Dr. Haque further noted that political party manifestos often highlight broad policy directions and commitments. Ideally, these commitments should be thoroughly evaluated when a party assumes power. With the upcoming General Elections scheduled for the 8th of February 2024, it is disheartening to observe the absence of discussions among political parties regarding a clear reform agenda aligned with the country's pressing needs. PIDE Pro VC Dr. Durre Nayab delivered a compelling address at a recent Think Tank Moot, highlighting crucial perspectives on urban development and governance. Dr. Nayab stressed the paramount importance of respecting the heterogeneity of cities, underlining the need for policies that cater to the unique characteristics of each urban center. A critical observation surfaced concerning the challenges faced by vibrant cities within the existing governing structure, prompting the call for transformative policies to unlock the full potential of urban areas.

Emphasizing the instrumental role of local governments, Dr. Nayab asserted their key position in delivering essential services, advocating for a decentralized approach to address the specific needs of local communities. Notably, the Pro VC argued that true decentralization can only be achieved by granting autonomy to locally elected councils in their spending and planning decisions. This perspective calls for a fundamental reevaluation of governance structures to empower local authorities and shape more responsive and vibrant urban environments. Dr. Durre Nayab's insights offer a compelling vision for a paradigm shift in urban policies, urging stakeholders to embrace diversity, overcome governance challenges, and empower local governments for effective decentralization.

Dr. Shujaat Farooq, Chief Research PIDE, earlier, provided background on the Think Tank Moot, highlighting its role as a unique platform for esteemed partners and thought leaders to collectively address transformative and sustainable reforms. He said that the PIDE has formulated a reform agenda “Transforming Economy & Society” identifying ten priority themes i.e., political stability, reforms in civil service, productivity and competition, fiscal management, building social infrastructure, market efficiency, etc. In this context, PIDE organized 4th moot with Think-Tanks and Partners to present its reform agenda. The idea is to have a collective intellectual capital and action, instead of working in silos, with minimum to zero influence over policy-making.

During the Moot, speakers from different think tank underscored the significance of transforming the economy and society in Pakistan, emphasizing the multifaceted nature of this imperative endeavor. They stressed that addressing the challenges and opportunities faced by the nation requires a comprehensive and collaborative approach. There was a unanimous acknowledgment and praise for PIDE's Reform Agenda, recognizing it as the need of the hour for Pakistan. Participants voiced a collective concern that if attention is not directed towards these critical issues now, the consequences may become insurmountable in the future. The urgency of embracing reform for the betterment of Pakistan was emphasized, with the consensus that proactive measures are essential to avoid reaching a point of no return.

Representatives from various organizations convened, creating a diverse assembly that included Shifa Tameer-e-Millat University, National University of Science and Technology (NUST), Pakistan Poverty Alleviation Fund (PPAF), Pakistan Science Foundation, Quaid-i-Azam University, American Fishing Tackle Manufacturers Association (AFTMA), Akhtar Hameed Khan National Centre for Rural Development (AHKNCRD), Centre for International Strategic Studies (CISS), National Institute of Population Studies (NIPS), Institute of Strategic Studies Islamabad (ISSI), World Bank, Sustainable Development Policy Institute (SDPI), COMSATS, Establishment Division, Islamabad Policy Research Institute (IPRI), Prime Consultant, IIIE Institute of Islamic Information and Education, National Rural Support Programme (NRSP), Population Council, Centre for Aerospace & Security Studies (CASS), Independent News Pakistan (INP) Benazir Income Support Program (BISP), NUML, Beijing Institute of Technology, and National Commission on the Status of Women (NCSW). This gathering reflected a broad spectrum of expertise and perspectives across academia, research, policy, and international relations.

