Trade Chronicle Nov-Dec 2015

www.tradechronicle.com Vol. 62 Issue Nos. 11 & 12 November-December 2015 Rs. 200/- 

Trade Chronicle 

PAKISTAN'S LEADING MONTHLY MAGAZINE OF COMMERCE, INDUSTRY & PUBLIC AFFAIRS 

Circulation Audited by 

ABC 

CONTENTS 

Founded by: 

Late Abdul Rauf Siddiqi 

Editor: 

ABDUL RAB SIDDIQI 

 

EDITORIAL 

Pakistan Leather Industry needs incentives 

Special Feature's Editor: 

ABDUL RAFAY SIDDIQI 

Manager: 

Shoukat Hayat 

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Iftikhar Chambers 

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Karachi-74000 

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Publisher: 

Abdul R Siddiqi 

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New Year’s gift; Power tariffs reduced by PKR3.0/unit 

Jinnah: A charismatic and persuasive leader 

by M Shafique Ahmed 

39th FPCCI Annual Export Award 

NBP awarded FPCCI gold medal 

A review on Pakistan Mega Leather Show - 2015 

successfully organized in Lahore 

Several key macro indicators recorded improvement, 

says the State Bank’s Annual Report 

Growth to accelerate to 4.5pc: WB 

by Tahir Amin 

 

 

 

 

 

 

 

 

 

 

COMMENTS 

ARTICLES & FEATURES 

REGULAR FEATURES 

People & Events 

Obituary 

Port & Shipping News 

Telecommunication News 

Automobile News 

Cement Industry 

Fertilizer & Petrochemical Industries 

Banking & Insurance News 

Aviation & Hotel News 

Leather Industry

TRADE CHRONICLE 

We begin with the name of Allah, the Magnificient 

Pakistan Leather Industry needs incentives 

Pakistan leather industry play a vital role in export earning of 

Pakistan. It contributes 2.6pc to GDP, 5pc to country’s total 

exports and provides jobs to over one million skilled and semiskilled 

workers. Following the successful conclusion of 1st Pakistan 

Mega Leather Show earlier this year, all stakeholders of Leather 

Sector of Pakistan, once again joined hands to organize 2nd 

Pakistan Mega Leather Show, which is scheduled to be held in 

Lahore International Expo Centre from 27 – 29 January, 2016. 

From 

Editor's 

Desk 

ABDUL RAB SIDDIQI 

It will be organized by Pakistan Tanners Association (PTA), 

Pakistan Footwear Manufacturers Association (PFMA), Pakistan 

Gloves Manufacturers and Exporters Association (PGMEA), 

Pakistan Leather Garments Manufacturers and Exporters 

Association(PLGMEA) and European Union with the grand support 

of Trade Development Authority of Pakistan (TDAP). 

The show would be a classic example of unity among finish leather, 

garments and goods manufacturers / exporters, contrary to their 

business requirements on the question of supply of finish leather 

& other raw materials and all credit goes to Pakistan Tanners 

Association in general and its predecessor and successor of 

association in particular for bringing all stakeholders under one 

roof to show finest quality of Finished Leather of all sorts, Leather 

Footwear, Leather Garments, Leather gloves/Products as well as 

allied services like Tanning/ Machineries and chemicals. It is 

solely aimed at to increase export when export data on the path 

of north south trend. Hopefully, it will promote the cause of leather 

industry at all forum together. 

The cursory look of export performance of leather and leather 

products from July – June 2014- 15 and vice versa 2013 – 14, 

shows an overall decline of 6.36 percent to $1.195 billion and 

there is urgent need to arrest this declining trend. The trend 

intensified during the first five months July- November, 2015, as 

Pakistan exported leather tanned and earned export revenue of 

US $ 156.78 million, leather manufacturing $222.31 million and 

leather footwear $39.49 million, compared to $203.02 million, 

$271.19 million and $52.35 million respectively in July – 

November, 2014. This translates leather tanned revenue fell by 22.77 

percent, leather manufacturing 18.02 percent and footwear 24.57 

percent. Thus, total export revenue fell by 19.45 percent to US$ 

418.59 million from $519.772 million in July - November, 2014. 

In contrast, China’s leather export, India, Bangladesh and Vietnam 

export earnings increased by manifold. Similarly, industry expert 

says that Pakistan’s share of 0.5pc in world market for leather 

and leather products is insignificant compared to China’s 19pc, 

Italy 9pc, Vietnam 4pc and India 2.5pc. 

Trade Chronicle - November - December 2015 - Page # 04


It is time to revise their duty 

drawback as the regional 

countries protected their 

industry by raising the rate of 

duty drawback for exporters to 

neutralise the benefit of GSP+ 

facility to Pakistan. The 

current rates are not at par 

with these traditional regional 

countries. 

The government should also 

consider the relaxation on the 

import of raw skin and leather 

which has to pay 3pc customs 

duty as a local raw material 

supply position is not 

sufficient. 

Similarly, Patron-in-Chief of 

Pakistan Leather Garments 

Manufacturers & Exporters 

Association (PLGMEA) Fawad 

Ijaz Khan and Chaudhry 

Ahmed Zulfiqar Hayat 

Chairman PLGMEA have 

demanded from the 

government to announce the 

package for leather garments 

and leather goods sector 

instead of supporting only 

Textile Sector. State Bank of 

Pakistan has announced 1 

percent reduction in Export 

Refinance Rate for Textile 

Sector products only from 2nd 

November 2015 vide 

IH&SMEFD Circular no.17 of 

2015 dated 30th October 

2015. They also urged the 

Prime Minister and Finance 

Minister to treat export sector 

equally and announce 1 

percent reduction in export 

refinance rate to 3.5 percent 

from 4.5 percent presently for 

all exports. 

Likewise, Footwear 

manufacturers have demanded 

from the government to 

provide them with export 

finance scheme (EFS) and longterm 

finance facility (LTFF). 

The Pakistan Footwear 

Manufacturers Association 

(PFMA), in a statement, said 

the performance of the local 

footwear industry is declining 

as compared to its competitors 

in the region due to 

unfavourable conditions. 

“Pakistani footwear industry is 

suffering due to long overdue 

refunds in form of duty 

drawbacks, sales and income 

taxes,” said Waseem Zakaria, 

chairman at PFMA. 

He said government has 

recently notified revision of 

financing rates under the 

EFS and LTFF for the textile 

sector. He demanded from 

the government the same 

facilities for footwear 

manufacturers. 

The Government should look 

seriously and consider the 

demand made by Pakistan 

Tanners Association, PLGMEA 

and PFMA, in order to boost 

up progress and export . They 

have rightly pointed out about 

country fast losing its share in 

the traditional markets of 

leather and leather goods to 

regional countries because of 

higher cost of production. 

We sincerely hope that 

forthcoming event would be 

another milestone in the 

progress of leather industry 

and attracts a large number of 

buyers from all over the world 

to make the event a success 

It is suggested that 

stakeholder also consider 

Karachi as next venue for fair, 

as it was synonym to leather 

industry in past. 

EDITORIAL 

COMMENTS 

New Year’s gift; 

Power tariffs reduced 

by PKR3.0/unit 

The Prime Minister Mian 

Muhammad Nawaz 

Sharif while addressing 

39th FPCCI Export Award 

Ceremony has announced a cut 

of PKR3.0/unit in electricity 

tariff for industrial consumers, 

applicable from Jan01’16. The 

announcement was widely 

welcomed by the businessmen 

with 

standing 

ovation. Industry experts were 

of view that the relief has been 

provided in the base tariff and 

not as part of the fuel 

adjustment, thereby 

decreasing the industrial tariff 

down to ~PKR11/unit (before 

fuel adjustment), representing 

a decline of ~20%. 

This is a big relief to industrial 

consumers and somehow 

helps them bring down cost of 

doing business in the country. 

Though the cut in power tariffs 

seems encouraging however, 

given the cost of FO based 

generation currently standing 

at ~PKR7.2/unit, reliance of 

the industry on grid imports 

has reduced significantly. 

Thus, only small cement 

manufacturers and other 

industries with no captive 

capacities and those have 

partial reliance on grid may 

benefit from the development. 

We hope this reduction in 

tariff would be reflected in 

proucts, the industry 

produced. 



Jinnah: A charismatic and persuasive leader 

by M Shafique Ahmed 

The Pakistani nation and the Pakistani 

missions abroad are celebrating today 

the 139th birthday of Jinnah born on 

December 25, 1876 in the port city 

of Karachi. The day is a national 

holiday and dignitaries and people 

from all walks of life gather around 

his mausoleum to pay homage to him 

and pray for his departed soul. His 

father Jinnahbhai Poonja was a 

modest businessman. He had three 

sons and three daughters - Jinnah 

being the first-born. As a child, Jinnah 

was like any other ordinary boy, but 

had a better sense of cleanliness. Not 

only he kept his books, bed, dress and 

hands clean, he wished his friends as 

well to keep clean and play at a clean 

place. He played cricket, football and 

marbles with them. He also rode 

horses as his father owned a stable. 

His father wanted to drag him into 

his family business, but Jinnah showed 

more inclination to law and be a 

barrister in his life. After his early 

education in Karachi, it was decided 

that he should be sent to England for 

his studies but his mother urged him 

to get married to her cousin Emibaj 

Jinnah. Soon after his marriage, he 

left for England and joined the 

Lincoln's Inn in June 1893. He was 

called to Bar when he was only 19 

and the youngest barrister in England. 

On his return from England, he set 

up his legal practice in Mumbai 

(Bombay). In 1906, he joined 

Congress to bring about the Hindu- 

Muslim unity. He resigned from the 

Congress due to the increasing 

prejudices. At the invitation of 

Maulana Muhammad Ali Jauhar, he 

joined All India Muslim League in 

1913, which was divided into factions 

due to a lack of direction and needed 

a dynamic leadership to steer it. At 

first, he brought the divided factions 

under the banner of All India Muslim 

League with his political acumen and 

farsightedness, which won him the 

title of Quaid-e-Azam. On March 24, 

1940 the Muslim League at its 

historical session, held at Iqbal Park, 

Lahore under the Chairmanship of 

the Quaid-e-Azam, considered the 

'Two-Nation' theory of Sir Syed 

Ahmed Khan, saying that the Hindus 

and the Muslims were two different 

nations, had different language, 

religion, customs, traditions and 

architecture, hence they needed a 

separate homeland in the 

subcontinent for their living in peace 

without any pressure. Not only did 

Maulana Muhammad Ali Jauhar 

demand a separate homeland for the 

Muslims, Dr Allama Muhammad 

Iqbal also hinted at it in his first speech 

delivered in 1930. The Resolution was 

fully endorsed and came to be known 

as the "Lahore Resolution". Now it is 

called "Pakistan Day". The "Lahore 

Resolution" was a turning point in the 

politics of the subcontinent and caused 

a great stir in India, and was opposed 

tooth and nail. A furor was caused 

and the Hindus let loose bloodshed 

of the Muslims and the situation 

seemed to be getting out of control 

of the British rulers. 

