Press Releases

Metro Pakistan celebrated World Food Day

METRO Pakistan celebrated the World Food Day, as part of the global commemorations, with the children of SOS Village Lahore and Khaton-e-Jannat Trust Faisalabad, to highlight the importance of Food in the youth. The events were attended by METRO employees, along with the participating institutions, their management, staff, and the students.

World Food Day is celebrated annually, around the globe, to raise awareness, gather support, devise strategies and implement plans to end world hunger. As part of the process, the METRO sustainability team initiated the “Be Empowered” program, to provide opportunities and empower the deprived children for their growth and equal development.

At the occasion, related educational material, meal boxes, fruits, and Hygiene kits were distributed among the children.

About METRO:

METRO is a leading international wholesale company with food and non-food assortments that specializes on serving the needs of hotels, restaurants and caterers (HoReCa) as well as independent traders. Around the world, METRO has some 16 million customers. METRO in addition also supports the competitiveness of entrepreneurs and own businesses with digital solutions and thereby contributes to cultural diversity in retail and hospitality. The company has presence in 34 countries and employs more than 100,000 people worldwide including Pakistan.

Fatima Fertilizer addresses climate change at Expo 2020 Dubai

Fatima Fertilizer Company Limited (FFCL) celebrated the Climate Week on October, 2021 at the Pakistan Pavilion of Expo 2020 in Dubai, UAE. Being a prominent sponsor of the Pavilion, FFCL brought the attention of all stakeholders towards accelerating action against climate change and its impact on the region, especially in Pakistan, through virtual reality (VR) based engagement and a unique QR code based tree plantation activity.

With the use of VR, FFCL showcased its innovative investment initiatives aimed at combating climate change and decarbonization through developing green hydrogen and ammonia as sustainable fuel alternatives, which have immediate use in several industries like fertilizers, refineries, power generation, transportation, and so on. The brand also apprised the audience of its modern farming practices in this context, such as precision agriculture to save water and efficient use of other agricultural inputs. FFCL believes in playing a leading role in achieving net-zero emissions in Pakistan by enhancing resilience across all its business activities.

The company took the initiative of tackling climate change and securing a climate-safe future for all a step further through supporting the pavilion’s projection of the Billion Tree Tsunami, by creating a unique QR code out of wood and grass placed at its entrance. The creative code allowed the visitors to post their pledges in support of protecting the environment on their social media accounts while also giving them the opportunity to have a tree planted under their name at any one of Fatima Fertilizer’s production sites in Pakistan. The activity received an excellent outreach with more than 12,000 people visiting the pavilion that day, out of which 600 pledged to take part in this initiative.

Speaking at the occasion, National Marketing Manager at Fatima Fertilizer, Rabel Sadozai lauded the work being done by the Trade Development Authority of Pakistan (TDAP) in making the event successful and stated, “As a responsible sponsor of Pakistan Pavilion, we are playing our part in providing visitors with a unique experience that not only helps project our country’s climate responsible image but also makes people a part of a bigger cause i.e. to build a Sarsabz Pakistan!”

Supporting Pakistan Pavilion at the Climate week on an international platform also reflects Fatima Fertilizer’s commitment towards attracting investment opportunities, bilateral trade and socio-economic development of Pakistan, by creating positive impacts on the communities and finding innovative solutions for sustainable agriculture. As a thought leader, FFCL is reimagining the future to mitigate the impact of climate risks and finding their possible solutions by reshaping its business strategies to build a greener Pakistan.

Shan foods partners with LRBT to curb visual impairment and blindness

Leading food company, Shan Foods, has signed an MoU with Layton Rahmatullah Benevolent Trust (LRBT), an NGO working to ensure that quality eye health care is accessible by all citizens of Pakistan absolutely free of cost, to support individuals suffering from vision problems on this World Sight Day.

LRBT is the largest NGO of Pakistan working to fight blindness and transform lives and has treated over 47 million patients across Pakistan. Approximately 10,600 patients visit LRBT hospitals and clinics daily while 10,000 eye surgeries are conducted at LRBT health facilities every day. The partnership with LRBT is part of Shan Foods’ mission of helping the deserving and the underprivileged, carried out under their CSR identity Shan Shares.

Maria Rashdi, Senior Manager Communications at Shan Foods said, “Eighty percent people suffer from reversible blindness which is caused by cataract but are unable to get treated because of socio-economic constraints. Recognizing that good health and wellbeing is the basic right of every individual, Shan Shares aims to extend its support to such people to help them overcome their medical and financial challenges. Through this partnership we hope to help the underprivileged preserve their sight and right to have a normal life.”

