Tag Archives: China Pakistan Economic Corridor

Chief Minister Gilgit-Baltistan Invites Private Sector To Contribute For The Prosperity of Province

Chief Minister Gilgit-Baltistan Invites Private Sector To Contribute For The Prosperity of Province


Shahid | category: Business

Chief Minister Gilgit-Baltistan Invites Private Sector To Contribute For The Prosperity of Province. Chief Minister Gilgit-Baltistan Hafiz Hafeez-ur-Rehman has invited the private sector to join hands with the government of Gilgit-Baltistan and start flight operation for this area.

While talking to the LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Kharar Rashid and Vice President Zeshan Khalil, Chief Minister Gilgit-Baltistan, he said that Gilgit-Baltistan is abundant with huge opportunities in tourism, energy and infrastructure sectors. He said that PIA operation for Gilgit-Baltistan is not enough to cater to the needs therefore private sector should come forward and avail this opportunity. Former LCCI President Mian Shafqat Ali also spoke on the occasion.

He said that China Pakistan Economic Corridor (CPEC) has generated lucrative investment opportunities that must be availed by the local investors. Under this project industrial and economic zones are being established which will create ample employment opportunities for the people of this area.

On the energy sector, CM GB said that Gilgit-Baltistan is not linked with the national grid which is the major hurdle of taping the power generation potential. He said that GIZ and WAPDA have identified the potential of 40,900 MW through feasibility reports. He said that establishment of first grid in Gilgit-Baltistan is at tender stage. He said that no serious work had been done in past for Diamir Bhasha Dam but now situation is quite different. He said that land acquisition for Diamir Bhasha has been completed through transparent way. All record in this regard is available in this regard and a huge amount of Rs. 12 billion is saved through transparency. He said that Diamir Basha, Bujni and Dasu would generate 4500 MW, 7500 MW and 5000 MW of cheap and environment friendly electricity of respectively that would reduce the oil import bill.

CM GB said that Chief Minister Punjab Shahbaz Sharif extended laudable help to the government Gilgit-Baltistan in health and education sector. “People of Gilgit-Baltistan are thankful to the taxpayers of Punjab for helping generously”, he concluded.

While talking about the tourism potential, he said that Gilgit-Baltistan is the most wonderful area of the country and has lot of attractions for the tourists. He said that various measures are being taken to tap the vast potential of tourism in Gilgit-Baltistan and focusing this sector for higher economic gain. He said that number of tourists is increasing that is a good sign. He said that apart from tourism, mining, food preservation, the area has a very huge potential for cement and herbal sectors, therefore, the business community should come forward to explore these opportunities that offer a huge dividend.

The LCCI President Malik Tahir Javaid said that the region of Gilgit-Baltistan has immense importance in geo-economic and geo-strategic terms. Geographically, Gilgit-Baltistan shares borders in the northeast with China, in the extreme north with Wakhan corridor of Afghanistan, in the west with KPK province and in the south and southeast with Azad Kashmir. He said that it is also endowed with vast resources of metallic, non-metallic, energy minerals, precious /dimension stones and different rocks of industrial use. He said that GB is located at the confluence of world great mountain ranges like the Himalaya, Hindukush, Karakoram and Pamir mountain ranges, which are considered the high roof of the world.

The LCCI President said that Gilgit-Baltistan has a bright economic future. CPEC is expected to bring an economic transformation in Gilgit-Baltistan because of infrastructure development, construction and hydropower stations. Some mega development projects have already been started. He said that according to the Government of Pakistan, the province of Gilgit-Baltistan has a hydropower potential of 19,000 MW as the Indus River and its six main tributaries pass through this region. This potential can be harnessed if the Government establishes a regional grid in Gilgit-Baltistan to interlink all the power potential sites. It is due to the absence of the national grid that the NEPRA’s jurisdiction has not been extended to Gilgit-Baltistan.