The Quaid-e-Azam hurriedly met the 

Congress leader M. K. Gandhi to fast 

unto death to stop the communal 

clashes forthwith. The Quaid-e- 

Azam also called on the British 

Viceroy Lord Louis Mountbatten to 

convey to his government that the 

ongoing clashes were not going to 

stop, unless the Muslim demand for 

a separate homeland was accepted 

by the British rulers of India. At last, 

the division of the Indian subcontinent 

was announced by Lord Louis 

Mountbatten on All India Radio on 

June 03, 1947. Thus Pakistan came 

into being as the Eastern Wing and 

the Western 

Wing of Pakistan. The Quaid-e- 

Azam became the first Governor 

General and Khan Liaquat Ali Khan 

the first Prime Minister of the newlyborn 

Pakistan. Thus the decades-long 

struggle of the All India Muslim 

League for Pakistan came to its 

logical end on August 14, 1947, which 

is celebrated every year to 

commemorate the day. The obsessive 

work by the Quaid-e-Azam badly told 

on his failing health. He was rushed 

to Ziarat, a holiday resort in 

Balochistan, hoping that it would give 

him a much-needed break to regain 

his health, but his condition instead 

getting better deteriorated and he was 

brought back to Karachi. Alas! He 

breathed his last on September 11, 



1948 at the age of 72. His untimely 

passing away was a severe blow to the 

newly-born Pakistan, as many issues 

were left unsettled. Quaid-e-Azam was 

an epoch-making personality. His death 

was condoled not only by M. K. 

Ghandi, Pandit Jawaharlal Nehru, 

Sarojni Naido but was also condoled 

by the world figures, viz Bertrand 

Russell, Lord Mountbatten, Sir Winston 

Churchill, apart from many other world 

politicians. The resolution of the 

Kashmir issue was the top priority of 

the Quaid-e-Azam. It is unfortunate that 

in 1971, the Eastern Wing of Pakistan, 

after 23 years of the Quaid's death, 

declared itself an Independent 

Sovereign Muslim State called 

"Bangladesh". 

Jinnah was a charismatic and 

persuasive leader. Pakistan is 

considered as biggest political 

achievement, not only of the Quaide-Azam 

Muhammad Ali Jinnah alone, 

but his persuasive efforts, sacrifices 

of his devoted associates also were 

in it. Not a Muslim Leaguer was 

jailed even for a day for demanding 

Pakistan. Pakistan was an obsession 

for the Quaid, who worked for it day 

and night even when his health was 

fragile. But it did cost us colossal loss 

of human life and property in the wake 

of Partition in 1947 due to migration 

of millions of Muslims from India. 

Pakistan, since its inception, has seen 

both civilian and military dictators' 

rules that profoundly hampered 

country's progress. Pakistan is now 

experimenting with elusive 

democracy. The masses are still 

groaning under the poverty and were 

awaiting for the promised fruits of 

democracy. They feel deprived of 

education, health benefits and getting 

no employment. Begging and 

corruption still at their peak. 

Pakistan is fighting a decisive war the 

"Zarb-e-Azb" against terrorists in 

North Waziristan who refuse to 

recognise the government's writ. 

Rangers are also carrying out the 

"Karachi operation" against terrorists, 

land grabbers, target-killers, ransomseekers, 

hired assassins and all other 

anti-social elements, who want to 

destabilise Pakistan by creating unrest 

in the country by their destructive 

moves for their selfish motives. Many 

a proven criminal has so far been sent 

to the gallows, and many more are 

also doomed for their anti-state acts. 

Thanks to the Rangers' operation in 

Karachi, the local traders, 

businessmen, kidnappers of the 

influential people, threatened earlier 

by the anti-social elements, now 

heave a sigh of relief and sleep at 

night without a break. Army Chief 

General Raheel Sharif is now more 

of a national hero for his undaunted 

role in the fight against terror. 

Pakistan is proud of having him and 

the fighting soldiers. 

(Courtesy: “Business Recorder”) 

Senator Pervaiz Rashid, Federal Minister for IB&NH inaugurating an exhibition of paintings, sketches and calligraphy 

on Quaid-i-Azam organized by DEMP in Islamabad on December 21, 2015. 



39th FPCCI Annual Export Award 

• Prime Minister announces cut in electric tariff 

• Distributes award among top exporters 

• Urges exporters to increase exports 

Prime Minister Muhammad Nawaz Sharif distributing awards in the 39th Export Awards Distribution Ceremony of 

FPCCI at Karachi on December 28, 2015. 

Prime Minister Muhammad Nawaz 

Sharif has announced a cut of Rs 3 in 

per unit tariff of electricity for industrial 

users and urged the exporters to 

translate it into increased exports for 

the country. 

Addressing the 39th Annual Export 

Awards Distribution Ceremony under 

the Federation of Pakistan Chambers 

of Commerce and Industry (FPCCI), 

the Prime Minister assured that as 

things improved, more cuts would be 

made to help the industrial community. 

The announcement got a standing 

ovation from a hall full of the country's 

top entrepreneurs for the great relief 

and fulfilling of their long-standing 

demand. 

The Prime Minister said the tariff 

would be applicable from January 1, 

2016 and urged the business 

community to work harder and 

produce better quality goods, generate 

employment and earn foreign 

exchange for the country. 

He said his government's focus was 

on addressing the three main 

challenges of improving economy, 

ending power shortages and 

countering terrorism, inherited by it in 

2013. Nawaz Sharif mentioned the 

threats of extremism and terrorism 

and said he was committed to root out 

the same for good from Pakistan. 

He said Pakistan, and particularly 

Karachi, were much better and safer 

than what they were three or six years 

back. He assured that the operation in 

Karachi would continue and 

congratulated Director General 

Rangers, Inspector General of Police 

Sindh and Chief Secretary Sindh for 

their success in bringing peace to the 

port city. 

He said in September 2013, he stayed 

in Karachi for two days and met all 

political, business and influential people, 

and stakeholders, who they all agreed 

on conducting an operation to rid the 

city of extremists, terrorists and lawbreakers. 

He said today the change was 

significant as foreign businessmen 

were now coming to the city and 

interacting with local counterparts and 

hoped that in the days ahead, Karachi 

would be vibrant and serve as the 

country's economic hub. 

The Prime Minister said the 

government was working on short, 

medium and long term projects to 

make the country self-sufficient in 

power generation. 

He said the country used to witness 

12-18 hours of load shedding, but today 

it was considerably less and things 

were improving gradually. The Prime 

Minister said his government was also 

trying to make electricity cheap and 

lower cost of production, so as to make 

these more competitive and help end 

unemployment. 

He said the issue of load shedding was 

being addressed at multiple levels. He 

recalled his visit to the Port Qasim 

coal-fired power generation plant and 

directed that it should be completed 

by 2017. 

He said in financial years 2017-18, 



10,000 MW more electricity would be 

added to the system and another 15,000 

MW by the year 2025. 

He said the coal from Thar would be 

used to generate 3600 MW electricity. 

He also referred to setting up of other 

power plants that were being installed 

at 40 per cent lesser cost, saving Rs 

100 billion to the national exchequer. 

He also mentioned the construction of 

Diamir Bhasha project that would 

generate 4500 MW, Dasu Dam, besides 

the nuclear power plants of K2 and K3, 

Neelum Jhelum and the fourth Tarbella 

Expansion project that would make the 

country self-sufficient. 

He said work was also going ahead at 

enhancing road connectivity and 

mentioned various phases of Lahore- 

Karachi Motorway, western corridor of 

China-Pakistan Economic Corridor that 

would link Gwadar, Quetta and other 

areas of Balochistan with the rest of the 

country. Work on Sukkur-Multan 

Motorway, he added, would start soon. 

The Prime Minister congratulated the 

export award winners and said they 

Mian Muhammad Adrees, President FPCCI is Presenting Crest to Prime Minister 

of Pakistan Mian Muahmmad Nawaz Sharif at Karachi during the function of 39th 

FPCCI Export Award. The Commerce Minister Engr. Khurram Dastagir, Finance 

Minister, Ishaque Dar, Sr. Vice President FPCCI Abdul Rahim Janoo, S. M. 

Muneer, CEO TDAP and Iftikhar Ali Malik are also seen in the picture. 

are the country proud. The event was 

also a good incentive for others to try 

harder, he added. 

Minister for Finance Ishaq Dar said 

Pakistan today was considerably better 

in all areas than in 2013, owing to the 

effective measures taken by the 

government of Prime Minister Nawaz 

Sharif. He said that Pakistan had been 

noted as a "macro-economic stable 

country" by 22 credible financial 

institutions of the world. 

He said the Prime Minister would 

announce a new scheme for Income 

Tax filers and non-filers on January 1, 

2016. The number of tax return filers, 

he added, had also risen to one million. 

Minister for Commerce Ghulam 

Dastgir paid rich tribute to Prime 

Minister Muhammad Nawaz Sharif for 

his dynamic leadership for turning 

around the national economy. Not only 

the lingering issues of gas and 

electricity load shedding were being 

addressed, but also the challenge of 

terrorism had been tackled, he added. 

The Prime Minister later distributed 

awards among the top performers. 

NBP awarded FPCCI 

gold medal 

National Bank of Pakistan (NBP) has 

been awarded gold medal for its 

"Banking and Financial Services" by the 

Federation of Pakistan Chambers of 

Commerce and Industry (FPCCI) 

during the 39th Export Awards 

ceremony held at a local hotel. Prime 

Minister of Islamic Republic of Pakistan 

Muhammad Nawaz Sharif gave this 

award to Syed Iqbal Ashraf, President 

National Bank of Pakistan (NBP). 

This award is a top slot award and is 

given on the basis of NBP's banking 

and financial services for the economy. 

Syed Iqbal Ashraf, President National Bank of Pakistan (NBP) is receiving 

39th FPCCI Export Award from Prime Minister. 

This is consecutively third year that 

NBP is honoured with this award. 

NBP is an internationally acclaimed and 

awarded institution, apart from the 

domestic awards; bank has earned 

number of international awards. National 

Bank of Pakistan (NBP) recently won 

the globally recognised "The Bank of the 

Year in Pakistan 2015" award. The 

awards presentation ceremony was 

organised in London by The Banker 

which is a flagship publication of the 

Financial Times Group of UK. 



A review on Pakistan Mega Leather Show - 2015 

successfully organized in Lahore 

Federal Commerce Minister Engr. Khurram Dastgir Khan is cutting the ribbon to inaugurate the 1st Pakistan Mega 

Leather Show held in Lahore in 2015. 

The 1st Pakistan Mega Leather 

Show successfully organized from 

6-8th March’2015 in Lahore 

International Expo Centre for 

gaining tremendous potential of its 

leather sector which was jointly 

organized by all the allied 

stakeholders of Leather Sector of 

Pakistan such as Leather (Pakistan 

Tanners Association - PTA), 

Leather Footwear (Pakistan 

Footwear Manufacturers 

Association – PFMA) in 

association with Leather Garments 

& Leather Gloves with financial 

assistance of Government of 

Pakistan, Trade Development 

Authority of Pakistan. 

