Steel production as well as consumption is contingent upon the economic growth. Whenever there is robust economic growth, the consumption and prices of steel move northwards. Economic growth entails monumental government spending on infrastructure which culminates in employment generation, surge in manufacturing, spike in exports or imports, to say the least. Steel is the mainstay of construction sector, machine-manufacturing and automobile sector, to be precise. It is currently being anticipated that the demand for steel is going to slow down over the period of next couple of years. One of the reasons for the slowdown in the demand is the…
Author: Khalil Ahmed
Pakistan unlike China, India, United States, Iran, Turkey, Brazil, Russia, Saudi Arabia, Indonesia and Vietnam may not be among the top ten cement producing countries in the world. However, it is widely accepted in the world that the quality of Pakistani cement is second to none. Pakistan is the country, which has been exporting cement to the cement manufacturing countries such as India. It is a fact that the Indians appreciate the quality of the Pakistani cement compared to their own. The recent skirmishes between Pakistan and India halted the cement exports from Pakistan to India since the Indian government…
Pakistan being an agro-based economy has to adopt modern farming methods to increase the yield capacity. A deluge of efforts have been made earlier in this regard, however, the output at the moment suggests that the focus is missing by a wide margin. Either it is a poor implementation or the window dressing since Pakistan is still net importer of cotton, vegetables etc. which is a wake-up call for the incumbent government to take immediate measures sooner rather than later for food security and self-sustainability. There are plenty of instances in the world where some countries with no agricultural prospects…
Govt should follow REAP’s suggestions for future prospects in the rice economy Interview with Mr Mahmood Baqi Moulvi – Chairman, M. M. Group of Companies PAGE: Tell me something about yourself, please: Mahmood Baqi Moulvi: I am currently serving as an advisor to the Ministry of Maritime Affairs and Chairman M. M. Group of Companies. I have previously held the post of Chairman REAP (Rice Exporters’ Association Pakistan) and General Sectary of Pakistan Tehreek-e-Insaf (PTI) Karachi region. M. M. Group of Companies is one of the fastest growing professionally managed organizations of Pakistan started by myself in 1986. Since then…
A youth in his late 20s, a banking professional, was not glad when asked about his investment. He disclosed that he invested certain amount in one asset management company with the aim that his money would compound. As per his statement, he paid certain amount around five months ago to a representative of an asset management company and has been getting regular update about his investment. He does not seem glad since he thinks that certain amount was charged as a fee for the service since his money would be invested in the stock market with the prudent decision of…
Keep innovating is the only option of banking sector survival Interview with Mr Hamad Rasool Bhullar — a freelance consultant in Business and Financial Advisory PAGE: Tell me something about yourself and your organization, please: Hamad Rasool Bhullar: I am a freelance consultant in Business and Financial Advisory with special reference to ethical and Islamic financial system, for almost 20 years, both in 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 that we can shape our Pakistani community into a very efficient…
Interview with Mr Jalaluddin, former fast bowler of Pakistan [box type=”shadow” align=”” class=”” width=””]Profile: Mr Jalaluddin is a former Pakistani cricketer who played in 6 Tests and 8 ODIs from 1982 to 1985. He is now a coach, and is the only Pakistani Test cricketer who has the Accreditation as both ECB and PCB Level-III coach. He is the highest qualified cricket coach in Pakistan with Level-II Accreditation from England and Australia. Besides, he has also done his Level-III Accreditation from the UK. He holds the distinction of performing the first ever hat-trick in One Day International cricket history in…
Event has boost up morale of Pakistan and encourages local cricket talent Interview with Muhammad Talha – cricket analyst 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. PAGE: What are your current engagements/assignments? Muhammad Talha: I am associated with the…
Dwindling exports from Pakistan have been causing the jitters over preceding decade or so. Substantial trade deficit leading to the unprecedented current account deficit calls for immediate steps to rein in the conundrums. Countless efforts have been made by the successive governments to promote industrialization, at least through speeches and probably on paper, to say the least. Business opportunities are galore in Pakistan however the volume of foreign investment belies this fact until now. There is a long-standing demand for ease of doing business by both local and foreign investors in Pakistan. A deluge of work has been done in…
Interview with Engineer Daroo Khan Achakzai — President, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) [box type=”shadow” align=”” class=”” width=””]Profile:Engineer Daroo Khan Achakzai was born in 1969 in a respectable family of Ashezai section of Achakzai tribe of Chaman, District Killa Abdullah, Balochistan. After his intermediate at hometown Chaman, he did his graduation as Electronic Engineer in 1993 from the Dawood College of Engineering & Technologies, Karachi affiliated with NED University of Engineering and Technology, Karachi. Initially, he worked as an engineer in Pakistan Consultant International Consulting Engineers/Architects/ Planners/Designers. Later, he joined the family business of edible oil…
Prime Minister Imran Khan while speaking at the launching ceremony of the ‘Pakistan Banao Certificate’ talked about the poor state of the economy and urged the eight million overseas Pakistanis to help strengthen the economy of Pakistan through their contribution. Pakistan with the population of 208 million people has one of the youngest populations in the world accounting for over 60 percent of the total population under the age of 35 years. This opportunity has been squandered in the past by not concentrating on the skill development and professional education in Pakistan as such. Out of eight million overseas Pakistanis,…
