Syed Nadeem Shah, a modern farm owner, says mustard crop can help reduce country’s import bill Sees better prospects in organic vegetables PAKISTAN & GULF ECONOMIST team visited a progressive farm owned by Syed Nadeem Shah in Matiari District near Hyderabad Sindh, Pakistan. Syed Nadeem Shah is Vice President of Sindh Abadgar Board. He is a farmer by profession. He did his BSC (Honours), MBA and DBS. He has been looking after his agricultural farms for last 45 years. He is also a member on several boards and committees of the government, President Cancer Patient Welfare Society, etc. Syed Nadeem Shah…
Author: Khalil Ahmed
To boost the system one must need a holistic approach Govt can create a system of rules and clarity for Islamic Finance in Pakistan Interview with Mr Hamad Rasool Bhullar, analyst PAGE: Tell me something about yourself, please: Hamad Rasool Bhullar: I am an accountant and researcher by profession involved in freelance consultancy in Business and Financial Advisory with special reference to ethical and Islamic Finance, for over 20 years. Having experience with both public and private sectors, in addition to being a passionate trainer on management and motivation to change the lives of the youth. I have a strong belief…
Pakistan can lead world in modern farming practices by its cheaper tractor prices, making Mechanization could boost agrarian productivity to the hilt. Farmers across myriads of countries have adopted technology for ever-enhancing farm production besides ease and efficiency. Pakistan, being an agrarian economy, must have adapted its farming practices long ago, which could have altered the economic landscape. Farm mechanization in numerous countries globally has ensured stunning production resulting in tremendous economic activities which eventually leads to burgeoning exports and decelerating unemployment. Between two and three million tractors are sold across the globe per annum primarily for the agriculture production.…
Interview with Syed Shariq Waqar, FCMA PAKISTAN & GULF ECONOMIST had an exclusive conversation with Syed Shariq Waqar vis-a-vis Tax Challenges in Pakistan. Following are the excerpts of the conversation. Taxation is always treated as a sword on economic growth whether at macro level or at micro level. Common man is always afraid of tax. Tax authorities are always considered as villain as shown in movies. Taxation system has been simplified and has become nation serving tool in the developed countries. In the third world countries where education is not standard, poverty is a big issue and feudal lords control…
One needs to comprehend the rationale behind the ongoing gas crisis across the country. The recent shortfall during the chilly weather left millions of users bewildered since tall claims have been made from time to time vis-à-vis discovery, prudent management and import of LNG to tackle the long-standing issue of the energy in the country. It is eventually the industry, which is at the loser’s end. Various reasons have been given regarding the shortfall of gas, however, one of the most frequent reasons is the theft of gas, which does not seems to be restrained any way, perhaps at the…
It was way back in 2014 and 2015 when global oil prices decelerated from $114 per barrel to $27 per barrel. It was a monumental news for the oil importing countries whereas the oil exporting countries saw their economic growth flagging with every passing day with downtick in oil revenue. Pakistan economy did not seem geared up to take fullest advantage from the situation, to the detriment of the masses. Kudos to the then economic managers. The prevalent situation across the world indicates that the oil prices are deemed to remain subdued for various reasons. The good news are the…
Pakistan’s economy is on the increase speed Cement and steel estimated of having a good time Interview with Mr Ahmed Owais Thanvi – Managing Director, Kings Group of Builders & Developers PAGE: Kindly tell me about yourself and your organization: Ahmed Owais Thanvi: I am Managing Director of Kings Group of Builders & Developers. The Kings Group of Builders & Developers is a construction company with a nationwide operation in Pakistan since 1977. The Kings Group of Builders & Developers provides high quality services to their valued clients, across all sectors and have set a strong benchmark for the industry. Based…
Business industry likely to see boom of investments this year Interview with Muhammad Talha, President – Naya Nazimabad Gymkhana PAGE: Tell me something about yourself, please: Muhammad Talha: I am working in Arif Habib Group for last 10 years. Before joining the Arif Habib Group Company, I served in Al-Abbas Group, Ghulam Farooq Group and EY Ford Rhodes and gained experience in diversified sectors serving clients spanning the Financial, Manufacturing, Trading and Service industries. I have a working experience of more than 18 years in various diversified capacities including property operations. My current engagements include the overall set up, construction…
Does the last Wednesday speech of the US President Donald Trump in which he declared that the USA is 100% self-sufficient in meeting its energy needs raise alarms for the overseas workers working in the Gulf? Majority of the overseas workers in the Gulf region work in the energy organizations. In the wake of subdued activities in the oil sector and dwindling demand, there is anticipation of thumping job losses of the emigrant workers. However, nothing could be pronounced with certainty. Two leading economies of the world make a difference in terms of almost all business activities. The USA which…
Country’s growth will progress steadily in the coming years Pakistan’s banking heading towards more convenient payment solutions Interview with Mohammad Raza — Group Head Customer Support, Meezan Bank PAGE: Tell me something about yourself and your bank, please: Mohammad Raza: I currently serve Meezan Bank as the Group Head of Customer Support. As far as my educational background is concerned, I graduated with a Bachelor of Engineering from DCET- NED University of Engineering & Technology and hold a Master’s degree in Business Administration from Institute of Business Management (CBM). I am a DAIBP and have also completed a Post Graduate Diploma in…
Joint efforts need to attract GVC-linked investments Interview with Mr Ashfaq Yousuf Tola – President, Tola Associates [box type=”shadow” align=”” class=”” width=””]Profile: Professional Accomplishments Memberships: Fellow Member of Institute of Chartered Accountants of Pakistan Fellow Member of the Institute of Cost & Management Accountants of Pakistan Life Member of Karachi Press Club Life Member of SAARC Chamber of Commerce and Industry Member of Karachi Tax Bar Association Key Achievements: Presentation to IMF on Single Stage Sales Tax in December 2015. Visited Turkey as an official of Government of Pakistan to study Turkish Tax System & authored a report on Turkish Taxation…