It was joint collaborated efforts for 

organizing 1st Event of Leather 

Sector after a long pause for the 

exposition of finest quality of 

Finished Leather of all sorts, 

Leather Footwear, Leather 

Garments, Leather gloves/Products 

as well as allied services like 

Tanning/ Machineries and 

chemicals firms participated in the 

show with the aim to accentuate the 

image of Pakistan World-Wide as 

well as to explore the domestic 

Leather Industries 

Inauguration of PMLS-2015 

The Show was inaugurated by 

Honourable Federal Minister for 

Commerce, Engr. Khurram Dastgir 

Khan alongwith officials of 

Ministry of Commerce which was 

attended by Chief Executive, 

TDAP, Mr.S.M.Muneer, President, 

FPCCI, Mian Muhammad Adrees, 

Mr. Muhammad “Musaddiq, 

Chairman, Pakistan Tanners 

Association and Convener, Pakistan 

Mega Leather Sow- 2015 as well 

as a large number of Guests 

immense personalities, Diplomats, 

Government Officials, Foreign 

Buyers, Foreign Journalist, 

representatives from print and 

electronic media. 

Portraying a positive image of 

Pakistan 

The 1st PMLS-2015 which is 

certainly conducive for the 

promotion of country’s export in 

general and image building of the 

country at international level 

particularly as well as attracting 

international buyers to come to 

Pakistan and benefit from the 

tremendous potential of its leather 

sector. 

More than 300 exhibitors took part 

in the Show at Lahore Int’l Expo 

Centre. The turnover of local 

traders/buyers was unprecedented 

average 3000 to 4000 daily. Some 

of the Exhibitors have participated 

from Russia, Turkey, Spain, Italy, 

Germany, France, South Africa, 

Portugal, Taiwan, Japan, India & 

China directly OR through their 

sole agents in Pakistan. 

Press Conference & Seminar 

Various programs were held i.e. 

Press Conference of the Chairman, 

PTA, PFMA, PGMEA, PLGMEA 

and other members of Steering 



Committee of PMLS during the 

Show. A seminar was conducted 

by SGS on restricted substances 

in which two speakers gave 

presentations on “REACH and 

Corporate Social Responsibility”. 

SRC, Shafi Reso Chemicals, and 

the Pakistan Fashion and Design 

School conducted another seminar 

on ‘Leather as a Fashion 

Material’. 

Group Dialogue B/W Pakistan 

& India 

A Group Dialogue was also 

organized between Pakistan and 

India on “South Asia – Future Hub 

for Leather and Footwear” which 

was also attended by Mr. 

Muhammad Rafeeque, President of 

CLE, India. 

During the dialogue Mr. 

Muhammad Rafeeque said that the 

show provided a real platform for 

close understanding and 

collaboration between the two 

neighbour countries for the 

promotion of exports. The aim of 

holding the dialogue was to have 

more close coordination with Indian 

Leather Industry to cater the need 

of each other industry. 

Illuminated Lahore Expo 

Centre attracted attention of the 

foreign buyers 

The fair was held in the excellent 

Lahore International Expo Centre 

which offers all the space one 

require in modern, pleasant, well 

illuminated exhibition halls. The 

venue can be compared to 

Lineapelle’s new venue in Milan in 

terms of space and luminous 

exhibition halls, but then, obviously, 

on a far smaller scale. 

Outcome of the Show-2015 

The outcome of the Show was 

excellent beyond the expectation as 

the buyers / visitors visited the 

Show almost all the 3-days of the 

exhibition with foreign & local 

buyers and customers to have joint 

ventures between foreign & 

Pakistani companies and concluded 

enormous business in Million of 

Rupees. The Show commended as 

“PMLS to be the best viable 

Potential Event in South Asia” in 

view of the growing demand of 

Leather Footwear in Pakistan 

which reached at US$ 120 Million 

for the year 2013-14. 

Holding of 2nd PMLS-2016 in 

January-2016 

On the conclusion of the last day 

of Show and comments received 

from the local and foreign 

participants for their interest to 

continue the show in next year too. 

In view of their interest and 

successful outcome of the Show, 

PTA has finally decided to organize, 

jointly by all allied sectors of 

Leather Industry, the 2nd Pakistan 

Mega Leather Show-2016 from 

27-29th January’2016 in Lahore 

International Expo Centre with the 

aim to organize National Pavilion of 

various International Countries i.e. 

Italy, Turkey, Spain, China, India, 

Bangladesh, France and Germany 

etc. 

“It is expected that the Show will 

provide a viable platform again for 

local & foreign exhibitors for the 

finest exposition of Finished 

Leather of Cow, Buffalo, Sheep & 

Goat while vital element for this 

year the rest of two Associations 

i.e. Leather Garments & Leather 

Gloves have also joined hands with 

PFMA & PTA to participate with 

much more broad spectrum with 

multi-objectives primarily for the 

promotion & further strengthening 

the domestic industries liaison to 

each of them for yielding the long 

lasting results for the domestic 

Industry in the upcoming years. 

This event will also open a new era 

for the foreign exhibitors/ 

customers/visitors to make 

coordination with Pakistani 

Leather Industry and allied sectors 

for mutual understanding and 

business collaboration during the 

Show which seems to be the 

another great milestone for 

achieving desired goals during the 

PMLS-2016 in Lahore. 

Press Conferences, Seminars and 

Group Dialogue will also be held 

during the 2nd Pakistan Mega 

Leather Show-2016 like last year 

event. The speakers of this 

specific Seminar/Dialogue should 

be from India, Bangladesh & Sri 

Lanka. 

All the stakeholders of the Leather 

Industry are vigorously committed 

to expand the scope of Show more 

vibrantly around the globe for which 

massive publication of 

Advertisement of PMLS-2016 in 

International Leather Magazines/ 

Journals has been made to keep the 

international business community of 

Leather Industry abreast with the 

ongoing affairs of Pakistani Leather 

Industry and the Show in Lahore, 

Pakistan. 

An encouraging response has so far 

been received from foreign and 

locals exhibitors for participation in 

the 2nd PMLS-2016 particularly 

from Russia, Turkey, India, China 

and Italy etc. 

The special feature of the Show will 

be the Inaugural Ceremony of 

Pakistan Mega Leather Show-2016 

and expected that the Honourable 

Prime Minister of Pakistan will be 

the Chief Guest of the Show. 



Several key macro indicators recorded improvement, 

says the State Bank’s Annual Report 

State Bank of Pakistan has released 

Annual Report on the State of the 

Economy for the year 2014-15 

recently. According to the 

Report, Pakistan’s economy 

did reasonably well during 

FY15, in contrast to a 

number of other emerging 

economies that are facing 

slower economic growth. 

The real GDP growth 

increased to 4.2 percent in 

FY15, and key 

macroeconomic indicators 

like inflation, fiscal balance 

and current account balance 

recorded improvements. 

The Report emphasizes on the 

improvement in the external sector 

given its significant positive spillover 

to the rest of the economy. The 

external account improved due to a 

robust growth in worker remittances 

and a sharp decline in global oil prices. 

As a result, not only country’s FX 

reserves reached an all-time high level 

of US$ 18.7 billion by end-June 2015 

(sufficient to finance around 5 months 

of the country’s import bill), the 

exchange rate also remained stable 

during the year. More importantly, the 

improvement in the external account 

significantly diluted the global risk 

perception for Pakistan. 

The Report further explains that the 

stable PKR parity kept CPI inflation 

under control, and lowered inflation 

expectations in the country. However, 

the significant reduction in CPI 

inflation during FY15 was caused 

primarily by a sharp decline in oil and 

other commodity prices. The average 

CPI inflation fell from 8.6 percent last 

year, to only 4.5 percent in FY15. A 

stable outlook of inflation and balance 

of payments allowed policymakers to 

implement pro-growth strategies. For 

example, SBP cut its policy rate by a 

cumulative 350 bps during the year 

to boost investment activities. 

Similarly, on the fiscal side, 

development expenditures by the 

government remained strong through 

most of the year, focusing mainly on 

infrastructure development. 

While the Report recognizes the fiscal 

consolidation efforts of the 

government in terms of controlling 

expenditure, it also points out 

structural weaknesses in tax 

collection. A sharp decline in oil prices 

and subdued manufacturing activities 

during the year had made already 

sluggish tax collections more difficult. 

The provincial budget surplus also 

recorded lower than the last year. 

In order to finance the budget deficit, 

the government relied heavily on 

commercial banks, the Report says. 

However, encouragingly, the 

government retired a large amount of 

its debt to SBP. In the meantime, SBP 

continued liquidity injections to ensure 

adequate supply of loanable funds for 

the private sector. Working capital 

utilization declined due to drop in 

commodity prices. A redeeming 

feature has been the increase 

in long term financing which 

indicates new investment in 

plant and machinery. 

Nevertheless, the overall 

credit to private sector 

remained lower than that in 

the previous year. 

According to the Report, 

country was able to 

marginally reduce its publicdebt-to-GDP 

ratio mainly due 

to revaluation gain from US 

Dollar appreciation against major 

currencies. The reduction in debt 

burden was realized despite the 

successful launch of 5-year Sukuk 

bond in November 2014, which 

allowed the government to raise US$ 

1.0 billion against the initial target of 

US$ 500 million. 

While the report welcomes positive 

developments in the economy, it 

reiterates several long standing 

structural constraints (for example, 

low investment rate, low tax-to-GDP 

ratio, and continuing energy 

shortages) that continue to hinder a 

sharp economic recovery. 

The Report recognizes that the 

improvement in macroeconomic 

conditions and security situation offers 

an opportunity to address structural 

impediments to economic growth on 

priority basis. Furthermore, the Report 

emphasizes on the need to pursue an 

effective and well-coordinated industrial 

policy to expand industrial and export 

base. Increasing exports is critical for 

resolving FX constraints to growth. 



Growth to accelerate to 4.5pc: WB 

by Tahir Amin 

External risks have increased – and 

despite recent reforms Pakistan has 

limited buffers to absorb major 

shocks, says the World Bank (WB). 

The WB report “Pakistan 

Development Update”, launched 

recently has projected that Pakistan’s 

Gross Domestic Product (GDP) 

growth will accelerate to 4.5 in the 

current fiscal year and to 4.8 percent 

in fiscal year 2016-17. Removing 

infrastructure bottlenecks, especially 

in energy, will be crucial to accelerate 

growth and its long-term 

sustainability. Security situation, 

though improved, still affects growth 

prospects negatively. 

The report states the slowdown of the 

Chinese economy and slow recovery 

in the Eurozone will weaken external 

demand, affecting both trade and 

investment. Low energy prices 

benefit Pakistan in the form of lower 

energy subsidies and fuel imports – 

but it may eventually affect 

remittances, which have been crucial 

in financing Pakistan’s persistent 

trade deficit and supporting 

consumption. 