Interview with Syed Farhan Karim — Vice President, Capital Market Arif Habib Limited [box type=”shadow” align=”” class=”” width=””]Profile: Syed Farhan Karim carries a proven track record of establishing client relationship, dealing and executing brokerage deals in capital market of Pakistan. He has over twenty years of experience in the fields of research and equity sales. He has been serving Arif Habib Limited since 1997 and currently holds a position of Vice President Capital Market. He holds an MBA (Finance) degree from the International University (Missouri) as well as a Bachelor’s degree in Commerce and Economics. He was awarded as third…
According to a conservative estimate, Pakistan loses approximately 2 percent of its GDP growth every year by virtue of energy conundrum. This issue has persisted for last two decades, to say the least. As per the world standards, even the worst problems can be addressed in less than a decade. Pakistan’s energy issues seem far from over. A deluge of empty promises have been made by successive governments over the period regarding the elimination of electricity load shedding but in vain. Pakistan’s energy policies in multifarious tenures seem to be only on paper. National Energy Policy 2013-18 during the preceding…
Present government will slowly but surely adjust grave energy problems Interview with Junaid Esmail Makda – President, Karachi Chamber of Commerce & Industry PAGE: Tell me something about yourself and your organization, please: 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 in knitwear and woven business, managing, administering, procuring…
It would not be wrong at all to proclaim that Pakistan is far behind in terms of research produced by the institutions of higher education. The culture of research has not fully blossomed for multifarious reasons. The researchers need to come forward and talk about their successes and failures while conducting research and guide the budding researchers to learn from their experiences. Unfortunately being dogmatic is considered to be the best option, which ultimately leads to alienation and the researchers end up doing the work and keeping it to themselves instead of guiding others to follow their footsteps. The outcome…
Hafiz, a young boy in his early 30s, dilated on his plight why his dream of getting a professional degree in business could not come true. He struggled to save money so that he could get a higher education degree, which could guarantee him a bright future without much volatility in his income. Being the only son of his parents, he always since his adolescence wanted to make his parents proud. Since his father is a shopkeeper with a limited and irregular income, Hafiz himself wanted to do something to supplement the household income. He endeavored to get a job…
Pakistan, a country with over 208 million population with educated middle class, is focus of attention of the automobile investors of the world. A recent development reveals that the world’s renowned auto brands are flexing their muscles to make their way to Pakistan and explore the untapped market which is solely dominated by the Japanese Honda, Toyota and Suzuki, the three auto assemblers in Pakistan. German giant Volkswagen has shown its desire to invest in Pakistan. German Audi is going to be one of the leading investors in the auto sector of Pakistan. The plan of the French Renault to…
Rising per capita income with changing demographic distribution with influx of workforce help push auto industry to expand Interview with Mr Sohail Shamim Firpo – Director, Firpo Group of Companies [box type=”shadow” align=”” class=”” width=””]Profile: Mr. Sohail Shamim Firpo is Director of Firpo Group of Companies. He is also Chairman of Pakistan-Romania Business Council (PRBC). He also holds position of Senior Vice Chairman of Customs and Valuation Sub-Committee of Karachi Chamber of Commerce & Industry (KCCI) since 2012. He is also Chief Coordinator (Trade Wing) of Pak-Ukraine Trade & Culture Information Center since its formation in 2009. He is a…
Interview with Mr Haroon Sharif — Chairman, Board of Investment PAGE: Tell me something about yourself and the Board of Investment (BOI) please: Haroon Sharif: Currently, I am serving as the Chairman of the Board of Investment. Having an extensive and well-rounded experience of working in about 16 countries with regard to economic policy, international development, economic diplomacy and financial markets, I have been part of the prestigious international institutions including the World Bank and the UK’s Department for International Development (DFID). I have also served as the Executive Director of the Securities and Exchange Commission of Pakistan. Furthermore, as a…
Interview with Mr Ahmed Chinoy — Managing Partner of Arch Group of Companies PAGE: Tell me something about yourself, please: Ahmed Chinoy: I am the Managing Partner of Arch Group of Companies and a businessman by profession. My expertise revolves around the fields of Textiles, Real Estate, Security Investments and Poultry businesses. PAGE: How do you see the economic progress of Pakistan in 2019? Ahmed Chinoy: 2019, apart from being a little difficult in the beginning, will see a major growth in the economy of this country that will lead us to the growth of many industries and will help us reduce the…
The year 2018 was no different for Pakistan since there was surge in the oil import bill despite the lower international prices. On the one hand, increase in the use of oil indicates economic activities, however, on the contrary, it burdens the country with the unaffordable liabilities. There was spike in Pakistan’s oil import bill during the first five months of the current fiscal year. $6.54 billion in the first five months is evident of the fact that by the end of this fiscal, Pakistan might incur oil import bill in the range of $15 billion, to say the least.…
Even the greatest pundit in the world cannot predict accurate trend in the stock market. The seasoned and the savvy investors go broke at times since experience does not work and the life time spent in this business does not give expertise as well. Here comes the adage ‘buy at lows and sell at highs’. This may provide a certain level of solace to those who do not lose the nerve. Pakistan Stock Exchange offered a whopping return of 44 percent on the investment to the brokers as well as the investors in 2016. This was considered one of the…
Interview with Syed Shariq Waqar — an analyst [box type=”shadow” align=”” class=”” width=””]Profile: Syed Shariq Waqar is a qualified Management Professional with more than 22 years of diversified experience. He has worked in manufacturing, retailing, freight forwarding and aviation industry.[/box] PAGE: Your suggestions for investment: Syed Shariq Waqar: I suggest that the Pakistanis should not invest in Forex market. Investment in forex market only creates a panic in the market which causes nothing but only devaluation of the Pak Rupee. The best way to invest is in agricultural development projects. People should opt for partnership system with like-minded people and start…
