President Ibrahim Raisi’s visit will expand economic cooperation: Mian Zahid Hussain
Both countries will create special and joint economic zones.
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Tuesday that the three-day visit of Iranian President Ibrahim Raisi will open new avenues of economic cooperation between the two countries.
He said that a large delegation of Iranian businessmen is also accompanying the distinguished guest, so their visit should be taken full advantage of, and economic cooperation should be increased, which will also help reduce the tension between the two countries.
Talking to the business community, the veteran business leader said that economic matters in Pakistan have always been neglected, which has caused the country to come close to bankruptcy.
Due to the efforts of the political and military leadership, the country avoided bankruptcy, but the economy could not be declared out of danger.
Even now, Pakistan is trying to get more loans from the IMF and is forced to sell national assets because essential institutions have been run on a political rather than economic basis; therefore, they have become white elephants.
Mian Zahid Hussain said that the Iranian president is visiting when Pakistan’s economic condition is weak, and the country could be fined twenty billion dollars for non-implementation of the gas pipeline agreement.
Mian Zahid Hussain said that elements in the border areas threaten both countries, which has caused tension to become routine in bilateral relations, and both countries continue to make accusations.
Pakistan and Iran should work together to clear the border areas of terrorists and build border markets and border trade. Pakistan can get cheap oil, gas, steel, and dozens of other commodities from Iran, while dozens of different commodities, including foodstuffs, can be exported to Iran.
If the two countries establish special and joint economic zones in the border area, it will not only employ the people but also reduce Pakistan’s import bill.
Mian Zahid Hussain further said that more than a dozen countries included in the American bloc buy oil from Iran, so why is there a ban on Pakistan? The American authorities should be told that the natural gas from Iran is a matter of life and death for Pakistan, and the American obstruction in this regard is damaging its reputation among the Pakistani people and business community.
Saudi delegation visits to open new avenues for cooperation. Mian 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, said on Friday that the visit of the high-powered Saudi delegation will open new avenues for cooperation between the two countries.
The credit for this visit and KSA’s huge investment goes to the efforts of Prime Minister Shahbaz Sharif and the Army Chief, he said.
Mian Zahid Hussain said that SIFC has removed the obstacles to investment. Still, the enemies of the CPEC will make every effort to stop Saudi investment in Pakistan, which the security agencies should foil.
Speaking to the business community, the veteran business leader said that a controversial political leader’s attempt to make false accusations against Saudi Arabia and damage the ties between the two nations is highly condemnable.
Pakistan has neither divided nor bankrupted, contrary to the wishes of some people; rather, the economy is becoming stable, which has confused them.
Mian Zahid Hussain said that the Saudi Foreign Minister’s two-day visit would benefit both countries. We expect Crown Prince Mohammed Bin Salman’s visit shortly which will further strengthen bilateral relations.
However, he underlined that political and economic stability are essential for investment, which will not go down well with enemy nations and rejected political parties.
He said that Saudi Arabia is considering investing in agriculture, IT, mining, PIA, and government companies, and in this regard, encouraging progress is possible during the visit of the Saudi Crown Prince.
For the past few years, Saudi Arabia has given more importance to investment than aid, which is good for Pakistan and needs to take advantage of their thinking.
Saudi Arabia wants to invest five to seven billion dollars, but if given a suitable business environment and security, the volume of investment could increase, he added.
India has become the second-largest trading partner of Saudi Arabia as the government has been working on the business environment and politicians and bureaucrats are not allowed to spoil economic matters.
He observed that Indian policymakers are not prioritising politics over the economy, but it is the other way around in Pakistan, which has damaged its economy a lot and resulted in an exodus of investors.
Saudi Arabia is investing heavily in the agricultural sector of many countries, and if it is invested in Pakistan’s agricultural sector, the situation of this sector can not only change, but Pakistan can also become a major exporter of agricultural commodities.