Market posts foreign money movement of $67m in first 11 months of CY19 Total revenue of PSX for the FY2018-19 was recorded at Rs1.28 billion Interview with Muhammad Rafique Umer, — Acting Managing Director, Pakistan Stock Exchange [box type=”shadow” align=”” class=”” width=””]Profile: Muhammad Rafique Umer has been associated with Pakistan Stock Exchange (PSX) since 2001 and currently holds the position of Acting Managing Director in addition to the role of Secretary to the Board and Head of Legal Affairs. He is a graduate in Commerce and Law from University of Karachi. He has also achieved certification in selected subjects, as…
Interview with Tara Uzra Dawood – President, Dawood Global Foundation PAGE: Tell me something about yourself and your organization, please: Tara Uzra Dawood: I am CEO of 786 Investments, a Shariah-compliant asset management company, as well as President of Dawood Global Foundation, which holds the National Awards for Pakistan under its LADIESFUND platform and is educating one million girls globally under its Educate a Girl platform in partnership with Facebook’s internet.org foundation in several languages. I also serve on the board of Pakistan State Oil. PAGE: How would you describe 2019 and what are your plans from 2020 as an entrepreneur? Tara…
Interview with Muhammad Azam Yousufzai – a Capital Market Expert [box type=”shadow” align=”” class=”” width=””]Profile: Muhammad Azam Yousufzai has more than 20 years of experienced within and outside Pakistan, financial sector including Investment Bank, capital market with primary and secondary market activities, Mutual Funds, Equity brokerage (local and international), Block deals & Corporate Finance. Over the last 10 years, he worked as CEO/Nominee Director of leading brokerage house, provided expert advisory services to equity desk of major institutions (local and international both), Portfolio management, Portfolio advisory of high net worth individuals (local and international), Administrative, Operational, Research, Accounts/finance, Compliances and…
World Heritage List of UNESCO about Pakistan comprises Archaeological Ruins at Mohenjo-daro, Buddhist Ruins of Takht-i-Bahi and Neighbouring City Remains at Sahr-i-BahlolTaxila, Fort and Shalamar Gardens in Lahore, Historical Monuments at Makli, Thatta and Rohtas Fort. Around 1,000 UNESCO World Heritage Sites across the world are popular tourist destinations. It is believed that some of the popular of sites receive whopping 10 million visitors each year adding to the economic growth of the respective country besides addressing unemployment and beefing up the image of the country. Even if a country attracts one million tourists and in case one tourist spends…
To underpin the economic activities and to generate employment opportunities for the locals, plenty of countries and territories across the globe have identified myriad of categories of tourism. Some of the most prevalent are Business tourism, Culinary tourism, Fashion tourism, Rural tourism, Space tourism, Sports tourism, Wellness tourism, Environmental tourism, Historical tourism, Ethnic tourism, Cultural tourism, Adventure tourism, Music tourism, Wild life tourism and last but not least Religious tourism. Religious tourism across the globe is deemed as one of the fastest growing sectors and as per the figures of the UNWTO, over 300 million tourists visit the world’s major…
For economic boom we must timely implement right policies with patriotic resolve Interview with Syed Ali Raza Bukhari — Head of SMA, National Investment Trust Limited PAGE: Tell me something about yourself and your career please: Syed Ali Raza Bukhari: Prior to joining NITL as Head of SMAs, I have had the opportunity to set up and successfully manage a Pakistan Stock Exchange Member Brokerage Firm, bringing it up as an institutional trading platform. I have also been associated with the asset management industry for quite some time now, spreading my +15 years of specialized financial services experience into a diversified…
Govt has taken best steps for economic growth, need to increase industrial activities Interview with Mr Zia ul Mustafa Awan –President, ICMA Pakistan PAGE: Kindly tell me something about yourself and your career, please: Zia ul Mustafa Awan: Presently; I am serving as Chief Financial Officer & Business Administrator of Pakistan Expo Centre Private Limited, a corporate entity owned by the Government of Pakistan with the mandate to develop, operate and promote Expo Centers in major cities of Pakistan. I have been performing my duties since the inception of the company i.e. 2005 when the project of developing Expo Centre…
Govt has taken great opportunities to bring back economy on the right track Google left-Tania Aidrus can play vital role in digital sector Interview with Ms. Saima Zaidi — an economist PAGE: Tell me something about yourself and your career, please? Saima Zaidi: I did MA in Economics in the year 2000 since then I have been teaching Economy of Pakistan in different institutes. I also did MBA so that I can extend my area of research. I think the blend of Economics with Business and Management gives a complete overview about an organization and particularly about economy of a country. PAGE: Could…
Public Private Partnership with option of tax holidays will push soar investment Our quality manpower exports will determine the growth of remittances from GCC Interview with Professor Syed Ali Abbas Abidi — a first-rate educationalist of Pakistan [box type=”shadow” align=”” class=”” width=””]Profile: Professor Syed Ali Abbas Abidi needs no introduction. He is a renowned educationalist of Pakistan. He is an erstwhile Vice Chancellor of a private university and holds LLM, MBA, M.Com, MA (Eco), LLB, CPA (Australia), CPA (UK), APFIP (USA), CICA (USA), CFC (Canada), ACIS, AITM, CBE, CTP, DIBF and DICS. He renders his services as a legal expert…
Historic wrestling event set to be held in Karachi Sports are one of the best sources to underpin economic growth. Pakistan needs a deluge of sports events to be conducted within its boundaries. Subsequently the influx of sportspersons would fascinate the investors from across the world. The more the sports events, the better the economy. The Pro Wrestling Federation of Pakistan (PWFP) and Dreamworld Resort, following the success of Rumble in Pakistan held earlier this year, have joined hands once again to organize another high profile wrestling extravaganza this month. Hailed as the biggest event in Pakistan’s Pro Wrestling history…
Interview with Mr Farooq Dadi — a renowned businessman [box type=”shadow” align=”” class=”” width=””]Profile: Mr Farooq Dadi is a bonafide businessman having done his Honours and Masters in the subject of international relations from Karachi University. He was a student leader and was the Chairman of Pakistan Liberal Students (one of the leading student parties during 1970s). He started his career as a businessman but was more focused as a socio-economic activist. He used to identify leakage of revenue from Central Board of Revenue (CBR), which is now Federal Board of Revenue (FBR), which contributes 60 percent to our national…
Interview with Syed Muslim Hasany – Director, GREEN PEAK INTERNATIONAL [box type=”shadow” align=”” class=”” width=””]Profile: Syed Muslim Hasany is currently working as Director Financial Advisory and Business Development with Green Peak International, a Consultancy firm in Karachi. He is a mid-aged professional accountant, member of Institute of Chartered Accountants of Pakistan since 1993 and Certified Public Accountant from US since 2002. He has been working mostly in the area of Corporate Governance, including Audits and Compliance. During his career, he got opportunities to work in four different countries including Saudi Arabia, Canada, Oman and Pakistan. As his career demands, he…
