Pakistan being an agro-based economy imports vegetables, cotton and many other agro products which must be a primary concern for those who would like to address the issue of current account deficit. One of the foremost issues in this regard is post-harvest losses in the wake of the paucity of the proper and modern storage facilities particularly in the areas or the adjacent areas where major crops are grown. Pakistan experiences staggering 40 percent loss of crops due to the dearth of warehouses. Farming community’s perennial ordeals comprise post-harvest losses, rains and floods, windstorms, hailstorms, pest attacks, water shortages, a…
Author: Khalil Ahmed
With the advent of multiplexes, cinemas have undergone a metamorphosis. Multiplexes have replaced traditional cinema houses, primarily by virtue of their deplorable condition, which were once the first and the elite choice for entertainment in Pakistan particularly in the decade of 1970s, popularly known as the golden era of Pakistan film industry. Instead of going to different locations to watch movies, now entire family may determine within the same premises who would watch what in the wake of multiple screens screening multifarious movies right from animated movies to Pakistani movies to Hollywood movies. There were over 800 traditional cinemas in…
Arsalan Chandio, the inhabitant of Larkana, while speaking to PAKISTAN & GULF ECONOMIST expressed his dejection with utter dismay regarding the overlooking of cricket in Larkana, a city with the population of over two million. He spoke about the injustice being meted out to the cricketers of some cities of Sindh comprising Larkana, Qamar-Shahdakot, Jacobabad, Warah, Naseerabad, Maihar, Dadu etc. The pathetic condition of the Niaz Stadium Hyderabad, the Larkana Stadium, Makli Cricket Stadium and the Gama Stadium Mirpurkhas evinces readiness of the Pakistan Cricket Board (PCB) and the Sindh government in terms of the promotion of the most-acclaimed sport…
Country may face adverse environmental impact of precipitous deforestation It is a gorgeous feeling to know that Prime Minister of Pakistan, Mr Imran Khan, has launched a campaign of ten-billion ‘tree tsunami’ in Pakistan as a response to the challenge of global warming. Prior to it, way back in 2014, the government of Khyber Pakhtunkhwa led by the PTI initiated ‘billion tree tsunami’ to tackle the adverse environmental impact. These initiatives are gracious endeavors by any government in the history of Pakistan. ‘Plant for Pakistan’, an afforestation drive, is a befitting reply to the current deforestation in Pakistan. In case…
The fish-shaped dustbins have been laid at Karachi’s Sea View recently to ensure that the beachgoers do not litter the beach. It seems a gorgeous effort, however, the time would tell whether the responsible citizens of the metropolis throw trash in these dustbins. Other frequently visited places such as French Beach, Hawke’s Bay, Sandspit Beach, Paradise Beach, Manora Beach etc. in Karachi undergo the experience of trash and it has been happening since long without the attention of the concerned authorities. Going to any beach in Karachi with some exceptions means going to experience piles of trash comprising plastic beverage…
Interview with Sheikh Nisar Ahmed Parcham Walay, MD VIP FLAGS [box type=”shadow” align=”” class=”” width=””]Profile: Sheikh Nisar Ahmed Parcham Walay was born in Delhi, India in August 1947. He completed his graduation in 1965 and migrated to Pakistan in 1967 with no money in hand. He started his business first by taking experience in a textile mill and after 2 years, he was able to start his own factory initially with 4 power looms and then gradually increased number of looms and production in cloth industry. In 1985, he sets up his company named VIP FLAGS and started his flag…
Interview with Mr Lal Dino Mari Baloch — Chief Executive Bizz & Trade International Limited Hong Kong [box type=”shadow” align=”” class=”” width=””]Profile: Mr. Lal Dino Mari Baloch was born in Khairpur Mirs in a political/landlord family. He got involved in business rather than joining politics. Mr. Baloch has over 30 years business experience in various fields. He is the Chief Executive of Bizz & Trade International Ltd (BTI) and few other companies. Under his leadership, BTI has been successfully providing consultancy services besides trading natural resources, energy products, agriculture commodities and electronic products between Hong Kong, China, Indonesia, Pakistan, United Kingdom…
