Tag Archives: CPEC

ACCA’ to Drive the Growth Trajectory of an Emerging Pakistan

ACCA’ to Drive the Growth Trajectory of an Emerging Pakistan


admin | category: Business

ACCA’ to Drive the Growth Trajectory of an Emerging Pakistan. ACCA members have committed themselves to achieving an average GDP of 7% as well as improving the global ranking of Pakistan to top 50 for the ease of doing business and global competitiveness Index.

ACCA’s Pakistan Leadership Conversation (PLC) 2018 was held in Lahore on March 27, 2018 and was the last of a series of conferences held previously in Islamabad and Karachi. The conversations were based on the theme ‘Collective Vision for an Emerging Pakistan’ with the main aim of formulating forward- thinking policy choices to drive economic growth and social development in Pakistan.

Bruno Olierhoek, President OCCI and CEO Nestle Pakistan Limited, DrAmjadSaqib, Founder Akhuwat Foundation, JahanzebBurana, CEO, PBIT, Hasnain Sheikh, Chairman and CEO, Inov8 Limited Pakistan, Hassan Daud Butt, Project Director/CPEC Coordinator, Ministry of Planning and Development, Monis Rahman, CEO, Rozee.pk, Omer Zaheer Meer, Senior Partner at MLCC and Tughral T Ali, Business Head: Branchless Banking, FINCA shared their perspectives for an Emerging Pakistan and key strategic interventions which their organizations are undertaking.It was unanimously agreed by the conversation leaders and the delegates that realizing this agenda means collaboration between the private and the public sector.

ACCA has drawn a roadmap with key deliverables essential to setting the country in motion towards achieving economic prosperity. One of the big ticket items that everyone is discussing these days is the Belt and Road initiative. ACCA is playing its part by leveraging its global reach with belt and road countries. ACCA is undertaking several researches to share the key focus areas. In recent past ACCA has launched two reports; one around the Chinese perspective and the other is purely focused on the opportunity for Pakistan under CPEC.

The other main drivers of change that can create an impact include exporting services and professional and technical expertise. The extent to which shared services and BPO will significantly change the nature of today’s organisation cannot be underestimated. ACCA has been the thought leader when it comes to the concept of encouraging companies to adopting shared services or outsourcing models and managing talent.

ACCA works in public interest and ensures that the businesses operate as a force for good and it can only do that if it operates to strong ethical and professional standards. ACCA has 200,000 members across the globe and these members work all over the world to build the profession and make society fairer and more transparent. The actionable agenda and the collective vision of the conversation leaders at PLC resonate with the entire ACCA fraternity.

Sajjeed Aslam, Head of ACCA Pakistan said,

“ACCA is known to be a strong champion of public value – acting in the public interest, promoting ethical businesses and growing economies. Sessions like these reflect ACCA’s commitment to knowledge sharing and capacity building.”

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HEC Gives 1463 Scholarships in 2017

HEC Gives 1463 Scholarships in 2017


Sumera Saeed | category: Education

HEC gives 1463 scholarships in 2017. During the year 2017, HEC awarded 395 overseas scholarships and 1068 indigenous scholarships in various disciplines. Under International Research Support Initiative Programme, 412 PhD scholars proceeded for research abroad, each for a period of six months. While under bilateral agreement for Hungaricum Scholarships, 157 students proceeded to Hungary for PhD, MS and BS studies.

Besides embarking upon the execution of US-Pakistan Knowledge Corridor, HEC launched Allama Muhammad Iqbal Scholarship Programme for Afghan National Students under which 3000 scholarships will be awarded to Afghan students. HEC also signed a Memorandum of Understanding with Turkey to avail scholarships for Pakistani youth to study in Turkish universities. HEC held a plenty of deliberative sessions to discuss the modalities of Pakistan-UK Knowledge Gateway with all the stakeholders.

HEC also launched the ‘Provision of Higher Education Opportunities for Students of Balochistan and FATA, Phase-II’ under which a total of 3900 students from Balochistan and Federally Administered Tribal Areas (FATA) will be extended financial support to acquire education.
In the said year, HEC and China Road and Bridge Corporation (CRBC), a state-owned company of the People’s Republic of China, signed a Document of Understanding under which the later will sponsor 30 Pakistani students for Master’s degree programme in Transportation Engineering at Southeast University China consecutively for two academic years.

