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…
Author: Khalil Ahmed
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…
Pakistan is keeping pace with the world in terms of branding. The world has produced iconic brands such as Admiral Sportswear which is a British internationally recognized cricket, football and sportswear brand. Aigleis a leading French footwear and textile company. Airness is an apparel and footwear trademark. Arvind Limited, a textile manufacturer, produces denim, cotton shirting, knits and bottom weights fabrics. Ashworth is golf apparel company. Barking Irons is an apparel company. Bombay Dyeing’s products are bed linen, towels and furnishing. Bruno Banani is a German fashion company. Canterbury of New Zealand, a New Zealand based sports clothing company, focuses…
Interview with Mr Rafiq Rangoonwala — Chief Executive Officer, Quick Food Industries (Mon Salwa) PAGE: Tell me something about yourself and your organization, please: Rafiq Rangoonwala: I have been associated with food industry since 1980. I started my career with KFC in Houston, then worked in Caribbean/Latin America, Europe and Middle East. Over the period of time I have managed brands like KFC, Pizza Hut, Hardee’s, Harry Ramsden’s, TGI Friday, Burger King etc. I am the President of Pakistan Food Association and was twice President of Marketing Association of Pakistan, besides holding several positions abroad. Presently, I am heading Quick Food…
Economic growth and cost-effective energy availability are embedded. Pakistan’s energy import bill has by and large been approximately $15 billion per year. The perennial conundrum of energy scarcity has beleaguered the economy of Pakistan for more or less two decades. Multifarious approaches were adopted by the erstwhile governments to address this issue in vain. It is imperative to ensure the availability of cost effective energy for sustainable economic growth. Recent development augur well for Pakistan since the Thar coal is being used for the electricity generation and there are news about the splendid oil discovery in Karachi, which is the…
There is a prevalent assumption these days that once titled as a poor man’s fuel, Liquefied Petroleum Gas which is used by around nine million LPG consumers throughout the country, is no more a poor man’s fuel since even the poor stratum of the society cannot afford it anymore with the prices surging every now and again. This is the fuel generally used by the taxi and van drivers, tandoors, catering service providers and the poor households across the country. LPG is used for cooking and heating purposes in the chilly areas particularly Gilgit-Baltistan, KPK, Balochistan etc. during cold weather.…
Interview with Mr Hasanali Abdullah — Managing Director & Chief Executive, EFU General Insurance PAGE: Tell me something about yourself and your organization, please: Hasanali Abdullah: I am a Chartered Accountant and have been associated with EFU General Insurance since 1979 and currently I am the Managing Director & Chief Executive of the company. I am also on the Boards of EFU Group companies i.e. EFU Life Assurance and Allianz EFU Health Insurance Ltd. I am also Honorary Treasurer of Aga Khan Hospital and Medical College Foundation, member of the National Committee of Aga Khan University Foundation, Geneva and Director of…
Interview with Muhammad Nasir Ali Syed – CEO, Pak-Qatar Family Takaful Limited [box type=”shadow” align=”” class=”” width=””]Profile: After completing his master’s in Biochemistry from University of Karachi, Muhammad Nasir Ali Syed pursued ALMI from LOMA, USA and PGD in Islamic Banking & Takaful from Center of Islamic Economics (CIE, a division of Jamia Darul Uloom Karachi). He has been associated with Life Insurance & Takaful industry of Pakistan for about 25+ years. His area of expertise has always been ‘Operations’. He is presently serving as CEO of Pak-Qatar Family Takaful Limited and was one of the founding members of the…
Interview with Dr. Syed Arif Hussain — a seasoned professional of East West Insurance Company Limited [box type=”shadow” align=”” class=”” width=””] Profile: Dr. Syed Arif Hussain, a seasoned professional, has brought to East West Insurance Company Limited-Widow Takaful Operations his expertise in management, resource development, marketing and execution of business strategies. His professional experience is spread over 22 years at progressive senior level positions and has the experience of underwriting, reinsurance, claims management and marketing with the State Life Insurance Corporation of Pakistan, Dawood Family Takaful Limited and as a Chief Executive Officer he headed Takaful Pakistan Limited and Excel Insurance…
Digitization of the agriculture sector has become a buzzword these days across the globe particularly in the countries with the limited arable land. Use of technology more or less in every sector of the economy comprising even the agriculture sector is sweeping the world. The world is dilating upon big data, smart farming, input optimization, increase in rural IT capacity and agtech organizations which provide timely and massive information for monumental yield of the crops enriching the farming community. It has become crucial for the farmers to produce with limited water resources avoiding wastage since food security for the coming…
The dream has come true as far as the use of information technology gadgets is concerned. People used to talk about free calls, which is more or less a reality since myriads of literate individuals use WhatsApp and Skype as per their convenience. The use of technology has brought convenience and accuracy with somewhat less cost. One cannot imagine comfort and convenience in life today without a laptop, tablet or a desktop computer and a smartphone. Demand of laptops in particular is sky-high among the students of colleges as well universities and the private and public sector organizations are also…
Pakistan’s economy has been in the doldrums for quite some time due to dismal economic activities, precipitous deceleration in foreign direct investment and dwindling exports, to say the least. It’s about time that Pakistan signed Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC) countries in particular to ensure sound investment and better exports to the opulent GCC countries. In case such crucial agreements remain in abyss after the lapse of years, it would not augur well for the economic prosperity of the country. The hitches and hiccups need to be addressed for the timely implementation so that economic…
New govt must negotiate FTA with GCC nations for perfection of significant investment relations 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 FPCCI and Karachi Chamber. 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 got two…
It was soothing to know that all Pakistanis were on the same page and spoke with one voice during the recent skirmishes between Pakistan and India. The spirit of patriotism was all pervasive across the country. This is the beauty of the Pakistani nation. It was prior to the independence of Pakistan, when 80 million Indian Muslims realized that they were in minority and were deprived of their basic rights in the Hindu majority sub-continent. The Muslims commenced their struggle for a separate homeland and their dream came true in the shape of beautiful Pakistan, our dear homeland. It was…
Interview with Mr. Ismail Suttar – CEO, Hub Pak Salt Refinery PAGE: Tell me something about yourself and your organization, please: Ismail Suttar: I am currently working as the CEO of Hub Pak Salt Refinery. I am also Member Board of Directors of Employers’ Federation of Pakistan and Chairman of the EFP Economic Cell. I also represent the Lasbela Chamber of Commerce and Industry (LCCI), Hub, Lasbela, Balochistan on the Executive Committee of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and recently elected as its Vice President. The Employers’ Federation of Pakistan is a representative of the business…
Almost all top-notch jobs are held by men in the entire world right from Asia to Europe. With certain exceptions, it is a patriarchal world. When it comes to the percentage in terms of population, the male female ratio is almost equal. However there are certain countries in the world where the female population is more than male population and vice versa. Particularly in some European countries, women outnumber men. As regards Pakistan, men form 51% and women 48.76% of the total population. It is a prevalent assumption that females are as good as males in almost every sphere of…
Interview with Ms Tara Uzra Dawood –President, Dawood Global Foundation PAGE: Tell me something about yourself and your organization, please: Tara Uzra Dawood: I am the Chief Executive Officer (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: What are your views on the decision to have females on…
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…
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…