Private investment in Pakistan has 

been declining due to a weak business 

climate, inconsistent trade and 

industrial policies and low domestic 

savings rate, which has implications 

for the country’s long term growth 

potential. Worryingly, private 

investment as a share of GDP has 

been declining and stood at 9.7 

percent of GDP in fiscal year 2014- 

15. It further states that lack of 

complementary public investments 

and a weak investment climate are 

constraining private sector 

investment. Constrained fiscal space 

limits the government’s ability to make 

the necessary complementary public 

investments. In addition, inconsistent 

trade and industrial policies create 

disincentives for investors and 

contribute to a weak business 

environment, as evidenced by 

Pakistan’s ranking in most 

international surveys dealing with this 

issue, like the Global Competitiveness 

Ranking. 

Ongoing energy shortages, limited 

external demand and structural 

bottlenecks all constrained industry 

growth. The weak growth in the 

industrial sector also acted as a drag 

on related services sectors such as 

trade and communications, which also 

posted relatively slow growth. 

However the report states that 

investment is forecast to increase, 

given both greater fiscal space as well 

as an increase in private sector 

investment as the government’s 

reform agenda begins to bear fruit. 

Investments foreseen in the China 

Pakistan Economic Corridor will also 

contribute to an increase in 

investment. 

It further states that external and 

internal balances are projected to 

improve. The current account will 

reach around 1 percent of GDP 

during the forecast period – as it will 

be supported by robust remittances 

and a continuation of external financial 

flows. Fiscal consolidation is 

projected to continue, and the 

government has an ambitious target 

of reducing the deficit to 3.5 percent 

of GDP by fiscal year 2016-17. 

The report adds, “Consistent 

implementation of the government’s 

reform agenda will be crucial to 

maintain macroeconomic stability and 

accelerate and maintain growth. 

Fiscal consolidation will require strong 

tax revenue efforts by the 

government as well as gradual 

phasing-out of energy-related 

subsidies and of reduced support to 

loss-making SOEs”. 

Efforts to prevent major shocks to the 

government’s fiscal stance should 

also include reducing the fiscal risks 

of the frequent natural disasters 

affecting Pakistan. On the external 

side, it will be important to increase 

efforts to attract more FDI from the 

current low levels, by improving the 

overall business climate and address 

regulatory weaknesses at the sectoral 

level that may be affecting the 

country’s ability to attract investment. 

Continued implementation of the 

government’s reform agenda to 

address structural bottlenecks, in 

particular in the energy sector, will 

also be crucial to be able to attract 

more investment. 

Agriculture sector, which is more than 

one-fifth of the economy, is expected 

to grow at about 3 percent in fiscal 

year 2015-16. The industrial sector 



is expected to grow at 4.4 percent, 

lower than the official target of 6.4 

percent. Services which has been a 

mainstay for growth in the last few 

years, is expected to grow at about 

5.2 percent in fiscal year 2015-16. 

High degree of vulnerability to poverty 

remains a substantial challenge. A 

very large share of households is 

clustered around the poverty line and 

is a shock away from falling back into 

poverty, maintained the report. 

The trade deficit will widen in the 

near term but continued remittance 

inflows are expected to finance 

much of it. Exports are projected 

to contract by half a percent in the 

first year owing to tapered global 

demand and then grow marginally 

the following year. Imports, 

however, are projected to post 

moderate growth due to CPECrelated 

investments and higher 

domestic demand. 

“There is an improvement in 

Pakistan’s overall economic 

environment. With macroeconomic 

stability largely restored, Pakistan 

can focus now on boosting 

development outcomes, which are 

not where one would expect, given 

the country’s income level,” said 

Patchamuthu Illangovan, WB 

Country Director for Pakistan. 

“To improve the country’s 

competitiveness, it is extremely 

important that the next phase of 

reforms is implemented and that 

Pakistan increases both public and 

private investment levels, which are 

among the lowest in the world,” 

Illangovan added. 

“Low domestic savings do not 

support higher investment levels,” 

said Enrique Blanco, Lead Country 

Economist. “The government 

cannot make the required and 

complementary public investments, 

partly due to low revenue levels. 

The government has embarked on 

ambitious program to improve tax 

policy and simplify tax 

administration, with the ultimate aim 

of increasing tax collection. There 

have been some improvements 

over the past few years – but results 

so far are not as expected and 

renewed efforts will be needed to 

address Pakistan’s very low 

revenue levels,” he added. 

(Courtesy: “Business Recorder”) 



People & Events 

National Assembly 

speakership: Ayaz Sadiq 

re-elected 

Sardar Ayaz Sadiq of the ruling 

Pakistan Muslim League-Nawaz 

(PML-N) was re-elected recently as the 

20th Speaker of National Assembly. 

Sardar Ayaz Sadiq and Shafqat 

Mahmood of Pakistan Tehreek-e-Insaf 

(PTI) were the two contenders for the 

slot of National Assembly Speaker. 

After completing the voting process 

for the NA speakership, Acting 

Speaker National Assembly Murtaza 

Javed Abbasi said: "A total of 300 

votes were polled; out of which, one 

vote was found invalid. Shafqat 

Mahmood secured 31 votes while 

Sardar Ayaz Sadiq bagged 268 votes". 

Tariq Fazal takes oath 

as state minister 

President Mamnoon Hussain 

administered the oath of office to 

MNA Tariq Fazal Chaudhry as 

State Minister at a special 

ceremony held at the Aiwan-e- 

Sadr recently. 

Zahid Hamid 

sworn in as minister 


administers oath of office to Zahid 

Hamid at the President recently. 


administered the oath of office to 

MNA Zahid Hamid as the Federal 

Minister for Climate Change at a 

ceremony held at Aiwan-i-Sadr 

recently. 

The notification about his 

appointment said he worked 

extensively as a lawyer in the field 

of environmental law in the 1990s 

and campaigned for conservation. 

He also became the first director 

general of the EPA. Mr Hamid has 

earlier served as federal minister 

for science and technology, and law 

and human rights. He also served 

as minister of state for defence, 

investment and privatisation. 

Amer Tufail appointed 

as acting Managing 

Director of SNGPL 

Mr. Amer Tufail has been 

appointed as acting 

Managing Director of 

SNGPL by the Board of 

Directors and the 

Federal Government. He 

has assumed his charge 

today after the 

retirement of Ms. Uzma 

Fawad Hassan 

appointed Secretary to 

PM 

Additional Secretary to Prime 

Minister Nawaz Sharif, Fawad 

Hassan Fawad, has been 

appointed Secretary to the Prime 

Minister. 

Fawad Hassan Fawad is a career 

civil servant in the Pakistan 

Administrative Service. He has 

obtained his LLM (Corporate 

Finance) degree from King’s 

College, University of London, 

U.K. with key areas of study 

including capital market regulation, 

international finance, and 

international trade, institutional and 

legal aspects of multilateral 

financial/trade institutions, and 

reorganization and restructuring of 

public sector organizations. 

He was trained in 1982 as a 

lawyer at the University of Punjab 

and also underwent two years 

management training (1987-89) at 

the Civil Services Academy, 

Lahore. 

Adil Khan on 14.11.15. He is a 

chartered accountant by profession 

from Institute of Chartered 

Accountants of Pakistan. 

Mr. Tufail is a veteran 

executive of SNGPL 

who has previously 

served in the 

prestigious positions 

of Deputy Managing 

Director and Chief 

Financial Officer of 

the Company. 



Mr. Abdul Rauf Alam 

President of FPCCI 

UBG sweeps FPCCI 

elections 

Abdul Rauf Alam and S. Khalid 

Tawab were elected president and 

senior vice president of Federation of 

Smaller provinces get the 

lion’s share in NHA 

projects 

by Kashif Zaman, 

Director (PR), NHA 

Country’s smaller provinces get the 

major share in the road infrastructure 

development schemes undertaken by 

the National Highway Authority 

(NHA) with Khyber Pakhtunkhwa 

(KPK) leading with eleven (11) 

projects followed by Balochistan and 

Sindh with ten (10) and nine (9) 

projects respectively. 

In KPK, the all important Attaabad 

Barrier Lake (N-35, 24 km) has 

been successfully completed. 

Similarly, work on Jhalkhad-Chilas 

(N-15), Thahkot-Raikot (N-35, 147 

km), Burhan- Havelian Expressway 

(E-35, 59 km) , Nowshera- 

Chakdara-Dir (N-45) and Peshawar 

Northern Bypass is in full swing. All 

these projects are set to be finished 

in the coming year. Moreover, work 

Pakistan Chambers of Commerce 

and Industry (FPCCI), respectively, 

in its election held recently for the 

year 2016. Both the newly-elected 

president and vice president and other 

candidates, belonging to the United 

Business Group, swept the FPCCI 

polls. The group was led by SM 

Munir. 

According to unofficial results, 

UBG's candidates - Mian Rehman 

Aziz and Zulfigar Ali Shaikh - were 

elected vice presidents from Punjab 

and Sindh, respectively. 

Candidates of UBG elected on four 

seat of association of trade and 

industry include Muhammad Hanif 

Gohar, Arshad Farooq, Zafar 

Bakhtawari and Syed Muhammad 

Aasim, while Sajida Zulfiqar, also a 

on Burhan-D.I.Khan (N-50, 240 km), 

Jaglot-Skardu (S-1, 164 km), 

Havelian-Thakot (N-35, 120 km) and 

Chakdara-Mangora-Fatehpur (N-95, 

82 km) sections is expected to start 

in coming months. 

The Balochistan province, being high 

on government’s priorities list, is 

home to number of key projects. The 

Surab-Chaman section (N-25, 226 

km) is in the final stages whereas over 

two-third work is completed on 

several other schemes including 

Khuzdar-Shahdadkot (M-8, 148 km), 

Gwadar-Turbat-Hoshab (M-8, 193 

km) and Kolpur Bypass. Progress on 

Surab-Hoshab (N-85, 450 km) is fifty 

percent while Khuzdar-Basima (N- 

30, 110 km) is in the feasibility stage. 

Also, three major projects Qila 

Saifullah-Waigum Rud (N-70, 128 

km), Mughal Kot-Zhob (N-50, 81 km) 

and Rakhi Gaaj-Bewata (N-70, 32.6 

km) are all set to start soon. 

In Sindh, over half a dozen schemes 

are near completion. These include 

nominee of UBG, was elected as vice 

president on a seat of women 

chambers. However, BMP candidate 

Mohammad Riaz Khattak was 

elected vice president from Khyber 

Pakhtunkhwa and UBG's candidate, 

Faisal Jamal Dashti, was elected vice 

president from Balochistan. 

Prime Minister Muhammad Nawaz 

Sharif has congratulated Abdul Rauf 

Alam of United Business Group on 

winning the election for the President 

of Federation of Pakistan Chambers 

of Commerce and Industry (FPCCI). 

The Prime Minister hoped that under 

the new President, FPCCI will 

continue to strive for attaining new 

heights of excellence and continue to 

work for promotion of business, trade 

and industrial growth in the country. 

the all important Lyari Expressway 

(81%), Gharo-Keti Bunder road 

(84%), Larkana-Moenjodaro 

(82%), Larkana-Kamber (82%), 

Qazi Ahmed-Amri Bridge (70%) 

and Larkana-Nasirabad road (64%). 

Though progress on these schemes 

was somewhat hampered by the 

lack of funds in the past, one can 

expect their early completion once 

the required funds become available. 