PMPKL demands immediate steps to stop tax evasion on illicit cigarettes
Philip Morris Pakistan Limited (PMPKL) has underscored the urgency for immediate measures to tackle the escalating presence of low-priced non-tax-paid cigarettes, which has resulted in a loss of a level playing field and a significant decline in volumes within the legitimate tobacco sector.
In a media briefing on April 17 in Islamabad to address the profound challenges gripping the tax-paid cigarette industry in Pakistan, Head of Communications at PMPKL Andleeb Uroos Ahmed, highlighted an alarming 86% decrease in total income for the fiscal year 2023, shedding light on the detrimental impact of Federal Excise Duty (FED) hikes and the escalating market share of non-duty paid illicit cigarettes in the country.
Andleeb Uroos Ahmed elaborated that substantial excise increases tend to inflate the prices of tax-paid cigarettes, further exacerbating the price gap as the tax-evading sector disregards these hikes.
This scenario has provided ample opportunity for numerous local illicit cigarette manufacturers, notably in Khyber Pakhtunkhwa (KPK) and Azad Jammu & Kashmir (AJ&K), to amass substantial market share while contributing minimally to national revenue.
Statistics unveiled during the briefing painted a stark picture of a massive surge in illegal cigarettes across Pakistan after the FED hike in February 2023, with illicit cigarettes now commanding a staggering 63% market share and causing an annual dent of approximately PKR 310 billion to the exchequer.
While acknowledging government efforts such as the introduction of tax stamps (track & trace system) to combat illicit tobacco trade, she expressed deep concerns about the lack of across-the-board enforcement, allowing the non-tax-paying industry to flourish.
Stressing the critical need for decisive action to safeguard the interests of tax-paying entities and ensure sustainable revenue collection for the government, she suggested including tax-evading cigarette manufacturers in the tax net instead of burdening the legitimate industry with additional taxes.
Uroos stressed that just by curtailing tax evasion, FBR can potentially boost revenue collection from the tobacco sector by over $2 billion.
“The potential revenue, if realised, could significantly contribute to human development projects and public health initiatives in Pakistan, addressing critical areas where the country lags in human development rankings,” she added.
She said that various anti-tobacco organisations have been misguiding the government by spreading misinformation about the current and potential revenue collection from the legitimate tobacco industry, unknowingly forwarding the agenda of the illicit tobacco sector.
Uroos cautioned that the hike in taxes, coupled with inadequate enforcement, would hurt government revenue and public health objectives, as further taxes will push the consumers to move to illicit cigarettes, decreasing the market share and revenue collection from legitimate cigarette manufacturers.
She hoped concerted efforts between the industry and government could effectively tackle these challenges and ensure a level playing field for all stakeholders.
Codebase launches innovative Digibanc SME financing platform
Codebase Technologies, a UAE homegrown financial technology platform provider has recently announced the launch of its Digibanc SME Financing platform to address the needs of underserved MSME’s across MENA and APAC. Through the new launch, the UA based fintech, with offices across MENA, Africa and APAC, will provide financial institutions with a tailored made platform to launch a variety of SME financing products and services such as digital supply chain financing products, BNPL for business, working capital loans, and much more, across key geographies.
“With the launch of our new digital supply chain financing platform, Codebase Technologies is set to revolutionize the way SMEs in the MENA, African and APAC markets manage their finances and growth. This isn’t just a step forward; it’s a leap into the future of business financing. By harnessing the power of cutting-edge technology, we are breaking down traditional barriers to financial access and creating a more inclusive, efficient, and resilient economic landscape. Our platform is designed not just to meet the immediate needs of businesses, but to propel them into new realms of possibility and opportunity. This is more than an innovation; it’s a transformation that will redefine the contours of digital finance in these dynamic regions,” commented Omar Mansur, Managing Director – APAC.
The global supply chain finance market was valued at $6 billion in 2021 and is projected to reach $13.4 billion by 2031, growing at a CAGR of 8.8% from 2022 to 2031. Globally the financing gap for formal MSMEs is an estimated $5.2 trillion and for informal MSMEs its $2.9 trillion.
