Ukrainian ambassador visits KCCI, stresses B2B interaction

KARACHI (Staff Reporter): Ambassador of Ukraine, Volodymyr Lakomov has said that Ukrainian Embassy considers enhancing Business-to-Business (B2B) interaction between the entities in Ukraine and Pakistan as one of the most promising and priority directions within the bilateral relations. While speaking at a meeting during his visit to Karachi Chamber of Commerce and Industry (KCCI), the Ukrainian ambassador said that  bilateral trade and economic cooperation between the two countries demonstrates positive tendency to its intensification, having reached its historical maximum of half a billion US dollars in the year 2014. “Both countries take interest in each other’s market and stress their readiness to exploit huge unused trade potential”, he added. The Ukrainian ambassador was accompanied by Embassy of Ukraine Economic Section chief Taras Mykytenko and Diplomat official at Embassy of Ukraine Maksym Kosiak.

, said that diplomatic relations between Pakistan and Ukraine were established on 16th March 1992 and it was heartening to note that Ukrainian-Pakistan relations have gone through fruitful 24 years which has been marked by mutually beneficial cooperation and reliable and trustworthy dialogue between Ukraine and Pakistan.

 Earlier, KCCI President Shamim Ahmed Firpo, in his welcoming remarks, stated that Ukraine was one of those countries that has strong and close ties with Pakistan as both countries have been cooperating with each other in the education sector and cultural exchanges, whereas aerospace engineering, aerospace technology, bio-medical sciences were some other fields where mutual cooperation was taking place.

He informed that the trade volume between Pakistan and Ukraine during Fiscal Year 2015-16 stood at $110 million, of which commodities worth $39.45 million were exported to Ukraine and Pakistan's import stood $70.34 million. “We strongly believe that there is a need to enhance trade between the two countries by focusing on diversification. In my opinion, trade potential exists as Ukraine, with its mining expertise, power generation, avionics and aerodynamics, can be a negotiating hub for transfer of technology to Pakistan”, he added.

He further suggested that Ukraine, being one of the biggest grain producers, can also transfer its agro-science knowledge to Pakistan for increasing crop yields, besides participating in Public-Private Partnership projects particularly in Sindh for construction of grain silos.

 SECP's facilitation regarding preparation of financial statements

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP), vide its Circular No 36 of 2016, has issued clarification regarding preparation of financial statements by the companies, subsequent to the promulgation of the new Companies Ordinance, 2016. The new ordinance was promulgated on November 11, 2016, which sets out new requirements with regard to the preparation of financial statements by the companies. The SECP has realized that the companies shall find it difficult to comply with the requirements of preparing the financial statements as under the new law, in such a short span of time. Owing to the practical difficulty being faced by companies, the SECP has decided that all the companies whose financial year closes before December 31, 2016, shall prepare their financial statements in accordance with the provisions of the repealed Companies Ordinance, 1984.

 The new requirements shall be applicable to the companies having their financial year closure on or after December 31, 2016. Circular No. 36 has been placed on the SECP's website.

 Interiors Pakistan exhibition on 25th

 LAHORE (PR): Federal Commerce Minister Khurram Dastgir will inaugurate the Pakistan Furniture Council (PFC) 3-day “6th Interiors Pakistan” mega exhibition on November 25 at Expo Centre here. PFC CE Kashif Ashfaq said the essence of this mega furniture exhibition is to promote the furniture and associated products made in Pakistan at local and international level. He said this event will be attended by members of the diplomatic corps, leading businessmen, stakeholders of the furniture industry and foreign delegations. He said almost 100 brands will exhibit at the event. Diamond Foam is the prime sponsor of the event, while Dolce Vita Home, Habitt, NM Furnishers, National Furnishers, Interwood, Ambiance, ChenOne Home, Dawon Chairs, Index Furniture, Fantac, Style & Comfort, Torch, Furniture Kingdom, Profine, OffiSys, Charag Din & Co, Offix and Purani Yaadein are the other major exhibitors. Besides this, PFC Chief said the council is expecting  more than 50 leading local companies and interior designers will display their products while as many as 200,000 to 250,000 visitors to visit this mega exhibition.

Visitors on the lookout for buying furniture will be able to enjoy special discount of up to 20% on different items exhibited at the event. He said this exhibition will also provide the younger designers and architects to see the market trends and display their own work alongside that of more established professionals.

“PFC is also continuing its work to develop a Pakistani presence in more countries and to act as the focal point for Pakistani furniture designers and manufacturers to enter international market,” he added.

 Pak-Belgium trade needs special focus

 LAHORE (Staff Reporter): Ambassador of Belgium Frederic Verheyden has said that trade between Belgium and Pakistan needs special focus although the exports and imports figures are on the rise. He was talking to the LCCI President Abdul Basit and Vice President Muhammad Nasir Hameed Khan on the occasion of Catalogues Exhibition of Belgian Companies on Tuesday. Trade Commissioner of Belgian Embassy Abid M Hussain, LCCI Executive Committee Members Khamis Saeed Butt, Mian Abdul Razzak Hassam Ali Asghar, Zeeshan Khali, Ch Muhammad Arshad and Shahid Nazir Chaudhry were also present on the occasion. While underlining the importance of trade and economic ties between the two countries, the ambassador said that both countries should identify more areas for cooperation and should also introduce more tradable items to enhance mutual trade volume. He said that visa policy for the businessmen of both countries should be liberalised so that they could make their business travels with quite ease.

He said that Belgian companies have shown keen interest in Pakistani market. He urged the Pakistani businessmen to start joint ventures with their Belgian counterparts. They said that Pakistan should take full advantage of best geographical position of Belgium in European Union.