“Ninety percent of blindness and impaired vision is curable but as the overwhelming majority belong to the poorest section of our society, they cannot afford the treatment. We are grateful for the support from Shan Foods in joining our mission of providing comprehensive, free eye-care through our purpose-built and appropriately-equipped hospitals,” said Najmus Saquib Hameed, CEO, LRBT.

Shan Shares is committed towards uplifting the society through other such programs. The company has implemented several other initiatives to carry forward their mission to give back to the community.

Pakistan consulate general in ny hosts a talk on ‘Roshan Digital Accounts benefits for NRPS’

The panelists included for the Consulate General of Pakistan in New York who hosted a talk on ‘Roshan Digital Accounts: Benefits for NRPs’ — Adviser to the Prime Minister on Finance and Revenue (formerly the Finance Minister for Pakistan), Mr. Shaukat Tarin; Governor, State Bank of Pakistan, Dr. Reza Baqir; Dr. S Akbar Zaidi, Executive Director, IBA Karachi and Deputy Governor, State Bank of Pakistan, Dr. Murtaza Syed.

Dr. Syed spoke about the Roshan Digital Account initiative started by the Pakistan government and encouraged expats to take advantage of the scheme.

Dr. Zaidi shed light on the state of Pakistan’s economy and showed how the diasporic Pakistanis had advantages which Pakistanis in Pakistan did not share.

Dr. Baqir shared the philosophy behind the RDA scheme and shared the key milestones in its journey so far.

Mr. Tarin explained the various reforms that the present government is doing for ensuring that Pakistan’s economy develops and expands at a steady rate.

The event was attended by a large number of IBA Alumni, prominent citizens based in NYC, staff and the media.

A Q&A took place after the speeches.

The event concluded with Consul General of Pakistan in New York, Ayesha Ali, thanking the guests for their participation. She also thanked Dr. Zaidi for his presence and appreciated the attendance of the large number of IBA alumni.

Jazz recognized as the telecom sector’s most preferred employer

Jazz, Pakistan’s number one 4G operator and the largest internet and broadband service provider, has been awarded the ‘Most Preferred Employer in the Telecom Industry’ at the Best Place to Work Awards Gala 2021 (BPTW 2021) hosted by Pakistan Society of Human Resources Management (PSHRM) and Engage Consulting. This award was based on the BPTW 2021 survey, which was taken by over 40,000 employees across Pakistan.

Jazz values employee wellbeing and development and places great emphasis on sustaining a conducive work culture which encourages greater work-life balance, engagement, enablement, and constant upskilling. Apart from specialized employee programs designed on the SEMP model: Social, Emotional, Mental, and Physical, Jazz ensures all its workplaces embody teamwork and collaboration.

In 2019, a flexible work-from-home policy, Jazz Flex, was introduced which laid the foundation for a permanent hybrid working model post COVID-19.This enhanced flexibility has allowed employees to operate both from their homes as well as office premises based on business needs. Employee experience and safety are considered utmost priorities, and productivity is maintained with the help of numerous digital interventions.

Jazz is an equal opportunity employer and is creating and nurturing an inclusive and empowering culture. It’s one of the first telecom companies with a high female representation in its executive leadership. Not only does the company promote gender diversity in its work environment, it also has programs focused entirely on attracting and facilitating the female gender.

“Jazz takes pride in a work environment that breeds innovation, constant learning and success. All our employee-centric endeavors are a testament to our commitment to becoming a talent powerhouse by focusing on wellbeing and equipping our workforce with future-ready skills as we move forward in our journey of creating a digitally inclusive ecosystem in Pakistan,” said Wajida Leclerc, Chief People Officer at Jazz.

Recognizing Jazz for its ‘Most Preferred Employer in the Telecom Industry’ award, Engage Consulting CEO, Paul Keijzer said, “We congratulate Jazz for this recognition as it reflects its sheer commitment to positioning itself as a great employer brand. The survey participants, besides sharing their input on various aspects of employee experience, also claimed to find Jazz as the most attractive employer in the telecom industry. To have won this accolade, thus, definitely is a remarkable achievement.”

The Best Place to Work Awards Gala is an annual event and honors the industry leaders setting HR standards and benchmarks across the country. All winners were recognized and awarded for their scores in the best place to work survey conducted by Engage Consulting. These employee engagement surveys are conducted once every two years by Engage Consulting going back to 2008.