However, the segment is still severely underserved in terms of adequate digital solutions that address the needs of many MSMEs. Micro, small, and medium-sized enterprises (MSMEs) run 70% of the world’s GDP and play a significant role in shaping growth, innovation, and recovery in our global economy, yet the Alliance for Financial Inclusion reported in 2021 that there were over 65 million formal MSME’s across the world that are facing credit constrains and inadequate access to financing for growth.
Tamer Mauge, Managing Director – MENA, added, “Financial institutions are increasingly partnering with fintechs to launch supply chain financing solutions to focus on their core offerings of products, underwriting and funding loans rather than figuring out how to build or buy a platform. This approach lowers customer acquisition costs and shortens the origination to execution timeline, while eliminating substantial development and maintenance costs, especially when leveraging cloud infrastructures.”
Responding to the needs of the sector, Codebase Technologies has launched a fully automated and digital solution, built using its own proprietary tech platform called Digibanc™ to help address the market gap, allowing banks, lenders, and financial institutions to launch comprehensive digital supply chain financing solutions to address the needs of today’s MSMEs. Through the new platform, SME’s can orchestrate and launch their own front-to-back, cloud-based, and frictionless business financing solutions.
With the agility of Digibanc, the new supply chain financing platform empowers Financial Institutions to launch engaging corporate customer experiences with a faster time to market and benefit from on-the-fly product configuration, flexible workflows, easy integration capabilities with third parties as well as real-time analytics, alerts, notifications and more.
Zong business and China Gezhouba construction management services to ensure seamless connectivity, innovative solutions
Zong Business, Pakistan’s leading telecom operator has joined hands with China Gezhouba Construction Management Services (CGCMS) to ensure seamless connectivity robust networks, and innovative digital solutions to help the organization achieve its ambitious goals without hindrance.
Founded in 1970, China Gezhouba Group Corporation (CGGC) is a key subsidiary of China Energy Engineering Group Co., Ltd., a prominent state-owned enterprise. CGGC specializes in various sectors including water conservancy, power generation, infrastructure construction, and real estate development, encompassing design, construction, investment, and operation services. CGCMS’ expertise combined with Zong 4G’s proficiency in network architecture, security, and scalability will enable CGCMS to regulate its organizational processes more effectively.
In a dynamic era where connectivity reigns supreme, this strategic alliance is poised to revolutionize the digital landscape. Zong Business is focusing on delivering seamless WiFi connectivity across CGCMS’s two flagship buildings, powered by cutting-edge Dedicated Internet Service. That’s not all – we’re elevating communication standards with our state-of-the-art digital voice platform, connecting CGCMS effortlessly with global and local destinations. The signing ceremony, a beacon of innovation, took place at the prestigious Zong CMPak Headquarters in Islamabad, with top-tier executives from both entities coming together to mark this monumental occasion.
The distinguished guests included: From CGCMS: Mr. Wang Xiaoming (CEO), Mr. Yu Jingsheng (Project Manager), and Ms. Xiang Tiantian (Manager of Commercial Law). From Zong CMPak: Mr. Huo Jun Li (CEO), Mr. Wang Yong (CHRO), Mr. Farooq Raza (GCSS HOD), Mr. Atif Ali (RD) and Ms. Na GuiXiu (Relationship Manager GCSS).
CEO of Zong CMPak Mr. Huo Jun Li expressed enthusiasm about the collaboration and stated, “We are thrilled to partner with CGCMS. Our mission is to empower businesses through seamless connectivity. Together, we will redefine the impossible in the digital age.” Simultaneously, the CEO of CGCMS commented, “Zong CMPak’s reputation precedes them. Their network solutions align perfectly with our vision. We look forward to a fruitful collaboration.”