There is no denying that large organizations across the world expand their horizons by making investments in the countries where they smell potential. There are a deluge of instances globally where world-fame companies establish their plants so that the products may actually be fabricated in the country where they would be sold eventually. Almost all foremost global companies have made their investment in manufacturing plants right from Europe to Asia and to Africa in order to exploit the maximum potential. Pakistan is a land of opportunities with one of the best strategic locations in the global arena. One could have…
Pakistan’s foremost economic tribulations at this juncture are twin deficit: The economic managers have been struggling to restrain imports and to hike exports but all efforts going in vain. The import-substitution is a solution to a deluge of economic ills which has to be prioritized sooner rather than later in case Pakistan is to be pulled out of economic quagmire. Pakistan imports abundantly, which has undermined the economy over the period of particularly last couple of decades. There is no misgiving about the narrative that the restrained imports could underpin the economic recovery, which is pretty imperative in the given…
There is no misgiving about the economic concept that the higher the national savings rate of a country, the higher the likelihood of splendid economic growth is. Pakistan’s national savings rate has always been pretty dismal. Savings to GDP rate between 12% and 15% does not suffice for the economic growth of 7% which has become mandatory for Pakistan to move forward with the burgeoning population, dwindling exports, decelerating foreign exchange reserves and scarce financial resources. The endeavors in this regard in the past could be termed window dressing since they culminated with dismay. There are a deluge of instances…
Interview with Mr Hamad Rasool Bhullar – a researcher, trainer in finance, corporate governance and Shariah-compliant management PAGE: Tell me something about yourself, please: Hamad Rasool Bhullar: I am currently working in a large public sector organization. With respect to the financial sector, I have been involved in research and training for over 27 years and so far conducted over 300 trainings on different aspects of finance, business ethics, audit and corporate governance from basic concepts to professional applications in Projects Finance, Shariah compliant risk management, investment management and corporate governance etc. PAGE: What are your views on the saving culture…
Potable water is scarce across Pakistan. One comes across the news from almost all major cities and even small towns and villages at times such as Toba Tek Singh, Landi Kotal, Badin, Layyah, Sargodha, Lahore, Sahiwal, Nawabshah, Islamabad, Rawalpindi, Kachha area of Johi taluka, Sialkot, Peshawar, Multan, Gujrat, Cholistan, Bahawalpur, Haripur, Tharparkar, Lower Dir, Mansehra, Gwadar, Mianwali, Bahawalnagar, Narowal, Skardu, Vehari, Rajanpur, etc. where there is either paucity of potable water or water contains high arsenic content leading to water-borne diseases. The relevant authorities need to take immediate action sooner rather than later to the statements circulating such as ‘Pakistan…
Interview with Mr Farooq Dadi – a renowned businessman [box type=”shadow” align=”” class=”” width=””]Profile: Mr Farooq Dadi is a bona fide businessman having done his Honors and Masters in the subject of international relations from Karachi University. He was a student leader and was the Chairman of Pakistan Liberal Students (it was one of the leading student parties during 1970s). He started his career as a businessman but was more focused as a socio-economic activist. He used to identify leakage of revenue from Central Board of Revenue (CBR) which is now Federal Board of Revenue (FBR) and contributes 60 percent to…
Increase in discount rate a good step for banking sector progress Meezan Bank remains top Islamic bank in Pakistan with excellent results Interview with Mr Irfan Siddiqui — President & CEO Meezan Bank PAGE: Kindly tell us something about yourself and your organization: Irfan Siddiqui: I am the founding President and Chief Executive Officer of Meezan Bank. My educational background includes a Foundation Course in Accountancy from Sunderland, UK and I am a Fellow Chartered Accountant from Institute of Chartered Accountants England and Wales. I have served on a number of senior management positions including Chief Executive Officer at Al-Meezan Investment Bank…