He said that Gilgit-Baltistan also has tremendous potential in tourism. Beautiful landscape, unique cultural heritage and rich biological diversity give the region a competitive advantage in attracting tourists from all over the world. He strongly recommended the business community of the city to tap the investment opportunities available in Gilgit-Baltistan in the hospitality business. He said owing to its cool, dry climate and availability of water resources, Gilgit-Baltistan has great potential in agriculture. Fruits such as apricots, apples, grapes, pears and pomegranate are widely produced in this region. Dried fruits and nuts are also produced in this region. This region is ideal for growth of temperate fruits and vegetable and has a low insect, disease, and pest population

Malik Tahir Javaid said that the other sectors in which there is a tremendous potential to invest in Gilgit-Baltistan are food and beverages, healthcare, recreation, travel services, skill development, mineral processing units, hydropower IPPs, handicrafts and retail.

He urged the Government of Pakistan to address the constitutional status needs of the Gilgit-Baltistan according to the wishes of the people of Gilgit-Baltistan. They do not have any representation in parliament. It is their demand that they should be declared constitutional citizens of Pakistan and Gilgit-Baltistan be made a full fledge province. The Government should also make sure that the people of Gilgit-Baltistan reap full benefits from CPEC.

The LCCI Senior Vice President Khawaja Khawar Rashid and Vice President Zeshan Khlil called for value addition in precious and semi-precious stone sectors saying that it would give us more foreign exchange. They informed the CM GB that Lahore Chamber of Commerce & Industry is already working on establishment of airline.

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CPEC Projects to Complete by 2030

CPEC Projects to Complete by 2030


Ram zi | category: Business

CPEC Projects to Complete by 2030. The projects initiated under China-Pakistan Economic Corridor (CPEC) will be completed by 2030 and China is providing full support and cooperation to Pakistan for the completion of these projects by that time.

This was stated by Federal Minister for Planning and Development Dr. Ahsan Iqbal while addressing a ceremony here on Monday to launch the Long Term Plan of CPEC projects in Pakistan. The Long-Term Plan for CPEC was released by Minister Planning Ahsan Iqbal and Chinese Ambassador Yao Jing jointly at the ceremony held here today.
The Minister speaking on the occasion said work on the CPEC projects is continue with a good pace and hopefully, all these under progress projects will be completed by 2030.

Ahsan Iqbal said China is investing US dollars 56 billion for the CPEC projects, and more than US dollars 27 billion has been invested on the ongoing projects while more funds are being provided by China by some other projects which will be utilized on other projects.

He said roads, energy projects, improvement of railway, construction of bridges and Gwadar are the important projects being constructed under CPEC with Chinese financial and technical support.He said through various projects of the CPEC, difficult routes in the country are being improved and making safe routes with the improvement of the existing roads and with construction of new roads. He said besides the improvement of the present railway system, some new railway lines are being added to the railway system of the country.

He said the CPEC is a symbol of friendship and cooperation between Pakistan and China and it will prove a long lasting step in further cemented the bilateral ties between the two countries.Ahsan Iqbal said former Prime Minister Nawaz Sharif visit China in 2013 soon after taking oath and taking over the government and started discussion in improving cooperation between Pakistan and China.

“We should follow the example of progress and prosperity of China,” he added.
Being close friend of Pakistan, China provided a chance to Pakistan through CPEC for the development and progress of Pakistan, he said.

He said when the government took the charge in 2013, Pakistan’s economy was in very bad shape and international financial organizations were talking about Pakistan’s economic collapse but with the vision of Nawaz Sharif, the country had made tremendous progress in all the fields especially in economic sector. He said former Prime Minister Nawaz Sharif signed CPEC with China which will be fate changer for the region.

He said following the start of projects under CPEC and with huge Chinese investment in Pakistan, now the foreign investors are also satisfied with the performance of Pakistan and they are investing in various fields in Pakistan
Referring to importance of Gwadar, Ahsan Iqbal said it is one the most important project being completed by the support of China and added that it is being linked with Quetta through a modern road. He said the present traveling time between Gwadar and Quetta will be reduced from 40 hours to just eight hours.