Standard Chartered, British Asian Trust in partnership creating sustainable livelihoods for Agripreneurs
Standard Chartered Bank and The British Asian Trust, in collaboration with partners Shirakat and Sindh Agricultural & Forestry Workers Coordinating Organisation (SAFWCO), celebrated the success of their Agripreneurs project. This was the second phase of the project and focused on high-performing participants from the previous phase. The project supported 700 participants with additional business growth, marketing, quality assurance and digital literacy training resulting in their revenues increasing by 25%. 300 new participants were also onboarded and provided with basic enterprise development training. The project worked with businesses catering to high demand products such as chillis, vegetable and fruit drying, fodder production in Sindh and Punjab.
Commenting on closing event, Rehan Shaikh, Chief Executive Officer, Standard Chartered Pakistan said, “We are excited to conclude this programme as part of our wider Futuremakers initiative to empower the next generation to learn, earn and grow. The project has developed a sustainable pathway for women and youth out of poverty by addressing key barriers to progress. In collaboration with our partners, British Asian Trust, we have enabled the young Agri entrepreneurs to further broaden their horizons and play an integral role within the Agricultural eco-system and value chain. The programme will positively impact thousands of people and will have ancillary economic gains for the communities.
Agriculture continues to play a pivotal role for Pakistan’s economy and we are proud to play our part in supporting the renewed initiatives of the Government and State Bank of Pakistan to provide sustainable economic and growth opportunities for people linked with this critical sector.”
Highlighting the power of its partnerships, Kamyla Marvi, Pakistan Director of the British Asian Trust, added: “We are delighted to come together and celebrate the achievements of the Agripreneurs Project with our partners. It was through the combined expertise of us all coming together that we positively impacted the livelihoods of 1,000 people. This experience will help them provide sustainable incomes for themselves, their families and communities.”
Sharing her experience of the project, Bilquis Tahira, Executive Director of Shirakat said, “The project has provided opportunities to rural women for increasing their income. Many participants can now do basic accounting and use digital wallets for savings and business.”
Altaf Hussain Nizamani, Executive Director of SAFWCO said, “Our project shows how powerful it is to help people and give them skills. These women not only change their own lives but also inspire others. It’s a great example of how working together can make a big difference.”
Notable guests attending included key market stakeholders representing food companies, grocery chains and restaurants.
The event also provided an opportunity for industry leaders and female Agripreneurs to form direct links, gaining valuable insights and feedback aimed at enhancing their product quality, marketability and growth plan.
Dawlance and Unido’s safety training on HFC R-32 refrigerant and equipment
Dawlance is the leading manufacturer of high-quality refrigerators, Air-Conditioners and other Home-appliances in Pakistan. Recently, a professional training programme on “Safe Handling Practices of HFC R- 32 Refrigerant and Equipment” was organised by the ‘National Ozone Unit’ with the ‘Ministry of Climate Change & Environmental Coordination’ (MoCC&EC), Government of Pakistan.
The ‘United Nations Industrial Development Organisation’ (UNIDO) and its RRR (Recover, Recycle & Reclaim) project (for proper end-of-life disposal of refrigerants) also contributed to make this programme successful, in collaboration with Dawlance.
This training programme is developed under HCFC’s (Hydrochlorofluorocarbons) Phase-out Management Plan (HPMP), Stage-II in Pakistan. These sessions were conducted at Karachi, Lahore, Multan and Islamabad. It engaged more than 850 participants (dealer installers, authorized workshops, service branches network) all over Pakistan.
It comprised various training activities including: compressor-changing procedures, application of flammable- refrigerants, system design-differences, best-practices on tube-work & leak-detection, R32 RAC installation demonstrations, Best-practices on R32 air-conditioners services & recovery from RAC.
As a socially responsible enterprise, Dawlance has changed its Refrigerant gas usage from R-410-A to R-32 in its appliances, which is a much safer gas, and it is also recycled for environmental sustainability. Being a wholly-owned subsidiary of Arcelik, the 2nd largest manufacturer in Europe, Dawlance is implementing global best-practices with continuous investments in innovative technologies and professional training for the workforce. It offers unmatched value and benefits for the consumers and the public at large.