Mohammed Ebrahim Hasham is one of the leading philanthropists in Pakistan. Pakistan & Gulf Economist visited three schools where the impoverished children are getting quality education. [box type=”shadow” align=”” class=”” width=””]Profile (Mohammed Ebrahim Hasham): Qualification: Director of Education from PICG in 2016. Honorary Ph.D in Leadership Management in PSMA in 2011. M. A. (Management) Chapman University, Orange California in 1975. Attended various seminars on improving Management Skills in Pakistan and overseas. Mr. Ebrahim Hasham is on the board of: Mehran Sugar Mills Limited Mehran Energy Limited. Mogul Tobacco Co. (Pvt) Ltd. Pakistan Molasses Co.(Pvt) Ltd. Hasham Private Ltd. Hasham Foundation.…
Interview with Mr Nadeem Shah — Vice President, Sindh Abadgar Board PAGE: Tell me something about yourself and your contribution for the betterment of the agriculture sector, please: Nadeem Shah: I got involved in agriculture at the age of 17, way back in 1975 simultaneously continuing my education. I did my BSc (hons), DBS and MBA. My social activities comprise being Joint Chief CPLC Hyderabad, Member PCCC, Member Provincial Seed Council, Member Sindh Seed Corporation, Member Academic Council Agriculture University Tando Jam, Vice President National Reformers’ Forum and Vice President Sindh Abadgar Board. I educate farmers every week without any hiatus…
Interview with Mr Shamim A. Firpo – Chairman, Firpo Group of Companies PAGE: Tell me something about yourself and your organization, please: Shamim A. Firpo: I started life’s struggle at a very young age. When I was six years old my father died and after his death my mother played a vital role in building my personality and future. My mother motivated and encouraged me in every walk of life. I am determined and optimist kind of a person and always believes in Allah SubhanahuTa’alah that He always has good for everyone. As a person, I am very simple and want to…
Interview with Dr. Ayub Mehar — a renowned economist PAGE: Tell me something about yourself, please: Dr. Ayub Mehar: I am serving as ‘Professor’ in Iqra University Karachi and also ‘Economic Advisor’ of the Employers’ Federation of Pakistan. Currently, I am also associated with the Asian Development Bank Institute on a project for Infrastructure Financing in CAREC member countries. Development Financing, Macroeconomic Policies, International Trade and Finance and Economic and Financial Modeling are areas of my research interests. I have completed several policy research studies for international financial institutions and think tanks including ‘Impacts and Financing Infrastructure Development in Pakistan: Role…
Interview with Mr Khalid Tawab – Chairman, Tawab Group [box type=”shadow” align=”” class=”” width=””]Profile: Mr Khalid Tawab is an economics, finance and international trade expert. He is a prominent businessman and former Minister of Commerce & Industry Government of Sindh and former Senior Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). He has also served as Vice President and Chairman of various Advisory Committees & Senior Vice President of Karachi Chamber of Commerce & Industry. The Government of Pakistan conferred the award of Sitara-i-Imtiaz on him in 2008 for his services. He has visited various…
Present govt taking high stride in the promotion of education future Interview with Dr. Khusro Iqbal — HR expert PAGE: Kindly tell me something about yourself and your career: Dr. Khusro Iqbal: To address this concern instead of a direct reply I will prefer to reproduce the following words through which I was introduced, being the distinguished guest, on the launching ceremony of the advocacy paper “Return on investment or an investment without return? a cost benefit-ratio analysis of in-company training” which was arranged by the German Society for International Cooperation famous as GIZ (Deutsche Gesellschaft fuer Internationale Zusammenarbeit-GmbH) at…
Interview with Mr Aamir Ijaz Khan — Executive Director, ICMA Pakistan PAGE: Kindly tell me something about yourself and ICMA Pakistan: Aamir Ijaz Khan: By profession, I am a Fellow Cost and Management Accountant and have on my credit around 19 years of diversified experience in the areas of Client Servicing, Project Implementation, Business Repositioning, Financial Management and Compliance. I am also a SAP, FICO Certified Consultant. Prior to joining ICMA Pakistan as Executive Director, I was serving as Head of Quality Assurance at M/s. Innovative Pvt. Ltd. I had also worked as Audit MIS Expert (Punjab) in a World…
