Daily Archives: November 25, 2021

Adviser to the Prime Minister on Commerce, Abdul Razak Dawood, emphasized the need for closer economic ties between Pakistan and Africa to harness mutual benefits in trading activities.

The adviser was speaking at the closing ceremony of the second Pakistan-Africa Trade Development Conference (PATDC), on Thursday, being held in Lagos, Nigeria.

Calling Africa “a promising continent and land of opportunities,” he said that economically, the continent had been a distant frontier for Pakistan in the past, with trade volume between Pakistan and Africa hovering around $3 billion. The adviser said that the launch of the “Look Africa Policy Initiative” has brought positive results, with exports to Africa now on an upward trajectory.

“Soon after coming into power, the Prime Minister took the initiative and asked the Ministry of Commerce to look at regional connectivity, and in particular, look at Africa,” he said.

Dawood said that Pakistan had set a target of doubling its export in the next five years, with a focus on African and Asian markets. He also emphasized the need for closer coordination between businessmen from Africa and Pakistan.

Speaking earlier, the High Commissioner of Pakistan to Nigeria, Muhammad Azam, said that global priorities are moving away from geo-politics to geo-economics, and national policies must focus on transformation via multiple facets.

He said that the African continent is the largest free trade area with a market of 1.2 billion people and has tremendous business potential. The envoy hoped that the conference would enable the business communities of Pakistan and Africa, especially the Nigerian business community, to interact with each other.

Nigerian Minister for Industry, Trade, and Investment, Adeniyi Adebayo, while speaking at the occasion, said that Nigeria is well prepared for the African Continental Free Trade Area (AfCFTA), with policies and initiatives being implemented by the federal government. He welcomed Pakistan’s “Look Africa Policy,” and expressed gratitude for choosing Nigeria as host for the PATDC and Exhibition.

Lagos State Governor, Babajide Sanwo-Olu, advised the African continent and the Pakistani government to explore the use of emerging technologies to improve their trade and business environment.

The governor called on the Pakistani businessmen to explore the business opportunities inherent in the African countries, especially in the West African region, for economic growth.

Sanwo-Olu also commended the “Look Africa Policy,” which he said recognized the immense opportunity of Africa as a home to the world’s largest free trade area. He said that the policy recognized Africa as the home to some of the fastest-growing economies in the world, and the pool of the world’s largest population of young people.

The conference was attended by businessmen and officials from the Economic Community of West Africa (ECOWAS) member states, especially Nigeria.

The single country exhibition being held alongside the conference attracted over 3000 visitors, and five memoranda of understanding (MoUs) were signed by Pakistani pharmaceutical companies, with trade deals worth $6 million with Nigerian companies and a Senegalese company.

Source: Pro Pakistani

President Dr. Arif Alvi on Thursday upheld the decision of the Banking Mohtasib directing a private bank to credit the lost amount of Rs. 800,000 to the victim of bank fraud.

The President rejected the representation of the bank against the decision of the Mohtasib and observed that the bank was at fault for having incorporated the wrong contact numbers of the account holder in the bank system, which prevented any remedial step on receiving SMS alerts.

The complainant, Naveera, who maintained an account with Muslim Commercial Bank’s Gulshan-e-Ravi Branch, Lahore, suffered the loss after her account was debited using an ATM card at four different ATM terminals.

She said the transactions were unauthorized as they were not made by her and the ATM card was in her possession even when the transactions were carried.

She also reported that no SMS alerts about the withdrawal of funds were conveyed to her except one intimating the withdrawal of Rs 200,000 from her account.

On receiving the SMS, the complainant lodged a complaint with the bank, however, she was not provided any relief. Subsequently, she approached the Banking Mohtasib to get a refund of Rs 800,000 withdrawn from her account fraudulently.

The Banking Mohtasib in its decision observed that additional contact numbers of the complainant had been added in the bank’s record without any authorization from the account holder, therefore, SMS regarding cash withdrawal transactions could not be received by the complainant. Moreover, the bank had changed her PIN Code, just three days before the transactions, after receiving a phone call from an imposter as the phone banking officer did not probe the caller.

The bank admitted during the hearing that the voice of the caller was different from the voice of the lady complainant. Additionally, the CCTV footage and snapshots of disputed transactions with date and time were not visible as the bank was found negligent to implement the State Bank of Pakistan’s (SBP) guidelines regarding the installation of cameras in ATM cabins to have secondary evidence and to monitor all activities in the ATM vicinity.

The Mohtasib in its decision stated that the bank was under obligation to prove with cogent reasonable evidence that transactions were conducted by the complainant or were conducted by any person under her mandate.

The Ombudsman, therefore, ordered the bank to make good the loss by crediting the account of the complainant with a sum of Rs 800,000.

Later, the bank filed a representation with the President, which he rejected observing that the bank miserably failed to fulfil its statutory liability and rebut the claim of the complainant by failing to provide any justification to set aside the orders of the Banking Ombudsman.

He noted that as per the law, the Banking Mohtasib was required to inquire into the complaints about banking malpractices, maladministration, wrongdoings, fraudulent transactions, the corrupt and mala fide practices by the bank officials and pass appropriate orders on conclusion of the inquiry.

The President rejected the representation of the bank as no fault could be found with the Banking Mohtasib’s approach to the matter.

Source: Pro Pakistani

Advisor to the Prime Minister on Finance and Revenue Shaukat Tarin has said that government will remove all the hurdles lying in the way of foreign investment in the country as it welcomes and supports investors.

He made these remarks while talking to Group Chief Executive Officer VEON Kaan Terzioglu, who called on him at Finance Division on Thursday.