The scholarship will be fully funded and cover tuition, accommodation, return airfareand living stipendfor all the awardees. As a whole, HEC approved 22 Development projects worth Rs. 48 billion for universities in the year. Moreover, HEC launched the Prime Minister’s National Laptop Scheme (PMNLS) Phase IV & V. So far, 300000 students have benefited under three phases of the scheme executed by HEC. With the efforts of HEC, the laptops assembly plant has been installed in Pakistan and students are now able to get made-in-Pakistan laptops along with Evo devices under the scheme.
As the quality of engineering education in Pakistan improved further due to initiatives and efforts of Pakistan Engineering Council (PEC) and HEC. It was in June 2017 that Pakistan was declared as Full Signatory of the Washington Accord. Engineers registered with PEC will now be considered at par as world class competent professionals and will not be evaluated for any migrational assessment for their degrees and will be eligible for professional jobs outside in the developed countries.
In 2017, Pakistan’s first Internet Exchange Point (PKIX) was also inaugurated at HEC under the headship of Pakistan Telecommunication Authority (PTA) and support of HEC as well as Internet Service Providers (ISPs). The primary purpose of PKIX is to allow networks to interconnect directly, via the exchange, rather than through one or more third-party networks. It will also enable local networks to efficiently exchange information at a common point within Pakistan rather than exchanging local Internet traffic with outside world.

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UVAS Launches Students Business Start-Ups

UVAS Launches Students Business Start-Ups


admin | category: Business

UVAS Launches Students Business Start-Ups. The Business Incubation Centre (BIC) and Office of Research Innovation & Commercialization (ORIC) of the University of Veterinary and Animal Sciences (UVAS) Lahore jointly organised UVAS students business start-up launching ceremony here on Friday. Vice-Chancellor Prof Dr Talat Naseer Pasha chaired the launching ceremony while Registrar Dr Muhammad Afzal, Director ORIC Dr Hafsa Zenab, Dr Shoaib Sarwar and a large number of students were present.

All the three startups are unique in their ideas and execution. Mr Hassan is a business graduate and his idea (E-Darzi) is based on an android application on tailoring & delivering of stitched clothes on customer’s doorstep. Dr Adeel is a veterinarian who is  committed to provide low cost hygienic food to the community and his idea (Kitchenette Café) is extracting a very good business from his newly launched cafeteria at City Campus, while Mr Sajjad who is also a business graduate, has changed his passion into profession by opting for photography & designing. His idea (90 X media) is growing rapidly at UVAS BIC.

Speaking on the occasion, Prof Pasha said that there are many opportunities for business in
Pakistan even in the Pak-China Economic Corridor (CPEC) and UVAS students get maximum
benefit from them.

He asked the students to bring innovative ideas and UVAS will provide all
possible assistance in implementing students plans/ideas regarding starting their new businesses. He appreciated the efforts of students and their mentors.

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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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PU ICET’s 100th Anniversary

PU ICET’s 100th Anniversary


admin | category: News

PU ICET’s 100th Anniversary. The speakers at a conference on engineering have stressed the need to find solutions to engineering related issues on our own for national development. They were addressing the 3rd international conference on engineering science organized by PU Institute of Chemical Engineering and Technology in connection with its 100th anniversary at its auditorium here on Thursday.

Acting Vice Chancellor Prof Dr Taqi Zahid Butt, ICET Director Prof Dr Abdullah Khan Durani, delegates from Austria, Malaysia, Italy and from various parts of country, faculty members, ICET alumni including Dr Asghar Ali Butt, Dr Arif Butt, Dr Shafqat Nawaz, Dr Javed, Dr Syed Zahoor ul Hasan, Dr Zafar Rashid, conference secretary Dr Mahmood Saleem and others were present on the occasion.

Addressing the ceremony, Prof Dr Taqi Zahid Butt said that in modern world, all engineering and sciences became a heterogeneous and somewhere homogenous mixture and we cannot identify the border lines between the various subjects.

He said that the conference would provide the opportunity to the researchers a sufficient exposure and environment to gain the experience of other professions. He said that CPEC was really a game changer and had provided a golden opportunity for extra-ordinary development in Pakistan.

That’s why, he said, we needed to focus on engineering sector in order to get maximum benefits of CPEC and our engineers would get maximum opportunities to grow in their fields. He also stressed the need to promote industry-academia linkages.

ICET Director Prof Dr Abdullah Khan Durani said that the conference provided a platform for interaction and exposure to the academicians and researchers. He said that it would be an opportunity to assess academic and research capabilities and achievements at par with prevalent national and international practices.

He said that ICET administration was making efforts to produce skillful engineers and their degrees be recognized by the whole world. Later, acting PU VC Dr Taqi Zahid Butt and alumni of ICET cut 100 pound cake to celebrate 100 years of inception of ICET.