IMF loan necessary to salvage economy, says Mian Zahid Hussain

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said wrong and controversial policies have weakened the economy to an extent that it cannot be revived without the IMF loan.

The IMF is demanding to burden masses with billions in the name of the power sector and tax reforms which will result in economic hardships and damage all the sectors of the economy, he said.

Mian Zahid Hussain said that IMF’s demands are against the interests of the masses but the government has no other option.

Talking to the business community, the veteran business leader said that the government should not agree to all the demands of the IMF and keep the interest of the masses in mind when finalising the deal.

He said that an agreement with the IMF will enable Pakistan to get one billion dollars but it will contract the economy, closing businesses and leaving many unemployed.

Mian Zahid Hussain said that IMF conditions will result in enhanced interest rates, reduced production and reduced demand while it may help reduce the current account deficit which has become a threat to the economy and forex reserves.

He noted that the IMF wants increased power and gas tariff, an end to the subsidies and a hike in the taxes to achieve the target of Rs 6.3 trillion but it will also stoke inflation hurting middle-income groups and the poor.

The IMF conditions may result in a public backlash which may reflect in the result of upcoming general elections, he said, adding that the situation would have been different if the policies were framed according to the ground realities.

RCCI and FBR bestow Jazz with the Best Taxpaying Company Award

Jazz has been bestowed the ‘Best Taxpaying Company’ award under the large taxpayers category (largest withholding agent nationwide) at the inaugural Taxpayer Recognition Awards organized by the Rawalpindi Chambers of Commerce and Industry (RCCI) in collaboration with the Federal Board of Revenue (FBR). The ceremony took place at the President House, where the president of Pakistan Dr. Arif Alvi handed over the award to Jazz’s Chief Regulatory and Corporate Affairs Officer Syed Fakhar Ahmed.

In the year 2020, Jazz contributed a total of PKR 65 Billion in taxes to the national exchequer in the form of corporate tax, advance tax, withholding tax, sales tax, and import/customs duties. In the last two years, Jazz has also invested over $560m towards the expansion of 4G network mainly in rural and semi-urban areas.

Speaking at the occasion, Syed Fakhar Ahmed, said, “Since its inception, Jazz has invested USD 9.6 billion in the local telecom industry while having paid PKR 255 billion to the national exchequer in the form of taxes during last five years (2016 to 2020). We are delighted that our contributions to national revenue and tax collection are recognized today. This ceremony to celebrate companies that are duly fulfilling their tax obligations to foster economic growth and development is welcome, as it will promote the tax culture locally.”

The award is reflective of Jazz’s commitment to Pakistan and an endorsement of its ethical business practices. The mobile operator advocates for fair, accountable tax systems that promote digital inclusion.

This inaugural award ceremony is meant to recognize the largest taxpayers from across the country, coming from large scale as well as small and medium industries. By highlighting their achievements, RCCI believes other corporations will be encouraged to follow suit.

Minister for Privatization Mohammad Mian Soomro, RCCI President Chaudhry Nadeem and representatives from the corporate sector were also in attendance.

Mian Zahid demands reduction in petroleum taxes, duties

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday asked the government to reduce taxes on petroleum products to provide relief to the masses.

He said that the cost of oil is Rs85 to Rs91 per litre and the government is earning up to Rs25 per litre in the shape of taxes which can be reduced as petroleum products are being sold at the highest rate in the history of the country.

Mian Zahid Hussain said that government officials are wrongly comparing local petroleum prices with other countries as they are not mentioning the buying power of the masses of these countries.

Talking to the business community, the veteran business leader said that an unexpected hike in the price of petroleum products has become a problem for oil-importing countries as their import bill is swelling.

Pakistan’s oil import bill for July and August stood at 3.1 billion dollars which was 1.5 billion dollars during the same period a year ago.

The consumption of petroleum products is increasing resulting in budget problems while claims that price of petroleum products in the country are cheapest in the region is baseless, he said.

The business leader noted that the government has reduced some taxes to provide relief to the masses but it is still in a position to reduce prices but it may not be acceptable for the IMF.

He said that the devaluation of the rupee has created many problems that include an increase in the power sector and gas circular debts. The power sector circular debt has jumped to Rs2.7 trillion while gas sector circular debt is at Rs600 to Rs700 billion. Continued escalation in these debts is disappointing local and foreign investors while the share value of the state-run companies is also going down.