There is ample discussion these days regarding the current economic performance of Pakistan and it is being contended whether the worst is over as being claimed by the government. Well, there are plenty of reasons to believe that something good is going to turn up as regards the economy. Some of them are the retention of Pakistan in its Emerging Market Index by MSCI which is the New York-based leading provider of research-based indexes and analytics; modest hike in exports, deceleration in import of major imports such as oil and food, turnaround in the current account, anticipated lower inflation in…
There are a deluge of advertisements about the travel destinations across the world. Myriads of countries globally promote their travel destinations to attract tourists, which eventually boosts the economy of a particular country in terms of inflow of foreign exchange, employment opportunities for millions and boost in the transportation industry. There are favorite destinations of tourists for multifarious reasons i.e. budget travel destinations, secure travel destinations, frequently travel destinations, historic travel destinations, religious travel destinations etc. Some of the most frequently travel destinations recently are San Antonio Texas, the United States of America; Puebla, Mexico; Hawaii, the USA; St. Helena;…
First Habib Modaraba is well positioned in market with sound equity base, highest assets size and strong profitability Interview with Muhammad Shoaib Ibrahim — Managing Director & CEO, First Habib Modaraba PAGE: Tell me something about yourself and your organization, please: Muhammad Shoaib Ibrahim: I remained Chairman of NBFI & Modaraba Association of Pakistan and have also served as Executive Member on several times. Currently again I am holding portfolio of Chairman of said Association. This is my second time of Chairman of the Association. Presently, I am a country correspondent of Islamic Finance News, Malaysia, also remained speaker, and presented…
Meezan Bank’s Shariah-compliant products, services have taken major standings Interview Irfan Siddiqui — President & Chief Executive Officer, Meezan Bank PAGE: Kindly tell us something about yourself and your organization: Irfan Siddiqui: I am the founding President and Chief Executive Officer of Meezan Bank. My educational background includes a Foundation Course in Accountancy from Sunderland, UK and I am a Fellow Chartered Accountant from Institute of Chartered Accountants England and Wales. I have served on a number of senior management positions including Chief Executive Officer at Al-Meezan Investment Bank Limited, as a General Manager at Pakistan Kuwait Investment Company, Manager Finance…
Interview with Mr Nasim Beg – CEO, Arif Habib Consultancy [box type=”shadow” align=”” class=”” width=””]Profile: Mr Nasim Beg is a financial-services professional who has also worked for several years in the real economy, specifically in the automobile/manufacturing engineering sector. He qualified as a Chartered Accountant in 1970 and also holds a bachelor’s degree in Commerce from Karachi University. He is the Founder Chief Executive of Arif Habib Consultancy and was the founder Chief Executive (now Vice Chairman) of MCB-Arif Habib Savings & Investments Limited (formerly Arif Habib Investments Limited), a leading Asset Management Company of Pakistan. Mr Nasim Beg serves…
Abdullah Bin Zayed Group has exciting training and education for employment and career advancement Interview with Dr Khusro Iqbal — Director Group Human Resources & Trainings for Abdulla Bin Zayed Investment Group (Dubai) PAGE: Tell me something about yourself, please: Dr Khusro Iqbal: As Director of Group Human Resources & Trainings for Abdulla Bin Zayed Investment Group (Dubai), I am currently tasked with overseeing HR systems, handling employee relations, ensuring compliance with regulations, managing budgets, assessing staffing needs, hiring employees, designing training programs, and developing compensation plans for Abdulla Bin Zayed Investment Group in UAE. PAGE: Your views on the…
Tax and tariff regime should be simplified to provide level playing field to exporters Interview with Mr Khalid Tawab – Chairman, Tawab Group of Companies PAGE: Tell me something about yourself and your organization, please: Khalid Tawab: I am Chairman of Tawab Group of Companies which is a renowned name in manufacturing of paper, board and steel. I have served as Senior Vice President and Vice President of FPCCI and Karachi Chamber of Commerce and Industry. I am honorary Consul General of Mozambique since 1989. President of Pakistan awarded me Sitara-e-Imtiaz in 2009 in recognition of my outstanding public services. My company…
Mega CPEC projects can help overcome major economic hardships of Pakistan Interview with Mr Shamim A. Firpo – Chairman, Firpo Group of Companies PAGE: Tell me something about yourself and your organization, please: Shamim A. Firpo: I started life’s struggle at a very young age. When I was six year old my father died and after his death my mother played a vital role in building my personality and future. My mother motivated and encouraged me in every walk of life. I am determined and optimist kind of a person and always believes in Allah Subhanahu Ta’allah that He always…
Interview with Dr Ayub Mehar — a renowned economist PAGE: Tell me something about yourself and your career, please: Dr Ayub Mehar: Currently, I am serving as ‘Professor’ and ‘Executive Director’ of the Economic and Financial Policy Research Center in Iqra University Karachi (Pakistan). I have been serving as ‘Economic Advisor’ of the Economic Cooperation Organization (ECO) Chamber of Commerce for three years and also ‘Director General’ in the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for seven years. Development financing, macroeconomic policies, international trade and finance are areas of my interest. I have completed several policy research studies…
Interview with Mr Ahmed Owais Thanvi — Managing Director, Kings Group of Builders & Developers PAGE: Kindly tell me about yourself and your organization: Ahmed Owais Thanvi: I am Managing Director of Kings Group of Builders & Developers. The Kings Group of Builders & Developers is a construction company with a nationwide operation in Pakistan since 1977. The Kings Group of Builders & Developers provides high quality services to their valued clients, across all sectors and has set a strong benchmark for the industry. Based in Karachi, Kings Group provides a comprehensive range of services to a wide range of…
ICMA Pakistan providing useful input for the promotion of accounting profession Must need of visible policy to hold up professional accounting education and strategies Interview with Mr Aamir Ijaz Khan — Executive Director, ICMA Pakistan PAGE: Kindly tell me something about yourself and ICMA Pakistan: Aamir Ijaz Khan: By profession, I am a Fellow Cost and Management Accountant and have on my credit around 20 years of diversified experience in the areas of Client Servicing, Project Implementation, Business Repositioning, Financial Management and Compliance. I am also a SAP, FICO Certified Consultant. Prior to joining ICMA Pakistan as Executive Director, I…
