USAID PEEP seeks to invigorate

development with Chinese assistance

Lahore (Staff Reporter): A delegation of USAID Punjab Enabling Environment Project (PEEP) visited Pak-China Joint Chamber of Commerce and Industry on Tuesday and explored chances of Chinese assistance in USAID project. In this regard, the Investment Promotion specialist of USAID PEEP, Imran Masood Chaudhry held a meeting with President PCJCCI, Shah Faisal Afridi. Wang Zihai, Chairman All Chinese companies, working in Pakistan, while addressing the meeting, said that China was working for the development of same sectors in Pakistan as underlined under the USAID PEEP programme. He added mutual collaboration would further reduce the time required for completion of development projects. He was confident that the mutual collaboration would open new vistas of opportunities for every participating organisation. “Together we will be able to amalgamate the quality and innovation for the generations to come and the journey from better to the best would continue with dedication, passion and zeal,” said Shah Faisal Afridi.

He pointed out that a vibrant and workable ‘industrial policy’ reflecting the aspirations of industry could pave the way for innovations in manufacturing sector of the country.

LCCI asks govt to spend development

fund on markets

Lahore (Staff Reporter): The Lahore Chamber of Commerce & Industry has urged the Punjab government to spend part of development funds on the city markets, where traders grappling with various problems. In a statement issued here on Tuesday, LCCI President Sheikh Muhammad Arshad said that traders should be provided good business environment as they were backbone of the economy and were a major source of revenues for the government. He said that around the globe, traders were considered major players in the economic growth, and were facilitated to the maximum. “However, here the situation is quite different,” he deplored. He said that one hand, the traders were mistreated by the FBR, Custom Intelligence, Anti-Smuggling, EOBI and Labour Department, while on the other lack of facilities, haphazard traffic and unavailability of parking facilities had made them. “Therefore, it is must to shift focus of development budget towards the markets to ensure good atmosphere for the trading community,” he asserted.

Sheikh also called to reduce the interference of government departments in the business activities saying that the business community needed assistance by the government in overcoming the challenges.

SBP formulates PDRs for all types of

personal, housing, auto finance products

KARACHI (APP): State Bank of Pakistan has formulated product disclosure requirements (PDRs) for all types of personal, housing and auto finance products to help consumers in helping decisions making to enhance their confidence in financial products. According to SBP’s circular here on Tuesday, banks/micro finance banks (MFBs) are required to invariably provide reliable and comparable information on financial products and also for promotion of financial inclusion to their prospective customers with effect from Jan 1, 2017. The move is aimed at enhancing the existing level of transparency and disclosure record retention policy. It merits mentioning here that in the wake of growing diversity and complexity in financial products, making an informed decision is necessary to facilitate consumers. Any deviation or non-compliance of the same shall attract one of the challenges for the financial consumers.

Broadband facillity to be expanded to

over 56,000 new subscribers

ISLAMABAD (APP): Ongoing broadband projects in the Southern Telecom Region will provide coverage to over 56,000 new subscribers in the unserved areas. About 125 educational Broadband Centers (EBCs) and 55 Community Broadband Centers (CBCs) would be established with subsidy of Rs 482.5 million in upcoming financial year, an official of Ministry of Information Technology told APP. Under the Fiber Cable Programme, he said, Rs 63.4 million had been allocated for executing the projects in Balochistan and Rs 1.9 billion for three new projects in Khyber Pakhtunkhwa, Sindh and Punjab. He said Rs one billion would be spent on establishment of of computer labs under Pakistan Baitul Maal’s women empowerment centres, Prime Minister’s Information and Communication Technology Scholarship, Prime Minister’s scholarship programme for talented students of Balochistan.