Credit: Independent News Pakistan (INP)

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

To date, the hub has opened 63 national pavilions, 43 pavilions dedicated to BRI and 19 to Silk Road E-commerce.  These pavilions feature unique products and cultural stories from partner countries and highlight the innovative potential of this e-commerce model. In addition to bringing Chinese products to the world, the concept of Silk Road E-commerce is committed to showcasing exotic beauty from all around the globe to Chinese customers.  It is worth mentioning that during the recent New Year holiday, the Trade Port's various "Silk Road E-commerce" national pavilions organized a special live streaming event, namely "Explore the Silk Road, Welcome the New Year, Benefit the World," where foreign merchants showcased numerous exotic products from their countries to the Chinese.  Goods such as Afghan lapis lazuli jewelry, Nepalese cashmere scarves, and Pakistani camel skin lamps gained immense popularity among Chinese buyers.

Credit: Independent News Pakistan (INP) — Pak-China

He said that the IIOJK where the Indian authorities restricted freedom of expression, peaceful protest and gathering as people of this part of Jammu and Kashmir live with a number of hardships and miseries. The oppressed Kashmiris face extra judicial killing, target killings, forced disappearances and sexual assaults on women by the occupation forces. Chair of KCEU also condemned the Indian foreign ministry’s statement opposing the recent visit of two British diplomats to Azad Kashmir. Indian foreign ministry raised an objection with the United Kingdom (UK) over the visit of British High Commissioner to Pakistan Jane Marriott along with an official from the UK’s Foreign Office on Jan. 10 to Azad Kashmir as saying Jammu and Kashmir is integral part of India and this visit is “infringement” of India’s sovereignty and territorial integrity and is “unacceptable”. Ali Raza Syed said, entire Jammu and Kashmir is an internationally recognized disputed territory and is not integral part of India. According to Chair of KECU, the Indian claim of Jammu and Kashmir as its integral part is totally false and violation of resolution of the United Nations on Kashmir dispute. He said, India forcibly entered its military forces to large part of Jammu and Kashmir on 27th October 1947 and since then, the said part of this territory was being called Indian Illegally Occupied Jammu & Kashmir.

Credit: Independent News Pakistan (INP)

He said the report made by Reenergia was about roads, ports railways as well as the border crossing for which Pakistan has to invest effort and perhaps attract investment from not only China but other potential investors. “For this, Public-Private Partnership and a strong ease of doing business environment are required for which the role of Special Investment Facilitation Council (SIFC) will be important,” he said. Pakistan has been taking steps to become a trade, transit, and transshipment hub in the region. CPEC has been a significant contributor to this effort, with nearly 50 projects worth $25 billion completed so far. These projects include the construction of modern highways, seaports, airports, and rapid mass transport systems, which have improved Pakistan’s transport network, connected cities and remote areas, improved accessibility, and facilitated the movement of goods and people across the country, Gwadar Pro reported on Tuesday.

Credit: Independent News Pakistan (INP)

And the electoral list has already been changed. The proposed election schedule of the society is unfair, cold weather, spread of multiple diseases and the biggest thing is that general elections are also going to be held in the country during this time. In view of all these, the society members have rejected the election schedule and have submitted a formal application to the registrar of the cooperative Rawalpindi in this regard. Sarfraz Francis, a member of the Roman Catholic Christian Cooperative Housing Society Rawalpindi, has applied to the Registrar Rawalpindi regarding the exclusion of the name from the voter list of the society and has demanded that an inquiry be made into the exclusion of the name from the members list and action taken against those responsible.

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

The minister said that second phase of China Pakistan Economic Corridor (CPEC) cultural caravan would be organized, traversing CPEC with an objective to showcase rich culture heritage of the region. He said that all the Central Asian States including Kazakhstan artists would be specially invited to be part of CPEC cultural caravan which would play a key role in promoting regional and cultural connectivity.  While appreciating the Minister for warm reception, the Ambassador lauded friendly ties between the two brotherly countries and assured of future collaboration in diverse sectors including cultural exchanges, art, cultural heritage, museum and film. He emphasized the importance of relations in the field of art, culture, cinema, museums and possible collaboration between the two countries, adding that there was tremendous scope for the uplifting cultural cooperation between both countries. He said that Kazakhstan would soon organize a film screening at Pakistan National Council of the Arts (PNCA).

