Pak, Chinese companies sign MoU for CPII

Lahore (PR): At the conclusion of the visit by a delegation of companies from China, led by Sha Zukang, Pakistan Chino Friendship Association, BMA Capital Management Limited, Gomtazy Capital Partners Limited and Interactional Green Economy Association, signed a Memorandum of Understanding for the establishment of a China Pakistan Investment Initiative (CPII). The CPII provides for-ongoing support and services to companies from China seeking to invest in or do business in Pakistan with reciprocal Be/Vices to Pakistani companies. The visit, organized by the Pakistani Embassy in Beijing, in addition to presentations on Pakistan's sector based investment case, comprised B2B meetings in Islamabad, Lahore, and Karachi.

Various Federal and Provincial Government Ministries coordinated closely to make the visit a success.

Sha Zukang said that China is very confident in Pakistan's future and hence has invested more in Pakistan than it has any other Asian country. He further emphasized that they have come to Pakistan due to their confidence in it and will continue to keep bringing groups of private sector companies to explore opportunities. Building on what Munir Akram said Sha Zukang emphasized how concrete and tangible results with the private sector were of highest importance. To ensure the same CPJI is being created, to facilitate and follow up on any projects and investments from either side.

ACCA offers IT trainings in

collaboration with ExD

Lahore (PR): Association of Chartered Certified Accountants in collaboration with Excellence Delivered (ExD) Private Limited is enabling ACCA students, affiliates and members gain proficiency in the latest IT/ERP solutions. This training will open up new avenues of opportunities for ACCA affiliates and members in the field of IT and finance and will add value to their careers by making them increasingly sought after by employers. Moreover this initiative is a further step taken by ACCA & ExD towards making Pakistan a preferred destination for finance and accounting resources and outsourcing. Excellence Delivered is one of the leading ERP implementers and IT service providers in South Asia and MENA region.

and has the unique honor of being Gold partners with Oracle and SAP. ExD itself is also one of key employers for ACCA talent in Pakistan and Middle East.

This collaboration will help ACCA Pakistan and ExD develop the accounting talent Pakistan needs in line with global requirement.

Global finance and accounting outsourcing business is estimated at $35 billion per annum. Accounting skills coupled with ERP/ IT know-how is the best bet to claim a fair share of such business for Pakistan. ACCA attracted some major UK based BPO aggregators to Pakistan in 2015 and is now upgrading the ERP related capabilities of its members which is a key requirement for international BPO business and local employers. Proficiency in the usage of ERP systems will enable our finance professionals to become advisers and software specialists with the ability to provide clients with sound advice, make quick decisions and empower the organization they work for to grow faster.

Govt misguided IMF on SBP

autonomy

Lahore (Staff Reporter): The Pakistan Economy Watch (PEW) on Monday said government misguided IMF on the issue of autonomy of State Bank of Pakistan which is evident from the recent monetary policy statement. The central bank’s statement is based on concoction which has put its repute to question, it said. The SBP should not act as mouthpiece of the government to misguide masses about so called economic success, said Dr. Murtaza Mughal, President PEW. In a statement issued here today, he said that newly constituted independent monetary policy committee of the central bank has failed to present factual picture of the economy and opted to misled masses.

The report praised increased income of the government and revenue measures ignoring that Pakistan tops list of countries with most petroleum taxes, he added.

Moreover, he said, the statement also revenue measures have nothing to do with the government’s resolve to expand tax net as new taxes worth Rs 40 billion were slapped on the behest of IMF.

Dr. Murtaza Mughal said that the Bank also praised government’s policy for increased credit offtake by private sector while trying to hide reasons behind falling exports.

The bank should have pointed towards weaknesses in the system and recommended ways and means to overcome it.

Dr. Murtaza Mughal also criticised small cut in the prices of petroleum products terming it an insult to the masses. Rejection of the Ogra summary regarding cut in POL prices proves that government prefer its interests over interests of masses.

Pak-Spain bilateral trade to reach $1b this year: Envoy

ISLAMABAD (APP): Ambassador of Spain to Pakistan, Carlos Morales has said that the bilateral trade between Pakistan and Spain was on rise and the two-way trade was expected to reach US$ 1 billion mark during this year. The bilateral trade between two was on the rise especially after the grant of EU’s GSP Plus status to Pakistan, as it improved 43% during 2014 and 25% during 2015%. However, he said there was lot more potential to enhance it for which every Pakistani has to play role for image building of the country. During a recent interaction with business community, he said both countries should focus on diversification to improve trade and identified IT as another potential area of mutual cooperation.

He said ICCI should take a sector-specific business delegation to Spain and assured that his Embassy would cooperate to make its visit successful.

The Ambassador said that Spain was the seventh largest trading partner of Pakistan in the European Union and it wanted to further enhance trade with it as both countries have good potential to improve bilateral trade and economic relations.

He said Pakistan has all the positive things including young population, big consumers market and natural resources to attract foreign investors but biased and wrong perception of the country in outside world was the major hurdle in realizing its full economic potential.

The Ambassador said about 500 Spanish companies were doing business in UAE and many were taking interest in Iran and India.

However, he said Pakistani business community should reach out to the outside world to show the potential of their products that would help in attracting more investment and promoting trade.

He said that $ 46 billion China-Pakistan Economic Corridor was a highly positive development as it has generated lot of interest in foreign investors to look at Pakistan with more interest.

President, Islamabad Chamber of Commerce and Industry (ICCI), Atif Ikram Sheikh said that Pakistan and Spain enjoyed cordial relations since 1951, but the dedicated efforts were required from both sides to further improve two-way trade.

He said Pakistan’s major exports to Spain included some textiles products while Pakistan’s major imports from Spain included all sorts of machinery & parts, chemical materials & products, iron and steel etc. which showed that bilateral trade was confined to few items and stressed for focusing on areas to further promote bilateral trade.

He said Pakistan’s leather products, surgical instruments, sports goods, fruits and many other products could provide good value for money to Spanish customers.

Similarly, Spain could exports its quality machinery and latest technology to Pakistan in many areas. He said Spain was strong in tourism and it could help Pakistan in further developing its tourism industry.

He said frequent exchange of trade delegations and organizing single country exhibitions should be encouraged to promote trade and economic relations up to real potential.

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Warid launches international calling offer

Lahore (PR): Warid has offered international dialing bundles to its subscribers. Through this offer, subscribers can make longer calls to USA (LL+M), Canada (LL+M), UK (LL), China (LL+M), France (LL), Italy (LL), and Germany (LL). This is the first time that Warid has introduced a bundle for its international dialers. The bundle is available for both prepaid and postpaid subscribers but at different price plans. 125 minutes a month for Rs. 100 is the only plan available for both postpaid and prepaid users. However, the 10 minutes for Rs10 and 70 minutes for Rs60 bundles are only available to prepaid subscribers. These bundles have been introduced by Warid in order to provide customers with both quality and quantity.

with regards to international calling.

Once subscribed to the offer, prepaid users can dial *200*101# to check balance for Rs. 10 package plan, *200*102# for Rs. 60 package plan and *200*103# for a month’s plan. Whereas, postpaid users can simply dial 321 in order to check their balance. The subscriber will be charged as per regular international dialing rates for the mentioned destinations once the validation period is over.