Most importantly, work on two key 

projects, the Sukkur-Multan 

Motorway (M-9, 392 km) and 

Hyderabad-Sukkur Motorway (M- 

9, 296 km) is scheduled to get 

underway very soon. 

The above mentioned schemes, on 

completion, will not only fulfill the 

primary objective of establishing an 

efficient transport and 

communication network but also 

enhance the national harmony 

through a qualitative change in the 

socio-economic condition of the 

people living in the smaller 

provinces. 



Pakistan Cables bags 

Pakistan's Choice 

Superbrands Award 2015 

Pakistan Cables, the country's 

premier wire and cable 

manufacturer, was announced as 

the first and only recipient of the 

Pakistan's Choice Superbrand 

Award 2015, within its category. 

"Pakistan Cables is proud to achieve 

Superbrands status in a market that 

suffers from great variation in 

quality, thereby exposing the public 

to various safety risks related to 

substandard wiring and cable 

products. This achievement is a 

testament to the strength of our 

brand and reinforces the trust that 

consumers have in our quality, 

having served Pakistan for over 60 

brilliant years", comments Fahd K. 

Chinoy, General Manager Sales & 

Marketing, Pakistan Cables. 

Nisar assumes charge as 

FBR chief 

Nisar Muhammad has assumed the 

charge of new Chairman Federal 

Board of Revenue (FBR) and 

relinquished his previous charge of the 

post of FBR Member Customs. 

According to the notification issued, 

Tariq Bajwa, a BS-22 official, has 

relinquished the charge of the post of 

Secretary Revenue Division and the 

Chairman FBR. Nasir Masroor Ahmed 

has relinquished the charge of the post 

of Director General Reforms and 

Automation Customs and assumed the 

charge of FBR Member Customs. 

K-Electric appoints 

Chief Marketing Officer 

K-Electric issued a press 

statement announcing the 

appointment of Fakhar Ahmed as 

its Chief Marketing & 

Communication Officer. 

He has over 18 years of 

diversified management 

experience in Communications, 

Media Relations, Corporate 

Affairs, FMCG Business, 

Strategic Planning, CSR, 

Investor Relations and 

International Development. 

Water Filter Plant inaugurated at Hamdard University 

Hirofumi Nagao, Managing 

Director, Pak Suzuki Motor 

Company Limited, visited 

Hamdard University. Chancellor 

of the University Sadia Rashid, 

Vice Chancellor, Professor Dr HK 

Abdul Hannan and the Registrar 

S. Nasir Ali Mirza welcomed 

Hirofumi Nagao to the University. 

After a comprehensive briefing by 

the Chancellor Sadia Rashid, the 

Managing Director visited Idarae-Said 

& Bait al-Hikma. The 

Deputy Director, Idara-e-Said 

informed Hirofumi Nagao that in 

order to preserve Shaheed Hakim 

Mohammed Said's contributions and 

works, a Research and 

Documentation Centre by the name 

Managing Director Pak Suzuki Motors Hirofumi Nagao and Chancellor Hamdard 

University Sadia Rashid photographed after the inauguration of a water filter plant. 

of Idara-e-Said has been set up. The 

delegation then paid respects at the 

Mausoleum of Shaheed Hakim 

Mohammed Said and later on 

Trade Chronicle - November - December 2015 - Page # 19 

inaugurated the water filter plant of 

the University, which was constructed 

to provide safe drinking water to all 

the students and staff.


PSO holds first board meeting with reconstituted BoM 

New US Ambassador to 

Pakistan Hale arrives 

The new US Ambassador to Pakistan 

Mr. David Hale arrived recently to 

take charge of his assignment. 

He is replacing Richard Olson, who 

has also been appointed as the US 

Special Representative for 

Afghanistan and Pakistan (SRAP). 

Ambassador Olson assumed his 

responsibilities as SRAP on 

November 17. 

David Hale is a senior career member 

of Foreign Service with the rank of 

Career Minister. He served as 

ambassador to the Lebanese Republic 

from 2013 to 2015. Previously, he 

was the Special Envoy for Middle 

East Peace (2011-2013), Deputy 

Special Envoy for Middle East 

Peace (2009-11), and American 

Ambassador to the Hashemite 

Kingdom of Jordan (2005-8). 

Interflow Group names 

Ali A Rizvi as COO 

The Chairman of Interflow Group 

announced that Ali A. Rizvi has been 

promoted to Chief Operating Officer 

(COO) - Interflow Group, effective 

immediately. Rizvi joined the Group 

in October 2009 as COO Contact 

Plus and was moved to Interflow 

Communications in June 2011. He 

now joins Taher Khan, Mohammad 

Zaki and Sahar Taher Khan as the 

core team that will facilitate the growth 

of Interflow Group in all its endeavours. 

After the reconstitution of its Board 

of Management (BoM) in 

November 2015, Pakistan State Oil 

Company Limited, the oil market 

leader in Pakistan, held its first Board 

meeting at PSO head office in 

Karachi recently. 

The meeting was chaired by Mr. 

Masadiq Malik, advisor to Prime 

Minister. Present at the meeting 

were the new members of the 

Swiss Business Council 

elects office-bearers 

Asif Ikram was elected unopposed 

as President of the Swiss Business 

Council (SBC) for 2015-16, 

Arshad Saeed Husain as Vice 

President and K M Iqbal as 

Company Secretary & Treasurer. 

The following members were also 

unanimously elected as Directors: 

Mrs Yasmin Peer Mohammad, 

Mujtaba Rahim, Farukh Mazhar, 

Ahmed Naveed Chaudhary, Jamil 

Hassan Hamdani and Farhat Ali. 

reconstituted BoM including 

Mr.Zahid Mir and Mr. Hasan 

Nawaz Tarrar, Sheikh Imran 

ulHaque, MD and CEO, PSO and 

Mr.YacoobSutar, DMD and CFO, 

PSO. 

Mr. Sheikh Imran UlHaque, MD 

&CEO PSO thanked the Board 

members for attending the meeting 

and expressed gratitude for their 

valuable guidance to the Company. 

Asim Murtaza appointed 

Hon CEO of PIP 

Petroleum Institute of Pakistan 

(PIP) has appointed Asim 

Murtaza Khan as the (Honorary) 

Chief Executive Officer of the 

Institute with effect from 

November 2015. Asim Murtaza 

Khan, a former managing director 

and Chief Executive Officer of 

Pakistan Petroleum Ltd (PPL) 

has over 32 years operations and 

strategic management experience 

in the petroleum industry. 



Farewell dinner in honor of Ms. Gill Atkinson, 

the outgoing Deputy British High Commissioner 

Photograph taken at a farewell dinner held in honor of Ms. Gill Atkinson, the outgoing Deputy British High Commissioner 

(seated 4th from left) by Mr. & Mrs. Abdul Kader Jaffer the former, Pakistan High Commissioner to U.K. (standing 3rd from 

right) along with distinguished guests, local diplomats and elite of Karachi 

EFU General has won Third 

FPCCI Achievement Award. 

Mr Hasanali Abdullah, 

Managing Director EFU 

General Insurance seen 

receiving award from the 

President of Pakistan Mr. 

Mamnoon Hussain in a 

ceremony recently held in 

Karachi. 

EFU General Insurance wins FPCCI’s achievement award 

Karachi Arts Council 

election results 

announced 

The names of the newly elected 

office bearers and members of the 

governing body for the Arts Council 

of Pakistan (ACP) for 2016 were 

announced at a ceremony held 

recently. Prof. Aijaz Farooqui was 

declared president. 

According to the results, Prof. Aijaz 

Farooqui bagged 1,647 votes and 

declared president; Prof. Sehr Ansari 

Vice President with 1,579 votes; Dr 

Huma Mir Secretary with 1,414 votes; 

Adthar Waqar Azeem Joint Secretary 

with 1,678 votes; Shehnaz Siddiqui 

Treasurer with 1,641 votes. 

The elected governing body 

members are: Talat Hussain (1,719 

votes); Hasina Moin (1,630 votes); 

Qudsia Akbar (1,586 votes); S.M. 

Qaiser Sajjad (1,578 votes); Iqbal 

Latif (1565 votes); Kashif Grami 

(1,518 votes), Sohail Ahmed (1,476 

votes); Munawar Saeed (1,460 

votes); Syed Saadat Jafri (1,436 

votes); Syed Sajid Hassan (1,395 

votes); Shaikh Rashid Alam (1,299 

votes) and Tajdar Adil (1,284 

votes). 



Rear admiral Farrokh 

Ahmad made 

commander Karachi 

Rear Admiral Farrokh Ahmad has 

taken over as Commander Karachi 

from outgoing Vice Admiral Syed 

Arifullah Hussaini in an impressive 

change of command ceremony held 

at PNS BAHADUR, recently. Rear 

Admiral Farrokh Ahmad as 

Commander Karachi is now incharge 

of all training units of Pakistan Navy 

at Karachi. 

Rear Admiral Farrokh Ahmad was 

commissioned in Operations branch 

of Pakistan Navy in December 1983. 

He joined the elite Submarine Force 

of Pakistan Navy in July 1987, and 

specialised in ASM (Sub-Surface) 

Course from Toulon (France). He is 

a graduate of 25th PN Staff Course 

and Armed Forces War College. His 

command appointments include, 

Command of Pakistan Navy 

Submarines, Submarine Squadron 

and Commandant Pakistan Navy 

War College. 

In recognition of his meritorious 

services, he has been awarded Hilale-Imtiaz 

(Military). At the change of 

command ceremony, he was 

presented Guard of Honour and was 

introduced to the commanding 

officers of the units under COMKAR 

Command. 

Prof Dr Muhammad 

Mansoor assumes charge 

Prof Dr Muhammad Mansoor 

Ahmed has assumed charge as Vice 

Chancellor of Capital University of 

Science & Technology, Islamabad. 

After awarding federal charter 

Mohammad Ali Jinnah University 

now will render services in Capital 

University of Science & Technology. He 

received the PhD degree in 

Microelectronics from the University of 

Cambridge, UK. 

He has been associated with 

academia at various levels for the last 

20 years. Dr. Ahmed is a chartered 

engineer from UK and also a fellow 

of Institution of Engineering and 

Technology, UK. He was awarded the 

title of European Engineer (Eur Ing) in 

2002 by European Federation. 

PAS elects Executive 

Council, Office Bearers 

Pakistan Advertisers Society (PAS) 

held its 18th Annual General Body 

Meeting in Karachi recently. 

Wherein the elections for the new 

council for the term 2016-17 were 

held as part of the other proceedings. 

The newly elected Council 

comprises of 12 members. Mr. 

AlyMustansir, Chief Marketing 

Officer, Bank Alfalah was elected 

as the Chairman of the Society. Mr. 

Amir Paracha, Vice President- 

Sales, Unilever Pakistan and Mr. 

Hussain Kuli Khan 

appointed CEO of General 

Tyre & Rubber Co 

Hussain Kuli Khan has been 

appointed as Chief Executive 

Officer (CEO) of The General Tyre 

and Rubber Company of Pakistan 

Ltd. in 2015. His association with 

The General Tyre and Rubber 

Company of Pakistan Ltd. dates 

back to 2006 where he was 

General Managing Plant and 

Logistics Operations. Since 2009, 

he had been serving as the Chief 

Operating Officer (COO). 