Credit: Independent News Pakistan (INP)

The ongoing anti-electricity theft campaign, spearheaded by LESCO, has resulted in the arrest of 16,938 individuals to date. A staggering 44,334 accused have been implicated in electricity theft, with FIR applications submitted against 43,882 connections. Out of these, 41,486 applications have been successfully registered. The total units stolen amount to 6,934,264, translating to a monetary value of Rs 2,257,752,230. Chief Engineer Shahid Haider emphasizes that the relentless operation will persist without discrimination until electricity theft is completely eradicated. The crackdown extends not only to electricity thieves but also to LESCO officers and employees who may be involved or supporting such activities, ensuring justice is served.

Credit: Independent News Pakistan (INP)

He said the report made by Reenergia was about roads, ports railways as well as the border crossing for which Pakistan has to invest effort and perhaps attract investment from not only China but other potential investors. “For this, Public-Private Partnership and a strong ease of doing business environment are required for which the role of Special Investment Facilitation Council (SIFC) will be important,” he said. Pakistan has been taking steps to become a trade, transit, and transshipment hub in the region. CPEC has been a significant contributor to this effort, with nearly 50 projects worth $25 billion completed so far.  These projects include the construction of modern highways, seaports, airports, and rapid mass transport systems, which have improved Pakistan’s transport network, connected cities and remote areas, improved accessibility, and facilitated the movement of goods and people across the country, Gwadar Pro reported on Tuesday.

Credit: Independent News Pakistan (INP) — Pak-China

Google Trends Patch has made all charts accessible for embedding on external websites, ensuring real-time updates. It is crucial to note that the Google Trends page introduced in Pakistan is not a survey pertaining to the general elections, nor does it indicate voting trends. Rather, the page reflects the local population's interests and searches for specific topics over time. A surge in a particular question does not necessarily signify that a political party is "more popular" or "winning" in any definitive sense. For additional information and to optimize the trends page, interested individuals can visit the Google News Initiative website.

Credit: Independent News Pakistan (INP)

The Ambassador met President of Sichuan University, highlighting the importance of academic research and scholarship in advancing bilateral relations.  With a key focus on enhancing Pakistan’s exports and attracting Chinese investment, the Ambassador interacted with diverse business enterprises in sectors like agriculture, dairy, electronics, and logistics. He also participated in an investment round table organized by the provincial China Council for Promotion of International Trade (CCPIT) and encouraged enterprises and businesses to take advantage of a liberal taxation regime and invest in export-oriented industries in Pakistan.  Ambassador Hashmi also celebrated the arrival of the first batch of 182 tonnes of Pakistani dry chilies in China while attending the signing of a Letter of Intent for a sister city relationship between Multan, Pakistan, and Neijiang, China.

Credit: Independent News Pakistan (INP) — Pak-China

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

Credit: Independent News Pakistan (INP)

The Minister said collective brainstorming to jointly identify problem statements will enable local governments in Pakistan to strengthen digital transformation. He said the caretaker government has officially launched Pakistan's first startup fund worth two billion rupees to boost the IT sector. He said we hope to generate at least fifty billion rupees annually in the startup ecosystem. Murtaza Solangi said Pakistan has a network of eight National Incubation Centers that support start-ups.The Minister expressed gratitude to the government of Germany for supporting Pakistan through twelve separate projects in collaboration with the federal and provincial governments. These include the areas of local government, climate change, energy transition, social security, sustainable economic development and vocational education and training.