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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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The Hidden Gems of "Uncivilized" Balochistan

The Hidden Gems of “Uncivilized” Balochistan


Guest Post | category: News

The hidden gems of “uncivilized” Baluchistan.Have you heard of Pakistan? The same country with a youth bulge? Yes, you heard it right. To many informed readers and foreigners, Pakistan is a land of an overly populated youth. However, what the youngsters of the myriad challenges faced by this country seldom makes headlines in the media.  This is mostly seen when it comes to the females hailing from minority communities especially Balochistan.

The Thrive to Receive Education Found in Abundance among the Females

After hearing about the First International Conference on Social Sciences in Quetta, my perception regarding the less educated females of Baluchistan changed entirely.  Students of this university are excelling in the field of education, enrolling for M Phil and Ph.D. degrees. It was only in 2013 that the university was bombed losing around fourteen lives of intelligent minds. Contrary to the massive belief that women would be afraid of continuing their education, the university intake tripled in number.

Outclass Discussions Showcased by Young Minds

To top it off, the chairing of the session on language and literature by the former candidates of the university followed by interactive and productive discussions on education and human values depicted that the thrive for self-development is well lit and alive in the young females of Baluchistan. Furthermore, the incredible political and social awareness skills demonstrated by the students without any hesitation showcased the unbeatable confidence in these young and highly educated gems.  With a total of one hundred and fifty presentations, the session proved to be a clear testimony of excellence, courage, and commitment to education portrayed by the women of Baluchistan.

University- A Safe Haven from the Outside World?

The universities in Baluchistan are offered termed as ‘safe havens’ for the young females of Baluchistan who wish to get rid of the limitations that patriarchal society places imposes on female emancipation. Each student of Baluchistan has a tale to tell. Surely, voicing your rights amid the conservative society goons has never been an easy task, especially for women in Baluchistan. The height of this is such that students are afraid to visit their native villages out of fear that they will not be allowed to return to university hostels.

Together We Stand!

Galling together, these women are playing a huge part in coming along and working towards a more libertarian and equal society. They demand to be heard and heard our loud-nothing lesser than that is acceptable by these fierce fully intelligent brains.  Equal opportunities for employment and educational opportunities with women rights being acknowledged stand of high significance to them. What is even wrong with that? Competing with their male counterparts will only bring about self-sufficiency, financial and social independence within these young souls.

On the contrary, the young luminaries exhibited their concern regarding complex issues including identity in the multi-ethnic society. Their belief to bring about a broader acceptance and tolerance to other sects, castes and cultures was astounding and indeed a key to co-habitation in a nation. Their main aim is to preserve local languages, customs while doing away with firmly established stereotypes in the country cannot go unnoticed. An even more unnoticeable notion would be the masses calling out Pakistan’s most populated province as “uncivilized.”

The weakening inter-provincial relations with people’s “deemed right” to exploit Baluchistan’s natural resources without caring an ounce about the social development in the province aches the hearts of these young females. The oil and gas-rich province have its women to raise their voice and question powerful state institutions that are playing a considerable part in violating these resources. Transparency and anguish against lack of accountability are evident in the shining faces of the Baloch women for which they now seem eager to take on the baton of leadership.

CPEC- A trigger of Concern?

How could we end detailing out the feelings of the Baloch women without giving CPEC a mention? Much fear that the China-Pakistan Economic Project would lead to an influx of foreign expats ruling the locals while others also doubt if the newly developed infrastructure projects would create equal opportunity employment for the deserving females of the province.

Conclusively, the powerful abilities to debate, counter question, and hold healthy discussions regarding the current state of Baluchistan would give shivers down the spine of many Pakistanis calling them uncivilized. Confidence and intelligence lurking in the female youth of the province would do nothing less than leave you in awe.

Much needs to be accomplished. For every girl receiving education, many other girls have to sit back home not because of they lack a thirst for knowledge but simply because of lack of sufficient facilities in Baluchistan. Lastly, the hostile attitude towards working women in the province would soon be eradicated by the same females disagreeing with the stereotypes, and standing high for their rights!

 

For further updates stay tuned with daytimes.pk

The Economic Benefits of the Modern Silk Road – CPEC

The Economic Benefits of the Modern Silk Road – CPEC


Sumera Saeed | category: Business

The Economic Benefits of the Modern Silk Road – CPEC. ACCA and PCI today launched their first joint report on the Belt and Road Initiative in Pakistan called The Economic Benefits of the Modern Silk Road – CPEC. http://bit.ly/ModernSilkRoad

“For the last almost 3 years the business community and finance professionals have been talking about the economic benefits of the China Pakistan Economic Corridor, for Pakistanis CPEC has become as familiar an acronym as NOC, CNIC and JIT. We all know about the various projects that make up CPEC like Gwadar port, extension and modification of the Karakoram highway, new motorways, railways including may be even bullet trains, enterprise zones and off course energy plants, but has the business community started thinking about the impact of CPEC on their strategies? What will be the long term benefits?