Prior to that, he held Executive 

Finance & Executive Director 

Finance positions from 1997-2006 

at JDM Textile Mills Ltd. In 2003, 

he was elected as the Chairman of 

All Pakistan Textile Mills 

Association (APTMA) Khyber 

Pakhtunkhwa and Vice Chairman 

APTMA Central Body. 

Khurram Masood Koraishy, 

General Manager, Sales and 

Marketing, Tapal Tea (Pvt.) Ltd. 

were elected as Vice Chairman and 

General Secretary respectively. 

Other representative members on 

the Executive Council include Abrar 

Hasan-National Foods, Ahsan 

Afzaal Ahmed-Engro Foods, Fahad 

Ashraf-Reckitt Benckiser, Sadia 

Nasir-GSK, Samra Maqbool-Nestle 

Pakistan, Saqib Zia-Procter & 

Gamble Pakistan, Syed Ali Akbar- 

The Coca-Cola Company, Umer 

Fareed-Burj Bank and Zulfiqar 

Ansari-English Biscuits 

Manufacturers. 



Ataul Haq Qasmi made 

PTV chairman 

The government has appointed writer, 

poet and columnist Ataul Haq Qasmi 

as the chairman of the PTV. He has 

already served as ambassador to 

Norway and Thailand. He has been 

working for the PTV for 35 years as 

a playwright. He has been affiliated 

to journalism for 52 years. His 

travelogues Shauq-e-Aawargi and 

Goron Kai Dais Main are very 

popular. Till his new appointment, he 

was serving the Lahore Arts Council 

as its chairman. 

Governor Ebad 

completes 13 years 

Sindh Governor Dr Ishratul Ebad 

has completed 13 years in office 

recently, furthering his tenure as the 

longest serving governor of any 

province in the country. 

Dr Ebad took charge as the 31st 

governor of Sindh on December 27, 

2007, becoming the youngest man to 

hold the post. In view of his services, 

he was also conferred with the Nishane-Imtiaz 

by the federal government. 

A statement issued by the Governor 

House said that record number of 

development works were carried 

out in the province during Ebad's 

tenure and a number of mega 

projects were also executed. 

Considerable progress, the 

statement added, had also been 

made in the academic sector, with 

enrolment figures having doubled 

over the period. 

His endeavours, the statement added, 

were also aimed at making the province 

a citadel of peace by fostering religious 

harmony. It concluded by stating that Dr 

Ebad had put his utmost efforts towards 

maximising support for the NAP by 

contacting people from all walks of life, 

including politicians, ulemas and 

members of the civil society, and also 

played a key role in resolving intrainstitutional 

conflicts during his tenure. 

MQM picks Waseem, Dr Vohra as city mayor & deputy mayor candidates 

The Muttahida Qaumi Movement has 

announced that his senior politician 

Waseem Akhtar and member of the 

provincial assembly Dr Arshad Vohra 

would be candidates for the slots of 

Karachi mayor and deputy mayor, 

respectively. 

Mr Akhtar and Dr Vohra won the LG 

polls from union committees of 

Karachi’s East and Central districts. 

Since the launch of MQM election 

campaign, the name of Waseem Akhtar, 

who is in charge of its central executive 

committee, has emerged as the top 

contender for the Karachi mayor office. 

His association with the MQM spans 

over 25 years. In the 1990s, he was the 

Sindh minister for housing and town 

planning. From 2003 to 2007, he 

worked as the chief minister’s adviser 

Waseem Akhtar 

for home and local government 

departments. The May 12, 2007 

mayhem took place when he was the 

CM’s adviser on home affairs. 

He contested the 2008 general elections 

from a National Assembly seat (NA- 

251) in Mahmoodabad. However, he 

Dr. Arshad Vohra 

was not awarded a party ticket in the 

2013 general elections. 

Fifty-seven-year-old Dr Vohra is 

currently a lawmaker of the provincial 

assembly from PS-115 constituency. He 

is not among the MQM’s old guard and 

considered a new arrival in politics. 



Obituary 

Novelist Ishtiaq Ahmed 

passes away in Karachi 

Popular Urdu novelist and story 

writer Ishtiaq Ahmed passed away 

in Karachi Nov. 17, 2015, he was 74. 

The author who wrote about 800 pieces 

of fiction wrote his first novel in 1973 

and was a teen sensation especially in 

80s and 90s when his short novels sold 

like hot cakes. 

Ishtiaq Ahmed left behind a widow 

and eight children including five sons 

and three daughters. 

Makhdoom Amin Fahim 

passes away 

Senior leader of Pakistan People's 

Party (PPP) Makhdoom Amin 

Fahim passed away in Karachi on 

early 21th Nov., 2015 morning after 

a protracted illness. He was 

suffering from blood cancer. 

Makhdoom was senior vice 

chairman of the PPP and member 

of the National Assembly from 

Hala (NA-218). He was the 

spiritual head of the Sarwari 

Jamaat. He was born in Hala city 

of Sindh on 4th August, 1939. 

Noted poet and 

columnist Jamiluddin 

Aali passes away 

Noted poet, writer and columnist 

Jamiluddin Aali passed away after a 

protracted illness in Karachi on 23rd 

Nov., 2015. He was around 90. 

“Aali” was the pen name of the late 

poet while Jamiluddin Ahmed was his 

real name. 

He was awarded several prestigious 

civil and private awards including the 

Hilal-e-Imtiaz, Adamjee Literary 

Award, Dawood Literary Award, 

Sant Kabeer Award, Kamal-e-Fun 

Award, Urdu Conference Delhi 

awards and others. 

Ex-diplomat Qutubuddin 

Aziz passes away 

Former diplomat and Pakistan 

Movement stalwart Qutubuddin Aziz 

died of cardiac arrest on Dec. 5, 2015. 

He was 86. Journalist, writer, lecturer, 

broadcaster, social worker – Aziz wore 

many hats throughout his life. Before 

joining the government in 1977, he 

served as managing editor of the United 

Press (UP) of the Pakistan News 

Service. 

Kamal Ahmed Rizvi 

passes away 

Kamal Ahmed Rizvi, the man behind 

one of the most celebrated sitcoms of 

the country ‘Alif Noon’, breathed his 

last due to a heart attack after a 

prolonged illness in Karachi on Dec. 

17, 2015. 

The 85-year-old actor was born in 

the Indian state of Bihar in 1930, and 

played the prolific roles of actor, 

playwright, writer, director and 

editor.Rizvi reached the climax of his 

popularity during the airing of the 

sitcom Alif Noon where heplayed the 

character of ‘Allan’. 

He remained the editor of popular 

digests, such as Tehzeeb, Aina and 

Shama for years and also remained 

attached with BBC Urdu for some 

time. But Rizvi was visibly distressed 

during an interview in June this year as 

he termed society’s collective 

insensibility towards performing arts 

and literature heartbreaking. 



Port t & Shipping News 

PICT Profit up by 15.4% 

According to un-audited Condensed 

Interim Financial Statements of 

Pakistan International Container 

Terminal Limited (PICT) for the nine 

months period ended September 30, 

2015, the company has earned profit 

after taxation of Rs. 1,745 million. 

During the period ended September 

30, 2015, the Company achieved a 

turnover of Rs 6,461.3 million as 

compared to Rs 5,711.7 million in 

corresponding period last year showing 

an increase of almost 13.1%. 

The increased turnover resulted in 

gross profit for the nine months period 

ended September 30, 2015 amounted 

to Rs 3,109.8 million as compared to 

Rs 2,601.9 million in the same period 

last year showing an increase of 

19.5% Profit after taxation amounted 

to Rs 1,745.7 million as compared to 

Rs 1,513.0 million in corresponding 

period last year showing an increase 

of almost 15.4%. 

The company endeavors to 

maximize efficiencies and improve 

its quality service to the customers 

through its state of the art 

infrastructure and high standards 

of productivity. The Company's 

achievement could not have 

been possible without the 

concerted efforts and dedication 

of stakeholders, who deserve 

best compliments in achieving 

consistent growth during this 

period. 

KICT achieves 1 Million 

TEU Milestone 

Karachi International Container 

Terminal (KICT) set a new milestone 

recently by becoming the first 

container terminal at Karachi Port to 

handle 1 million TEUs in a single year. 

Vessel productivity was recorded at 

134 moves per hour with a gross crane 

rate of 22.3 moves per hour on the 

5124 TEU APL JAPAN at the time 

of discharging the landmark 1 

millionth container, another testament 

of KICT’s operational efficiency. 

In his welcome address, Mr Keith Lau, 

Chief Executive Officer of KICT said, 

“17 years ago, KICT started its journey 

of handling 150,000 TEUs a year. 

Every year we set higher targets as 

we believe in our ability to surpass any 

challenges. Our success owes not only 

to continuous improvement in our 

operations but to unwavering 

partnership with KPT, steadfast support 

from the shipping lines and vendors as 

well as the dedicated and hardworking 

team of KICT.” 

Loan agreement signed between 

PNSC and Faysal Bank 

PNSC signs agreement of loan in the presence of Minister for Ports and Shipping 

Senator Kamran Michael and Chairman PNSC Mr Arif Ilahi at PNSC Building. 

Pakistan National Shipping 

Corporation (PNSC) has successfully 

swapped its loan of Rs 3.3 billion with 

another loan on soft terms; with a 

repayment period of four years on low 

mark-up and as a consequence PNSC 

has saved tens of millions of Rupees. 

In this respect, a signing ceremony 

was held in the PNSC Building on 

Wednesday the 18th November 2015. 

The ceremony was attended by the 

Federal Minister Ports and Shipping, 

Senator Mr. Kamran Michael, 

Chairman PNSC, Mr. Arif Elahi, Ms. 

Tayyaba Rasheed, Head of 

Investment Banking Faysal Bank; 

General Manager - Finance, PNSC, 

Mr. Jarrar Haider Kazmi and others. 

The Agreement was signed by Mr. 

Bilal Asghar, Head of Corporate 

Investment Banking on behalf of 

Faysal Bank and Mr. Imtiaz C. 

Agboatwala Executive Director - 

Finance; signed on behalf of Pakistan 

National Shipping Corporation. On this 

occasion Chairman Mr. Arif Elahi 

informed that this has enabled PNSC 

to repay the outstanding loan and 

replace with a loan on softer terms, 

saving substantial financial cost. 



Telecommunication News 

Number of active SIMs 

increases by 1.645m to 

124.24m 

Soneri Bank, Zong sign agreement 

The number of active SIMs 

increased by 1.645 million in the 

country and reached to 124.24 

million which was brought down to 

111.5 million after the SIMs 

verification drive through Biometric 

Verification System (BVS). 

Out of target of 103 million active 

SIMs, 75.5 million SIMs were reverified 

while 27.5 million active 

SIMs were blocked by 15th May 

2015 through BVS which brought 

down the number of active SIMs 

from 139 million to 111.5 million. 