Mian Zahid Hussain said that increasing loans and receivables of the power projects are resulting in tensions between the government and investors which can be resolved through immediate deregulation.

Razak Dawood visits Careem headquarters, Dubai to discuss potential of technology

The Advisor for Commerce and Investment to the Prime Minister Imran Khan, Abdul Razak Dawood, visited Careem’s headquarters, Dubai in his visit to the Expo 2020. The Advisor met senior leadership of Careem including: Mudassir Sheikha, CEO and Co-founder of Careem, Colin Judd, Senior Director Corporate Affairs and Fatima Akhtar, Director Government Relations Pakistan.

The meeting consisted of having an in-depth discussion on how Pakistan has evolved as an investment hub over the last few years. The team at Careem also enlightened the Advisor with their journey of creating a safe, trusted and reliable mobility ecosystem in Pakistan and the Middle East. They also shunned light on how Careem has played a significant role in fostering and nurturing the tech startups in Pakistan as well as positioned itself as the fastest growing brand in the region by enhancing its value proposition by adding new verticals and becoming a Super App.

Abdul Razak Dawood, Advisor for Commerce and Investment to the Prime Minister stated: “Careem is a great example of how Pakistan is a country ripe with potential in so many different sectors, technology being one of them. It is great to see the impact they have created in Pakistan over years.

Mudassir Sheikha, CEO and Co-founder, Careem also expressed his gratification by saying: “I am absolutely delighted that the Advisor to Prime Minister has come to our office today and assured us of the commitment of the Government of Pakistan to facilitate technology investment and create jobs in this sector. I believe that at the heart of all this growth is the recognition that technology is a force for good and can be integral in simplifying the lives of people across the globe.”

In the past, Careem also invited various notable personalities from both federal and provincial governments to its headquarters to discuss potential opportunities as well as enlightening them on Careem’s journey and Initiatives. The list includes: Zulfikar Bukhari, Special Assistant for Overseas Pakistanis and Human Resource Development and Taimur Khan Jhagra, Provincial Minister of Khyber Pakhtunkhwa for Finance.

Transforming into a Super App; Careem offers multiple opportunities as it expands its services from mobility of people (ride-hailing) to adding mobility of things as well as mobility of money including food, daily essential deliveries, peer to peer credit transfer and mobile top-ups.

Uber and Easypaisa partner to introduce cashless payments

Uber, the global ride-hailing platform that seamlessly connects riders with drivers, with an aim to encourage digital financial inclusion in Pakistan, is introducing digital payments for its riders and partner drivers, in collaboration with Easypaisa, Pakistan’s leading digital payments platform.

Under this partnership, Uber riders and partner drivers will both be able to pay for their Uber rides and platform fees respectively, using Easypaisa. For this purpose, Uber is adding an in-app feature called ‘Uber Cash’ to the app, that will allow users to add funds to the Uber Cash balance, and use them to pay efficiently and safely for their rides. Riders will be able to top-up their balance with Easypaisa, and use it to pay for rides without the need of exchanging physical cash.

While currently Uber offers the option of making payments via cash and Debit/Credit cards, this new facility of cashless transactions opens its gates to almost 10 million Easypaisa App users. Uber Cash not only minimizes the risk of fraudulent transactions, it also adds value to Uber’s global safety campaign, aimed to curb the risk of Covid-19 infections, by limiting unnecessary physical contact.

Shahid Khan, Country Head at Uber Pakistan, has stated, “At Uber, we are committed to our communities and continue to utilize our state-of-the-art technology to bring innovative features to our platform, and recognize the convenience that digital transactions offer for quick, safe, seamless, and hygienic payments. We are hopeful that this collaboration with Easypaisa would help remove hesitation barriers for online payments and enable a larger segment of the market to adopt digital financial service options in a digitally progressive era.”

Commenting on the partnership, M. Mudassar Aqil, CEO Easypaisa / Telenor Microfinance Bank said: “Pakistan is a digitally evolving economy. Through the power of collaboration and technology, various sectors have the potential to show exceptional development and partnerships are crucial in helping this initiative grow further. Easypaisa is playing its part in building an innovative, digital ecosystem where cash can be eliminated from the daily lifecycles of individuals and businesses alike. This relationship with Uber marks another milestone in our journey to provide convenient, secure and seamless digital financial services to all Pakistanis”.