How can businesses prepare for new opportunities and challenges? Where do they need to invest or allocate resource to capitalise on the future? What are the risks and how to navigate around them? What are the possible scenarios north or south or the good the bad and the ugly? Clearly a lot of deep dive thinking still needs to happen” says Arif Masud Mirza, Regional Head of Policy for ACCA.

The report was a joint initiative with the country’s leading think tank, the Pakistan-China Institute (PCI). According to PCI Executive Director, Mustafa Hyder Sayed

“this report indicates that investment in people, for example, learning Mandarin, understanding Chinese business culture and increased networking i.e. the people to people contact which is one of the pillars of CPEC, must be embedded in the long-term mission of the private and public sectors. Pakistan’s manpower; professional, skilled, semi-skilled and unskilled must match or be better than their Chinese counterparts if our nation is to ensure that CPEC’s long term benefits don’t start heading South.”

Sajjeed Aslam, Head of ACCA Pakistan said “We could see and hear the chatter on CPEC in professional networks very early on; a lot was hearsay which in itself can be a risk for businesses, the numbers being talked about where historic by Pakistani standards USD46bn multiplying to USD62bn later.  The report ,The Economic Benefits of the Modern Silk Road – CPEC contains the result of a survey amongst 500 finance professionals and business stakeholders as well the outcomes from 5 SWOT workshops in Baluchistan, KPK, Punjab, Sindh and Islamabad. The SWOTs revealed a common trend such as knowledge gaps, opportunities included regional trade and commerce, new cities and job creation; strengths included leveraging on the country’s educational institutes,scaling up agriculture and tourism, lastly, the threats revolve around environmental, social and governance challenges.”

The report writer Malik Mirza, FCCA, spent several months researching and interviewing diverse stakeholders across the country said “the SWOTs are a great way to get people to think strategicallyand ensure that we don’t just look at the blue sky only. ACCA 100 drivers for change provided a good pivot point for professionals to look at what skills will be needed to prepare for the future and these are explored in the report. Almost 70% agreed and strongly agreed that new skills will be needed in the future and 74.4% said they agreed and strongly agreed that there is a marked difference in business styles between the Chinese and Pakistani. Surprisingly over 80% agreed or strongly agreed that investing in Chinese language was desirable but on the ground we are not witnessing this investment.”

The full report is available online: http://bit.ly/ModernSilkRoad

About ACCA

ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

ACCA supports its 198,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,291 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence.

Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. It believes that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. ACCA’s core values are aligned to the needs of employers in all sectors and it ensures that through its range of qualifications, it prepares accountants for business. ACCA seeks to open up the profession to people of all backgrounds and remove artificial barriers, innovating its qualifications and delivery to meet the diverse needs of trainee professionals and their employers. More information is here: www.accaglobal.com

About PCI

Pakistan-China Institute, launched in October 2009, under the Chairmanship of Senator Mushahid Hussain Sayed has emerged as the primary organization devoted to promoting people-to-people relations between Pakistan and China. PCI is a key player in fostering multilateral dialogue, promoting cultural and economic connectivity, along with acting as a unique bridge between Pakistan and China to develop a closer, strategic partnership.

On its course to materializing this vision, PCI aspires to lead rigorous discussions and in depth analysis by undertaking multi-faceted initiatives including conferences, lectures, exchange of visits, journals, e-magazines and documentaries.

PCI is a frontline advocate for the pivotal bilateral relationship between China and Pakistan and within a short span, it has emerged as a credible institution in both countries, and a premiere entity, which different sections of both societies turn to for advice, assistance and information.

Pakistan-China Institute aims to take up a leading role in generating discussions and analysis on multiple aspects of the diplomatic relations between China and Pakistan, as well as the entire region. An integral part of PCI’s mission is to serve as a resource to all those who seek a better understanding of the changing dynamics of regional relations, particularly in relation to Pakistan and China.

Pakistan China Institute, an independent, non-partisan research think thank and publisher, is dedicated to functioning as a resource for government officials, educators, students, civic leaders and all interested citizens to help them better understand the geostrategic dynamics of Asia.http://www.pakistan-china.com

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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.

ACCA

Companies Must Be Aware of the Financial Impact of Climate-Related Risk, Says ACCA


Sumera Saeed | category: Business

ACCA (the Association of Chartered Certified Accountants) has welcomed the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) as an important step towards the better allocation of capital, by incorporating the effect of climate change in investment decisions.