Dealings in stock/shares, mutual funds, silver and REITs offer good return Interview with Mr Nouman Zaheer – Director, Investment Multiline Securities (Private) Limited [box type=”shadow” align=”” class=”” width=””]Profile: Mr Nouman Zaheer is currently serving as the Director Investment Multiline Securities (Private) Limited. He has got 24 years of experience in capital market (both primary and secondary market activities), mutual fund, equity brokerage, block deals & corporate finance. Before joining Multiline Securities in 2016, he had served in equity departments of leading brokerage houses such as Kausar Abbas Bhiyani Securities, Arif Habib Group and Sunrise Capital. The basic function of the…
[box type=”shadow” align=”” class=”” width=””]Profile Mr. Barkatullah Lone is Chairman of GB International Economic Forum. He is associated with a FMCG Group in the Kingdom of Saudi Arabia. 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 Masters Degree in Economics and Law from Karachi University. He has been associated with the corporate sector in Finance and Audit profession at various positions for last many years. Besides his job, he has been appearing at various local and…
New govt must aim on the issues of demand/supply balance and offer investor-friendly environment for sustainability of the sector Interview with Mr. Sohail Butt – an energy expert PAGE: Tell me something about yourself and your career: Sohail Butt: I have spent over twenty five years internationally in the energy sector value chain as a finance professional, systems and business process improvement specialist and as a consultant/advisor working with senior oil and gas executives to develop and implement value creating strategies in transformational and business development mode. I qualified as a Chartered Accountant from Ernst and Young, UK and most recently…
It was way back in 2011 when the United Arab Emirates (UAE) held first-ever single-country exhibition in Karachi, Pakistan. The basic reason for the event was to increase bilateral trade and business opportunities for the investors of both the brotherly countries. During the event it was emphasized that the UAE was second largest investor in Pakistan with $21 billion investment in key sectors like energy, telecommunication, real estate, aviation and banking. There were lots of hopes that the bilateral trade would skyrocket since the potential did exist. Almost after seven years, the trade between both the countries has not surged…
There are more than two million Pakistanis working in the United Arab Emirates which is one of the leading sources of remittances for Pakistan. Pakistan needs more and more skilled work force not only within the country but also for earning foreign exchange through the efforts of the overseas Pakistanis. PAKISTAN & GULF ECONOMIST visited ‘Memon Industrial and Technical Institute (MITI)’, a world-class vocational institute in Korangi, Karachi-Pakistan. MITI is an institute with almost all facilities required to meet the global standards. We interacted with the teachers and the students. Teachers as well as students at MITI come not only…
Imran Khan is a honest person and business community must support him 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 Chief Executive Officer (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…
Urgent need to resolve socioeconomic issues and be a true investor towards education reforms New govt is ardent to strengthen ties with US and Russia and support regional countries Interview with Mr Gul Mohammad Lot, Chairman Mehran Group of Industries PAGE: Tell me something about yourself, please: Gul Mohammad Lot: I was born in Pakistan in the Diplo area of Thar District in Sindh. From the very young age, I joined my father, Mr. Ghullam Muhammad Lot, in his business. As far as education goes, I completed my bachelors from the London School of Business in business administration and obtained my…
To keep dominance in Islamic banking Meezan Bank bringing in more novel products with handy to younger generation Interview with Mr 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, U.K. 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,…
Interview with Muhammad Abbas Sajid — Chief Executive, (Engineering Services) [box type=”shadow” align=”” class=”” width=””]Profile: Muhammad Abbas Sajid graduated in Mechanical Engineering from the NED University of Engineering & Technology, Karachi in 1983 and studied Business Management at the Joseph M. Katz School of Business at the University of Pittsburgh, USA. He is the owner and Chief Executive Officer (CEO) of a mechanical engineering company by the name of Engineering Services dealing in air conditioning, plumbing, fire fighting and telecommunication systems since 1984. He is also the owner and Chief Executive Officer (CEO) of CNG 2000 PLUS, JANS CNG, Carnation…
Must take wise and consistent policies for tax collection, rupee stability and for resources strength Great CPEC projects help change Pakistan’s image in the region and in the world 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 a struggle at a very young age. When I was six-year old, my father died then my mother played a vital role in building my personality and my future. My mother motivated and encouraged me in every walk of life. I am determined and…
Automobile sector well poised for future investment; opportunity must also be given to import of used cars Interview with Mr. H. M. Shahzad – Chairman, All Pakistan Motor Dealers’ Association [box type=”shadow” align=”” class=”” width=””]Profile: Mr. H. M. Shahzad is in the automobile business since 1980 and owns Shahzad Motors at New M. A. Jinnah Road Karachi. His business is about the import and sales of used cars. He is the Chairman of the All Pakistan Motor Dealers’ Association (APMDA) and has been representing the association at government and other forums for a long time. Due to his frank and…
Interview with Mr Anis Majeed – Chairman, Karachi Wholesale Grocers Association (KWGA) [box type=”shadow” align=”” class=”” width=””]Profile: Mr Anis Majeed is Chairman of Bombi’s Group and Karachi Wholesale Grocers Association (KWGA). He is the Board Member of International Memon Organization (IMO) and Chairman, Employment and Training Committee. In the past, he also served as managing committee member of Karachi Chamber of Commerce and Industry (KCCI) and ex-chairman Taxation subcommittee. He is also a member of Memon Professional Forum. Mr Anis Majeed has been in the commodities business for more than 35 years. He along with his brothers took over pulses…