This strategic initiative is aimed towards bringing digital financial inclusion across Uber’s business operations and drive digitization in Pakistan. Earlier this year, Uber also partnered up with Mastercard in a similar move, to provide its riders with free rides to and from vaccination centers.

Here is how Uber Cash works:

1. Open the Uber app on your phone.

2. Go to ‘Wallet or Uber Cash’ in the app menu and tap on Add Funds to your Uber Cash balance.

3. Select One-time purchase or Auto-refill as per your preference.

3. Select your preferred payment method and the amount you want to top up.

4. While requesting a ride, change your payment method at the bottom to Uber Cash.

UBL and OPAY collaborate on expanding digital acceptance and financial inclusion

UBL and OPAY recently joined hands with the objective to expand digital acceptance and financial inclusion in Pakistan. An MoU was signed by both institutions in this regard. Picture shows Mr. Sharjeel Shahid, Group Executive Digital Banking UBL (seated right) and Mr. Zeb Khan, Vice President, OPay Pakistan (seated left) at the signing ceremony along with senior executives from both organizations.

UBL and OP Digital Services Pvt. Ltd (OPay) have agreed to join hands for a strategic collaboration in the areas of merchant acceptance (point-of-sale acquiring) and financial inclusion (branchless banking). OPay is a Fintech company based out of Beijing, China, having presence across Africa and Asia, with a valuation close to US$ 2 billion.

This partnership furthers UBL’s resolve in pushing SBP’s vision of the Cash-to-Digital journey by creating a sustainable digital ecosystem. The UBL-OPay collaboration will focus on expanding the merchant acceptance foot-print across Pakistan by enabling SMEs and retail merchants to accept card payments through smart-terminals and other innovative digital solutions.

UBL is amongst the leading players in branchless banking and this collaboration with OPay will usher a new wave of products and services to be offered through the agent network with the objective of creating a positive impact on financial inclusion.

Speaking at the occasion, Mr. Sharjeel Shahid, Group Executive – Digital Banking, UBL said, “This collaboration is a prime example of how cross-border synergies can be leveraged to create a meaningful impact. UBL takes pride in its digital services menu and this will further augment our contribution in this space.”

Mr. Zeb Khan, Vice President, OPay Pakistan said, “Partnering with UBL forms the basis of our key strategy in this territory. Our plan includes enabling online and offline payments in the retail space and we have no doubt that this collaboration will put Opay amongst the front runners and revolutionize POS Acquiring and Branchless Banking in the Pakistan market.”

Economic recovery loses momentum in q3 as higher prices and shortages pin back growth

High global growth as countries bounce back from the economic effects of the pandemic weakened in Q3, but confidence and orders remain at high levels, according to the latest Global Economic Survey from ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants).

Global confidence fell by nine points in Q3, with falls in Western Europe (-24) and North America (-41) pulling down the score. However, both regions are still at relatively high levels of confidence, as is the case globally. In fact, confidence jumped in Asia Pacific (+11) and South Asia (+20), after falls in the previous survey.

The Middle East was the only region to record improved confidence for the six months of Q2 and Q3.

As regards orders, which is a useful benchmark to measure real economic activity – there was a split between advanced regions and emerging markets. There were falls in orders affecting North America and Western Europe contrasted with modest improvements in emerging markets.

However, the wider economic prospects in developed economies remain brighter than in emerging markets, where low vaccination rates continue to drag on economic recovery.

And, apart from Africa, all major regions are now reporting order levels above their pre-pandemic level, indicating a continued global recovery.

Another positive indication from the survey are the two ‘fear indices’, which measure concern that customers and suppliers may go out of business. Both declined again in Q3 and are now back in line with their long-run average levels after spiking around Q2 2020.

Concern about operating costs is now at its highest level since the start of 2019 and increased five points in Q3. This is driven by higher transport and commodities costs, leading to higher inflation and weaker growth now.

Michael Taylor, chief economist at ACCA, said: ‘A moderation in growth was to be expected, as the pace set earlier this year could not be maintained indefinitely.

‘Although confidence and orders have lost momentum in regions including North America and Western Europe, we are still seeing an encouraging picture of global economic recovery overall.

‘Concerns about extra operating costs for businesses should prove temporary as the price mechanism operates to encourage increased supply and reduced demand. But for now, the effects are to moderate global growth from a rapid to a steady pace. Nevertheless, growth should be sufficient for more economies to regain their pre-pandemic level of activity by the end of the year.’