According to the latest figure 

released by the Pakistan 

Telecommunication Authority 

(PTA), the number of total cellular 

subscribers reached 124.24 million 

by November 2015 against 122.595 

million in the month of October in 

the current year. 

The number of 4G (Zong) users 

jumped from 227,675 subscribers 

in October 2015 to 254,122 

subscribers during the period under 

review. According to the PTA, the 

number of Zong, Mobilink, Ufone 

and Telenor reached 4.376 million, 

6.807 million, 4.02 million and 6 

million 3G users respectively by 

November, 2015. Warid LTE 

subscriber reached 192,917 during 

this period. Mobile tele-density 

increased from 64 percent to 64.6 

percent and Broadband subscribers 

increased from 23,203,352 to 

24,785,830 during the period under 

review. 

Deputy CEO of Zong Niaz A Malik and Amin Feerasta, COO Soneri Bank, 

exchanging the documents after signing a contract. 

Zong, Pakistan's most advanced and 

the only 3G and 4G network has 

signed a contract with Soneri Bank 

for the provisioning of Zong BizXcess 

& Enterprise Solution Services. 

BizXcess is Zong's unique service that 

allows the post-paid subscribers to 

choose a plan and get it customized 

with 3G/4G, SMS and Group Call 

Add-Ons. 

Speaking at the signing ceremony, 

Niaz A Malik, Deputy CEO Zong said 

"This contract is another feather in 

Zong's cap of cellular excellence. It 

is recognition in banking sector that 

Telecom import drops 

10.10pc in July-Nov 

The country’s telecom import 

dropped by 10.10 percent in July- 

Nov 2015-16 to $571.031 million, 

official figures say. 

Telecom import, in term of value, slid 

by $64.136 million in July-Nov 2015- 

16 from $635.167 million in July- 

Nov 2014-15, Pakistan Bureau of 

Statistics shows. 

Pakistan's business community 

prefers Zong due to its highest 

standards of professionalism, 

technological advancement and 

affordability. 

Amin Feerasta, Chief Operating 

Officer (COO) Soneri Bank speaking 

at the occasion said, "Soneri Bank in 

its mission to continuously innovate 

and enhance customer service has 

invested in the world's leading 

technology. This platform will allow 

Soneri Bank to provide consistent 

customer experience along all touch 

points." 

In Nov 2015, the country’s telecom 

import fell by 0.52 percent or $0.641 

million to $122.015 million from 

$122.656 million in Nov 2014. 

Pakistan’s import of mobile phones, 

however, shot up by nine percent or 

$24.869 million to $307.744 million 

in July-Nov 2015-16 from $282.875 

million in July-Nov 2014-15. In Nov, 

the country’s mobile phones import 

went up by 12.03 percent or $7.011 

million to $65.292 million from 

$58.281 million in Nov 2014. 



Atlas Honda signs 

agreement with 

Karandaaz Pakistan, 

Meezan Bank 

Atlas Honda Limited recently 

signed a corporate partnership 

agreement with Karandaaz 

Pakistan and Meezan Bank to 

support the development of 

small and mid-size automotive 

part vendors in Pakistan. This 

is the first corporate 

partnership Karandaaz 

Pakistan and Meezan Bank 

have entered as part of the 

USD 50 million Corporate 

Vendor and Distributor Finance 

Programme launched recently. 

The partnership will strengthen Atlas 

Honda's supply chain and distribution 

Automobile News 

channels by providing access to 

finance (capital investment and 

expansion working capital financing) 

for Atlas Honda's small and mid-size 

vendors and distributors with growth 

potential by identifying local vendors 

and distributors with profitable growth 

potential and good operating and credit 

history, Atlas Honda will help identify 

and direct credit to strategic vendors 

and distributors and promote 

localisation of automotive parts and 

broad based employment growth in 

Pakistan. 

The signing took place at Atlas 

Honda's head office in 

Karachi in the presence of 

senior management from all 

three partner organisations, 

including Saquib H Shirazi, 

CEO Atlas Honda Limited, 

Ariful Islam, Deputy CEO & 

Executive Director of Meezan 

Bank and Asad Azfar, Chief 

Investment Officer at 

Karandaaz Pakistan. Saquib H 

Shirazi, CEO Atlas Honda 

Limited stated, "In the early 

years, industry in Pakistan owed its 

development to the support it received 

from the public sector DFIs. 

Sales of locally produced 

cars soar 

Sales of locally-produced cars soared 

by 54 per cent to 75,805 units in July- 

November 2015 as compared to 49,205 

units in the same period last year. 

Suzuki Bolan, which is being delivered 

under Apna Rozgar Scheme in Punjab, 

played a major role in making the overall 

sales figures impressive, with 201pc 

jump to 16,326 units from 5,414 units. 

According to data released by 

Pakistan Automotive Manufacturers 

Association, Suzuki Mehran posted 

43pc jump in sales to 15,147 units in 

the last five months as compared to 

10,604 units in July-November 2014. 

A 39pc sales growth was registered in 

Toyota Corolla hitting 23,384 units as 

compared to 16,847 units followed by 

122pc rise in sales of Suzuki Wagon R 

to 3,362 from 1,510 units. 

Suzuki Swift and Suzuki Cultus sales 

increased to 1,728 and 6,273 units 

from 1,460 and 5,425 units. The 

combined sale of Honda Civic and 

City rose by 21pc to 9,582 units from 

7,888 units. Mohammad Tahir Saeed of 

Top Line Securities attributed increase 

in car sales to Punjab Taxi Scheme, 

increase in auto-financing owing to 42- 

year low interest rates and overall 

improvement in economic conditions. 

The sale of Suzuki Ravi, another 

vehicles being distributed under 

Punjab’s Apna Rozgar Scheme, 

witnessed 203pc jump to 15,262 units 

from 5,024 units in July-November 

2014. In tractor segment, two leading 

manufacturers suffered sharp sales 

setback. Fiat sold 3,876 units during 

July-November 2015 as compared to 

6,953 units while sale of Massey 

Ferguson tractors fell to 7,142 units 

from 11,247 units. Delay in the launch 

of provincial tractor subsidy schemes 

can be blamed for sale fall. 

On the contrary, sale of Orient IMT 

Tractor rose to 400 units in July- 

November 2015 from 257 units in the 

same period of 2014. In heavy 

commercial vehicles (HCVs), sale of 

trucks (Hino, Nissan, Master and Isuzu) 

went up by 32pc to 1,741 units from 

1,315 units while bus sales grew by 

78pc to 374 units from 210 units due to 

surge in demand to China-Pakistan 

Economic Corridor (CPEC) and 

improving law and order situation. 

In jeeps, sale of Toyota Fortuner and 

Sigma Defender declined to 241 and 

140 units from 340 and 162 units, 

respectively. Toyota Hilux sales 

witnessed growth of 32pc to 2,118 units 

from 1,599 units. 



Cement sales rise 16pc 

Cement sales grew by 15.53 per cent 

to 12.20 million tonnes in the first five 

months (July-Nov) of 2015-16 from 

10.56m tonnes in the same period last 

year. 

However, its exports fell by 25.80pc 

to 2.56m tonnes from 3.45m tonnes 

in July-Nov 2014-15, All Pakistan 

Cement Manufacturers Association 

(APCMA) data revealed recently. 

In November 2015, cement 

despatches to domestic markets went 

up by 18.46pc to 2.843m tonnes from 

2.4m tonnes, while its exports fell by 

19.24pc to 0.533m tonnes from 

0.66m tonnes in Nov 2014. 

In a statement, APCMA 

spokesperson said that the unregulated 

Cement Industry 

imports of Iranian cement are finding 

way into Afghanistan, where the share 

of local cement had reduced by 20.6pc 

in the last five months. 

He said the association has been 

urging the government to suspend the 

illegal import of Iranian cement from 

Balochistan in connivance of custom 

authorities. 

The industry has also urged the 

government to make it mandatory to 

get a quality certification of Iranian 

cement by PSQCA before importing. 

Due to high cost of doing business, 

local cement industry is losing 

competitiveness to other countries — 

like Iran, UAE and India — and has 

appealed for reduction in energy costs, 

removal of GIDC, abolition of customs 

duty on coal and additional incentive of 

5pc on export of cements by sea. 

Attock hires Chinese firm 

Attock Cement Pakistan Limited has 

awarded a contract to a Chinese firm 

to build a new 4,000 tons/day capacity 

plant in Hub, Balochistan, the 

company said. "The management of 

Attock Cement has concluded an 

agreement for setting up new 4,000 

tons/day cement manufacturing plant 

with all standard parts and 

accessories with Hefei Cement 

Research and Design Institute 

(China)," the company said in a bourse 

filing. In August, the manufacturer 

informed the KSE that its board 

approved a proposal to increase its 

production capacity by installing a 

new plant at its existing site with an 

estimated cost of $120 million. The 

company is exploring new regional 

markets and added India, Yemen and 

Somalia as potential new markets in 

July-September quarter. 

In the backdrop of rising domestic 

sales (FY15, YoY, increase in 

domestic sales @ 7.9pc) and 

forecasted boost to the economy from 

Pakistan Cement Sector: New capacities coming online 

the upcoming China Pakistan 

Economic Corridor - in a scenario 

where capital intensive projects 

completed by FY2018 will be entitled 

to tax holidays for five years - leading 

cement manufacturers are undertaking 

strategic expansion projects whose 

details are given below: 

Trade Chronicle - November - December 2015 - Page # 29 

(Courtesy: “Al Habib Capital Markets”)


Fertilizer & Petrochemical Industries 

Engro Polymer target 

of acquisition 

Engro Polymer and Chemicals Ltd 

(EPCL), a subsidiary of Engro 

Corporation, is a target of 

acquisition. ATS Synthetic (Pvt) 

Ltd, along with persons acting in 

concert, have made a public 

announcement of intention to 

acquire 373 million shares of 

EPCL, both Engro Corpo-ration 

and the target company said in 

filings with the stock exchanges 

recently. 

The shares under consideration for 

acquisition would constitute 56.19 

per cent of the total paid-up capital 

of the ‘target company’ which 

would be all of the equity interest 

in the company held by Engro 

Corporation. 

Other major shareholders in EPCL 

include Inter-national Finance 

Corpora-tion with 14.64pc and 

Mitsubishi Corporation having 

10.24pc equity interest.Engro 

Corporation said that due diligence 

would start shortly. A sector analyst 

commented that the proposed 

acquirer had requested EPCL to 

provide certain information in order 

to commence due diligence 

regarding the acquisition. 

“If the deal goes through at market 

rate of Rs11.54 per share, Engro 

Corporation will recognise capital 

gains of Rs1.24 per share on 

standalone basis”. In case of a 

successful bid, the acquirer shall 

make a public announcement of 

offer to the shareholders of the 

target company in accordance with 

the Securities Act 2015. 

FFC up for a large scale 

fertilizer complex in Tanzania 

Fauji Fertilizer Company Ltd (FFC), the 

leader in Pakistani fertilizer sector has 

entered into Joint Venture for setting up 

large scale fertilizer plant in Tanzania. 

