Economic situation improved after effective policies: Ahsan

ISLAMABAD (NNI): Minister for Planning Ahsan Iqbal has said economic indicators and security situation have improved as a result of effective policies adopted by the government over the last two and a half years.Addressing a consultative workshop on ‘Mid Term Performance and Future Planning’ in Islamabad on Tuesday, he said the government has given Vision 2025 for sustainable development. Under this long term development plan, efforts will be made to put the country into the list of twenty five top performing countries over the next ten years. The minister said the government is ensuring transparency in execution of projects, which has resulted in saving five hundred and sixty billion rupees over the last two and a half years.

CCP briefs Multan businessmen on competition law

ISLAMABAD(Staff Reporter): As part of the National Roadshow on Competition Law, the CCP organised a seminar at the Mardan Chamber of Commerce & Industry (MCCI) and briefed the business community on Competition Law, the benefits of competitive conduct and the cautions to avoid anti-competitive practices. The seminar was attended by president of MCCI Zahir Shah, executive committee members and the business community representatives. The “National Roadshow on Competition Law” is being organised by CCP in 22 cities throughout the country during 4th December, 2015 to 20 January, 2016 and it was the third chamber after Islamabad and Peshawar where seminars have been held.

President MCCI Zahir Shah in his welcome speech highlighted the importance of competition for the economic progress of the country and urged the business community to fully understand the provisions of the law for better compliance. He praised the CCP’s initiative of approaching the businesses across the country saying that this exercise will have a great impact on creating a compliant business culture.

FPCCI appreciates WB role in socio-economic development

KARACHI (INP): World Bank (WB) played an important role in the socio economic development in Pakistan and FPCCI appreciates their services & ready to facilitate World Bank for the economic progress and prosperity of our country. This was stated by Abdul Rahim Janoo, SVP of FPCCI while presiding over an important meeting with members of World Bank group at the Federation House, Karachi. The meeting was attended by Ms. Maria Magalena Private Sector Development Specialist, Ms. Carolin Geginat Senior Economist World Bank Group, Ms. Amna Bajwa Consultant World Bank Group, Mr. Umer Wahid & Ms Fozia Abid belonging to the Ministry of Finance, Ms. Komal Shakeel & Ms. Nelam Maqsood Consultants & members of businessmen.

Mr. Abdul Rahim Janoo, said that the changes in the methodology of measuring in Ease of Doing Business is very dear to FPCCI as we are in a position to bring these into focus in the public sphere and work for strengthening the governmental policies to address the challenges currently being faced by Pakistan’s private sector.

Pakistan is a business friendly destination and offers excellent opportunities to foreign investors and welcomes investment in its all sectors. It is sign of relief that despite various socio-economic challenges, Pakistan’s economy has been progressing in a right direction and improving day after day, he added.

Abdul Rahim Janoo said that FPCCI is rendering services for highlighting the difficulties faced by the business communities in Pakistan by playing the role of bridge between government and privet sector. We are committed to enhancing exceptional trade relations of Pakistan with all countries to strengthen the economic cooperation through B2B Meetings, organizing exhibitions and exchanging business delegations, he added.

He also appreciated the role of government for making business friendly policies and covering the loopholes in the taxation system. He also requested government to release the pending export refunds otherwise, it would continue to damage the capital.

While sharing her views, Ms. Maria Magalena said Pakistan is an important country and World Bank also appreciated the services of FPCCI as an apex private sector trade body for facilitating SME, Entrepreneurs and Business Community of Pakistan. She said that the tax system should have to be strong to generate maximum revenue.

Russian trade commission

members meet TDAP secretary

ISLAMABAD (Online): Alexey Kudryavtsev, Consultant, Trade Mission of Russia and Yury Kozlov, Trade Representative met Rabiya Javeri Agha, Secretary Trade Development Authority of Pakistan (TDAP) along with the officers of TDAP and discussed economic opportunities. Rabiya Javeri welcomed the honorable guests and shed the light on Pakistan – Russian trade potential. She stated that TDAP has increased its efforts encouraging Pakistani companies to benefit from the new economic realities in Russian Federation especially the volume of textile and agricultural products can be increased considerably as Russia is consciously striving to replace its textile and food imports from the Turkey and EU countries.

Rabiya Javeri informed that TDAP is organizing product specific exhibition in Pakistan. In April 2016, TDAP will organize the textile expo called “TEXPO”.

She invited Russian companies to visit TEXPO, which will provide an opportunity to business community of both countries to interact with each other to promote trade and investment and joint investment projects. Alexey Kudryavtsev shown interest and stated that the proposal will be discussed with Russian companies for visiting the fair.

Alexey stated that trade between Pakistan and Russia is being done indirectly, by sending the products through other countries. The volume of bilateral trade between Pakistan and Russian Federation can be increased by the direct interaction of the businessman of the both countries, opening of bank branches in Pakistan and similarly Pakistani banks may open their branches in Russian Federation.

Waseem Vohra, FPCCI stated that Pakistan’s textile sector has wide range of products and can target the Russian market but they are unable to export to Russian Federation due to high rate of duties. Alexey Kudryavtsev informed that the high duty rates are under discussion with Russian Partner States.

Secretary, TDAP highlighted that the issue of cumbersome registration procedure for Pakistani products i.e. pharmaceutical, meat, poultry, sea food, dairy products etc.

It was agreed to enhance trade activities between both the countries and support participation in international exhibitions and exchange delegations.

PSEB to provide internship to 3,000 IT graduates every year

ISLAMABAD (APP): Pakistan Software Export Board (PSEB) will provide internship to 3000 IT graduates including 30 per cent female graduates every year. The volume of Prime Minister’s ICT internship programme has been enhanced and the interns will be placed at Information Technology (IT) companies, IT Departments of Telecom Sectors, Banks and other such organizations. This would help IT graduates to develop skill set to increase their employability potentials. According to PSEB here on Tuesday, its Board of Directors has accorded approval to provide internship to 3000 IT graduates. The duration of the internship will be six months. The 31st Board of Directors meeting was chaired by Minister of State for IT, Anusha Rahman.

and attended by Secretary IT, Azmat Ali Ranjha, Managing Director PSEB, Asim Shahryar Hussain, Chairman Pakistan Telecommunication Authority (PTA), Dr. Ismail Shah, Member Telecom Mudassar Hussain, Member HR/IT Tahir Mushtaq, Chairman @PASHA, Syed Ahmad, and representatives from Trade Development Authority of Pakistan.

The Board expressed its concerns on sales taxes being levied by provincial governments on IT companies. A four member committee comprising Member IT, Member Legal, MD PSEB and Chairman @Pasha was constituted and mandated to look into the “taxation issue” immediately.

The Committee will submit its report with recommendations to the Ministry for consideration.

A formal legal opinion in this regard will also be sought through Ministry of Law and Justice as well.

MD PSEB was directed to develop a new interactive website which should highlight benefits of investing in Pakistan’s IT industry by incorporating necessary details of all IT companies which are registered with PSEB and that it should be updated on a regular basis.

PSEB, which is working to complete feasibility study for a new state-of-the-art IT park in Islamabad by February 2016, was also directed to conclude signing loan agreement with Korean government by Summer of 2016.