‘Although economic growth has slowed in many regions and the prevalence of the Delta variant of COVID-19 particularly in developed countries expectedly drove down global confidence, underlying demand remains strong,’ said Loreal Jiles, vice president of research and thought leadership at IMA.

‘As COVID-19 vaccinations continue to increase and we remedy supply shortages and increased prices in advanced economies, there is an opportunity for overall confidence to increase significantly.’

Shell holds eco-marathon student event Pakistan 202

– Shell’s mission to power progress with innovative and cleaner energy solutions

Shell Pakistan organized the Shell Eco-Marathon (SEM) 2021 Student event at Rawalpindi, where engineering students from leading Pakistani universities demonstrated the performance of their self-built vehicles across 2 categories –’Prototype’ (Battery powered) or ‘Urban Concept’ (Gasoline run) in line with Shell’s mission to power progress with innovative and cleaner energy solutions.

The vehicles were evaluated by a panel of experts; Suneel Sarfraz Munj, Co-Founder of PakWheels.com, Aamir Attaa, Founder & CEO at ProPakistani.pk, and Nadia Haseeb, Country Marketing Head for Lubricants from Shell Pakistan on three main areas – Technical and safety features of their car, Innovation in design and Social Media communication strategy.

Team NUSTAG from NUST EME was recognized as the winner of ‘Gasoline Urban’ category, for ‘Battery Electric Prototype’ category Team Hammerhead from GIKI secured the top spot in the SEM Student Event 2021. The panel of expert judges also declared Team Urban from GIKI – as the runners-up in the ‘Gasoline Urban’ category, while the Team Envision from PNEC NUST Karachi – became the runners-up in the ‘Battery Electric Prototype’ category.

Another team from the NED University Karachi’, named; NED Racers’ were also invited to exhibit their fuel-efficient car in the student event.

Continuing for over 35 years now, SEM has become a global programme. Since 2010, top Pakistani universities have been competing year on year in SEM Asia that has been hosted in Malaysia, Singapore and the Philippines. The international event brings together over a 100 student teams from across 21 countries from Asia and the Middle East and serves as a learning platform for Pakistani students to engage with and bring home best practices from their counterparts from across the region. Pursuing Shell’s mission, the event collaborates with students of Science, Technology, Engineering and Math (STEM) to build and operate the world’s most energy-efficient vehicles.

The CEO and Managing Director of Shell in Pakistan – Haroon Rashid, shared, “It is a privilege for Shell Pakistan to mentor these talented individuals in building their innovations. There is so much potential in the country’s youth that need platforms like these to showcase their talent and enable them to compete in global competitions and put Pakistan’s name on the leaderboard. It is crucial to keep innovating for socio-economic revival, as the global energy demand is rising after the prolonged disruption of Covid-19. We have the vision to energize national growth by investing in more sustainable mobility solutions.”

The students appreciated the valuable guidance offered by their mentors and industry experts to gear up for the regional and global SEM competition next year while also working towards innovating for a swift transition towards greener energy and technologies like; hydrogen fuel-cell and electric, etc.

Embassy of Pakistan, Washington DC and IBA Karachi conduct seminar on Pakistan’s economy

Embassy of Pakistan, Washington D.C. in collaboration with the IBA Karachi arranged a reception and discussion on Pakistan’s economy at the Pakistan Embassy.

The seminar was addressed by Federal Minister for Finance and Revenue, Mr Shaukat Tarin and Deputy Governor, State Bank of Pakistan, Dr. Murtaza Syed as well as Executive Director, IBA Karachi, Dr. S. Akbar Zaidi.

Dr. Syed spoke about the Roshan Digital Account initiative by the Pakistani government and encouraged expats to take advantage of the scheme.

Dr. Zaidi discussed how the IT industry is booming in Pakistan and shed light on the developments in the higher education sector. He also spoke about how IBA is transforming the lives of hundreds of graduates by providing them upward social mobility.

Dr. Zaidi also mentioned that almost 80 percent of the IBA graduates obtain employment within the first three months of their graduation.

Mr. Tarin explained the various reforms that the present government is doing for ensuring that Pakistan’s economy develops and expands at a steady rate.

The event was attended by over hundred IBA Alumni, prominent citizens based in D.C., IMF and World Bank personnel and the media.

An engaging Q&A took place after the speeches, the reception was followed by a dinner.

The seminar concluded with Ambassador of Pakistan to the United States, Dr. Asad Majeed Khan thanking the guests for their participation. He also thanked IBA for collaborating with the Pakistan Embassy.

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