young people, including those impacted by the COVID-19 pandemic. The project aimed to identify, develop and sell agricultural products that promise strong potential in the local markets. Today, it has produced great results, via the local implementing partners: the Sindh Agricultural & Forestry Workers Organization (SAFWCO) and a renowned NGO named – Shirakat.
Rehan Shaikh, Chief Executive Officer, Standard Chartered Pakistan personally graced this vibrant ceremony along with the Deputy Head of Mission – Martin Dawson and the Deputy Governor of the State Bank of Pakistan – Ms. Sima Kamil. The Chief Executive Officer of The British Asian Trust – Richard Hawkes also hosted these guests of honour and many other distinguished personalities, who were excited to discuss the insights and knowledge gained from this socioeconomic intervention.
Standard Chartered Foundation funded this programme which leveraged the vast experience of BAT – an organisation that specialises in running Livelihoods projects within Pakistan, to provide valuable support to the young entrepreneurs. The programme also engaged numerous experts and in-country delivery-partners, to combine the development of technical and business skills. Moreover, the Agri-preneurs were provided with vital market-linkages to sell their products. They were also trained to access or develop financial-resources for future growth of their businesses.
Rehan M. Shaikh, CEO, Standard Chartered Bank stated that: “We are proud to share the success of our programme which was launched in collaboration with British Asian Trust a year ago. This was part of the Bank’s Futuremakers initiative to empower the next generation to learn, earn and grow. The Bank and the Trust feel privileged to provide young people with the right support and opportunities for lifting participation. This programme has been able to effectively provide vocational and business-skills training to enable women and young people to increase their incomes and reduce their vulnerability, through agricultural enterprise development.
Agriculture continues to play a pivotal role for Pakistan economy and we are excited to play our part in supporting the renewed focus and initiatives of the Government and State Bank of Pakistan aimed at providing sustainable economic conditions and futures for people linked with this critical sector.”
Richard Hawkes, Chief Executive of the British Asian Trust said, “In eighteen months, we’ve seen people’s lives changed as they have established successful businesses after taking part in this project. With support from Standard Chartered Foundation, and the efforts of our partners SAFWCO and Shirakat, we are delighted to see so many people achieve sustainable incomes for themselves and their families.”
The participants displaying their products during the event also received valuable gifts of appreciation. Before the current Agri-preneur project, The British Asian Trust’s Livelihood programme had already conducted several other programmes. Its previous projects had also supported more than 10,000 women and young people, to improve their lives and income, through employment, or setting up their own enterprises.
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Key drivers for sustainable growth discussed in ‘Pakistan Leadership Conversation’
ACCA (the Association of Chartered Certified Accountants) Pakistan, in collaboration with SEED Ventures, successfully hosted the inaugural Islamabad chapter of its flagship conferences Pakistan Leadership Conversation (PLC 2022).
The fourth edition of PLC centered on the theme “Rethinking our world: Sustainable growth for Pakistan” and brought together leading policy makers, thought leaders, corporate influencers, academia and business operators for a dialogue centered on the power of digital, sustainability/ESG, ethics and future ready workforce.
Mr. Shaukat Tarin, Federal Minister for Finance & Revenue, was the Chief Guest and shared his thoughts on rethinking public financial management and how the government lead the recovery after the pandemic. He said, “The COVID-19 health crisis quickly turned into a global economic crisis. Pakistan suffered significant loss as a result of the global pandemic to ensure consistent growth, the Pakistan government is focusing its efforts towards inclusive and sustainable development. Productivity and growth in the agricultural sector will lead to increased industrialization. Innovating and developing the agricultural sector is imperative to this goal”.
He further added, “A significant roadblock in sustainable development is the import/export gap which the government aims to reduce in the years to come. Government’s policy focus on IT sector to harness its potential to exponentially contribute to exports and support Pakistan’s balance of payments”.
Malik Amin Aslam, Federal Minister of Climate Change / Special Assistant to Prime Minister joined the event as Guest of Honour. Speaking on the theme of sustainable growth, he said “Pakistan is on the top 10 list for countries most effected by climate change for over a decade. The government’s vision is focused on two main pillars for climate action. Pakistan is focusing on being a part of the solution with initiatives such as the promotion of clean energy use. We also continue to trust and invest in nature as Climate risk needs to be looked not only just from an ecological lens but also an economical lens.”
The first session, titled, “Beyond the pandemic – Roadmap to Pakistan’s economic recovery” featured Muhammad Azfar Ahsan, Minister of State and Chairman – Board of Investment, Pakistan, Ayla Majid, ACCA Council Member, Founder and CEO Planetive, Sardar Abubakr, SEVP – Mobilink Microfinance Bank, Barkan Saeed – CEO Viztech, Hassan Daud Butt, CEO – KP Board of Investment & Trade, Abid Qaiyum Suleri, Executive Director – SDPI and Noor ul Ain Zafar, Head of Department Professional Qualifications, TMUC.
The second session featured Javed Iqbal, CCO – STZA, Parvez Abbasi, Project Director – National Incubation Centre Islamabad, Aqsa Satti, Marketing Executive, ACCA Pakistan, Haroon Ahmad Jan, Regional Head of Member Affairs, ACCA MESA, Mujeeb Zahur, MD – S&P Global, Haaris Mahmood Chaudhary, CEO – Universal Service Fund, Ali Naseer, Chief Business Officer – Jazz, Yasser Khan, VP of Products – QisstPay to discuss the topic, “Putting Pakistan on the Global Digital Map ~ Leapfrog into the future”.