He said Pakistan and China have very cordial relations and engaged in Long Term Strategy ties. He said present government made sincere efforts to engage China in long term development projects in Pakistan as all the previous governments failed to utilize Chinese investment in Pakistan.

He said the CPEC is symbol of friendship between Pakistan and China and it will further enhance all weather friendship into a strategic relationship. He said China has proven most trusted friend of Pakistan and during the time of external and internal crisis, China was the only country to support Pak and launched the game changer project of CPEC.
The Long Term Plan for CPEC is a plan approved by both the governments; Pakistan and China and will reflect the national and local plans of both the countries.

The Chinese Ambassador to Pakistan Yao JIng while addressing on this occasion China will continue its full support and help to Pakistan in the completion of the projects under CPEC.
He said Pakistan and China are very cordial relations based on mutual respect, mutual cooperation and these ties are trustworthy. Under the LTP of CPEC, the projects under progress will be completed while many new projects will be initiated very soon and all these projects will be completed by 2030.

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Road Network of CPEC to Be Completed Soon: President Mamnoon

Road Network of CPEC to Be Completed Soon: President Mamnoon


Shahid | category: News

Road Network of CPEC to Be Completed Soon: President Mamnoon. President Mamnoon Hussain has said that road network of China Pakistan Economic Corridor (CPEC) will soon be completed which will join together different regions of the world.

Talking to a delegation of Pak-China Joint Chamber of Commerce who called on him here at the Aiwan-e-Sadr, on Wednesday, he said that full-fledged activities will start at the Gwadar port in the near future and which will play an important role in the development and prosperity of the region.  President Mamnoon stated that meeting with the Chinese friends is always a matter of great pleasure.

He underlined that both countries are true and sincere friends, with convergence of views regarding progress and prosperity of the region and fully support each other on various issues at the international forums. He emphasized that Pak-China friendship will continue for generations.
The President informed the delegation that security of Chinese working in Pakistan is very important for us and a Special Security Division has been working in Pakistan to protect the Chinese nationals.
The delegation thanked the President while expressing satisfaction on the security measures being taken by Pakistan for the protection of Chinese nationals. The delegation apprised the President regarding details of the Chinese invest in Pakistan and informed that more joint projects will be started in the future between the two countries.

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UMA-16th CEO Summit Asia 2017 Held For Creating Business Friendly Atmosphere

UMA-16th CEO Summit Asia 2017 Held For Creating Business Friendly Atmosphere


Ram zi | category: Business

UMA-16th CEO Summit Asia 2017 Held For Creating Business Friendly Atmosphere . Pakistan’s top business chiefs and entrepreneurs on Monday called for positive change as they spoke about “Reshaping the Future, Building Greater Pakistan” at the UMA-16th CEO Summit Asia 2017 held here on Monday.

Hundreds of leading CEOs and executives representing their companies attended the summit where Governor Sindh Muhammad Zubair was the chief guest.

The Sindh Governor spoke about the various challenges facing Pakistan and stressed that free and fair elections are the way forward for the country.

Earlier, Sohail Shams, CEO of United Marine Agencies (UMA) – the lead sponsors of the Summit – in his opening speech underlined the importance of positive change saying that Pakistan needs it to tackle the various challenges and issues confronting it.

Sohail Shams hoped that the China Pakistan Economic Corridor (CPEC) will help boost Pakistan’s economy.

“CPEC is a beacon of hope for the entire region and in future will usher in a period of peace, development and growth of economy. Economic growth will be supported by progress on CPEC energy projects and improved domestic business sentiment,” he said.

“Pakistan should continue to maintain liberal policies towards foreign investment.”

Sirajuddin Aziz, President and CEO of Habib Metropolitan Bank, in his speech stressed that we should learn from the examples set by our founding fathers especially the Quaid-e-Azam and strive for the progress of Pakistan.