Cognitive, socio-emotional and technical skills basic requirement for Pakistan’s youth development Interview with Dr. Khusro Iqbal – an HR expert PAGE: Kindly tell me something about yourself: Dr. Khusro Iqbal: I have got PhD degree and relevant Senior Managerial experience in Soft Marketing, Human Resources, Capacity Building, Medical Sciences, MIS, Administration, Training, Legal Management and Public Relations. I have gained knowledge and skills essential to be successful in career position applied for. My studies and career achievements enable me to develop ‘Interpersonal Skills’ and ‘Confidence’ to deal with people at all levels in the public sphere. I am successfully managing…
Govt must engage nation in waging war against illiteracy and double the amount for education progress 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 18 years of diversified experience in the areas of Client Servicing, Project Implementation, Business Repositioning, Financial Management and Compliance. Prior to joining Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) as Executive Director, I was serving as Head of Quality Assurance at M/s.…
Govt must hunt for transparent, friendly and consistent policies to lure investment Interview with Muhammad Abdul Aleem – CEO, Overseas Investors Chamber of Commerce and Industry [box type=”shadow” align=”” class=”” width=””]Profile: Muhammad Abdul Aleem is a Fellow Chartered Accountant (Gold Medalist) and a Cost and Management Accountant with over 40 years of experience in senior management positions in leading multinational and national companies. Mr Aleem served in a senior executive role in Exxon Chemicals Pakistan, now Engro Corporation, for over 16 years before joining Pakistan Tobacco which led him to move to British American Tobacco subsidiaries overseas as a Chief…
Interview with Dr Ayub Mehar — a renowned economist PAGE: Kindly tell 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 an 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 Modeling are areas of my research interests. I have completed several policy research studies for international financial institutions and think tanks including ‘Impacts and…
Saleema, living in a shack in a shantytown in Karachi, is 18-year old maid who has been working since she was 5-year old. It was 13 years ago when Samreen, the mother of Saleema and a maid herself, was asked by a lady to get her someone to take care of her two-year old child. Samreen saw an opportunity and instantly recommended her daughter’s services. Saleema was herself a child and was given a responsibility to take care of a toddler. Saleema’s elder sister named Shahla and her mother Samreen, 62 years of age, used to work from dawn to…
Interview with Ms. Tara Uzra Dawood – President, Dawood Global Foundation [box type=”shadow” align=”” class=”” width=””]Profile: Ms. Tara Uzra Dawood is President of Dawood Global Foundation and Chief Executive Officer of 786 Investments Ltd. Her passion is bringing financial empowerment to women through financial inclusion, entrepreneurship training and recognizing top talent. Her project ‘Educate a Girl’ is a global edtech (educational technology) disruptor, which is striving to educate, empower and wire one million girls globally in partnership with Facebook’s Internet.org. She has also served on the Board of Lahore Electric Supply Company Ltd. [/box] PAGE: What are your views on…
Industrial sector is capable of providing sustainable economic benefits, needs improvement Interview with Mr Junaid Esmail Makda – President, Karachi Chamber of Commerce & Industry (KCCI) PAGE: Tell me something about yourself and your organization, please: JUNAID ESMAIL MAKDA: Besides being the President of Karachi Chamber of Commerce and Industry (KCCI), 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 in knitwear and woven…
Govt must announce the soft package for new and existing industries endurance 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 the manufacturing of paper, board and steel. I have served as Senior Vice President and Vice President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Karachi Chambers of Chamber Industry (KCCI). I am honorary Consul General of Mozambique since 1989. President of Pakistan awarded me Sitara-e-Imtiaz in 2009…
Multinational Companies (MNCs) are significant employers across Pakistan which is a substantial support to the government. The government on its own may and should not be doing the work of generating the employment opportunities rather the government should work as an efficacious regulator to ensure that the objectives are being met as per requirement. Pakistan unlike India and China has not really been an avid destination of the MNCs from across the world for a multitude of reasons. Though a country with the population exceeding 208 million, Pakistan lacks the lure in terms of attracting the MNCs. Whether leading multinational…
Perception is stronger than reality. Pakistan has been presented as an extremely insecure country in the Western media for a while. Even in Hollywood movies, terrorists during interrogation by the law enforcement agencies are asked whether they got training in Pakistan. It is about time that the true image of Pakistan was presented. Optimism for doing business in Pakistan needs to be highlighted. Pakistan is a country full of opportunities for the business leaders from across the world. The Board of Investment (BoI) needs to play a proactive role in terms of image-building of Pakistan in the business world. Myriads…
Billions of dollars of investment from Saudi Arabia (to be the part of ‘China-Pakistan Economic Corridor’ popularly known as CPEC) dominated the headlines over the period of last couple of weeks in Pakistan. The government ministers on and off did acknowledge that the investment by Pakistan’s all-weather friend, Saudi Arabia, would be in the mega projects. However, the situation has unfolded now. Yes, the investment by Saudi Arabia would not be the part of CPEC and Saudi Arabia would not be a collateral strategic partner in the CPEC. Furthermore, the amount quoted earlier for the CPEC portfolio by myriads of sources varied…
China’s Belt and Road Initiative (BRI) is being deemed in some quarters as economic as well as political dominance of China. The prevailing perspective in some countries in particular is about the growing influence of China specifically in Poland, Laos, Kazakhstan, Sri Lanka, Indonesia, Bangladesh, Afghanistan, Nepal, Pakistan and in many African countries. India is overly perturbed by virtue of China’s influence in Sri Lanka in particular and in Asia in general. Some countries in the Western world presume that China is indebting many countries and would ultimately take their strategic assets in its own control. Sri Lanka handed over the strategic port of…