Dr. Faisal Mushtaq (TI), Founder and Chairman – The Millennium Education Pakistan also joined the event and spoke on the power of future ready workforce.
Helen Brand OBE, Chief Executive, ACCA Global joined the PLC 2022 virtually and highlighted ACCA’s contributions and continued commitment to sustainable development, saying, “For ACCA, as accountants and as leaders, it’s about driving good well-considered decisions and business strategies, that consider people and the planet, as well as profit. It’s about a new way of keeping score in business, a new way of measuring success and counting value that considers wider measures than the financial bottom line. It must include impacts on the environment and impacts on society too.”
Speaking at the event, Assad Hameed Khan, Head of ACCA Pakistan shared his thoughts on Pakistan’s path to a sustainable economy, ‘‘ACCA is committed to positively influencing governments, policy makers and regulators on sustainability matters, and develop the profession in alignment with the SDGs. ACCA and ACCA members continue to contribute, collaborate and converge thought leaders to bring conversations that explore high impact action items to drive an inclusive social and economic growth for a sustainable Pakistan.”
ACCA also hosted another ceremony in the evening for their newly qualified ACCA members and High Achievers titled, ‘New Members and High Achievers Ceremony 2022’ that celebrated their achievements as they continue to embark on their professional journey, committed to contribute to a sustainable Pakistan. Andleeb Abbas, Parliamentary Secretary – Ministry of Foreign Affairs joined in as the Chief Guest. Orla Collins, President, ACCA Global sent in her message where spoke about her own experiences, saying, “No matter how the landscape changes in the years to come – and change it will – you know that ACCA will be there with you. ACCA will be there for you – offering all the help, advice and support you could need or want.”
Starting in 2017, PLC has now become an important annual event for those who want to stay up to date with the ever-evolving business world and accountancy profession. It has also cemented ACCA’s role as a super connector for key stakeholders. The event was broadcasted live on ACCA’s social media pages with over 2 million followers as well as ACCA’s global audience which includes 233,000 members and 536,000 future members.
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Jazz invests Pkr 13.9bn in 4q21, 4g population coverage reaches 65pc
Jazz, Pakistan’s number one 4G operator, and the largest internet and broadband service provider invested PKR 13.9 billion under its ‘4G for all ambition’ during 4Q21. Jazz’s total customer base grew by 9.2% YoY to 72.6 million including 35.0 million 4G subscribers and approximately 1,500 additional 4G sites were added during the last twelve months.
Aamir Ibrahim, CEO of Jazz, said, “Under our digital operator strategy, we are pursuing a three-pronged approach; expanding the outreach and capacity of our 4G network specially in semi-urban and rural areas with consistent investment; strengthening our digital services portfolio to serve as our customers’ digital lifestyle partner; and driving financial inclusion with Pakistan’s leading fintech JazzCash. The growing engagement levels on our digital platforms, and the fact that nearly half of the industrywide 4G subscriptions in 2021 were contributed by Jazz, validate our customer-centric operating model.”
Pakistan’s leading fintech JazzCash, witnessed a strong growth reaching 15.2 million (+24.9% YoY) monthly active users, and 105,000 active agents. JazzCash also introduced a unique digital-first shopping experience, AlaCart, on its mobile app, allowing users to purchase products and pay using their JazzCash accounts.
Jazz’s self-care app, Jazz World, continued to enjoy strong levels of customer adoption, monthly active user base reaching 9.8 million customers. Other streaming and entertainment platforms such as Jazz TV, Bajao, Jazz Cricket, and Deikho, also enjoyed further growth as their month usage increased by multiple times YoY.
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Govt must take bold economic reforms: Mian Zahid Hussain
- Process of imposing sanctions on Russia is flawed
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance and Former Provincial Minister Mian Zahid Hussain on Wednesday said the process of imposing economic sanctions on Russia is flawed.
Sanctions are not limited to Russia as they are affecting other countries more than the targeted country, he said.
Mian Zahid Hussain said that Russia has been preparing for an invasion of Ukraine for years, raising its foreign exchange reserves to over $650 billion to deal with sanctions, while developing countries were caught unaware and now facing a serious crisis.
Talking to the business community, the veteran business leader said that inflation is rising and the value of the currency is declining in the majority of the countries.
Even the developed countries which have imposed sanctions are being influenced by their decisions and the anger of their people is increasing, he said.
Russia’s oil and gas sector has not been sanctioned, but multinational companies are cutting off investments in the sector, which is fuelling the crisis.
Mian Zahid Hussain added that the energy situation in Pakistan is worse than in many other countries.
When the present government came to power, the circular debt was 1400 billion rupees which is now 2500 billion rupees and by 2025 it will be at least 4000 billion rupees.
He informed that the current government had inherited a gas sector circular debt of Rs350 billion, which has now been increased to Rs650 billion.
According to a report, gas worth four billion dollars is being wasted annually which can be controlled by investing 500 million dollars which if managed the country will not need any IMF loans.
Pakistan is facing multiple challenges and now it is not in a position to avoid bold reforms which are necessary to save the country, he warned.