Kimihide Ando, Senior Vice President of Mitsubishi Corporation and CEO of Mitsubishi Pakistan, spoke about the resilience of Pakistan appreciating the country’s fighting spirit in the face of adversity.

Irfan Siddiqui, President and CEO Meezan Bank, gave a presentation on Islamic banking and its growth in Pakistan.

Others who spoke on the occasion included Vice Admiral Syed Arifullah Hussaini, Ikram Sehgal, Aamir Niazi, CEO Descon Oxychem Ltd, etc.

The UMA-16th CEO Summit was held as a tribute to the CEOs, Entrepreneurs, Business Leaders, Policy Makers, Economic Managers, and Difference Makers in appreciation and recognition of their tireless efforts, commitment and contribution to the economy of Pakistan in testing times.

The Sindh Governor gave away leadership awards to the top-performing CEOs.

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APBF

Increase in FDI reflects improvement in security situation: APBF


Sumera Saeed | category: Business

As The All Pakistan Business Forum has said that increase in Foreign Direct Investment in FY17 reflects the improvement in security situation, implying that investors had started coming back to Pakistan, as the country has attracted FDI of $ 2.4 billion, up by 4.6 percent during 2016-17.

According to State Bank of Pakistan (SBP), after a very long time FDI has shown an upward trend and rose by 4.6 percent during last fiscal year.

The country fetched $2.41 FDI during July-June of FY17 compared to $2.305 billion in the same period of last fiscal year, depicting an increase of $105.6 million. During the period, FDI inflows were less than FY16, however lower outflow posted some increase in the overall FDI. Net FDI inflows stood at $2.813 billion against the outflow of $403 million in FY17.

Ibrahim Qureshi said that country’s liberal policies of investment offered one of the most attractive investment regimes in the region. He said that Pakistan’s trade with European Union has also increased substantively after the grant of GSP+ status to Pakistan.

APBF president appreciated the government’s resolve to meet the challenges faced by Pakistan in European markets vigorously, suggesting it should devise strategies to promote Pakistani products. He called upon the trade officers to take advantage of opportunities offered by the China-Pakistan Economic Corridor and growth in Pakistan’s national economy made possible by the strengthening of democratic institutions and improvement of the security situation in Pakistan.

Quoting the figures of Central Bank, he said that China topped the contributors to FDI as its investment accounted for about 50 percent. Major inflows were received from Netherlands, Turkey, France and UK during July-June of FY17. China’s total investment in Pakistan stood at $1.23 billion, including $1.186 billion FDI and $48.4 billion Foreign Portfolio Investment (FPI) during FY17.

Ibrahim Qureshi said that despite some increase in foreign investment, the FDI inflows were not sufficient to fully offset the widening in the current account gap. As a result, the country’s liquid foreign exchange reserves declined over $ 1.7 billion during FY17. According to SBP during the period, portfolio investment witnessed downward trend and declined by 66 percent.

APBF president Ibrahim Qureshi said that only political will and drastic steps can revive the economy, which should have grown significantly and constantly for visible impact. He advocated the need for raising the country’s tax base so that tax-to-GDP ratio improves from current 9%.

Besides governance challenges, adverse security perception, political instability and the foreign trade offices role is also vital for the continuity of enhancement in foreign investment, he concluded.

Pakistan-Council-on-China

Pakistan Council on China hosted Annual Forum to Discuss Prospects of CPEC


Sumera Saeed | category: Business

Pakistan Council on China (PCC) hosted its annual forum on the prospects and challenges of China-Pakistan Economic Corridor (CPEC) today in Islamabad.

The aim of the conference was to help promote better understanding for the future opportunities and challenges in the implementation of China-Pakistan Economic Corridor (CPEC).

As key note speakers, Chargé d’affaires Chinese Embassy Islamabad Mr. Lijian Zhao  and Pakistan’s Foreign Secretary Ms Tehmina Janjua shed light on this  important project for the region.

