E&T starts crackdown against tax defaulter motorists

LAHORE (Staff Reporter): Excise and Taxation (E&T) department has started crackdown against defaulter motorists after the end of deadline of paying Lifetime Token tax, token tax, registration and transfer of vehicles on Thursday, said spokesman of E&T on Friday here. It is worth mentioning here that Punjab government on direction of Chief Minister Mian Muhammad Shehbaz Sharif had extended the deadline by May 15, 2014. Now E&T has started campaign against defaulter motorists. On Thursday E&T offices remained opened by late night to facilitate the vehicles owners.

Silk Bank management visits LSE

LAHORE (Staff Reporter): The senior management of Silk bank Ltd visited LSE to participate in the Corporate Briefing Programme. CBP is an interactive programme initiated by the LSE under the Corporate Communications Department to encourage companies to come forward and share their financials and non financial projects before the members, TREC holders, investors and the media to abridge the communication gap between the listed companies and the market participants.  CFO Silkbank Azfar Naqvi addressed the participants explaining and highlighting the financial performance of the Bank. He explained that despite challenges, Silkbank remained persistent in focusing its strategic direction.

 which has resulted in gradually strengthening its position in the banking sector.

While speaking about the Bank’s achievements, Naqvi shared that the bank has expanded its operations adding 33 new branches across the nation since 2008.

3rd LCCI Africa Show on 26th

LAHORE (Staff Reporter): The LCCI is holding 3rd Africa Show on May 26th at its premises. The day-long Africa Show would have a conference, exhibition, B-2-B meetings and a working dinner in its fold. The LCCI for the last two years is successfully holding the Africa Show with an objective to promote bilateral trade with African countries. As many as 12 Ambassadors of the African countries having their diplomatic missions in Pakistan are taking part in this mega show that would help pave way for an increased trade between the two sides. The countries that are putting up their stalls at the Africa Show included Algeria, Egypt, Kenya, Libya, Mauritius, Morocco, Nigeria, Somalia, South Africa, Sudan, Tunisia and South Sudan.

At the conference that would be held in the morning of the May 26th, experts and diplomats would be identifying challenges and the opportunities with an objective to further strengthen the economic ties with the African region. Throwing light on the very objectives of The Africa Show, the LCCI President Engineer Sohail Lashari and Convener of the Committee Zafar Mehmood said that the LCCI wants to give boost to Pakistan’s business with African region that is very small as compared to the potential exists in the two sides.

Japanese envoy visits Aptma

LAHORE (Staff Reporter):  Japanese Ambassador Hiroshi Inomata visited APTMA Punjab office on Friday. Chairman APTMA Punjab S M Tanveer welcomed the visiting envoy at the APTMA Punjab office. Other office-bearers of the APTMA Punjab were also present on the occasion. Chairman APTMA briefed the visiting Ambassador about the initiatives taken by the APTMA to double textile exports from $13 billion to $26 billion by 2018 under the facility of GSP Plus from the EU. He said the textile businessmen need visa facility, as Pakistan imports textile machinery from Japan, while expressing concerns over dwindling trade between the two countries.

S M Tanveer further hoped that both the governments of Pakistan and Japan will pave the way for Free Trade Agreement (FTA) to enhance bilateral trade relations.

The Japanese Ambassador said Pakistan have had very old bilateral relations, as Pakistan had also helped Japan in its economic revival after World War II.

Ministry of Textile to train 120,000 young people

ISLAMABAD (APP): Ministry of Textile Industry would start a three months training programme for youth during next financial year to provide skilled labour force to textile industry and enhance exports from the country. An official in the Ministry of Textile Industry told APP here on Friday that the youth would be trained for clean cotton picking to avoid crop pollution to boost to exports and harvest benefits of the Generalized System of Preferences Plus (GSP+) status given by the European Union (EU). He informed that due to pollution and adulteration in the commodity, local cotton was sold in reduced prices in international markets as the country has been facing about US$ 5.5 million losses per annum.

He said that a proper standerization process would also be introduced to promote cotton exports from the country and to fetch more forex reserves for the country which would ultimately benefit the growers as well.

The labour force would also be provided training of kiting, sewing and stitching for the development of textile value addition to enhance the range of products in international market, he added.

He further said that government was determined to enhance textile exports up to US$ 26 billion during next five years by paying special attention to the value addition products.

He said that Pakistan was among five countries having all textile value chain from cotton production, ginning and textile manufacturing adding that despite that vast scope, textile sector could manage to export 13 items more compared to export of 950 value added products by any other country of the world.

He further informed that despite the energy crisis in the country, textile exports from the country posted 7 percent increase during the last 10 months of current financial year.

The official said that textile exports grew by 8.03 percent during first two months (March-April) after getting the GSP+ status from EU adding that all efforts would be made to take maximum benefits of the scheme.