Credit: Independent News Pakistan (INP)

The export targets set for the Fiscal Year 2023-24 show the government’s commitment to resolving the longstanding trade deficit. However, the targets are at risk due to the absence of regionally competitive energy tariff (RCET) rates for the export sector. Talking to WealthPK, Arif Mehmood, Chairman of Pakistan Textile Exporters Association (PTEA), said the cost of electricity supplied to the exporting industries was regionally uncompetitive. The high cost has rendered export products expensive in the global market. As mentioned by the Pakistan Economic Survey (PES), during July-March period of FY2023, exports decreased 9.9% to $21.0 billion from the previous year's $23.3 billion. This decline can be attributed to both a decrease in export volumes and unit values. The diminished performance is primarily associated with the underperformance of textiles and food groups, contributing significantly to the overall contraction in export figures. He said the cost of electricity in Pakistan was higher compared with regional competitors like India and Bangladesh. The industries oriented towards exports in Pakistan, such as textiles and sports, which are heavily dependent on maintaining competitive prices, encounter difficulties in upholding their pricing edge.

Consequently, this situation is resulting in a reduction in export volumes, as the international buyers opt for suppliers with low production costs reflected in lower prices. He underscored the worsening situation of the industrial sector. “It is worthy to mention that half of the SME textile export industries have already ceased production and closed their operations due to the economic uncertainties, significant fluctuations in the dollar/rupee exchange rate, and scarcity of essential raw materials required for manufacturing goods intended for exports”. Arif said the government usually took steps repugnant to the export sector on the directions of international lending organizations. “Exports cannot experience improvement unless the government reduces its reliance on borrowing from organizations and loans. Instead, it should prioritize self-sustainability by promoting and depending on the local business community and domestic resources”. The circular debt has surpassed Rs2.56 trillion, and the government is opting for the most convenient approach of burdening the industrial sector by eliminating regionally competitive energy tariff (RCET) rates, he said. To sum up, Pakistan may miss the export targets after the removal of RCET rates.

Credit: INP-WealthPk

The Sindh government will develop a modern infrastructure in the Karachi Garment City to make it more vibrant for increasing exports. As per the plan, climate-friendly industrial units as well as water recycling and treatment plants would be established in the city spread over 300 acres, reports WealthPK. The city is an exclusive industrial estate dedicated to the production of value-added textile products. One of the principal objectives of the city is to effectively oversee and guide the expansion and modernization of infrastructure in the textile sector, thus greatly enhancing Pakistan's earning potential, creating significant employment opportunities and encouraging skill development at all levels. The city has a cluster of sewing and stitching units grouped together to produce specialized garments for export and provide an opportunity to the small and medium entrepreneurs to develop value-added clothing and accessories. The stitching units operate under one roof or in one location, sharing common facilities such as training centers, import warehouses, water treatment plants, transport, and logistics services. Talking to WealthPK, Rauf Mushtaq, Director of Karachi Garment City Company, said the city was established about 15 years ago, playing a key role in enhancing revenues and exports. The city now needs improvement and modernization to effectively compete rivals in the international textile market. In order to make the local products competitive in the international market, the government decided to develop the city on the modern lines.

There has been no significant improvement in Pakistan's apparel exports, which have been stagnant for many years. The primary reason for this is the narrow export base, and even this narrow base is biased towards low value-added, unsophisticated items. The top six products exported by Pakistan account for 52.0 percent of exports, but only 20.0 percent of the total world garment exports. The international demand has been shifting to man-made fiber (MMF), which Pakistan has been unable to exploit. In addition, Pakistan's garment exports are not well-diversified in terms of destinations, as almost 88.0 percent of garment exports are destined for the EU and the US. The underperformance in exports can be attributed to a number of factors. It faces higher production costs and lower productivity compared to its peers. The high production costs are in the form of import duty on cotton and MMF, high energy tariffs and minimum wage (supply constraint). This has led to a fierce competition with other low-wage competitors, thus leading to small export orders for Pakistan (demand constraint). Rauf said the government was making efforts to enhance exports, as it was the main source of foreign exchange earnings, which Pakistan needs badly at the moment. Garment exports are the key area and modernization of Karachi Garment City is part of a holistic approach of the government to increase exports.