Is the incumbent government righting the wrongs of the erstwhile government with the presentation of the mini-budget? Was the mini-budget sine qua non to stabilize the economy? Was the presentation of the mini-budget only way out to address the conundrums of the lack of the wherewithal the Pakistani economy is facing at present? Would the mini-budget be efficacious in curtailing the whopping twin deficits? Would the mini-budget work like a magic wand? Does the mini-budget stipulate documentation of the undocumented sectors of the parallel economy? Is the mini-budget an old product with innovative packaging? Is it something tested over and…
A conversation with Mr Ashfaq Yousuf Tola –FCA, a renowned tax expert [box type=”shadow” align=”” class=”” width=””] Profile: Fellow Member of Institute of Chartered Accountants of Pakistan Fellow Member of the Institute of Cost & Management Accountants of Pakistan Life Member of Karachi Tax Bar Association Life Member of SAARC Chamber of Commerce and Industry 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 Jurisdictions around the Globe and co-authored…
Real estate has stable position; providing shelter to every Pakistani a good step Interview with Syed Muhammad Talha – CFO, Javedan Corporation Limited and International Builders and Developers (Pvt) Ltd [box type=”shadow” align=”” class=”” width=””]Profile: Syed Muhammad Talha is the Fellow member of the Association of Certified Chartered Accountants and holds a Master’s degree in Commerce from Karachi University. He completed his articleship from EY Ford Rhodes and Co. Chartered Accountants, where he gained experience of diverse sectors serving clients spanning the Financial, Manufacturing, Trading and Service industries. Before joining the Arif Habib Group Company, he served Al-Abbas Group and…
Real estate sector should borne less taxes Low cost housing a stimulus for socio-economic development Interview with Mr Ahmed Owais Thanvi — Managing Director, The Kings Group Builders & Developers [box type=”shadow” align=”” class=”” width=””]Profile: Mr Ahmed Owais Thanvi is the Managing Director of The Kings Group Builders & Developers. He is also a member of the Association of Builders and Developers (ABAD).The Kings Group Builders & Developers is a Construction Company with a nationwide operation in Pakistan since 1977. The Kings Group Builders & Developers provides high quality services to their valued clients, across all sectors and have set…
Owning a house is a distant dream of millions of Pakistanis, particularly in the urban areas. Way back in 1970s, the general populace heard and believed the slogan of owning a house which according to many could not materialize since there are millions in Pakistan even today who live a life of a vagabond. In addition, there are millions who are compelled to pay the monthly house-rent which is by and large beyond their financial capacity. There is pervasive hope across Pakistan these days regarding the promise by the incumbent premier for his five million houses initiative. This is probably…
A simple economics concept stipulates that lowering interest rates triggers the spending by the consumers, usually in the shape of the purchase of consumer goods, and it could help the businesses grow since the private sector finds it cheaper to invest and subsequently to pay back to the banks. In the instance of Pakistan economy, the purchasing by the consumers has compounded manifold over the years leading to consumerism as well as the inflationary pressures whereas the private sector seems to be shying away largely. This has substantiated the claim that Pakistan’s economy is moving towards being a trading economy…
Having undergone a whopping trade deficit of over $38 billion and spooky current account deficit of $18 billion, Pakistan must take outright measures to curtail import to the maximum failing to which the economic woes could cripple every sector of the economy of Pakistan. Drastic steps might lead Pakistan to over 7 percent economic growth during the current financial year. One of the most significant moves could be the import substitution and ‘what goes around, comes around’ concept with its trading partners. Tax cuts may turnaround the situation. Donald Trump, the incumbent US President, seems to be alienating its partners…
Enormous challenges lie ahead for the newly-formed government in Pakistan. One of the acutest conundrums is the power outages/load-shedding, let alone the price of the utility. By and large, the discussion about electricity in Pakistan begins with a few topics such as circular debt touching the unprecedented amount of one billion rupees, increase in demand, direct connections better known as the kunda system (electricity theft), dilapidated transmission lines along with the distribution capacity etc. The energy policy by the erstwhile government in 2013 focused more on the problem in recoveries rather than the menace of the run-down transmission system, which…
The continuing economic downturn in Pakistan with a debt servicing projections at $31.3 billion until 2022-23 calls for immediate measures. Inevitable steps are required about dwindling exports, burgeoning imports, ballooning twin deficits and exceeding debt liabilities. The Finance Minister divulged on the floor of the parliament that Pakistan needs $9 billion for which strategies must have been made. Let’s look at an analogy. Greece, a member of the European Union, is the 51stlargest economy in the world with a nominal gross domestic product of $200 billion. Its exports were euro 29 billion and imports were euro 50 billion in 2017.…
Mutual Funds sector of Pakistan has not been able to increase its share of assets from smaller cities. The focus mainly is on large cities of Pakistan whereas the rural Pakistan gets neglected for various reasons. One of the reasons could be short-sightedness of the mutual funds sector or weak financial muscles for marketing and awareness in the far-flung areas of Pakistan. Not even 10 percent of the total population has invested in mutual funds in Pakistan whereas every third or fourth individual invests in mutual funds in the developed countries. The growth of mutual funds sector of even some…
Interview with Mr. Barkatullah Lone – Chairman GB International Economic Forum, a Saudi Arabia-based Pakistani [box type=”shadow” align=”” class=”” width=””]Profile: Barkatullah Lone is Chairman of GB International Economic Forum. He is a renowned young economist of Pakistan and is associated with a FMCG Group as CFO in a Gulf Cooperation Council (GCC) country. 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 Masters Degree in Economics and Law from Karachi University. He has been associated with the…