Interview with Syed Shariq Waqar — FCMA [box type=”shadow” align=”” class=”” width=””]Profile: Syed Shariq Waqar – FCMA is a qualified Cost and Management Accountant having 23 years of diversified experience in different trades such as manufacturing, retail, aviation and education industry. Many of his ideas especially in the taxation area have been acknowledged and become part of policy at professional levels.[/box] Pakistan and Gulf Economist had a conversation with Syed Shariq Waqar regarding taxation on the salaried individuals. Following are the excerpts: Tax is the biggest nightmare for everyone whether you are from a salaried class or business class. Salaried individuals…
Business community seek friendly policies amid reduced cost of doing business Interview with Agha Shahab Ahmed Khan – President, Karachi Chamber of Commerce & Industry [box type=”shadow” align=”” class=”” width=””]Profile: Director Convenience Food Industries (Pvt) Ltd Member: Sectoral Advisory Committee, Environment Climate Change & Coastal Development Department, Government of Sindh. Provincial Steering Committee, Services, General Administration & Coordination Department, Government of Sindh. Karachi Metropolitan Corporation (KMC). Sindh Solid Waste Management Board, Government of Sindh. Industrial Liaison Committee, Industries & Commerce Department, Government of Sindh. Coordination Committee, Labor & Human Resources Department, Government of Sindh. National Centre for Dispute Resolution (NCDR).…
Interview with Mr Ahmed Chinoy – a renowned businessman [box type=”shadow” align=”” class=”” width=””]Profile: Mr Ahmed Chinoy is a businessman by profession and social activist by nature. Being in his profession for over 25 years with a vast experience and knowledge, he is associated with the textile industry since the beginning of his career. His business has diversified into more categories that are Construction Development, Project Management and Controlled Poultry Farms. He has served as the Citizens-Police Liaison Committee (CPLC) Chief for over six years and is associated with multiple NGOs working for the betterment of the country in different…
With its marvelous services, SINA Health, Education & Welfare Trust has been able to offer terrific medical facilities to those who cannot even afford two meals a day. SINA Health, Education & Welfare Trust is a renowned name in Pakistan. A recent addition of a clinic sponsored by Master Molty Foam at Sherpao Colony, Karachi would be vital in terms of treating over 32,000+ more deserving patients every year. More than 80% of the population residing in Sherpao Colony and its surrounding areas do not have access to affordable and quality primary healthcare. SINA is providing affordable and accessible quality…
Use of technology has had revolutionary impact in professional education Interview with Mr. Barkatullah Lone – Chairman, GB International Economic Forum [box type=”shadow” align=”” class=”” width=””]Profile: Mr. Barkatullah Lone is Chairman of GB International Economic Forum and a renowned young Economist of Pakistan. He is a Chartered Management Accountant from UK, Chartered Certified Accountant from UK, Chartered Global Management Accountant from the USA, Gold Medalist Management Accountant and Public Finance Accountant from Pakistan plus he holds Master’s Degree in Economics and Law from Karachi University. He has been associated with the corporate sector in Finance and Audit profession at various…
Interview with Mr Naim Anwar – President & CEO Crescent Star Foods Ltd PAGE: Tell me something about yourself and your organization, please: Naim Anwar: I am associated with Crescent Star Insurance Ltd as Managing Director & CEO. CSIL is one of the oldest insurance companies of Pakistan (1957), with a paid up capital of PKR.1.07 billion, and asset base of PKR.1.2 billion. Under the parent company CSIL, we have food franchise managed and run by CSIL subsidiary Crescent Star Foods (Pvt) Ltd. CSF is currently awaiting approval of the Sindh High Court for its petition of merger with and into PICIC…
Interview with Mr Rafiq Rangoonwala — a Pakistani who introduced international brands to the Pakistanis PAGE: Tell me something about yourself and your organization, please: Rafiq Rangoonwala: I am associated with food business for last 40 years. I started my career with KFC in Houston, worked in Caribbean looking after English speaking islands, later on was transferred to Middle East as Market Director of KFC, MENA Region. I moved to Pakistan at the end of 1999 as Chief Executive Officer (CEO) of KFC till 2014. Also managed brands, like Pizza Hut, Hardees, Burger King, Harry Ramsden, Pizza Express, TGI Fridays, etc. PAGE:…
The news that Pakistan is among the ‘Top 20 Improvers in Doing Business 2020’ dominated the headlines over the preceding week bringing revitalization to the hitherto sagging economy. It would transpire over the period of a couple of years from now that how much beneficiary the economy of Pakistan would become in the wake of this status bestowed upon Pakistan by World Bank. It would be stunning to see Pakistan among the foremost foreign direct investment (FDI) attracting countries such as China, Hong Kong, India, Indonesia, Vietnam, Malaysia etc. China is at the pinnacle of inward FDI making it to…
Pakistan’s annual investment on its derelict infrastructure should be at least 8% of its nominal GDP which stands at $236 billion currently. This calls for investment of whopping $20 billion each year on the dilapidated infrastructure. Pakistan does not have financial muscles at present to afford such massive investment on its own. The debt-laden economy needs to do it at any cost to bolster the much-needed economic growth. Project financing by the financial institutions could play a pivotal role in this regard. It must be made mandatory by the regulators of the financial institutions and the capital market to launch…
LNG demand in Pakistan is soaring in the wake of nascent economic recovery, as being anticipated. The paucity of energy has been rather detrimental over the decades in Pakistan. The domestic exploitation of energy resources has not been ample to address the perennial conundrums of the industrial sector. Natural gas contributes to around 50% of the energy needs of Pakistan, to be precise. Pakistan made headlines in the world way back in 2015 regarding the purchase and import of the super-chilled fuel. It is staggering to witness hike in the demand of LNG for over three years in particular. The…
To keep steady policy for energy sector Pakistan firstly requires local investment Interview with Mr Abbas Bilgrami – an energy sector expert PAGE: Tell me something about yourself and your career, please: Abbas Bilgrami: After my initial education in Pakistan, UK and then Canada I worked in the oil and gas sector as a financial analyst for a Middle Eastern investor group reporting on their North American upstream and downstream industry assets. Subsequently, I was involved in reporting on their projects in the maritime space in the UAE. I then worked with a consortium from Malaysia, Kuwait and the UK to…