While discussing the opportunities of this strategically very significant initiative, Pakistan’s foreign secretary Ms Tehmina Janjua said that ” Pakistan believes its long-term prosperity  is inextricably linked to peace and development and we need  comprehensive approaches to regional peace, stability and prosperity.

She further said that our long term  vision of economic development  is reflected in vision 2025 which emphasizes regional connectivity and economic cooperation. CPEC is a natural choice for Pakistan and china. Pakistan’s Eastern neighbor has publicly announced opposition to CPEC and we are well aware of the challenges.  She said that as the flagship project of OBOR, CPEC is destined to serve as a game changer for the whole region.

Chargé d’affaires Chinese Embassy Islamabad Mr. Lijian Zhao highlighted the role of Pakistan and china for regional connectivity and trade saying that

” BRI carries the virtue of peaceful cooperation, openness and inclusiveness, mutual learning and win-win spirit. He further said that CPEC is an unprecedented undertaking in the history of China-Pakistan relations”.

Forum also discussed  cultural, educational and economic  dimensions of CPEC. President of Pakistan Council on China Amb (r) Inam-ul-Haq  said that Pakistan and China enjoy a unique history of mutual respect, trust and friendship. He said that PCC created  in an effort to improve the level and content of communications between the two countries. He further stated that CPEC is the foundation for regional cooperation, improving economic growth and offering trade diversifications.

Director of Pakistan Council on China, Hamayoun Khan said that PCC is without doubt a strong contributor  to the concept of  BRI and CPEC  with our intellectual advantage. He further said that every Pakistani and Chinese are looking forward to great success of CPEC which will ensure the brighter future of the whole region.

Pakistan Council on China (PCC), a think-tank that was established in 2012, a year before initiation of China Pakistan Economic Corridor (CPEC) in view of the significance of expanding Sino-Pak bilateral relation. PCC is an independent, non-political, non-partisan body constituted to promote Pak-China relations.

CPEC-route

Plan to set up 46 Special Economic Zones along CPEC route


Sumera Saeed | category: Business

In recent chain of events the Board of Investment (BoI) announced that the government is planning to establish 46 Special Economic Zones (SEZs) in conjunction with the China Pakistan Economic Corridor (CPEC) route in the long run.

During the Pak-China Joint Cooperation Committee (PCJCC) held in Beijing, nine zones of the forty six zones have already been declared prioritized. The Chinese companies are simultaneously working on numerous projects relating to infrastructure, energy and railways.

The President of All Pakistan Business Forum (APBF) – Mr. Ibrahim Qureshi expressed his views, whereby highlighting that products manufactured in these zones can are not only limited to be exported, but can also be sold in the local market, making them duty free. This would make it an ideal zone for investors as Pakistan has a market of 200 million+ people. “The Chinese companies have humongous opportunities to relocate their businesses to these priority SEZs”, he said.

Mr Qureshi also pointed out that every zone has its special benefits for investors in terms of its skilled work force, location, raw material and linkages with other parts inside and outside the country. China is extremely talented in developing zones mostly from 1985 – 1995 and from 2009 – 2015 and Pakistan can learn much from Chinese.

While chairing a meeting to review the development of SEZs under CPEC, the Federal Minister for Planning Developing and Reform AhsanIqbal said: “the provinces should make the presentations regarding SEZs more elaborative so it can attract more investment. Provinces are finalizing their SEZs prior to the visit of the Chinese experts which is due this month.” He also stated: “Industrial development under CPEC will not harm local industries and the interests of local business community would be safeguarded.

Representatives of all provinces of Pakistan have also put forward their valuable input in the development of the SEZ’s, highlighting what it brings to the table for both Pakistan and China. The provision of gas and electricity to all the SEZs is the responsibility of the federal government and it was informed that both the utilities are within reach of these SEZs and will be available on demand.

CPEC-Annual-Forum

Pakistan Council on China to Host its Annual Forum on CPEC


Sumera Saeed | category: Business

Pakistan Council on China is going to hold its annual forum on the prospects and challenges of China-Pakistan Economic Corridor (CPEC) on Wednesday 19 July, 2017 in Islamabad.