Interview with Shaikh Nisar Ahmed Perchamwala — Managing Director, VIP FLAGS PAGE: Tell me something about yourself and your organization, please: Shaikh Nisar Ahmed Perchamwala: I am popularly known as Babae Percham. My family background is related with textile manufacturing. In 1984, I was the first to produce Pakistan National Flag with latest rotary printing machine on the finest quality fabric. I was very much stunned to see that our nation till that time did not know the correct color and proportions of our National Flag. I wrote a letter to the Interior Ministry and they sent me the booklet in which…
Interview with Mr. Lal Dino Mari Baloch — an Honorary Investment Counsellor in Hong Kong [box type=”shadow” align=”” class=”” width=””]Profile: Mr. Lal Dino Mari Baloch is the Chief Executive of Baloch Holdings (UK) Limited. He is the Chief Executive of BASO Technologies in Hong Kong, which provides Hi-Tech services to various Governments across Asia. 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 and…
Pak-Qatar products advocating purest form of Islamic financing to transform the social and economic system Interview with Muhammad Nasir Ali Syed – CEO, Pak-Qatar Family Takaful PAGE: Tell me something about yourself and your profession, please: Muhammad Nasir Ali Syed: My nature of work involves helping people in time of dire need. There is no bigger satisfaction in the world than to help a fellow human being and get his honest blessings in return. I firmly believe in developing a vision in life and plan accordingly. Without vision and purpose one cannot manage life. My parents have been a source of…
Interview with Dr. Syed Arif Hussain — a seasoned insurance professional [box type=”shadow” align=”” class=”” width=””]Profile: Dr. Syed Arif Hussain is currently associated with East West Insurance Company Limited-Widow Takaful Operations. He has brought his expertise in management, resource development, marketing and execution of business strategies to East West Insurance Company Limited-Widow Takaful Operations. His professional experience is spread over 22 years at progressive senior level positions and he has the experience of underwriting, reinsurance, claims management and marketing with the State Life Insurance Corporation of Pakistan and Dawood Family Takaful Limited. He headed Takaful Pakistan Limited, a non-life Takaful…
Interview with Mohammad Ibrahim Kasumbi — former Senior Vice President Karachi Chamber of Commerce and Industry PAGE: Kindly tell us something about yourself: Mohammad Ibrahim Kasumbi: I am in the business of distribution and marketing of Plastics and Petrochemicals for last 30 years. I have been associated with Karachi Chamber of Commerce and Industry for over 16 years and had the honour to serve as Senior Vice President in the year 2015-16. PAGE: How would you comment on the indigenous oil potential in Pakistan? Mohammad Ibrahim Kasumbi: Successive governments in Pakistan have by and large neglected the true potential of oil and gas…
Development of indigenous hydrocarbon resources absolutely imperative for the sustainable economic growth New government should offer incentives to foreign E&P sector for more investment Need to aggressively pursue offshore drilling in the coastal belt of the Arabian sea Interview with Mr Sohail A. Butt – CEO, Energy Energetics PAGE: Tell me something about yourself, please: Sohail Butt: I have spent over thirty five years internationally in the energy sector value chain as a finance professional, systems and business process improvement specialist and as a consultant/advisor working with senior oil and gas executives internationally. I specialize in developing and implementing value creating…
Out of 7.5 billion population of the entire world, around one billion people lack access to electricity across the world. There are huge energy crisis in some emerging economies such as India where denizens suffer up to 12 hours of load-shedding every day in some parts of the country. Pakistan is no exception in terms of energy crisis. With ever-increasing import bill, Pakistan hitherto thinks of import of electricity. Right decisions and the wrong decisions? But Food for thought. Almost all decisions made hence have proved awry, which have led the economy to the verge of collapse. Pakistan’s import bill…
Imran Khan, the would-be premier of Pakistan, in his maiden speech on July 26, 2018 after his outright victory in the 2018 general elections mentioned that around 25 million children are out of schools in Pakistan. This fascinated those who are keen to see the underprivileged join good schools if it is possible in our country. Cricket star-turned-politician and now the likely prime minister of Pakistan, Imran Khan promised to do every effort to make Pakistan a welfare state amid making education, jobs and peace the top priorities to bring back glory for the country. It was way back in…
Pakistan and Gulf Economist travelled to Tando Ebrahim Bawany, Shaikh Bhirkio, District Tando Muhammad Khan, Sindh to get the first-hand information about the free medical facilities being provided to the underprivileged. Free medical camps for children, women, young and old are organized by Faran Sugar Mills Limited where many diseases are treated so that the masses may get the benefit. Surgery for eye-related diseases is conducted free of cost for all patients regardless of their cast, creed, gender etc. Lenses/glasses are offered free of cost and there is also arrangement for free mobile medical camp to benefit the maximum number of…
An exclusive conversation with Dr Abdul Bari Khan, the angel in Pakistan The Indus Hospital (TIH) is a symbol of compassion, dedication and faith-based commitment. The hospital started as a 150-bed general hospital in the urban slums of Karachi. The philosophy behind it, was very simple, it was a project by the people for the people. The idea would not have taken a concrete shape without its founder and CEO’s passion, commitment and hardwork. Dr Abdul Bari Khan belongs to a Peshawar-based middle class family. He is a Dow Medical College alumni who graduated in 1986. He inherited the love…
Someone once said, ‘The ship of the future will be a floating computer’. It actually is going to be true, rather has become true to some extent. There are some who think the shipping industry has already embarked upon the digital revolution whereas some think it is still a long way to go before the real digital transformation takes place in the entire industry. Undoubtedly, digital transformation to bring about autonomous mobility and the use of artificial intelligence would get multiple benefits to the stakeholders. Self-navigating ships and digital captains are not distant dreams any more in this era of…