The Chief Executive Officer of Dawlance – Umar Ahsan Khan stated: “We are committed to the safety and wellbeing of the community and our consumers. Modern R-32 Service equipment has also been installed at the Dawlance Service Centers for recovery, because releasing it in the air causes pollution & depletion of the Ozone layer – a fragile shield of gas, protecting the Earth from the harmful ultraviolet rays of the sun.
The 7-hour practical training taught safety measures for: Switching to R-32 from R-410A anticipates R-410A’s phase- out, involving design adaptations for electrical/mechanical components and differing gas weights. The R-32 refrigerant offers improved cooling efficiency, energy-conservation and lower flammability. Skilled personnel using appropriate tools, with pre-site preparation can ensure safety of customer premises.
Technical personnel were taught to ensure safety and performance by adhering to: maximum piping and gas-charge limits, considering height differences between indoor & outdoor units, AC room standards and correct flaring practices. Importance of post-installation checks, diagnosing leaks, addressing blockages, evacuating gas, brazing, and utilizing vacuum pumps, is critical for system integrity.
The participants learned cautious maintenance of pressure, functional testing besides storage of cylinders in temperature-controlled environments above 50 degrees. The experts also informed the audience about safety- standards for transportation of cylinders in vehicles.
Dubai Islamic Bank signs tripartite MOU for Raast payment to merchant (P2M)
Dubai Islamic Bank, ARY Services & MAK Global have collaborated and signed a tri-partite MOU to launch RAAST P2M (Payment to Merchants) services in Pakistan. Signing Ceremony was held at Dubai Islamic Bank Head Office in Karachi. The MOU was signed by Wamiq Rizvi Chief Operating Officer, Dubai Islamic Bank, Haji Muhammad Iqbal, Chairman ARY Group and Haider Rizvi CEO, MAK Global in the presence of Senior Executives from the respective organisations.
This collaboration will revolutionise Digital Payment acceptance for all type of merchants and businesses in Pakistan. The game changing initiative is part of State Bank of Pakistan (SBP) working to boost Financial Inclusion in the country while giving merchants an offering of instant payment system at a very nominal cost.
Zong 4G partners up with Dahua Technologies to offer security and surveillance solutions to corporate sector
Zong 4G, Pakistan’s premier telecommunications organisation, has embarked on a groundbreaking journey by forging a Gold Partnership with Dahua Technologies, the global leader in video-based Advanced IoT solutions. This strategic collaboration is set to revolutionize the security and surveillance landscape for the corporate sector.
In response to the ever-evolving challenges of the digital era, Zong 4G is taking bold strides in its digital transformation endeavors. Now, with the introduction of CCTV cameras, storage devices, and advanced access control systems, complemented by centralized and integrated solutions, Zong 4G is committed to safeguarding the invaluable data and assets of corporate clients.
This partnership embodies Zong 4G’s vision of fostering strategic alliances with top-tier Information and Communication Technology (ICT) providers. By joining forces with Dahua Technologies, Zong 4G gains access to a comprehensive range of cutting-edge products to offer its corporate clientele.
Speaking at the momentous Memorandum of Understanding (MoU) signing ceremony, a Zong 4G spokesperson expressed enthusiasm for the collaboration: “We are thrilled to announce our partnership with Dahua Technologies. Together, we aim to deliver unparalleled security and surveillance services to our esteemed clients. We extend our heartfelt gratitude to Dahua Technologies for entrusting us with their services. This alliance marks a new chapter in the realm of state-of-the-art security solutions for the corporate sector.”
Zong 4G recognizes the pivotal role of ICT in shaping our societies, facilitating connections, and enhancing communications. This latest partnership underscores its commitment to bolstering the ICT landscape in Pakistan, further contributing to the nation’s progress and development.
Tower sports secures satellite rights for ICC cricket events in Pakistan until 2025
Tower Sports, a subsidiary of HUM Network Limited (HNL), has secured exclusive satellite rights for ICC cricket events in Pakistan until the end of 2025.