Fixing corporate tax at 29% a jolt to industry; salary raise of lower grade employees a great job Interview with Mr. Barkatullah Lone – Chairman, GB International Economic Forum [box type=”shadow” align=”” class=”” width=””]Profile: Mr. Barkatullah Lone is Chairman of GB International Economic Forum and a renowned economist. He is a Chartered Management Accountant and Chartered Certified Accountant from UK, Chartered Global Management Accountant from the USA, Gold Medalist Management Accountant and Public Finance Accountant from Pakistan plus he holds Master’s Degree in Economics and Law from Karachi University. He has been associated with the corporate sector in Finance and…
Interview with Mr Ashfaq Yousuf Tola – a renowned tax expert Pakistan & Gulf Economist had an exclusive conversation with Mr Ashfaq Yousuf Tola regarding Budget 2019-20. Excerpts of the conversation with him are as follows: Finance Bill 2019-20 (The Bill) for the fiscal year 2019-20 was laid before National Assembly on 11th June 2019. The bill has proposed amendments in Income Tax Ordinance, 2001 (ITO), Sales Tax Act, 1990 (STA) and Federal Excise Act, 2005 (FEA) among other laws. About Income Tax: The bill proposes to abolish the concepts of ‘Filer’ and ‘Non filer’ and has instead introduced rules in…
Interview with Mr Hasan Sheikh Vohra — Chief Executive Officer, Hasan Enterprises International [box type=”shadow” align=”” class=”” width=””]Profile: Since 2005 Mr. Hasan Sheikh Vohra has been serving the valued platforms and trade bodies like Karachi Customs Agents Association, Karachi Chamber of Commerce and Federation of Pakistan. He served as Joint Secretary of Karachi Customs Agents Association during 2015-2016 & 2017-2018 and as Liaison Officer, Coordinator, Advisor and Member Managing Committee on many previous occasions and also is serving as Member Managing Committee and Chairman Multimodal Port & Shipping Sub-Committee of Karachi Chamber of Commerce & Industry for the term 2018-2019.[/box]…
Interview with Mr Ismail Suttar – CEO, Hub-Pak Salt Refinery [box type=”shadow” align=”” class=”” width=””]Profile: Mr Ismail Suttar is currently serving as the Chairman of the Economic Council at the Employers’ Federation of Pakistan, a 68 years old non-profit ‘Voice of Employers’ entity, which is an active constituent of the International Labor Organization (ILO), representing the largest single stakeholders’ body in Pakistan, comprising over 900 organizations and 28 leading industrial and chambers associations. As a professional, he is the CEO of Hub-Pak Salt Refinery, and also works in close liaison with the government and the business community to resolve outstanding…
Pakistan has promising future but chaos must be handled generously, says EFP chief Pakistan & Gulf Economist sought views of the Employers’ Federation of Pakistan (EFP) Economic Council on the forthcoming budget 2019-20. The discussion with Mr. Ismail Suttar, Chairman of EFP Economic Council was as it is given below: The EFP through its platform of Economic Council, has compiled a list of some very important budgetary proposals to target key areas such as broadening of tax base; simplifying tax procedures and reducing cost of doing business. As a matter of fact, we have also dedicated a special section to circular…
Govt must increase ease of doing business; broaden and simplify tax collection process to strengthen economy Interview with Mr. Junaid Esmail Makda — President Karachi Chamber of Commerce & Industry PAGE: KINDLY TELL ME ABOUT YOURSELF AND THE KCCI: JUNAID ESMAIL MAKDA: Besides being the President of Karachi Chamber of Commerce and Industry, I am also the Chief Executive Officer of Makda Group of Companies which comprises of Makda (Pvt) Ltd, Gaseous Distribution Company (Pvt) Ltd (GDCL), Makda Industries, Makda Enterprise, Friends Real Estate, Friends Packages, Friends CNG, Fuel Star Service Station and Makda CNG Services. Since 1980, I am…
Instead of devaluation, tariffs should be placed on all non-essential imports Also mass-scale marketing effort need to be executed to increase exports Interview with Mr ISMAIL SUTTAR – Chairman, EFP Economic Council PAGE: Tell me something about yourself and your career, please: Ismail Suttar: I am currently serving as the Chairman of the Economic Council at the Employers’ Federation of Pakistan (EFP-EC). The 68 years old non-profit entity is an active constituent of the International Labor Organization (ILO), which serves as the ‘voice of employers’ for its largest single stakeholders’ body in Pakistan, comprising of over 900 organizations and 28 leading…