Chargé d’affaires Chinese Embassy Islamabad Mr. Lijian Zhao  and Pakistan’s foreign secretary Ms Tehmina Janjua will be the key note speakers of the forum.

The aim of the conference is to help foster better understanding for the future prospects and challenges in the implementation of China-Pakistan Economic Corridor (CPEC).

Director of Pakistan Council on China, Mr. Hamayoun Khan said that the main objective of this conference is to discuss how Pakistan can benefit more from CPEC which is the flagship project of Chinese President Xi’s Belt and Road Initiative (BRI). He further added that PCC is determined to continue safeguarding the position and interests of Pakistan as well as of China through its activities in future. This forum will deliberate on the idea of all inclusive concept of BRI and come up with policy recommendation for CPEC implementation and also would like to dispel the negativity surrounding CPEC.

Pakistan Council on China (PCC), a think-tank that was established in 2012, a year before initiation of China Pakistan Economic Corridor (CPEC) in view of the significance of expanding Sino-Pak bilateral relation. PCC is an independent, non-political, non-partisan body constituted to promote Pak-China relations.

ICAP

Institute of Chartered Accountants of Pakistan Held Gold Medal and Certificate Distribution Ceremony


Sumera Saeed | category: Business

The members of the Institute of Chartered Accountants of Pakistan (ICAP) have a huge role in the economic development of Pakistan.  The GDP of Pakistan is expected to grow substantially once the China-Pakistan Economic Corridor (CPEC), One-Belt, One-Road and other initiatives such as shared services become operational. With a better economy, Pakistan is going to need more and more professional Chartered Accountants. This was stated by honorable Syed Mansoor Ali Shah, Chief Justice of the Lahore High Court, who was the Chief Guest at the ICAP Gold Medal and Certificate Distribution Ceremony at a local hotel in Lahore, which was organized by the Northern Regional Committee of ICAP.

He applauded the ICAP’s tremendous efforts to nurture talents and provide a well-educated workforce to enhance productivity and entrepreneurial ship that will lead Pakistan towards a brighter future. ICAP is one of the leading institutes of the country and is known for its formative work in the profession of accounting and auditing.

ICAP acknowledged the outstanding performance of students and honored them with Gold Medals and Certificates on their successful completion of CA qualification. While addressing the students at the ceremony, President ICAP, Mr. Nadeem Yousaf Adil congratulated the students and their parents on their splendid success.  He said that this qualification is only the first milestone of a very long journey that lies ahead of them. He added that credibility of ICAP and its members had been increasing worldwide due to high professionalism and their quality of work. He also expressed pride that students had strived very hard to acquire the knowledge and skills par excellence with international standards in the chartered accountancy profession.

The high achievers who received certificates at the ceremony had demonstrated their potential to be the future leaders of the accountancy profession as they were equipped with in-depth knowledge and skills underpinned by strong values of professionalism and ethics.

President ICAP, council members of ICAP, Chartered Accountants, renowned business leaders, students of ICAP and their parents attended the prestigious ceremony. More than 250 students were awarded Chartered Accountancy certificates and the ceremony was fol

APBF for strengthening economic gains to reap benefits of CPEC

APBF for strengthening economic gains to reap benefits of CPEC


Sumera Saeed | category: Business

APBF for strengthening economic gains to reap benefits of CPEC

With a view to consolidate the economic gains amid significant improvement in domestic security the All Pakistan Business Forum has recommended the government to keep on fixing major growth constraints to reap the potential benefits of China-Pakistan Economic Corridor (CPEC).

APBF president Ibrahim Qureshi said that only drastic steps can revive the economy, which should be grown significantly and constantly for visible impact, asking the authorities to take continued efforts, as CPEC is going to be a major opportunity to boost growth and development. The project could also be important to eliminate energy deficit, which had slowed down the economic growth in the country in past.