Credit: INP-WealthPk

The entrepreneurs of Faisalabad have pinned their hopes on the free trade agreement signed with the Gulf Cooperation Council (GCC), believing that it will open new trade horizons for them and lead to manifold increase in the country’s exports, reports WealthPK. The GCC consists of six states including the United Arab Emirates (UAE), Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. The preliminary free trade agreement was signed in September last year. GCC Secretary General Jasem Mohamed al-Budaiwi and Caretaker Commerce Minister of Pakistan Gohar Ejaz signed the agreement. Pakistan’s exports to the UAE, Kuwait and Saudi Arabia have increased in recent months, and entrepreneurs believe that by resolving the issues of high cost of doing business, more forex could be fetched from the Gulf countries. Abdul Rashid Khan, a renowned businessman from Saudi Arabia, met the members of Faisalabad Chamber of Commerce and Industry (FCCI) and informed them that the Saudi entrepreneurs were importing Pakistani products through other countries. “I want to import textile products directly from Faisalabad rather than import them through other routes. I am visiting Faisalabad and have consulted with the entrepreneurs,” he said.

FCCI Senior Vice President Dr Sajjad Arshad said the free trade agreement with the GCC would open new trade doors for Pakistan. He said the textile products of Faisalabad being exported to various countries enjoyed a distinguished status globally and ‘we must strengthen our ties with the Gulf States businesspersons’. “We can easily process orders from the GCC countries and room for cooperation is also available for other segments. The FCCI will leave no stone unturned to provide convenience to the Gulf countries' entrepreneurs,” said Dr Sajjad. Talking to WealthPK, a textile exporter, who identified himself as Anwar, said it was a matter of pleasure that an industrialist – Gohar Ijaz – was serving in the interim setup as Minister for Commerce and was striving to increase textile exports. However, he said in the current circumstances when the entrepreneurs were finding it hard to run their businesses, the exports would register a decline. “We are in a position to provide cheap labour to the world; however, our cost of doing business is increasing with each passing day. Without ensuring cheap rates and smooth supply of electricity and gas, Pakistani entrepreneurs will not be able to compete with their business rivals in the international market,” he said.

Credit: INP-WealthPk

Enhancing Pak-China economic and business relationships through joint ventures represents a strategic initiative to deepen collaboration, foster industrial cooperation, and create a framework for sustained economic growth through mutual engagement and shared goals. Former chairman of the Board of Investment (BOI) Haroon Sharif expressed these insights while talking to WealthPK. He highlighted the necessity for diversification and technology transfer in joint ventures and emphasized the potential of Special Economic Zones (SEZs) to serve as hubs for collaboration. According to Haroon, each SEZ is identified as having specific geographical competencies and unique production potentials that could be optimized through collaboration with Chinese companies. He further underscored the need for a comprehensive strategy that involves not just government initiatives but also private-sector engagement. Collaboration with Chinese investors, in this context, is viewed as a catalyst for economic transformation, offering job opportunities, stimulating growth, and contributing to poverty alleviation.

"There is a huge business opportunity in Pakistan through joint ventures where the Pakistani industry raises the capacity, so the question arises where would that money come from to support joint ventures. I suggest that we need a financial institution like a Pakistan-China investment company to put half a million dollars worth of money into these technologies through joint ventures, which will be done in the private sector from where we should get cheaper, high-quality products. To do this, there would be no burden on the government books of borrowing." Talking to WealthPK, Dr Tahir Mumtaz, Director of China Study Center, COMSATS, Islamabad, said, "Pakistan's relations with China remain the cornerstone of our foreign policy. "The close and time-tested friendship with China enjoys the abiding support of the people of Pakistan. Over the last few years, the CPEC has yielded substantial outcomes, playing a crucial role in fostering Pakistan's economic and social progress."