Interview with Mr Ashfaq Yousuf Tola – President, Tola Associates [box type=”shadow” align=”” class=”” width=””]Profile: Professional Accomplishments Memberships: Fellow Member of Institute of Chartered Accountants of Pakistan Fellow Member of the Institute of Cost & Management Accountants of Pakistan Life Member of Karachi Press Club Life Member of SAARC Chamber of Commerce and Industry Member of Karachi Tax Bar Association Key Achievements: Presentation to IMF on Single Stage Sales Tax in December 2015. Visited Turkey as an official of Government of Pakistan to study Turkish Tax System & authored a report on Turkish Taxation System. Knowledge of more than 40…
Interview with Mr. Ismail Suttar – CEO, Hub-Pak Salt Refinery PAGE: Tell me something about yourself, please: Ismail Suttar: I am currently serving as the Chairman of the Economic Council at the Employers’ Federation of Pakistan, a 68 years old non-profit Apex Body of the Manufacturers entity, which is an active constituent of the International Labor Organization (ILO), representing the largest single stakeholders’ body in Pakistan, comprising over 900 organizations and 30 leading industrial and chambers associations. I am the CEO of Hub-Pak Salt Refinery, and also work in close liaison with the government and the business community to resolve…
There is no denying the fact that Pakistan has been swamped with the concept of supermarket and one could see a deluge of local as well as global chains of supermarkets in almost every nook and corner of the country. The emergence of supermarkets across the country lends credence to the fact that in the wake of technology there are changing consumer needs and market trends. Though the major chunk of population uses cell phones and internet services, yet traditional way of shopping by visiting shops holds sway even today. It might take a decade or so from now to…
Pakistan, an agro-based economy with nominal GDP of $236 billion, imports furniture worth billions of rupees every year. During exhibitions, Pakistan-made furniture is exhibited, however, the imported furniture is given equal rather more preference. As regards prices, the imported furniture is relatively expensive vis-à-vis the local furniture. Pakistan’s furniture export has been dismal over the period whereas there is hike in import. In addition to the export to the United States of America, United Kingdom, South Africa, Australia and the United Arab Emirates, Pakistan needs to concentrate on the export opportunities available in the leading furniture importing countries. United States…
Transportation service has undergone a tremendous change particularly over the period of last one decade. Technology has crept into every sector of transportation right from providing state-of-the-art e-ticketing, online booking to commuters, instant information about the bus routes, the passenger’s location and destination, driver feedback etc. With the advent of technology, digitalization has become a substantial part and parcel of everyday life. There are lots of countries in the world which are preoccupied with the launch of robo-taxis, fully autonomous minibus, commercialization of self-driving technologies, flying taxi service, the pilotless aircraft etc. The entire world seems to be overwhelmed by…
Modern urban transportation and interconnectivity are crucial for the economic uplift of any country in the world. Large cities across the world are mainstay for the economic activities in general. Commuting for work and transporting cargo play a key role in a country’s ability to thrive. There are certain classic instances of road network across the world. Australia’s Great Ocean Road, Spain’s Ruta de la Plata, France’s Route Napoléon, Russia’s Ring Road, Canada’s The Icefield Parkway, Japan’s Kanjo Loop, Brazil’s Oceanic Avenue, China’s Nanjing Road and the USA’s I-95 are famous roads in the global arena. The inhabitants of Karachi…
About 1.3 billion people live in extreme poverty across the world. Majority of this impoverished population is in the African and Asian countries. People with per day income under $1.25 have drawn attention of the affluent countries to come forward and tackle the issue, which may engulf many regions with enormous level of crime and other ills. There is no denying that there is horrid poverty in Pakistan. The Senate, the upper house in Pakistan, reverberated with the demands of minimum wage at Rs30,000 which did not materialize. The criteria of the setting the minimum wage is still an enigma…
Pakistan and Gulf Economist approached the relevant authorities of SINA Health Education & Welfare Trust to get the first-hand knowledge about the healthcare facilities being provided by the trust. Following are the excerpts of the conversation: With majority of the people working on daily wages, the average per day income of meagre 300 rupees, the urban slum communities in Karachi are ultra-poor and suffer from a total absence of affordable and accessible quality primary healthcare, making it a constant battle between choosing bread and butter versus obtaining treatment, and keeping them into an endless disease-poverty vicious cycle. SINA is actively changing…
Could Pakistan address its economic woes by turning around the freight train system? The answer would be yes in unison if hundreds of thousands of businessmen are asked this question. It is heart wrenching to see the current state of Pakistan’s freight trains which could beef up the economic activities badly needed by the country at this juncture. The World Bank deems railways a significant driver of economic development in the world. Rail transport is very cost effective mode of goods carriage over long and short distances. In fact, rail transport could be an enabler of economic progress in a…
The availability of public transportation is the basic right of every inhabitant. Decrepit buses, taxis and rickshaws are common sight not only in Karachi, the largest city of Pakistan, but also in almost every large city, let alone the small cities and towns. Unfortunately, people living in cities as well as villages in Pakistan are deprived of clean, safe, fast, efficient and cost-effective public transportation system. World is moving very fast and technology is pervasive in every walk of life, let alone transportation. Decrepit public transportation in Pakistan with some exception is the outcome of the years of neglect. Traveling…
Pakistan being an agro-based economy imports vegetables, cotton and many other agro products which must be a primary concern for those who would like to address the issue of current account deficit. One of the foremost issues in this regard is post-harvest losses in the wake of the paucity of the proper and modern storage facilities particularly in the areas or the adjacent areas where major crops are grown. Pakistan experiences staggering 40 percent loss of crops due to the dearth of warehouses. Farming community’s perennial ordeals comprise post-harvest losses, rains and floods, windstorms, hailstorms, pest attacks, water shortages, a…