Kaan Terzioglu appreciated the Pakistani government for its support to foreign investors. Briefing the Advisor on the operations and services of the company, he said VEON was transforming lifestyles through technology-driven services that provided opportunities in some of the world’s fastest-growing emerging markets.

The CEO also highlighted the measures for better use of technology as well as the importance of data sovereignty for a country like Pakistan. He sought support and cooperation for investment in new technologies in the country.

The Advisor affirmed that the government welcomed and supported foreign investment in the country and a number of initiatives were being taken to facilitate the investors. He assured the GCEO of his full support.

Tarin noted that information technology and telecommunications were important sectors that could play a key role in economic growth.

Kaan Terzioglu thanked the Advisor for extending his full support and cooperation.

Source: Pro Pakistani

The Government of Punjab has been successful in garnering the interest of foreign investors at Dubai Expo 2020 by showing the investment potential of Punjab in tourism, technology, and sustainable urban development.

At the Expo, Lahore Central Business District Development Authority (LCBDDA) also known as Central Business District Punjab (CBD Punjab) showcased its various projects at Pakistan Pavilion.

Inaugurated in October this year, Dubai Expo 2020 is offering countries a host of opportunities to present to the global audience their true potentials.

In this ongoing month, Pakistan Pavilion remained a hosting ground for multiple seminars and events that presented to the world the true potential of the CBD Punjab for potential foreign investors.

Punjab International Business Conference organized in Dubai International Financial City primarily remained focused on Punjab’s economic potential and the plethora of investment opportunities it has in store for the world. The interest shown by the audience in the said conference speaks volumes of Punjab’s promising economic future.

Minister for Industry and Commerce, Mian Aslam Iqbal, Minister for Higher Education Department and IT, Raja Yasir Humayun, Finance Minister Punjab, Hashim Jawan Bakht, Advisor to Chief Minister on Tourism, Asif Mehmood, and CEO CBD, Imran Amin, were among the attendants at the conference.

CBD Punjab is a government’s flagship real estate project which is promoting smart, clean and green, self-sustaining housing and business activities across the country. It is an eco-friendly, urban regeneration project based on vertical principles. Through smart infrastructure and walkable urbanism, CBD Punjab would enhance the characteristics of a city and will play a pivotal role in economic growth by attracting people looking for business and jobs opportunities.

The CBD Punjab provides extraordinary business opportunities while offering effective, living, working and playing spaces with high-quality modern urban design. With vertical building construction, both the CBD and Ravi City projects would fulfill the dire need for accommodation of the exponentially growing city while also controlling the unplanned growth of the humongous yet populous city Lahore.

It is a fact that cities play an immensely important role in the economy where people, especially smart thinkers, aspire to develop. Pakistan’s urban population makes 37% of the total population whose contribution is over 60% to the country’s gross domestic product (GDP). With the increase in economic growth, this contribution is likely to increase manifold.

Urban groups carry new opportunities in the presence of business hubs, central business districts, and commercial facilities. Being an area with high economic activity, CBD Punjab provides a sustainable ecosystem and infrastructure with the potential to extend huge earning prospects to the public.

Being an engine of economic growth for the province, it offers state-of-the-art business-friendly infrastructure and world-class investment opportunities. At 165% more than the reserve price, an 8-acre plot of this project has already been sold at a whopping price of Rs. 22 billion which shows how lucrative an investment opportunity it is. Besides an additional revenue of Rs. 450 billion for the government, the CBD Punjab is estimated to generate economic activity of Rs. 1,000-1,500 billion.

At the Punjab International Business Conference, CEO CBD Punjab, Imran Amin, briefed the audience on CBD’s immense economic potential and the steps being taken by the incumbent government for ensuring sustainable growth and attracting heavy foreign investments. He also signed two MoUs with multinational organizations.

Chief Business Officer Jazz, Ali Naseer, signed the MoU with CBD Punjab CEO, Amir Amin. CBD Punjab and VEON group’s subsidiary, Jazz partnered to attain IoT and Digital ICT infrastructure that will help city automation, cloud hosting, smart city context, data centers, and much more.

Smart City initiatives are enabled by the new Internet of Things (IoT) applications globally.

With its enormous potential, IoT enables remote monitoring, managing, and controlling devices. This application will offer various opportunities to CBD to make the most of data in managing traffic, cutting on pollution, making efficient use of infrastructure, and keeping the environment clean and safe.

At the conference, CBD Punjab also partnered with Malaysian Green Tech and Climate Change Center (MGTC). Chief Operating Officer MGTC, Syed Ahmed Syed Mustafa, signed the MoU with CBD Punjab CEO. In line with Prime Minister Imran Khan’s broader vision of sustainable and eco-friendly development, Malaysian Green Tech will provide assistance and guidance to CBD Punjab for creating a sustainable living and workspace as per the signed agreement. A space that curtails environmental impacts and integrates eco-friendly components for creating a harmonizing experience for all and sundry.

Source: Pro Pakistani

Federal Minister for Economic Affairs, Omar Ayub Khan, on Thursday, visited the TMK pipe factory in the Russian city of Yekaterinburg along with Minister of Energy of the Russian Federation, Nikolai Shulginov.

The Russian side showed its interest in enhancing bilateral cooperation in the energy sector including gas pipelines.

Omar Ayub Khan appreciated Russia’s technology and skills in manufacturing and establishing the massive gas pipeline network across the country.

He said Pakistan and Russia had huge potential for technical cooperation and investments in the energy sector. He urged Russian companies to explore opportunities for investment in liquefied natural gas (LNG) storage facilities in Pakistan, according to Russian News Agency TASS.

A high-level Pakistani delegation, headed by Minister for Economic Affairs, had arrived in Russia to attend the seventh meeting of the Pak-Russian Inter-Governmental Commission a day earlier.

Source: Pro Pakistani