This groundbreaking agreement solidifies Tower Sports’ position as the premier destination for cricket enthusiasts across the nation, offering unparalleled access to six flagship ICC World events.
Geoff Allardice, CEO of the ICC, expressed excitement about the partnership, stating, “Pakistan is a very important market for world cricket with a large and passionate fan base.”
Duraid Qureshi, CEO of HNL, echoed this sentiment, emphasising Tower Sports’ commitment to delivering exceptional sports entertainment.
Arif Hussain, CEO of Tower Sports, highlighted the transformative impact of the collaboration, promising an immersive viewing experience that will redefine cricket broadcasting in Pakistan.
Arif said that “this partnership marks a significant milestone in Pakistan’s sporting journey and reaffirms HNL’s dedication to providing top-notch entertainment experiences to its audience.”
As the anticipation builds for upcoming ICC World Cup events, Tower Sports and the ICC are set to deliver unforgettable moments and unparalleled cricketing euphoria to fans nationwide.
Lack of efforts by authorities to implement TTS cause massive loss to economy
Years of effort to install the Track & Trace System (TTS) across various sectors have fallen short of completion, painting a grim picture of the Federal Board of Revenue’s (FBR) performance.
The track and trace system, inaugurated by the former government in 2021, aimed to modernize tax evasion detection and ensure transparency. However, the FBR’s repeated failure to implement this crucial system has cost the exchequer billions of rupees annually.
The FBR’s struggle to implement the track and trace system spans over 15 years, marred by delays caused by court cases and other bureaucratic hurdles. Despite the system’s potential to streamline revenue collection and combat tax evasion effectively, its full integration remains a distant goal.
It is worth mentioning here that only two tobacco companies have fully implemented TTS on their premises, while the other 50 remain outside its purview.
In a recent review meeting, Prime Minister Shehbaz Sharif also expressed dissatisfaction with the FBR’s performance in implementing the track and trace system across four major industries, including sugar, cement, fertilizer, and tobacco sectors.
“The delay not only translates into economic losses for the country but also exacerbates challenges for tax-paying industries like tobacco,” said an expert.
Alarmingly, he added that the illicit tobacco market share has surged to over 60%, the highest among Asian countries, leading to an annual revenue loss of approximately Rs 310 billion.
“The FBR’s inability to implement the track and trace system after 15 years is a glaring failure, resulting in significant revenue losses and hindering efforts to curb tax evasion,” he said.
He urged the government to take urgent and decisive action to implement the TTS across all tobacco companies to reduce tax evasion and generate revenue to address the budget deficit.
Agri Connections triggers agri growth, environment for investment
Pakistan will soon start exporting dairy products to China through a state-of-the-art farm developed in Sheikhupura to meet the export requirements of China.
This was revealed by Masaud Anwar, Secretary Livestock, Government of Punjab, at ‘Pakistan Agricultural Coalition’s Agri-Connections 2024’ at Expo Center here on Wednesday.
“A team of China Customs has recently visited our FAM Farm in Sheikhupura and unofficially approved Pakistan for exports of dairy products to China,” said Anwar.
Secretary Agriculture, Government of Punjab, Iftikhar Sahoo on the occasion said that private sector is the future of agriculture addressing the audience full of corporate and financial sector players.
“The new government has a vision for transformation our agriculture sector. So, the investment of Rs 100 billion has been planned in the agriculture sector for the next two years,” said Sahoo.
Also, he added, Rs 80 billion will be spent on the modernization of watercourses in the entire province in the next three years while the government is also in talks with institutes for moder equipment, partnership with academia for research, to fund research by private sector, and to provide paid internships to graduates from agricultural universities.
Sahoo said that despite being an agricultural country Pakistan imports worth of $5 billion food related items every year while facing serious challenges like crop productivity stagnation, decrease crop area, and loss of agri land to housing projects.
He added that food shortage is a serious issue as with the same agricultural productivity and increasing population the country will be facing the shortage of wheat by 6 million tons by 2033 while the country faces huge crop losses worth $1.5 every year due to outdated farming practices and low-quality farming the.