With the advent of multiplexes, cinemas have undergone a metamorphosis. Multiplexes have replaced traditional cinema houses, primarily by virtue of their deplorable condition, which were once the first and the elite choice for entertainment in Pakistan particularly in the decade of 1970s, popularly known as the golden era of Pakistan film industry. Instead of going to different locations to watch movies, now entire family may determine within the same premises who would watch what in the wake of multiple screens screening multifarious movies right from animated movies to Pakistani movies to Hollywood movies. There were over 800 traditional cinemas in…
Arsalan Chandio, the inhabitant of Larkana, while speaking to PAKISTAN & GULF ECONOMIST expressed his dejection with utter dismay regarding the overlooking of cricket in Larkana, a city with the population of over two million. He spoke about the injustice being meted out to the cricketers of some cities of Sindh comprising Larkana, Qamar-Shahdakot, Jacobabad, Warah, Naseerabad, Maihar, Dadu etc. The pathetic condition of the Niaz Stadium Hyderabad, the Larkana Stadium, Makli Cricket Stadium and the Gama Stadium Mirpurkhas evinces readiness of the Pakistan Cricket Board (PCB) and the Sindh government in terms of the promotion of the most-acclaimed sport…
Country may face adverse environmental impact of precipitous deforestation It is a gorgeous feeling to know that Prime Minister of Pakistan, Mr Imran Khan, has launched a campaign of ten-billion ‘tree tsunami’ in Pakistan as a response to the challenge of global warming. Prior to it, way back in 2014, the government of Khyber Pakhtunkhwa led by the PTI initiated ‘billion tree tsunami’ to tackle the adverse environmental impact. These initiatives are gracious endeavors by any government in the history of Pakistan. ‘Plant for Pakistan’, an afforestation drive, is a befitting reply to the current deforestation in Pakistan. In case…
The fish-shaped dustbins have been laid at Karachi’s Sea View recently to ensure that the beachgoers do not litter the beach. It seems a gorgeous effort, however, the time would tell whether the responsible citizens of the metropolis throw trash in these dustbins. Other frequently visited places such as French Beach, Hawke’s Bay, Sandspit Beach, Paradise Beach, Manora Beach etc. in Karachi undergo the experience of trash and it has been happening since long without the attention of the concerned authorities. Going to any beach in Karachi with some exceptions means going to experience piles of trash comprising plastic beverage…
Interview with Sheikh Nisar Ahmed Parcham Walay, MD VIP FLAGS [box type=”shadow” align=”” class=”” width=””]Profile: Sheikh Nisar Ahmed Parcham Walay was born in Delhi, India in August 1947. He completed his graduation in 1965 and migrated to Pakistan in 1967 with no money in hand. He started his business first by taking experience in a textile mill and after 2 years, he was able to start his own factory initially with 4 power looms and then gradually increased number of looms and production in cloth industry. In 1985, he sets up his company named VIP FLAGS and started his flag…
Interview with Mr Lal Dino Mari Baloch — Chief Executive Bizz & Trade International Limited Hong Kong [box type=”shadow” align=”” class=”” width=””]Profile: Mr. Lal Dino Mari Baloch was born in Khairpur Mirs in a political/landlord family. He got involved in business rather than joining politics. Mr. Baloch has over 30 years business experience in various fields. He is the Chief Executive of Bizz & Trade International Ltd (BTI) and few other companies. Under his leadership, BTI has been successfully providing consultancy services besides trading natural resources, energy products, agriculture commodities and electronic products between Hong Kong, China, Indonesia, Pakistan, United Kingdom…
There is no denying that large organizations across the world expand their horizons by making investments in the countries where they smell potential. There are a deluge of instances globally where world-fame companies establish their plants so that the products may actually be fabricated in the country where they would be sold eventually. Almost all foremost global companies have made their investment in manufacturing plants right from Europe to Asia and to Africa in order to exploit the maximum potential. Pakistan is a land of opportunities with one of the best strategic locations in the global arena. One could have…
Pakistan’s foremost economic tribulations at this juncture are twin deficit: The economic managers have been struggling to restrain imports and to hike exports but all efforts going in vain. The import-substitution is a solution to a deluge of economic ills which has to be prioritized sooner rather than later in case Pakistan is to be pulled out of economic quagmire. Pakistan imports abundantly, which has undermined the economy over the period of particularly last couple of decades. There is no misgiving about the narrative that the restrained imports could underpin the economic recovery, which is pretty imperative in the given…
There is no misgiving about the economic concept that the higher the national savings rate of a country, the higher the likelihood of splendid economic growth is. Pakistan’s national savings rate has always been pretty dismal. Savings to GDP rate between 12% and 15% does not suffice for the economic growth of 7% which has become mandatory for Pakistan to move forward with the burgeoning population, dwindling exports, decelerating foreign exchange reserves and scarce financial resources. The endeavors in this regard in the past could be termed window dressing since they culminated with dismay. There are a deluge of instances…
Interview with Mr Hamad Rasool Bhullar – a researcher, trainer in finance, corporate governance and Shariah-compliant management PAGE: Tell me something about yourself, please: Hamad Rasool Bhullar: I am currently working in a large public sector organization. With respect to the financial sector, I have been involved in research and training for over 27 years and so far conducted over 300 trainings on different aspects of finance, business ethics, audit and corporate governance from basic concepts to professional applications in Projects Finance, Shariah compliant risk management, investment management and corporate governance etc. PAGE: What are your views on the saving culture…
Potable water is scarce across Pakistan. One comes across the news from almost all major cities and even small towns and villages at times such as Toba Tek Singh, Landi Kotal, Badin, Layyah, Sargodha, Lahore, Sahiwal, Nawabshah, Islamabad, Rawalpindi, Kachha area of Johi taluka, Sialkot, Peshawar, Multan, Gujrat, Cholistan, Bahawalpur, Haripur, Tharparkar, Lower Dir, Mansehra, Gwadar, Mianwali, Bahawalnagar, Narowal, Skardu, Vehari, Rajanpur, etc. where there is either paucity of potable water or water contains high arsenic content leading to water-borne diseases. The relevant authorities need to take immediate action sooner rather than later to the statements circulating such as ‘Pakistan…
Interview with Mr Farooq Dadi – a renowned businessman [box type=”shadow” align=”” class=”” width=””]Profile: Mr Farooq Dadi is a bona fide businessman having done his Honors and Masters in the subject of international relations from Karachi University. He was a student leader and was the Chairman of Pakistan Liberal Students (it was one of the leading student parties during 1970s). He started his career as a businessman but was more focused as a socio-economic activist. He used to identify leakage of revenue from Central Board of Revenue (CBR) which is now Federal Board of Revenue (FBR) and contributes 60 percent to…
