E-commerce sector growing

 LAHORE (Staff Reporter): The e-commerce sector in Pakistan has shown tremendous growth of 50 percent, with total volume rising from $100 million in 2015 to an impressive $150 million expected by the end of 2016. Continuing with this outstanding performance, the E-Commerce sector in Pakistan can achieve a market size of 2.5 billion dollars, over the next 5 years.

All Pakistan Business Forum (APBF) president Ibrahim Qureshi said that APBF is pleased to have regular opportunities to engage with major players in Pakistan’s E-Commerce market, including; Tameer Bank, Daraz.pk, YayVo, Food Panda, Lamudi, Carmudi, Kaymu and many others. The members of APBF can share their insights and work together with these innovative and robust enterprises to accelerate the growth of E-Commerce in Pakistan and help in the creation of more convenient, economical and sophisticated services through On-line channels, to enrich the lives of the consumers. Ibrahim Qureshi said that Pakistan is a country with a population of more than 200 million people.

, where the Internet users are increasing faster every year, so it is an attractive market for most of the global leaders of E-Commerce. For the future we need to build systems which do not break when there is heavy load.

 Renowned trader passes away

 LAHORE (Staff Reporter): PML-N Traders Wing Lahore president and former LCCI vice president Nasir Saeed died on Friday evening due to heart failure. He was addressing a traders gathering at Hafeez centre when all of a sudden he suffered a cardiac attack, resulting into the death. Nasir Saeed was a noted traders leader and president of Lahore Photo Goods Market. He was presently advisor to the Punjab CM. He also served LCCI as vice president during last fiscal year of 2015-16. The whole business community, including industrial associations, trade bodies and chambers, have expressed deep grief and sorrow over sad demise of this noble man. LCCI President Abdul Basit, PIAF chairman Irfan Iqbal Sheikh, LCCI former vice president Kashif Anwar, UBG chairman Iftikhar Malik, Anjuman-e-Tajiran general secretary Naeem Mir, LCCI former presidents Sohail Lashari, Mian Tariq Misbah and Mian Anjum Nisar, in a condolence message said that sudden death of Tariq Saeed was a big blow not only to his family but also for business community of Lahore.

They said that it was an irreparable loss and prayed to the Almighty Allah to keep the departed soul in peace and let the family bear this irreparable loss with fortitude.

 Seminar on 'Companies Ordinance 2016'

 ISLAMABAD (INP): The Institute of Chartered Accountants of Pakistan (ICAP), in collaboration with the Securities & Exchange Commission of Pakistan (SECP), held an informative seminar for the ICAP members, to create awareness about the new concepts and major changes introduced vide the Companies Ordinance, 2016. The Ordinance was promulgated on November 11, 2016 to strengthen the supervisory and adjudicatory ambit of the SECP and in turn work towards a better corporate culture, for promoting the business environment of Pakistan. A large number of learned speakers and experts attending this forum highlighted the important aspects of this new regulatory framework for businesses. The key stakeholders observed that:  The new ordinance will attract fresh ventures, by eliminating the unnecessary and cumbersome requirements. Some adverse and tedious regulations were previously enforced through the Companies Ordinance, 1984, which were becoming a reason for hindrances in the economic growth of the country, by discouraging fresh investments.

The chief guest of this seminar was Rashid Ibrahim FCA – Council Member of ICAP, while the distinguished panel of speakers included: Executive Director of SECP - Jawed Hussain, Joint Registrar of the SECP - Faisal Lateef Khawaja and the Deputy Registrar of SECP - Akram Qureshi.

The opening remarks were presented by the Executive Director - ICAP - Mohammad Razi Khan. He appreciated the new concepts introduced by the ordinance and updated the provisions based on previous experience. In his closing remarks Mr. Rashid Ibrahim said that there is a need to reconsider certain provisions in the new Ordinance particularly those related to statutory audit and financial reporting.

 Pak-Spain trade to be enhanced

 ISLAMABAD (INP): Ambassador of Spain Carlos Morales has said that Pakistan is developing at a fast pace which is being welcomed around the world while law and order situation has improved which has helped economic stability. He said that Pakistan is attracting huge investment and there are bright opportunities for both the countries to strengthen their mutual trade and economic relationship. Spain is eager to expand trade volume with Pakistan and cooperate in transfer of technology, he said while speaking to the business community at FPCCI Capital House. President FPCCI Abdul Rauf Alam and other business leaders were also present on the occasion. Carlos Morales said that his country was keen to develop strong trade ties with Pakistan and we are willing to make all out efforts to promote trade between the two countries which is the best way to bring people of two countries closer.He praised the efforts of Pakistani businessmen for promotion of industrialisation and trade and welcomed the proposals forwarded by the business community to improve trade.

The Ambassador stressed the need for making joint efforts to boost trade between Pakistan and Spain. FPCCI is playing a very important role in the development of Pakistan and agreed to frequent exchange of business delegations which will help increase trade, he added.