It is dichotomous to compare Chabahar port of Iran with Gwadar deep-sea port of Pakistan. Iran, India, Afghanistan as well as Turkmenistan and Uzbekistan would primarily benefit from Chabahar port, located on the Makran coast of Sistan and Balochistan province, if it gets going provided that the recent development particularly the sanctions imposed by the USA do not bring about a hitch. India seems quite enthusiast for the operation of Shahid-Besheshti terminal of Chabahar port by 2019 which actually reminds of 2003 when due to sanctions the plans went into abyss. India has invested in infrastructure by constructing a road…
Does Pakistan need 5G/5thGeneration Mobile? Can we afford this technology? Would it replace the existing so-called 4G in Pakistan? Are we that technologically-advanced that we should be the first nation in South Asia to test 5thgeneration cellular services for fast connectivity? Are our institutions, both the federal and the provincial, ready for the coordination required for the usage of 5G? There are so many other questions to be answered before we talk about having 5G. Undoubtedly, technology helps in terms of efficiency and productivity, however, it is the usage and affordability as well. It would be great to go for…
Electronic commerce or e-commerce is no more restricted to only buying and selling online rather it is now mobile commerce, Facebook commerce, interfacing of websites with bank accounts, securing electronic payments through credit and debit cards, Business-to-Business (B2B) activities for manufacturers and traders, online equivalents of the retail outlets, tracking inventories electronically, automated purchasing, lowering expenses, enabling individuals the freedom to work, enabling a firm or individual to conduct business over an electronic network, transfer of information across the internet etc. The e-commerce buzzword has taken the world by surprise with its rapid use across the globe not only in…
Consumer confidence is always high in the economies where there is justified wealth distribution and there is trickle-down effect of the policies of the government. And it is vice versa otherwise. Spending pattern of the middle class is the driver of economy all over the world. The stark reality is that the middle class individuals across the globe are unnerved in recent times about either the stagnation or the decline in their living conditions due to economic problems prevailing even in the developed world. Pakistan is no exception in this regard though as a developing rather a poor country, some…
It may or may not be true that the sentiments are the reasons for the performance of Pakistan Stock Exchange. Well, markets need to be driven by fundamentals not by sentiments. A poor or hasty decision about a certain sector should not be the reason for the upside or downside in the short terms. Prior to the Federal Budget 2018-19, it was being discussed that the incentives and tax relaxations need to be offered in the budget including phasing out corporate, super income taxes etc. Incentives were offered and the confidence level seemed to be at high initially however the…
There is a prevalent assumption that currency depreciation is a trigger for the rise in exports. This historically does not prove true when we discuss the economy of Pakistan. Dollar was trading for around Rs 60 in 2008 and exports were over $20 billion in those days whereas dollar is out of the reach of many today and has been trading for over Rs124 in the open market whereas the exports do not present corresponding better picture in the first eleven months of the current fiscal. Some believe that 15% rise in the exports during the current financial year is…
Interview with Mr Ghazanfer Ali Khan (A Renowned Industrialist) [box type=”shadow” align=”” class=”” width=””]Profile: Mr Ghazanfer Ali Khan is the director of a leading auto parts manufacturing company in Pakistan. He is also a member of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) standing committees handling different committees for the past decade.[/box] PAGE: How would you comment on the trade of Pakistan with the world? Ghazanfer Ali Khan: The trade deficit says everything about the trade between Pakistan and the world. We are far behind in many things. If you take my industry, the basic pillars of the…
PAKISTAN & GULF ECONOMIST went to explore how children from underprivileged family background (who cannot afford two meals a day) get free of cost cancer treatment and get education simultaneously in the school made within the premises of the hospital. When asked, PAGE was told that the children suffering from cancer get treated and are educated in the Indus Hospital so that these children should not lag behind in education compared to the children of their same age. These children are provided with free books, quality teachers etc. PAGE heard touching stories of the cancer-patients aged less than 11 years…
PAKISTAN & GULF ECONOMIST had exclusive conversation with Dr Farah A. Bari, Dr Samia Shuja, Dr Rehan and some patients at the Indus Hospital, Sheikh Saeed Memorial campus Korangi, Karachi about the free of cost quality medical treatment for the poor. Dr Farah A. Bari is a trained hospital management professional and has always been passionate about mother and child healthcare. She is Senior Manager Administration and Heading the project of maternal and child health for the Indus Hospital, Sheikh Saeed Memorial campus Korangi, Karachi. Prior to her current job, she worked as Administrator in the Department of Emergency Obstetrics & Gynecology,…
Exclusive interview with Professor Nadeem Qamar — Executive Director, NICVD [box type=”shadow” align=”” class=”” width=””]Profile: Professor Nadeem Qamar has had a 20 year long and enduring journey with National Institute of Cardiovascular Diseases, Karachi. Earning an MBBS degree from Liaquat Medical College, Jamshoro. Professor Nadeem Qamar went abroad to complete his residency in Internal Medicine from Franklin Square Hospital, USA and received his fellowships in Cardiology and Angioplasty from McGill University, Canada and Ottawa Heart Institute, Canada respectively. He has trained countless cardiology fellows specializing in Interventional Cardiology and Catheterization Laboratory Techniques, has authored many research papers and is a…