Increase in discount rate a good step for banking sector progress Meezan Bank remains top Islamic bank in Pakistan with excellent results Interview with Mr Irfan Siddiqui — President & CEO Meezan Bank PAGE: Kindly tell us something about yourself and your organization: Irfan Siddiqui: I am the founding President and Chief Executive Officer of Meezan Bank. My educational background includes a Foundation Course in Accountancy from Sunderland, UK and I am a Fellow Chartered Accountant from Institute of Chartered Accountants England and Wales. I have served on a number of senior management positions including Chief Executive Officer at Al-Meezan Investment Bank…
Mohammed Ebrahim Hasham is one of the leading philanthropists in Pakistan. Pakistan & Gulf Economist visited three schools where the impoverished children are getting quality education. [box type=”shadow” align=”” class=”” width=””]Profile (Mohammed Ebrahim Hasham): Qualification: Director of Education from PICG in 2016. Honorary Ph.D in Leadership Management in PSMA in 2011. M. A. (Management) Chapman University, Orange California in 1975. Attended various seminars on improving Management Skills in Pakistan and overseas. Mr. Ebrahim Hasham is on the board of: Mehran Sugar Mills Limited Mehran Energy Limited. Mogul Tobacco Co. (Pvt) Ltd. Pakistan Molasses Co.(Pvt) Ltd. Hasham Private Ltd. Hasham Foundation.…
Interview with Mr Nadeem Shah — Vice President, Sindh Abadgar Board PAGE: Tell me something about yourself and your contribution for the betterment of the agriculture sector, please: Nadeem Shah: I got involved in agriculture at the age of 17, way back in 1975 simultaneously continuing my education. I did my BSc (hons), DBS and MBA. My social activities comprise being Joint Chief CPLC Hyderabad, Member PCCC, Member Provincial Seed Council, Member Sindh Seed Corporation, Member Academic Council Agriculture University Tando Jam, Vice President National Reformers’ Forum and Vice President Sindh Abadgar Board. I educate farmers every week without any hiatus…
Interview with Mr Shamim A. Firpo – Chairman, Firpo Group of Companies PAGE: Tell me something about yourself and your organization, please: Shamim A. Firpo: I started life’s struggle at a very young age. When I was six years old my father died and after his death my mother played a vital role in building my personality and future. My mother motivated and encouraged me in every walk of life. I am determined and optimist kind of a person and always believes in Allah SubhanahuTa’alah that He always has good for everyone. As a person, I am very simple and want to…
Interview with Dr. Ayub Mehar — a renowned economist PAGE: Tell me something about yourself, please: Dr. Ayub Mehar: I am serving as ‘Professor’ in Iqra University Karachi and also ‘Economic Advisor’ of the Employers’ Federation of Pakistan. Currently, I am also associated with the Asian Development Bank Institute on a project for Infrastructure Financing in CAREC member countries. Development Financing, Macroeconomic Policies, International Trade and Finance and Economic and Financial Modeling are areas of my research interests. I have completed several policy research studies for international financial institutions and think tanks including ‘Impacts and Financing Infrastructure Development in Pakistan: Role…
Interview with Mr Khalid Tawab – Chairman, Tawab Group [box type=”shadow” align=”” class=”” width=””]Profile: Mr Khalid Tawab is an economics, finance and international trade expert. He is a prominent businessman and former Minister of Commerce & Industry Government of Sindh and former Senior Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). He has also served as Vice President and Chairman of various Advisory Committees & Senior Vice President of Karachi Chamber of Commerce & Industry. The Government of Pakistan conferred the award of Sitara-i-Imtiaz on him in 2008 for his services. He has visited various…
Present govt taking high stride in the promotion of education future Interview with Dr. Khusro Iqbal — HR expert PAGE: Kindly tell me something about yourself and your career: Dr. Khusro Iqbal: To address this concern instead of a direct reply I will prefer to reproduce the following words through which I was introduced, being the distinguished guest, on the launching ceremony of the advocacy paper “Return on investment or an investment without return? a cost benefit-ratio analysis of in-company training” which was arranged by the German Society for International Cooperation famous as GIZ (Deutsche Gesellschaft fuer Internationale Zusammenarbeit-GmbH) at…
Interview with Mr Aamir Ijaz Khan — Executive Director, ICMA Pakistan PAGE: Kindly tell me something about yourself and ICMA Pakistan: Aamir Ijaz Khan: By profession, I am a Fellow Cost and Management Accountant and have on my credit around 19 years of diversified experience in the areas of Client Servicing, Project Implementation, Business Repositioning, Financial Management and Compliance. I am also a SAP, FICO Certified Consultant. Prior to joining ICMA Pakistan as Executive Director, I was serving as Head of Quality Assurance at M/s. Innovative Pvt. Ltd. I had also worked as Audit MIS Expert (Punjab) in a World…
Fixing corporate tax at 29% a jolt to industry; salary raise of lower grade employees a great job Interview with Mr. Barkatullah Lone – Chairman, GB International Economic Forum [box type=”shadow” align=”” class=”” width=””]Profile: Mr. Barkatullah Lone is Chairman of GB International Economic Forum and a renowned economist. He is a Chartered Management Accountant and Chartered Certified Accountant from UK, Chartered Global Management Accountant from the USA, Gold Medalist Management Accountant and Public Finance Accountant from Pakistan plus he holds Master’s Degree in Economics and Law from Karachi University. He has been associated with the corporate sector in Finance and…
Interview with Mr Ashfaq Yousuf Tola – a renowned tax expert Pakistan & Gulf Economist had an exclusive conversation with Mr Ashfaq Yousuf Tola regarding Budget 2019-20. Excerpts of the conversation with him are as follows: Finance Bill 2019-20 (The Bill) for the fiscal year 2019-20 was laid before National Assembly on 11th June 2019. The bill has proposed amendments in Income Tax Ordinance, 2001 (ITO), Sales Tax Act, 1990 (STA) and Federal Excise Act, 2005 (FEA) among other laws. About Income Tax: The bill proposes to abolish the concepts of ‘Filer’ and ‘Non filer’ and has instead introduced rules in…
Interview with Mr Hasan Sheikh Vohra — Chief Executive Officer, Hasan Enterprises International [box type=”shadow” align=”” class=”” width=””]Profile: Since 2005 Mr. Hasan Sheikh Vohra has been serving the valued platforms and trade bodies like Karachi Customs Agents Association, Karachi Chamber of Commerce and Federation of Pakistan. He served as Joint Secretary of Karachi Customs Agents Association during 2015-2016 & 2017-2018 and as Liaison Officer, Coordinator, Advisor and Member Managing Committee on many previous occasions and also is serving as Member Managing Committee and Chairman Multimodal Port & Shipping Sub-Committee of Karachi Chamber of Commerce & Industry for the term 2018-2019.[/box]…
