Day: February 27, 2023

Karachi, February 27, 2023 (PPI-OT):The Union of Small and Medium Enterprises (UNISAME) has invited the attention of Prime Minister Shehbaz Sharif that the Small and Medium Enterprises (SMEs) are the destiny of Pakistan and can bring about a betterment in the economy and must be facilitated, supported and encouraged in such challenging times, a statement said on Saturday.

UNISAME President Zulfikar Thaver said: “We have reiterated that the only sector, which can bring about a remarkable change in the badly-hit economy is the SME sector, as this sector is facing setbacks because of the rupee depreciation, inflation and unavailability of funds for imports of raw and packing materials, logistics, medicines and fuel.

However, the majority sector is ready to face challenges and are prepared to continue to manufacture the requirements of domestic and foreign markets made mostly from the indigenous resources. Thaver said that the SME sector is demanding a facility for the import of a small percentage of items they need to import to complete their production cycle due to unavailability of specific components and parts or ingredients, which are needed to be imported.

The UNISAME Council members have; therefore, urged the government not to stop import of such items, as the entire production will not move unless such items are made available. The council has urged the State Bank of Pakistan (SBP) to contact the international support funds or donor agencies to finance or invest in the imports or seek support from the international commodities exporters on pay as you earn schemes or give 367-day credit for the payment of bills of exchange. Another option could also be to allow the overseas Pakistanis to import with their own funds from abroad and take the value back after a determined period of time.

The UNISAME Council also suggested measures to pump up dollars to the SBP, including giving a sizeable rebate on the workers’ remittances up to a specific threshold for short-term. The Pakistan Remittance Initiative (PRI) Scheme of the SBP can be expanded for it. Also evaluate a separate interbank rate for the workers’ remittances to encourage direct flows. The steps already taken by the government to increase the profit rates on the foreign currency accounts and other saving schemes of foreign residents are appreciated and hopefully increase savings in Pakistan, it added.

For more information, contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street, Phase IV, D.H.A.,
Karachi, Pakistan
Tel: +92-21-35884225-6
Fax: +92-21-35380642
Cell: +92-300-8245307, +92-321-8245307
Email: unisame@gmail.com
Website: http://www.unisame.org/

The post UNISAME urges Prime Minister to explore SME potential appeared first on Business News Pakistan.

Karachi, February 27, 2023 (PPI-OT):President Karachi Chamber of Commerce and Industry (KCCI) Mohammed Tariq Yousuf has requested Commissioner Karachi Iqbal Memon to establish ‘Special Reporting Cells (SRCs)’ at all districts in Karachi so that the local representatives could able to submit their recommendations about the infrastructure development work requirements in their respective areas. “Setting up the proposed SRCs would certainly help in prompt commencement and completion of development work and improve roads and drainage system in Karachi to some extent”, he added.

While expressing deep concerns over rising activities of drug peddlers during a meeting held at Commissioner Karachi’s Office, President KCCI pointed out that all such illegal activities were widely being carried out from slum areas where drug peddlers have established dens to sell narcotics which have to be completely cleansed by initiating anti-narcotics drive so that our youngsters could be saved from falling prey to these anti-human elements.

Seeking Commissioner Karachi’s help in dealing with rising encroachments, President KCCI pointed out that although the government has been expanding roads from time to time to ensure smooth flow of traffic but unfortunately, traffic usually gets clogged for hours at some of the well-known and most busiest roads of the city as a substantial portion of these roads has been illegally taken over by restaurants, particularly tea sellers who place chairs and tables on roads as well as footpaths to provide dine-in facility to customers.

He said, “You’ll seldom find such an example in any other country except Pakistan, particularly in Karachi where dine-in facility was being provided either on a footpath or road whereas the fruit vendors can also be seen occupying almost two lanes of the roads, chocking the main boulevards, especially the road near the underpass which connects Site area with Nazimabad.”

He also pointed out that the sufferings of people living around the National Stadium was uncalled for and totally unparallel as people inhabiting in these areas are denied access to their own homes. “There has to be some other security measure which can be undertaken to protect the teams playing in the National Stadium but at this point in time, it is really a big harassment to the people living around the vicinity of national stadium, hence, the local administration has to come up with ideas to minimize the grievances being faced by the public”, he added.

For more information, contact:
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Karachi-74000
Phone: +92-21-99218001-09
Fax: +92-21-99218040
Email: info@kcci.com.pk, secretary@kcci.com.pk
Website: www.kcci.com.pk

The post Infrastructure Development Works: KCCI asks Commissioner to establish Special Reporting Cells at district-level appeared first on Business News Pakistan.

Karachi, February 27, 2023 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has welcomed the Korea Trade-Investment Promotion Agency (KOTRA)’ initiatives in Pakistan for youth empowerment; skills development; world-class vocational training; productive efficiency enhancement and employment generation.

Mr. Irfan Iqbal Sheikh has expressed his satisfaction that the productive capacity of Pakistani engineers working in automobile plants has increased substantially and their efficiency has also increased by 20 percent with the help of various trainings and vocational education programs of friendly country of South Korea’s KOTRA. We need to learn from Korean industrial standards and try to adapt them in Pakistan, he added.

Mr. Irfan Iqbal Sheikh stressed that in the total bilateral trade of $1.6 billion with Korea, Pakistani exports stand at merely $191; resulting in a massive bilateral trade deficit, year after year. He proposed that KOTRA should help Pakistani exporters to improve B2B and Chamber-to-Chamber linkages with their Korean counterparts – and, enable them to find their expanded export market in value-added textiles; leather products; sports goods; IT and IT-enabled Services (ITeS); cement and related products; surgical goods and natural minerals.

Engr. M. A. Jabbar, VP FPCCI, said that FPCCI is concerned at the shortages of raw materials at Lotte’s Pakistan plant; which is a Korea’s top multinational conglomerate and playing an important role in Pakistan’s industrial and economic development. He added that FPCCI requests the government to resolve the pending LCs of Lotte ASAP.

Engr. M. A. Jabbar apprised that there are at least 25 major Korean companies operating in Pakistan and generating a lot of economic activities and employment. We should facilitate and incentivize them; so that, more Korean companies can establish their presence in Pakistan. Engr. M. A. Jabbar explained that the only way forward for Pakistan is rapid industrialization and aggressive import substitution; and, Korea is the right partner for FDI in various industrial sectors; joint ventures and manufacturing collaborations.

Mr. Sung Jae Kim, Director General of KOTRA Karachi Office, briefed the session that KOTRA is willing to expand its services and programs in Pakistan. He also emphasized that Pakistan can increase their exports to Korea through quality assurance at par with Korean standards; and, this will reduce the bilateral trade deficit of Pakistan with Korea. However, DG KOTRA, added that the government of Pakistan should look into the pending LCs; shortages and delays of raw materials; profit repatriation and other foreign exchange related issues of Korean companies in Pakistan.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/

The post South Korea’s KOTRA-Sponsored Training Programs have enhanced the productive efficiency of Pakistani Engineers in Auto Industry by 20% appeared first on Business News Pakistan.