While the joint ventures present a promising opportunity, he cautioned that meticulous planning and transparent frameworks were imperative for their success. Clear policies and effective communication channels would be essential to navigate the complexities of cross-border collaborations and ensure a mutually beneficial outcome. As per information from the Planning Ministry available with WealthPK, a high-profile delegation led by officials from Chongqing Federation of Industry & Commerce, Chang Jiang Industrial Company, Li Ting International, and Yihai Culture Communication Co Ltd, recently visited Islamabad and met with Federal Minister for Planning, Development & Special Initiatives Muhammad Sami Saeed. The meeting focused on exploring collaboration opportunities between Pakistan and China across sectors, emphasizing business expansion and new investment avenues. The discussions centred on strengthening bilateral ties and identifying strategic areas for mutually beneficial partnerships.

Credit: INP-WealthPk

Pakistan's kinnow industry is on the verge of collapse as it faces a 50% decrease in exports and the shutdown of half of its processing plants due to adverse weather and economic conditions, reports WealthPK. The industry, which once contributed significantly to Pakistan's economy, is grappling with many challenges ranging from shorter shelf life and susceptibility to diseases to high export taxes and delayed import quotas. In this respect, the All Pakistan Fruit and Vegetable Exporters Association (PFVA) has raised alarm bells, urging the government to declare an agricultural emergency in the country. "Kinnow used to be the most exportable fruit of Pakistan and a major proportion is exported to the Middle East, followed by Indonesia, the Philippines, Sri Lanka and other markets," said Dr Nurullah, a senior scientific officer at the National Agriculture Research Centre (NARC). He said: "The fruit is in high demand due to its unique taste and nutritional value. The export of kinnow has helped create job opportunities in Pakistan and has contributed significantly to the country's economy." "However, the recent revelations by PFVA have sent shockwaves through the agricultural landscape, revealing a disconcerting decline in exports and the ominous closure of processing units.

These developments pose a grave threat to the very foundation of the agriculture industry, raising concerns about the sector's sustainability and long-term viability," he pointed out. "This decline will not only jeopardise the livelihoods of countless farmers and stakeholders but also raises questions about the country's ability to meet international market demands and sustain its global standing in the agricultural arena," he said. "To address this alarming situation, urgent and comprehensive measures are needed. Government intervention, policy reforms and strategic investments are imperative to revive the agricultural sector and mitigate the impending crisis. Collaborative efforts between the public and private sectors, as well as engagement with relevant stakeholders, will be crucial to implementing effective solutions and restoring the industry to its former vitality," stressed Nurullah. The NARC scientist also called for swift development of new kinnow varieties, drawing on the experiences of other nations to introduce disease-resistant strains capable of withstanding the effects of climate change.

Credit: INP-WealthPk

The State Bank of Pakistan (SBP) reveals an encouraging growth in the banking sector in spite of considerable economic challenges during the Fiscal Year 2022-23, reports WealthPK. The recently released Governor's Annual Report (GAR) demonstrates a notable 17% increase in the total assets of the banking sector, signaling resilience in the face of various economic headwinds. The report acknowledges the severity of challenges, citing external and domestic shocks, structural weaknesses, and persistently high inflation amidst economic contraction. However, amid these difficulties, the report underscores the financial sector's ability to maintain stability and contribute significantly to the country's economic landscape. One of the standout aspects highlighted in the report is the commendable performance of Islamic Banking Institutions (IBIs) during the review period. Outperforming their conventional counterparts, the IBIs exhibited a double-digit growth in deposit mobilization and excelled in financing and investments. Economists and financial experts viewed this growth as a positive sign for Pakistan's financial landscape. Dr. Ahmed Faraz, a prominent economist at the Pakistan Institute of Development Economics, remarked, "The robust growth in the banking sector's total assets, particularly in IBIs, showcases resilience and adaptability.