Public private partnership in social sector can bring a dramatic improvement in service delivery for Tharparkar communities Interview with Mr Shamsuddin Ahmed Shaikh – CEO, Engro Powergen Limited PAGE: Kindly tell me something about Thar Foundation: Shamsuddin Ahmed Shaikh: Thar Foundation is a section-42 registered not-for-profit company. It works for development of Thari communities in 10 different sectors including Education, Health, Drinking Water, Infrastructure, Livelihood, Women Empowerment. Thar Foundations aims to make Islamkot first SDG’s achieving taluka in partnership with Govt. of Sindh and UNDP. PAGE: What has your organisation done in terms of education for the Tharis? Shamsuddin Ahmed Shaikh: The…
Interview with Mr Abdur Rauf – CEO, Shahzad Apparels Pvt Limited PAGE had an exclusive conversation with Mr Abdur Rauf regarding ‘impact of the rupees depreciation on exports, remittances, investment and cost of doing business in Pakistan’. The excerpts of the conversation are as follows: Any depreciation in rupee would not yield the desired impact on the declining exports and massive trade balance. Devaluation of currency can only help one time for the non-realization of export proceeds or consignments in pipeline, otherwise, foreign buyers demand for discount due to devalue of Pakistani currency. Depreciation of rupee would ultimately increase the…
Interview with Syed Shariq Waqar — an analyst [box type=”shadow” align=”” class=”” width=””]Profile: Syed Shariq Waqar is a Fellow Member of the Institute of Cost and Management Accountants of Pakistan and has got 20 years of diversified professional experience, both at national and international level in medium and large scale organizations.[/box] PAGE interviewed Syed Shariq Waqar about the need of Professional Accountants in Public Sector. The excerpts are as follows: ‘Professionalism’ is a commonly used word nowadays in every field of life whether it is intellectual work, commercial jobs, art and culture, life-saving jobs, education, sports etc. Every field demands technical…
FDI has better future, saving culture needs improvement Interview with Syed Farhan Karim — Vice President, Equity Sales Arif Habib Limited [box type=”shadow” align=”” class=”” width=””]Profile: Syed Farhan Karim is associated with Arif Habib Limited for over twenty years and currently holds position of VP Equity Sales. He has got a Master’s Degree in Business Administration. He is an experienced Capital Marketer with strong leadership and relationship-building skills. He is mainly engaged in client-focused equities sales. He is a thorough financial advisor and is excellent at juggling multiple tasks and working under pressure. His broad industry experience includes Trading, Fund/Portfolio…
Interview with Dr Khusro Iqbal — an analyst PAGE had an exclusive conversation with Dr Khusro Iqbal, who possesses a PhD degree and has got more than two decades of professional experience working in three continents, namely; Asia; Africa and Australia. The excerpts of the conversation are as follows: In my opinion the Islamic financing system is an investment of finances in conformity with the philosophy and value structure of Islam and is directed, along with orthodox good governance and risk management rules, by the doctrine of Islamic Shariah. Interest-free banking could be considered as a tapered perception representing a number…
Banks in Pakistan urgently need to revamp conceptual learning methodology Interview with Mr Hamad Rasool Bhullar — an analyst PAGE: Kindly tell me something about yourself: Hamad Rasool Bhullar: I am currently working with a large public sector organization. With respect to Islamic finance I have been involved in research and training for over 12 years and so far conducted over 300 trainings on different aspects of Islamic finance ranging from basic concepts to Shariah-compliant risk management, investment management and corporate governance. PAGE: What are your views on the Islamic finance in Pakistan? Hamad Rasool Bhullar: Islamic finance has flourished quite reasonably in Pakistan…
ICMA has taken the lead by forming an overseas chapter in UK, others should work to attract foreign students Exclusive interview with Mr Aamir Ijaz Khan — Executive Director, ICMA-Pakistan PAGE: Kindly tell me something about yourself: Aamir Ijaz Khan: By profession, I am a Fellow Cost and Management Accountant and have on my credit around 18 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…
Interview with Professor Mohammad Rais Alvi, renowned educationist [box type=”shadow” align=”” class=”” width=””]PROFILE: Professor Mohammad Rais Alvi has served as the Vice Chancellor, Rector and Director of various national universities and degree awarding institutes. He has been a member of the Vice Chancellor‘s Forum (A platform of vice chancellors of the universities of Islamic countries) and The Vice Chancellors Committee under HEC Pakistan. He has also worked as an additional Secretary Education, Government of Sindh, the Registrar at Karachi University and the Executive District Officer (EDO) Karachi. He has been a professor over the years at various educational institutes in…
Let’s analyze the impact of the Federal Budget 2018-19 announced a couple of weeks ago by the couple-of-week old Finance Minister, Miftah Ismail. Should the incumbent Finance Minister have been happy by talking about the $1 billion commercial loan received from a Chinese bank right after the announcement of the budget? If it is a good sign and if it is going to help us manage the balance of payment conundrums at least for a while, where is the sense prevailing in the dazzling minds of the people at the helm of affairs and what have they been doing over…
Low cost of doing business and utility rates will help economy prosper 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 struggle at a very young age. When I was six-year-old, my father died then my mother played a vital role in building my personality and my future. My mother motivated and encouraged me in every walk of life. I am determined and optimist kind of a person and always believe in Allah SubhanahuTa’alah that He always has good for everyone. As a…
There is lots of interest exhibited by almost every Pakistani these days about the trade prospects with China. Even those who have never been to school know about CPEC and talk about the trade between Pakistan and China and the prospects of the Chinese investment in Pakistan. By and large, the perception is positive with some exceptions. There is concern in certain quarters of the society as well regarding the Chinese dominance. There is simple rule of economics that if the trade relations strengthen between a large and a small economy, the net beneficiary is always the small economy. China…