Interview with Mr Ismail Suttar – CEO, Hub-Pak Salt Refinery [box type=”shadow” align=”” class=”” width=””]Profile: Mr Ismail Suttar is currently serving as the Chairman of the Economic Council at the Employers’ Federation of Pakistan, a 68 years old non-profit ‘Voice of Employers’ entity, which is an active constituent of the International Labor Organization (ILO), representing the largest single stakeholders’ body in Pakistan, comprising over 900 organizations and 28 leading industrial and chambers associations. As a professional, he is the CEO of Hub-Pak Salt Refinery, and also works in close liaison with the government and the business community to resolve outstanding…
Pakistan has promising future but chaos must be handled generously, says EFP chief Pakistan & Gulf Economist sought views of the Employers’ Federation of Pakistan (EFP) Economic Council on the forthcoming budget 2019-20. The discussion with Mr. Ismail Suttar, Chairman of EFP Economic Council was as it is given below: The EFP through its platform of Economic Council, has compiled a list of some very important budgetary proposals to target key areas such as broadening of tax base; simplifying tax procedures and reducing cost of doing business. As a matter of fact, we have also dedicated a special section to circular…
Govt must increase ease of doing business; broaden and simplify tax collection process to strengthen economy Interview with Mr. Junaid Esmail Makda — President Karachi Chamber of Commerce & Industry PAGE: KINDLY TELL ME ABOUT YOURSELF AND THE KCCI: JUNAID ESMAIL MAKDA: Besides being the President of Karachi Chamber of Commerce and Industry, I am also the Chief Executive Officer of Makda Group of Companies which comprises of Makda (Pvt) Ltd, Gaseous Distribution Company (Pvt) Ltd (GDCL), Makda Industries, Makda Enterprise, Friends Real Estate, Friends Packages, Friends CNG, Fuel Star Service Station and Makda CNG Services. Since 1980, I am…
Instead of devaluation, tariffs should be placed on all non-essential imports Also mass-scale marketing effort need to be executed to increase exports Interview with Mr ISMAIL SUTTAR – Chairman, EFP Economic Council PAGE: Tell me something about yourself and your career, please: Ismail Suttar: I am currently serving as the Chairman of the Economic Council at the Employers’ Federation of Pakistan (EFP-EC). The 68 years old non-profit entity is an active constituent of the International Labor Organization (ILO), which serves as the ‘voice of employers’ for its largest single stakeholders’ body in Pakistan, comprising of over 900 organizations and 28 leading…
Interview with Mr Farooq Dadi – a renowned businessman [box type=”shadow” align=”” class=”” width=””]Profile: Mr Farooq Dadi is a bonafide businessman having done Honours and Masters in the subject of international relations from Karachi University. He was a student leader and was the Chairman of Pakistan Liberal Students (one of the leading student parties during 1970s). He started his career as a businessman but was more focused as a socio-economic activist. He used to identify leakage of revenue from CBR Central Board of Revenue which is now Federal Board of Revenue (FBR), which contributes 60 percent to our national budget.…
Islamic economy has touched only the tip of the iceberg since a lot more is yet to be achieved in the wake of the growing propensity of the Muslims as well as the non-Muslims alike in the Islamic finance globally. The Islamic finance underwent certain glitches in 2018 and there is a likelihood of somewhat subdued growth in 2019 in the Islamic finance owing to the economic malaise across the Islamic world and in some other countries, however, there are promising opportunities for the Islamic finance sector in general in the days to come. One must not forget the massive…
Modaraba business model remains extremely versatile, dynamic and diversified Interview with Muhammad Shoaib Ibrahim — Managing Director & CEO First Habib Modaraba PAGE: Tell me something about yourself and your career, please: Muhammad Shoaib Ibrahim: I have been associated with First Habib Modaraba (FHM) since very long time and currently I am heading this Modaraba as Chief Executive Officer. Long work experience in Non-Banking Islamic Financial Institutions has given me insight into the financial and technical aspects of the non-banking Islamic financial industry covering financial services, equity and debt market. I have done MBA from Institute of Business Administrations (IBA) in…
Pakistan faces the menace of poverty which begets malaise in the society and has led to crime and terrorism in some instances. There are multifarious estimates about the number of poor households in Pakistan, however, there is prevalent assumption that Pakistan has over one-third of its 208 million population living under the poverty line. In October 2015, the World Bank updated the international poverty line to $1.90 a day which means those earning around $2 dollars a day live below the poverty line, the estimated minimum level of income needed to secure the necessities of life. Pakistan has been struggling…
Overall CSR functions in the country are great but required further efforts and support Interview with Mr S. M. Muneer – leader of the business community of Pakistan [box type=”shadow” align=”” class=”” width=””]Profile: M. Muneer is the Chairman of Din Group of Industries and former CEO Trade Development Authority of Pakistan (TDAP). His company Din Leather (Pvt.) Ltd, is the biggest exporter of leather in Pakistan and he has four textile mills in the name of Din Textile Mills in Lahore. Position In Companies Chairman: 1) M/s. Din Leather (Pvt) Ltd: The leading exporting company of finished leather in Pakistan…
There was a projection by the International Monetary Fund that inflation in Pakistan may surge to 14% by the end of the current fiscal. Almost everyone is talking about the double-digit inflation to be witnessed in a couple of months. This might prove true since the current circumstances do augur somewhat double digit inflation which could dissipate the purchasing power of the most vulnerable stratum of the society. There is a prevalent assumption that the upcoming IMF program would push the inflationary pressures further causing tribulations for the down-trodden. Inflation surged to 9.4% in March 2019 whereas the average inflation…
Pakistan private sector should take active role for the benefits of CPEC Corrective and important policies needed to get country into while list of FATF Interview with Dr. Ayub Mehar — an economist PAGE: Kindly tell me something about yourself: Dr. Ayub Mehar: Currently, I am working with the Asian Development Bank on Infrastructure Financing in CAREC member countries. I am serving as ‘Professor’ in Iqra University Karachi and also ‘Economic Advisor’ of the Employers’ Federation of Pakistan (The largest representative body of the entrepreneurs and investors in Pakistan). Development Financing, Macroeconomic Policies, International Trade and Finance and Economic and Financial…