It's a positive signal for the overall economic health of the country." The GAR FY23 also sheds light on the SBP's proactive measures to address economic challenges. The central bank maintained a contractionary policy stance, raising the policy rate by a cumulative 825 basis points during FY23. These measures, coupled with fiscal policy resilience, played a crucial role in containing inflation and maintaining macroeconomic stability. "In the face of economic uncertainties, the SBP's strategic approach is evident in their contra contractionary policy stance and fiscal coordination. This has been instrumental in navigating challenges and ensuring stability," stated Dr. Ahmed. Despite a contraction in real GDP and missed fiscal targets, the report emphasizes the financial sector's pivotal role in meeting the economy's credit and financial service needs. The 17% growth in total assets indicates a resilient financial system that continues to play a stabilizing role amid the economic turbulence. As Pakistan looks towards the future, the GAR FY23 suggests that a collaborative and strategic approach between monetary and fiscal authorities will be crucial for sustained economic recovery. The positive growth in the banking sector provides a ray of hope amid the broader economic challenges faced by the country.

Credit: INP-WealthPk

Allied Bank Limited (ABL), one of Pakistan’s prominent banks, has declared an unconsolidated profit-before-tax (PBT) of Rs57.8 billion for the nine months ended September 30, 2023, with an impressive growth of 75% over the corresponding period of the earlier year, reports WealthPK. According to the financial results submitted to the Pakistan Stock Exchange (PSX), the bank recorded a profit-after-tax (PAT) of Rs28.6 billion for 9MCY23 versus a PAT of Rs12.6 billion in the corresponding period of the last year, posting a substantial 127% growth. ABL announced earnings per share of Rs25.03 for the period under review.

The net markup income posted massive growth, reaching Rs80.9 billion for 9MCY23, compared to Rs45.4 billion in 9MCY22. Higher yields on investments, advances, and bank placements improved margins over the same period of last year. Furthermore, the non-markup interest income for the nine months reached Rs16.1 billion, representing a 1% year-on-year decline. The bank’s continuous focus on investing in its digital financial avenues, combined with maintaining diversification of revenue streams, facilitated a robust fee income growth of 30%, reaching Rs7.7 billion during the nine months of calendar year 2023 as compared to Rs5.9 million over the corresponding period of last year.

ABL's dividend income increased by 29.8% to Rs2.5 billion for the nine months ended September 30, 2023, as compared to Rs1.9 billion for the nine months ended September 30, 2022. Furthermore, the total asset base crossed Rs2.2 trillion mark and deposits reached Rs1.7 trillion as of September 30, 2023. The return on assets and return on equity stood at a robust level of 1.5% and 27.1%, respectively. Overall, the bank sought to achieve consistent growth through a robust risk management framework and improve customer experience through technologically driven automation and digitisation.

Review of banking sector

The banking sector remained resilient against a challenging operating environment and relatively subdued economic activity throughout the first nine months of 2023. As of September 30, 2023, the total assets of the industry amounted to Rs41,823 billion, reflecting a 21% increase compared to Rs34,530 billion as of December 31, 2022. This growth was primarily driven by a 26% improvement in investments and a significant 64% increase in cash and balances. In contrast, advances declined 0.5%. On the liability side, deposits improved by 17% to Rs26,318 billion as of September 30, 2023, as compared to Rs22,467 billion as of December 31, 2022.

Credit: INP-WealthPk

The Punjab government is going to set up a facilitation centre in Faisalabad to help boost business activities in the industrial district. The centre will ensure issuance of no-objection certificates of 17 different departments within 10 to 30 days. Currently, businessmen have to visit different departments to get the mandatory NOCs, which cost them even months. Provincial secretary of industry, trade and investment Ahsan Bhutta said investors were facing issues related to federal, provincial and local government departments. He said the facilitation centre would help resolve their issues at their doorstep. He added the centre would start working soon. He said all the chambers of commerce and industry of Punjab were consulted on the matter. He said investors would submit applications at the centre regarding their issues pertaining to electricity, gas, housing, local government, water and sanitation, Faisalabad Development Authority, forest, irrigation, labour, social security and other departments. Bhutta said the centre would send a message to the applicant informing him about the issue date of NOC.