Yen-pei Chen, subject manager – corporate reporting at ACCA said:

‘The four thematic areas of the TCFD’s recommendations – governance, strategy, risk management and metrics and targets – provide a useful framework for disclosure. ‘The detailed implementation guidance in the annex will be particularly helpful for companies preparing to report under the EU’s Directive on the disclosure of non-financial and diversity information.

‘Climate-related disclosures, in our view, will be best integrated into the reporting of the impact of other material factors within the four thematic areas.’

ACCA also welcomed the inclusion of references to the financial impact of climate-related risk, and the ensuing recommendation that this be reflected in companies’ financial statements.

‘In particular, climate-related risks could affect the carrying value of assets and goodwill, and in some cases the going concern status of the business,’ added Ms Chen.

‘Accounting standard setters such as the IASB should be giving greater priority to closing the long-standing gap that exists in reporting the effect of pollutant pricing or emissions trading systems.’

‘Pakistan has always faced extreme climate conditions, but now more than ever before climate or rather managing climate and its connected maladies is posing a threat that’s greater than global terrorism. Water scarcity for example threatens not only human lives but increasingly is being ignored by business processes. A lot of the environmental, social and governance costs needed for managing climate change are “off balance sheet”. This cannot remain the status quo. With game changing strategic investments like CPEC around the corner the cost to Pakistan of not investing in ESG in the short medium and long term may be a price too great.’ said Arif Masud Mirza, ACCA’s Regional Head of Policy – MENASA.

Professional accountants play an important role in helping companies to manage and report climate-related risks more effectively. This is particularly clear in light of this week’s EU adoption of non-binding guidelines for non-financial information reporting, which is another example of the global momentum towards better-informed capital markets and companies fit for the challenges of today’s world.

ACCA is committed to educating the professional accountants of the future, giving them the skills they need to respond to this wider set of challenges, and contribute to a more sustainable future for businesses and our planet.

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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All Pakistan Business Forum' condemns conspiracies against CPEC

All Pakistan Business Forum’ condemns conspiracies against CPEC


Sumera Saeed | category: Business

All Pakistan Business Forum’ condemns conspiracies against CPEC

The All Pakistan Business Forum (APBF) has expressed its concerns regarding the conspiracies being observed against the ‘China-Pakistan Economic Corridor’ (CPEC) – a transnational project, promising an investment of over $50 billion. The recent rise in terror-attacks in Pakistan, may threaten the timely completion of the revolutionary CPEC project, or sabotage infrastructural development and faster economic progress in Pakistan.

The All Pakistan Business Forum’ (APBF) is a vibrant association business-leaders and entrepreneurs that promotes and protects the interests of the business community and industries in Pakistan. Hence, the Forum has condemned these conspiracies – apparently brewed by countries like India that have economic and political rivalries against Pakistan. These traditional rivals could even be promoting extremism, violence and cross-border terrorism in Pakistan.

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

“The government authorities and ‘Law-Enforcement Agencies’ of Pakistan must remain vigilant for protection against the threats that may sabotage the CPEC. This way, maximum advantage of the CPEC can be taken, to revolutionize the trading, transportation and industrial infrastructure. APBF is committed to extend all available resources and capabilities, to engage prolific organizations and entrepreneurs in the region, for creating robust links, new opportunities and mutual benefits for Pakistan and China.”

With such huge foreign investment coming into Pakistan country, it is essential to beef-up security for enabling robust growth in trade and commerce. The CPEC will also create fresh opportunities to build new industrial sites in deprived and remote areas, connected to this vast network of roads and railways. It also includes energy-projects worth over 34 billion Dollars, to add abundant power-supply to the national grid and resolve the energy-crisis in Pakistan.

Over the years, the APBF has also been advising the government on; policy formulation, regulatory realignments, economic reforms and implementation.

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Trade activity begins from Gawadar

Trade activity begins from Gawadar


Mariam Irshad | category: News

ISLAMABAD: Pakistan is going to achieve the best through China-Pakistan Economic Corridor, historic launch of trade activity from Gawadar Port to international market initiated from today.

Trade procession reached Gawadar under strict security cover of Pakistan Army now shipped to international markets. Prime Minister Nawaz Sharif addressing Launching ceremony of First mega pilot trade cargo said Pakistan was a proud partner of China, enemies of the CPEC are actually enemies of Pakistan, Every region and the province of Pakistan will attain benefit from CPEC..

Trade Caravan has started its journey from Kashghar on October 31st and reached Gwadar safely from Gilgit Baltistan. CPEC will give Best Economic Profit to both countries, Hoping best for its future.

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