Pak delegation visiting Algeria


KARACHI (PR): Pakistan has good political relations with Algeria since its independence. These relations need to be converted into strong business relations. In this connection, Trade Development Authority of Pakistan (TDAP) has constituted 12-member delegation keeping in view Look Africa Policy of the government of Pakistan. The delegation, having exporters of surgical and dental instruments, sport goods, pharmaceutical and textile goods, has started the visit of Algeria. On the visit, the delegates met with ambassador of Pakistan in order to formalise the strategy of delegation in Algeria. The delegation is scheduled to meet the representatives of Algerian Chamber of Commerce & Industry, Chamber of Commerce of Ghilizaneand Chamber of Commerce of Oran. The B2B meetings have been arranged at the Algerian Chamber of Commerce & Industry and Chamber of Commerce of Oran. The delegation is also visiting the industrial sites of Algeria.



Raids on cosmetics, food items slammed


LAHORE (Staff Reporter): The Lahore Chamber of Commerce & Industry has demanded of the Pakistan Standard & Quality Control Authority (PSQCA) to stop crackdown against cosmetics & food sector as these hard line initiatives will further aggravate the business atmosphere. In a statement, the LCCI Acting President Khawaja Khawar Rashid, Vice President Zeeshan Khalil and members of Executive Committee said, that Pakistan Standard & Quality Control Authority (PSQCA) sudden & abrupt raids, requiring stoppage of sales of un-registered cosmetics and food products on the pretext that superstores are involved in selling substandard cosmetics and food products of unregistered and illegal companies. Apropos to the above, manufacturers are now required to pay a substantial amount of Rs11000 as registration fee, visit and evaluation fee to PSQCA for each product which is a very big deterrent to registering each and every product. Further the time period required, usually varies from three to six months which again is a long duration and the process cumbersome.

The PSQCA has few designated labs and coupled with limited technical staff, causes considerable delay in the registration process. It has also been conveyed to manufacturers, that the packaging of food and cosmetic products must contain PSQCA stamp, as such most of packing will require replacement.


SBP, Karandaaz sign digital bank accord


ISLAMABAD (Staff Reporter): The State Bank of Pakistan and Karandaaz signed an agreement in Islamabad on Monday under which Karandaaz will support State Bank's efforts to create an enabling environment based on international best practices for digital banks. Karandaaz will provide technical assistance to the State Bank of Pakistan for formulating legal and regulatory framework including licencing criteria for digital banks in Pakistan. The agreement was signed by State Bank of Pakistan Executive Director Syed Irfan Ali and Karandaaz CEO Ali Sarfraz. SBP Deputy Governor Riaz Riazuddin, dignitaries from Saarc countries currently in Islamabad to attend the Saarc Finance Forum 2018, and other senior officials witnessed the signing ceremony. Improving the efficiency, effectiveness and fairness of the banking system through strengthening and streamlining the regulatory and supervisory framework are amongst the six main goals of SBP's Vision 2020. The banking sector and market players at present need regulatory direction to offer services as standalone digital banks.

The SBP is already working to introduce a separate category of banking services through promulgation of a framework for digital banks in Pakistan.

The output of this engagement will be comprehensive recommendations for formulation of the regulatory framework, including licensing criteria and any amendments required in existing legal frameworks for the advent of digital banks in Pakistan.

Speaking at the occasion, Syed Irfan Ali said, "In Pakistan, more than 90 percent of the population has access to most affordable ICT services in the world. The consumers' use of electronic payments in Pakistan has grown significantly in recent years. This trend will accelerate in coming years due to the vision of the SBP on provision of digital financial services, especially to financially excluded segment of population."

Ali Sarfraz said, "The technical assistance will include extensive review of existing laws, rules & regulations and international best practices on regulatory frameworks for digital banks. Extensive consultations will be held with the industry players for developing a robust and conducive regulatory regime for digital banks."

Karandaaz Pakistan, promotes access to finance for small and medium businesses through a commercially-directed investment platform.



MoU signed for supporting dairy sector


KARACHI (APP): Engro Foods Limited, a leading enterprise in packaged milk and dairy products, has signed a memorandum of understanding (MoU) with Greenland Zone, which provides farm machinery and financial assistance for agricultural sector. The objective of this collaboration is to enhance the productivity of dairy farms by facilitating the acquisition of modern farm machinery and equipment and imparting valuable training to the farmers for capacity-building, said a statement here on Monday. Deployment of modern technology promises to be a game-changer for Pakistan's traditional farming sector. This will ensure the production and distribution of quality milk for the masses, while increasing the profitability and prosperity of the agricultural sector too. This alliance will enable Engro Foods and Greenland Zone to empower the local farmers, by guiding them towards farm-mechanisation which in turn will lead to an increase in quality and quantity of diary production. Thus, the two organisations have pledged to nurture a healthy and prosperous society.

Engro will provide consultancy and deeper insights after evaluating the farmers' technological needs. They will then recommend the right machinery needed for higher profitability for the farmers. Greenland Zone will then facilitate the acquisition, installation, training and maintenance of the recommended equipment.