Interview with Mr Farooq Dadi – a renowned businessman [box type=”shadow” align=”” class=”” width=””]Profile: Mr Farooq Dadi is a bonafide businessman having done Honours and Masters in the subject of international relations from Karachi University. He was a student leader and was the Chairman of Pakistan Liberal Students (one of the leading student parties during 1970s). He started his career as a businessman but was more focused as a socio-economic activist. He used to identify leakage of revenue from CBR Central Board of Revenue which is now Federal Board of Revenue (FBR), which contributes 60 percent to our national budget.…
Islamic economy has touched only the tip of the iceberg since a lot more is yet to be achieved in the wake of the growing propensity of the Muslims as well as the non-Muslims alike in the Islamic finance globally. The Islamic finance underwent certain glitches in 2018 and there is a likelihood of somewhat subdued growth in 2019 in the Islamic finance owing to the economic malaise across the Islamic world and in some other countries, however, there are promising opportunities for the Islamic finance sector in general in the days to come. One must not forget the massive…
Modaraba business model remains extremely versatile, dynamic and diversified Interview with Muhammad Shoaib Ibrahim — Managing Director & CEO First Habib Modaraba PAGE: Tell me something about yourself and your career, please: Muhammad Shoaib Ibrahim: I have been associated with First Habib Modaraba (FHM) since very long time and currently I am heading this Modaraba as Chief Executive Officer. Long work experience in Non-Banking Islamic Financial Institutions has given me insight into the financial and technical aspects of the non-banking Islamic financial industry covering financial services, equity and debt market. I have done MBA from Institute of Business Administrations (IBA) in…
Pakistan faces the menace of poverty which begets malaise in the society and has led to crime and terrorism in some instances. There are multifarious estimates about the number of poor households in Pakistan, however, there is prevalent assumption that Pakistan has over one-third of its 208 million population living under the poverty line. In October 2015, the World Bank updated the international poverty line to $1.90 a day which means those earning around $2 dollars a day live below the poverty line, the estimated minimum level of income needed to secure the necessities of life. Pakistan has been struggling…
Overall CSR functions in the country are great but required further efforts and support Interview with Mr S. M. Muneer – leader of the business community of Pakistan [box type=”shadow” align=”” class=”” width=””]Profile: M. Muneer is the Chairman of Din Group of Industries and former CEO Trade Development Authority of Pakistan (TDAP). His company Din Leather (Pvt.) Ltd, is the biggest exporter of leather in Pakistan and he has four textile mills in the name of Din Textile Mills in Lahore. Position In Companies Chairman: 1) M/s. Din Leather (Pvt) Ltd: The leading exporting company of finished leather in Pakistan…
There was a projection by the International Monetary Fund that inflation in Pakistan may surge to 14% by the end of the current fiscal. Almost everyone is talking about the double-digit inflation to be witnessed in a couple of months. This might prove true since the current circumstances do augur somewhat double digit inflation which could dissipate the purchasing power of the most vulnerable stratum of the society. There is a prevalent assumption that the upcoming IMF program would push the inflationary pressures further causing tribulations for the down-trodden. Inflation surged to 9.4% in March 2019 whereas the average inflation…
Pakistan private sector should take active role for the benefits of CPEC Corrective and important policies needed to get country into while list of FATF Interview with Dr. Ayub Mehar — an economist PAGE: Kindly tell me something about yourself: Dr. Ayub Mehar: Currently, I am working with the Asian Development Bank on Infrastructure Financing in CAREC member countries. I am serving as ‘Professor’ in Iqra University Karachi and also ‘Economic Advisor’ of the Employers’ Federation of Pakistan (The largest representative body of the entrepreneurs and investors in Pakistan). Development Financing, Macroeconomic Policies, International Trade and Finance and Economic and Financial…
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…