Abrar Hasan, Global CEO of National Foods Limited (NFL), talked about NFL’s ‘Seed to Table’ project which was launched in August 2023 in partnership with progressive farm-managing companies with a vision to reduce the country’s dependency on imported raw materials, empower local farmers and fortify Pakistan’s agri value chain.
“Even in its early stage, the ‘Seed to Table’ project has exceeded our expectations and we are incredibly proud of the results. The project has already saved USD 2mn with a realized localization potential of around USD 10mn,” said Abrar Hasan.
“By taking control of the entire supply chain, we’ve ensured a consistent supply of high-quality fresh tomatoes directly to NFL’s production facilities,” he added.
Earlier, CEO Pakistan Agricultural Coalition, Arif Nadeem in his welcome address said that their task is to make Pakistan’s agricultural sector globally competitive and issues raised in Agri Connections 2024 are to be addressed by government, policy makers.
“We should trigger things for the growth of our agriculture sector and I believe that better environment for investments emerges through this kind of conferences,” said Arif.
He informed that agricultural experts from China, Hungary, United Kingdom and other countries have participated in this conference to witness our knowledge building platform.
“As many as 35 small start-ups came up with their products in this conference and participated in our competition for start-ups in agriculture sector,” said Arif.
Panel discussion on how agriculture can salvage Pakistan’s economy was also held on the first day of the conference in which distinguished speakers from different sectors discussed the opportunities and options for the country in the agri sector.
Afaq Tiwana, CEO Farmers Associates Pakistan, said the corporate sector wants to invest in agri sector which gives us a hope.
“But some old policies like support in terms of subsidies for input are still existing which hamper growth in this sector. They are not relevant today and not helping the sector grow,” said Afaq.
He added that the need is to support viable farmers not small farmers while regulating output prices drives down the profitability of farmers, so the government shouldn’t do this,” reasoned Afaq.
Dr Iqbal Ahmad, Vice Chancellor University of Agriculture, said that private sector should invest in high efficiency irrigation and they have other lots of opportunities.
Naz Khan, Principal Country Officer, International Finance Corporation, said that by 2050 Pakistan’s population will be 400 million so agriculture sector is very important for the country.
“More than $2 billion is spent on the support of the agriculture sector by local government in terms of grants and subsidies, which can be used for development,” said Naz.
She added that there is a need to engage private sector for the uplift of the sector and make it export oriented through mechanization.
Pak-Qatar asset management announces dividend Rs1.7635 per unit for its monthly income plan
Pak-Qatar Asset Management Company Limited (PQAMC) is a leading pure Islamic asset management company in Pakistan, and part of Pak-Qatar Group, which is Pakistan’s pioneer and premier Islamic financial services group. PQAMC has recently announced the monthly dividend of Pak-Qatar Monthly Income Plan (PQMIP) which is one of the plans under PQAMC’s ‘Shariah-Compliant Income Fund’. The plan is also amongst the highest return paying plan in the category.
As per the PQAMC Website, the announced dividend is PKR 1.7635 per unit. PQAMC is rated AM2 with ‘Stable Outlook’ by PACRA – the internationally acclaimed rating agency. The PQMIP plan is also rated A+ with a ‘Stable Outlook’ by PACRA.
The Chief Executive Officer of Pak-Qatar Asset Management Company Limited Mr. Farhan Shaukat has approved the distributions of dividends for the month of March 2024, under the authority delegated to him by the Board of Directors.
Mr. Farhan further stated that: “The above entitlement will be distributed to the unit-holders, whose names appear in the register of unit-holders at the close of business on March 28, 2024.”
Pak-Qatar Group has a vision to add value to the economy of Pakistan by making valuable investments and creating innovative and Halal financial ventures and services for sustainable growth.
The stakeholders can also review the performance of Pak-Qatar Monthly Income Plan on the website of the Mutual Funds Association of Pakistan (MUFAP) — the trade body for Pakistan’s multi billion rupees asset management industry.