He stressed the need for continued economic reforms with a view to achieve high growth target as more regulations in system require an enabling environment to promote business and attract foreign investment.

Ibrahim Qureshi said that FDI improvement reflects the improvement in security situation, implying that investors had started coming back to Pakistan. Moreover, country’s liberal policies of investment offered one of the most attractive investment regimes in the region. He said that Pakistan’s trade with European Union has increased substantively after the grant of GSP+ status to Pakistan.

He urged the commerce ministry to explore opportunities to diversify exports of goods and services in their respective areas, suggesting it to devise strategies to promote Pakistani products. He called upon trade officers to take advantage of opportunities offered by China-Pakistan Economic Corridor and growth in Pakistan’s national economy made possible by strengthening of democratic institutions and improvement of security situation in Pakistan.

Quoting the report of the Asian Development Bank 2017, he stated that Pakistan gross domestic product (GDP) growth is expected to edge up to 5.2 per cent in FY17, and 5.5pc in FY18.

According to the report, higher growth in fiscal year 2017-18 reflects accelerated infrastructure investment through China-Pakistan Economic Corridor (CPEC), which is steadily lifting consumer and investors’ confidence.

This outlook for Pakistan is supported by better security, macroeconomic stability, and improved economic fundamentals resulting from the continued implementation of government reforms.

He said that the IMF has also forecast 5 percent economic growth for 2017, which could improve to 6 percent in the medium term with CPEC-related investments, improved energy supplies and continued reforms.

APBF president also urged the authorities to strengthen export-oriented and manufacturing industries through smooth energy supplies, since a number of issues in the fiscal, external and energy sectors could affect the economic stability achieved so far.

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APBF calls for promoting FDI

APBF calls for promoting FDI


Sumera Saeed | category: Business

APBF calls for promoting FDI

The All Pakistan Business Forum has urged the government to promote foreign direct investment (FDI) which has been maintaining a steady decline from a $5.2 billion peak in 2007-08 despite the government spending on overseas trade offices have been increased to Rs1.7 billion in 2016-17.

APBF president Ibrahim Qureshi said that only political will and drastic steps can revive the economy, which should be grown significantly and constantly for visible impact. He advocated the need for raising the country’s tax base so that tax-to-GDP ratio improves from current 9%.

Foreign direct investment fell by 45 percent to $460 million in the first five months of the current fiscal year, giving a disappointing picture of the economy.

However, it is good that the investment has shown a sign of improvement during first six months (Jul-Dec) after a long time as inflows improved 10 percent to cross the $1 billion mark. During the period, overall investment increased by 50 percent to $1.8 billion but this increase was achieved by involving the money borrowed through the Eurobond.

Quoting the State Bank of Pakistan data, he said that FDI has been declining for the last three years despite regular investments from China.

He said that the primary function of trade offices is to promote exports that have persistently been falling for a long time. Country’s exports during 2015-16 dropped by 12 percent to $20.8 billion despite the fact that government expenses to run foreign trade offices have jumped by over 30 percent.

Besides governance challenges, adverse security perception and political instability the foreign trade offices role is also vital to promote exports and attract FDI, he pointed out.

Ibrahim Qureshi urged the trade officers to explore opportunities to diversify exports of goods and services in their respective areas.

He appreciated the commerce ministry’s resolve to meet the challenges faced by Pakistan in European markets vigorously, suggesting it to devise strategies to promote Pakistani products. He called upon trade officers to take advantage of opportunities offered by China-Pakistan Economic Corridor and growth in Pakistan’s national economy made possible by strengthening of democratic institutions and improvement of security situation in Pakistan.

FDI improvement in Dec 2016 reflects the improvement in security situation, implying that investors had started coming back to Pakistan. Moreover, country’s liberal policies of investment offered one of the most attractive investment regimes in the region.

APBF president said that Pakistan’s trade with European Union has increased substantively after the grant of GSP+ status to Pakistan.

