FPCCI appreciates SECP’s reforms, initiatives

ISLAMABAD (Staff Reporter): A delegation of the FPCCI Friday visited the SECP and held meetings with the chairman and other senior SECP officials. During the meetings, the FPCCI delegation, headed by chairman coordination Malik Sohail Hussain, TDAP chief executive S.M. Muneer, and vice president and regional chairman Mian Rehman Aziz, was briefed on the functions and responsibilities of the SECP and its proactive role towards creation of a fair and efficient corporate sector, capital market and non-bank financial sector. During the briefing, key policy aspects for the development of non-bank financial sector and capital market were highlighted. The delegation appreciated the SECP’s reforms and initiatives.

The delegation was also informed about the efforts being made by the SECP in creating linkage between the commodity futures market and the real economy through development of commodities eco-system and new futures contracts based on various commodities, especially agricultural commodities.

It was highlighted that the SECP was committed to bringing about reforms in agricultural commodity trading by encouraging traders to make use of the platform of Pakistan Mercantile Exchange Limited (PMEX) as a modernized route for buying and selling agricultural commodities in Pakistan. In this connection, awareness campaigns and consultative sessions are being held with key stakeholders to promote the use of PMEX platform so that all participants in the agricultural value chain benefit from this modern and efficient way of trading commodities.

The delegation was briefed on various measures in the pipeline to promote commodities futures market, including enhancement of product portfolio of PMEX; focus on agri-based commodities such as cotton, wheat, rice and sugar; efforts to expand the PMEX outreach in Punjab; formulation of warehouse receipt financing framework; and roll out of chilli product on a full scale.

The SECP officials also briefed the delegation on reforms introduced for the small and medium enterprises (SME) and relaxed regulatory requirements for the same to enable them to raise capital for meeting their business needs in a cost-effective manner through the capital market.

The FPCCI delegation appreciated the SECP’s efforts and reforms introduced for the development of non-bank financial sector, commodities and capital markets. The delegation assured the SECP of its full support especially for the creation of the commodity ecosystem and the warehousing project. The delegation also expressed its keen interest in the SECP’s efforts for incentivizing SMEs through listing on the SME board and praised the regulatory reforms introduced in this regard.

 

Pakistan to seek SCO’s cooperation to generate business activities

BEIJING (INP): Pakistan while enhancing its interaction with regional countries will seek the support of Shanghai Cooperation Organization (SCO) for mutual trade and investment, said a senior visiting Pakistani official here on Friday.  The SCO has emerged itself as strong platform for business interaction and we want to take benefit of it, he said in an interview with local Chinese media. Commenting on the role of SCO, he said it has most dominating role in the region for promoting peace and development.  Meanwhile, Rashid Alimov, secretary general of SCO said the organization will actively engage in the “One Belt, One Road” initiative to enhance its role in regional economic development, said “Apart from encouraging cooperation in regional security, the Shanghai Cooperation Organization will also make the expansion of business collaboration another priority of its work,” said Rashid during a speech at the Shanghai Academy of Social Sciences, part of the events to celebrate the 15th anniversary of the Shanghai Cooperation Organization, which is the only global organization named after the city.

Rashid said the organization has responded actively to the “One Belt, One Road” initiative, proposed by Chinese President Xi Jinping in 2013 to revive the ancient Silk Road, and will continue to encourage regional economic and cultural exchanges.

 

Companies to seek approval for issuing 0.5m gas connections

ISLAMABAD (NNI): The SNGPL and SSGC will approach Oil and Gas Regulatory Authority (Ogra) seeking approval for issuing of 0.5 million gas connections per year. “OGRA will be requested to approve 0.5 million domestic gas connections per year as presently 0.3 million gas connections had been allowed” said official sources in the Ministry of Petroleum and Natural. To a question, they said the SNGPL and SSGC were providing gas connections to domestic consumers on a prescribed application performa. Answering a question, they claimed, the ministry had not installed even a single gas meter in violation of merit and rules, saying the gas companies only provided legal connections as per turn and merit criteria.

They said the present government was religiously following the policy of merit under which new gas connections for domestic consumers were being given without any discrimination.

As per the policy, they said, it took around six months to process an application for a domestic connection. Its urgent fee was Rs 25,000 and the meter was installed after a three-month period, they added.

 

UVAS to extend all-out support to poultry farming sector

LAHORE (Staff Reporter): The Pakistan Poultry Association on Friday hosted a reception in honour of University of Veterinary and Animal Sciences Lahore vice-chancellor Prof Dr Talat Naseer Pasha, who has been reappointed as VC of the UVAS. The reception was attended by the PPA Chairman Khalid Saleem Malik, PPA NZ Chairman Rai Mansab Ali, PPA former chairman Abdul Basit, Raza Mehmood Khursand, PPA NZ general secretary Maj (r) Javed Bukhari, Dr Mustafa Kamal and a large number of poultry industry stakeholders. The UVAS VC Dr. Naseer Pasha said that his university will extend all-out support to the livestock sector including the poultry farming sector, as the socio-economic security of farmers is necessary to ensure food security.

The poultry had become the second largest sector of the country after cotton. This year, unluckily the cotton crop suffered the devastating impact of climate change and diseases, suffering a loss of 4 million bales. As a result, the poultry would emerge as the largest sector of the country.

Dr Pasha underlined the export potential that the poultry sector had. Talking about value addition, he discussed the importance of curbing diseases in order to meet international standards of the poultry industry. The agriculture sector confronts various challenges which need to be seriously dealt with in order to ensure food security in the country. He noted the poultry sector’s growth rate at 10 percent.

PPA chairman Khalid Saleem Malik and PPA NZ chairman Rai Mansab discussed the huge untapped potential in the poultry industry. Calling for following international standards, they asserted that poultry was one of the best sources of energy and could help Pakistan deal with issues of food security and malnutrition.

 

PCGA demands making cotton policy to achieve target    

MULTAN (APP): Pakistan Cotton Ginners Association (PCGA) President Shehzad Ali Khan Friday demanded for making a cotton policy in the light of recommendations provided by stakeholders.Addressing a meeting of the PCGA here, he stressed for implementing Cotton Control Ordinance effectively across the country. He said certified seeds of multinational companies must be ensured like in India and the Trading Corporation of Pakistan and Central Cotton Research Institute must be made active to achieve the desired targets. He pointed out hurdles in cotton export and demanded that they must be removed to achieve the given export target. He urged the authority concerned to establish Cotton Ginning Institute in Multan.

He said awareness seminars should be conducted for growers at union

council levels besides presenting different programmes on reaping and cultivation through FM radio, electronic and print media.

The meeting was attended by all office bearers of the PCGA.