The applicant would also be able to deposit the fee online, he added. “The entire process will be monitored by senior officials,” he said, adding investors would get rid of becoming a rolling stone among different departments. Initially, he said the facilitation centre would be connected with the Punjab government, and later with the federal government. He said a mechanism was being devised for inspection of the industrial units, enabling multiple departments to carry out the inspection at the same time rather than visiting units on different dates. Senior vice-president of Faisalabad Chamber of Commerce and Industry Dr Sajjad Arshad said the facilitation centre was the need of the hour as the investors, traders and businessmen were facing multiple issues in getting NOCs. He said initially the centre was set up in Lahore and the business community of Faisalabad had also been seeking the facility in the district. “We hope the centre will resolve the issues of the business community,” he said, adding getting NOCs from different departments was a cumbersome task. “However, the issuance of NOC under one roof will help boost the business activities in the district,” he added.

Sajjad Arshad demanded the government reduce the gas and electricity rates to boost exports. “Due to energy crisis, the country's exports are facing a downward trajectory,” he noted. Aslam, owner of a power loom, told WealthPK that businessmen had to grease the palms of officials of different departments to get an NOC. However, he said the facilitation centre would help save their money and precious time as well. He said without promoting business activities, Pakistan could not overcome the issue of unemployment and ensure better living for teeming millions. “We need health, education, food and other facilities and these are not possible without creating jobs and enhancing business activities,” he said.

Credit: INP-WealthPk

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

۔ویلتھ پاک سے بات کرتے ہوئے، ایس ای سی پی کے شریعہ مشیر ڈاکٹر سید ایم عبدالرحمن نے کہا کہ کمیشن کا سرمایہ کاروں تک رسائی اور معلومات کی ترسیل کے لیے جدید ٹیکنالوجی سے استفادہ کرنے کا حالیہ عزم پاکستان کی اقتصادی ترقی کو آگے بڑھانے کی جانب ایک اہم قدم ہے۔انہوں نے کہا کہ انشورنس سروسز اور مصنوعات کے بارے میں آگاہی بڑھانے کے لیے ٹیکنالوجی سے فائدہ اٹھانے پر ایس ای سی پی کا زور قابل تعریف ہے۔عبدالرحمن نے کہاکہ ایک ایسے دور میں جہاں ڈیجیٹلائزیشن معاشی ترقی میں ایک اہم کردار ادا کرتی ہے، وسیع تر سامعین تک پہنچنے اور انتہائی ضروری سرمایہ کاری کو راغب کرنے کے لیے کمیشن کا فعال موقف ضروری ہے۔انہوں نے کہا کہ نئی کمپنیوں کی رجسٹریشن میں اضافہ ایس ای سی پی کی اندرونی آٹومیشن اور ادارہ جاتی اصلاحات کا ٹھوس نتیجہ ہے۔ انہوں نے مزید کہا کہ یہ اضافہ نہ صرف اقتصادی ترقی کے لیے ایک مثبت رفتار کا اشارہ دیتا ہے بلکہ کاروباری منظر نامے کو آسان بنانے کے لیے ایس ای سی پی کے اقدامات کی تاثیر کو بھی واضح کرتا ہے۔ایس ای سی پی کے مالیاتی شعبے میں مسابقت کو فروغ دینے، انٹرپرینیورشپ کو فروغ دینے، مالی شمولیت کو بڑھانے اور مارکیٹ کو وسیع کرنے کے لیے عالمی بہترین طریقوں سے ہم آہنگ ہیں۔ سرمایہ کاروں کی رسائی کے لیے ٹیکنالوجی کو اپنانے کے لیے کمیشن کا عزم نہ صرف پاکستان کو تکنیکی لحاظ سے ایک جدید مارکیٹ کے طور پر رکھتا ہے بلکہ ایک شفاف اور موثر کاروباری ماحول کو بھی یقینی بناتا ہے۔

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی

کریڈٹ: انڈیپنڈنٹ نیوز پاکستان-آئی این پی