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APBF urges equitable CPEC benefits for all provinces

APBF urges equitable CPEC benefits for all provinces


Sumera Saeed | category: News

APBF urges equitable CPEC benefits for all provinces

The China-Pakistan Economic Corridor (CPEC) project is a transnational project which promises faster growth and infrastructural development of the whole region. It will effectively serve the long-term economic interests of both the countries. As the All Pakistan Business Forum (APBF) is a vibrant business association which promotes and protects the interests of the business community and industries in Pakistan, the association is pleased to see the big opportunities promised by CPEC, therefore it would urge the government to ensure that all provinces benefit equitably from this revolutionary project.

With an investment of well over $50 billion promised by China for CPEC, Pakistan must take full advantage of this venture by creating an efficient and transparent environment for utilizing and absorbing such a large volume of investments, to revolutionize the trading, transportation and industrial infrastructure. The CPEC also promises large-scale developments in the energy sector, as more than US $34 billion will be spent on energy projects, to add over 16,500 MW in the national grid, over the next decade.

The President of APBF – Mr. Ibrahim Qureshi said that;

“We appreciate China’s robust investment plans and Trans-national initiative for boosting cross-border trade activities. With such huge foreign investment coming in the country, it is essential that all provinces get equitable benefits, opportunities and budgets for strengthening their infrastructure and trade activities. It inspires new possibilities to set up industrial sites and energy projects in all the provinces of Pakistan, along this new road and rail network, especially in the economically deprived areas”.

The success of this initiative relies on stronger collaboration and cooperation among business communities of all provinces and across the borders. APBF is committed to dedicate all available resources and capabilities, to engage vital organizations and entrepreneurs in the region, to create robust links, new opportunities and mutual benefits, for all of the provinces in Pakistan.

APBF is a vibrant business association which promotes and protects the interests of the business community and industries in Pakistan. It also advises the government on; policy formulation, regulatory realignments, economic reforms and implementation.

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Private sector role vital for 7% GDP growth

Private sector role vital for 7% GDP growth


Sumera Saeed | category: News

The All Pakistan Business Forum president Ibrahim Qureshi has said the private sector can play role in investment and job creation to achieve the required 7% GDP growth rate in the country, as the private sector knows the art of making markets work, managing risks and fostering competitiveness and innovation.

The public-private partnerships is critical for inclusive and sustainable economic growth, he said and added the implementation of policies is a key challenge in the country.

Only the private sector can drive long-term value creation for their shareholders and stakeholders by developing business models, systems, processes and production chains that manage the economic, social and environmental dimensions in a balanced manner, Ibrahim Qureshi added.

He said there is a need to introduce reforms in the tax system and new sectors should be brought under tax net. He said smuggling, under invoicing and mis-declaration are big challenges for the local industry.

Terming the present tax system of the Federal Board of Revenue as a big challenge for existing and new businesses, he suggested that the taxpayers need to be honoured with a view to improve revenue collection.

APBF president suggested that the FBR must cautiously exercise enforcement powers against the taxpayers, who are regularly contributing revenue to the national kitty. FBR’s field formations should avoid exercising powers to issue notices, sealing of business premises and attachment of bank accounts on groundless basis.

He said that if enforcement powers are exercised without fulfilment of legal formalities, it would send a negative message to the existing investors as well as discourage the new businesses in all over the country.

What an investor needs is secure environment to achieve his goal and be able to contribute to the economy of the country, which could only be possible if the concerned departments extend their support and cooperation, he added.

Ibrahim Qureshi said the government has achieved some macroeconomic targets during last three years; however, declining exports and widening trade deficit still constitute a big challenge that should be focused by the policymakers.

He said that the rising oil prices in the international market and declining exports are negative signs for the country’s current account balance. However, he was optimistic about China Pakistan Economic Corridor saying the country’s economy is bound to grow faster with the completion of the projects of over $46 billion Chinese investment in Pakistan.

He suggested that the government should introduce reforms especially in the tax system and other sectors should be brought under tax net to achieve 7% growth rate of GDP that is essential of economic stability.