FFC is partnering with renowned 

technology provider Haldor Topsoe A/ 

S (HT) from Denmark, and project 

developer 

Ferrostaal Industrial 

Projects GmbH 

(FIP) from Germany 

as a consortium and 

joined by the stateowned 

Tanzania Petroleum 

Development Corporation (TPDC). The 

plant will be located in the South of Dar 

es Salam in the Lindi /Mt. Wara area, 

where port facilities and connections to 

natural gas grid would be available. 

This project is one of the biggest foreign 

investment in Tanzania. The fertilizer 

complex is expected to be on-stream by 

2020, and will be producing 1.3 million 

tons of urea fertilizer per year, for both 

local and international market. The 

agricultural sector in Tanzania would be 

benefitting the most from this investment 

Fatima Fertilizer profits up 

Fatima Fertilizer Company Limited has 

reported profit-after-tax at Rs7.43 

billion for nine-month ended 

September 30, a company statement 

said recently. 

This is 15.60 percent higher than 

Rs6.43 billion earnings reported in the 

same period last year. This translated 

into the earnings per share of Rs3.54 as 

compared to Rs3.06 in the 

corresponding period last year. 

and FFC’s agri-services experience. 

Fauji Fertilizer Company (FFC) with 

over three decades of experience in 

operating large scale ammonia and urea 

plants is well poised to run safe and reliable 

operations of this fertilizer plant and training 

of domestic manpower in Tanzania. 

This project will significantly help boost 

economy in Tanzania by creating 

employment 

opportunities 

directly and also 

in spin-off 

industries. It is 

estimated that 

about 5,000 direct and indirect jobs will 

be created during the construction and 

operation phase to the benefit of both 

Pakistanis and Tanzanian people. 

Lt. Gen Shafqaat Ahmed (Retd), CE & 

MD FFC, while briefing the Board of 

Directors, expressed his optimism on this 

key project which marks the beginning 

of FFC’s ‘Global Aspirations’. The 

investment is reflection of FFC’s 

commitment towards value creation for 

its shareholders to ensure sustained 

stream of payout, which is the highest 

(97%) in Pakistan. 

The increase in profit is seen mainly due 

to receipt of Rs1.21 billion mentioned 

in taxation column. Otherwise, the net 

value of its sales has declined by 15.69 

percent to Rs21.80 billion in the under 

review period from Rs25.86 billion 

recorded in the nine-months (January- 

September) last year. Other salient 

features of the financial report included 

low cost of distribution at Rs871 million 

from Rs1.02 billion; reduced finance 

cost at Rs1.78 billion from Rs2.96 

billion; and higher other income at 

Rs468 million from Rs287 million last 

year. 



Banking & Insurance News 

NBP, Money Gram 

discuss future prospects 

of collaboration 

National Bank of Pakistan (NBP) 

and Money Gram formally 

discussed various points for 

finalising agreement to enter 

Money Gram as another important 

tie-up of NBP. This new addition 

in NBP tie-ups will help to meet 

the demands and changing market 

dynamics of remittances across 

world and specially Gulf market. 

MoneyGram has shown keen 

interest in making arrangement 

with NBP, which one of the largest 

domestic branch networks across 

Pakistan as well as 23 overseas 

branches and representative offices 

in four countries world-wide. 

Khalid Bin Shaheen said that in 

Pakistan's economy, home 

remittance is the second largest 

source of foreign exchange after 

export therefore remittances play 

an important and centric role in 

Pakistan economy and National 

Bank of Pakistan is one of main 

and key force behind the 

remittances. He further said, NBP 

having the most penetrated 

network in Pakistan, providing 

comprehensive domestic 

distribution of remittances to 

beneficiaries across Pakistan. 

A number of renowned 

international exchange houses and 

money transfer companies from 

across the world, including the 

Middle East, Europe, Asia-Pacific 

and America, have been using our 

services with utmost trust and 

satisfaction. 

The National Bank of Pakistan (NBP) 

recently won the globally recognized 

“The Bank of the Year in Pakistan 2015” 

award. The awards presentation 

ceremony was organized in London by 

The Banker which is a flagship 

publication of the Financial Times 

Group of UK. The Banker selects only 

one winning bank from each of 120 

countries across the world. From 

Pakistan, only NBP has been chosen for 

the award for the year 2015. 

NBP has over 1,374 branches in 

Pakistan and has presence in 19 

countries through 21 branches and 

Karandaaz Pakistan and National 

Bank of Pakistan (NBP) signed a 

memorandum of understanding (MoU) 

for jointly working on multiple 

strategies to create the much required 

Digital Financial Ecosystem, through 

a suite of financial transactions to 

facilitate the citizens of Pakistan with 

a focus on Government to Person 

(G2P) and Person to Government 

(P2G) transactions. The two 

institutions agreed to collaboratively 

develop a comprehensive digital 

financial services strategy for NBP; 

NBP wins award 

affiliates covering all major financial 

centers of the world. NBP is 

considered as a brand accredited with 

trust and financial inclusion for 

unbanked segments. NBP enjoys the 

highest ‘AAA’ credit rating from both 

JCR-VIS Credit Rating Co. and 

PACRA. 

The bank is a leading player in loan 

syndication, both domestic and 

international, for large corporate 

transactions. Recently NBP 

spearheaded the first ever local 

financing of an energy project worth 

$1 billion as lead manager. 

NBP, Karandaaz Pakistan ink MoU on 

Financial inclusion 

develop and deploy the required 

technology as well as roll out a mobile 

financial system that will add multiple 

channels of transactions. 

The signing took place at the 

Karandaaz Pakistan's office in 

Islamabad and was attended by senior 

management from both organisations 

including Mudassir H Khan - SEVP/ 

Group Chief CRBG NBP, Azfar Jamal 

- EVP/Head of Remote Banking & 

ADC and Imdad Aslam Interim CEO 

of Karandaaz Pakistan. 



Xoom Corporation a new 

addition to NBP tie-up 

National Bank of Pakistan (NBP) and 

Xoom Corporation formally shared 

the documents for finalising 

agreement to enter Xoom as another 

important tie-up of NBP. The sharing 

agreement documents ceremony was 

held at NBP Head office. This new 

addition in NBP tie-up will help meet 

NBP demands and changing market 

dynamics of remittances across the 

world and especially Gulf Market. 

The documents sharing between NBP and Xoom Corporation for finalizing the 

agreement as another remittance tie-up of NBP. Nausherwan Adil, SEVP/Group 

Chief, Operations Group, Nasir Hussain, Executive Vice President, Zahid Shaheen 

VP/Wing head Global Home Remittance Management Group, Jahangir Ahmed 

Shaikh Senior Relationship Manager, GHRMG, Iain Allison GM, Business Xoom 

and Nasar Agboatwala Manager marketing – Xoom Corporation also present. 

National Bank signs MoU 

with Hunar Foundation 

National Bank of Pakistan (NBP) 

signed a (MoU) with Hunar 

Foundation with the objective to offer 

its alumni with the PM Youth Business 

Loan (PMYBL) Scheme that will 

serve as an innovative plan for the 

socio-economic development of 

youth, in an attempt to combat soaring 

unemployment in the country. The 

scheme is aimed at empowering youth 

and poor segments of population to set 

up small businesses thus aiding them in 

securing economic empowerment. 

Mudassir H Khan, SEVP/Group Chief CRBG, Irtiza Kazmi, EVP/Head of 

Cash Management & PMYBL, Javed Hassan, CEO Hunar Foundation, 

Nageen Rizvi, VP/Unit Head Marketing & Promotion and others 

photographed during an MoU signing ceremony. 

UBL, Team A Ventures on 

corporate alliance deal 

United Bank Limited (UBL) joined 

hands with Team A Ventures, a leading 

brand retailer, managing a variety of top 

international brands like Mothercare, 

Debenhams, Crocs, Monsoon, 

Accessorize, Fit Flop, ELC, Timberland 

and Next in Pakistan. Syed Taha Afzal, 

head of Consumer Products and 

Contact Centre UBL and Yasin 

Paracha chief and Managing Director 

of Team A Ventures inked the paper. 

Afzal said UBL has always provided 

attractive deals for its consumers and 

this alliance would definitely provide a 

Mr. Syed Taha Afazal, Head of Consumer Products & Contact Centre, UBL 

(front left) and Mr. Yasin Paracha, CEO & MD of Team A Ventures (front 

right) at the signing ceremony where UBL signed on Team A Ventures as one 

of the bank's major Corporate Alliance partners. 

lot of value to UBL customers. Paracha 

said, "We are excited about the growth 

in the retail sector and are focused in 

providing a fantastic retail experience 

to our customers". This alliance with UBL 

is a value added service for our customers. 



Insurance industry 

turns its attention to 

retail business 

The insurance industry is inching 

towards retail business from the 

corporate sector, said Jubilee 

Insurance Senior Vice-President and 

Head of Marketing Tauseef H. Shah. 

Talking to media, he said the shift 

in trend was evident from the 

number of products launched in 

recent months and advertising 

campaigns carried out by the 

insurance companies. 

`The retail sector has remained an 

untapped segment due to high risk 

and low returns. The insurance 

industry in Pakistan used to prefer 

corporate clients,` he observed. 

According to data published by the 

Insurance Association of Pakistan 

(IAP), the industry continued 

double-digit growth in premiums at 

12.18 percent and 14.44pc in nonlife 

and life insurance sectors, 

respectively, in 2014. 

The non-life insurance stood at 

Rs53.96 billion in 2014 as compared 

to Rs43.1bn in 2013, while the life 

insurance business recorded 

premium of Rs122.01bn in 2014 as 

compared to Rs106.61bn in the 

preceding year. The total insurance 

gross premium stands at Rs192bn, 

having a penetration of mere 0.82pc, 

according to IAP data. Pakistan 

insurance penetration remains one 

of the lowest in the region as 

compared to India that has an 

insurance penetration of 3.86pc. 

Faysal Bank launches 

world credit card 

Faysal Bank Limited (FBL) has 

announced to launch the World 

Credit Card in order to facilitate 

customers frequently travel abroad. 

Addressing the launching ceremony 

Nauman Ansari, President and CEO 

of FBL said FBL World Credit Card 

was the next step in providing its high 

net worth patrons' luxury and 

exclusive global reach. 

He said Faysal Bank World Credit 

Card in collaboration with 

MasterCard caters to customers' 

travel, lifestyle and security needs. "A 

complete travel programme 

comprising benefits on booking of 

hotels, cruises and trains is offered. 

This card enables access to over 500 

international airport lounges as well 

as world-wide airport concierge 

services," he informed. 

IGI Life, Summit Bank 

sign agreement 

IGI Life Insurance under its Window 

Takaful Operations and Summit 

Bank signed a Bancatakaful 

Distribution Agreement under which 

IGI Life's takaful products will be 

distributed using Summit Bank's 

branch network. The signing 

ceremony was held at IGI Life's 

head office in Karachi on 

November 4, 2015. Summit Bank 

was represented by its Chief 

Operating Officer Zahir Esmail 

and Head of Consumer Banking 

Faisal Murad while IGI Life was 

represented by its Dy Chief 

Executive Aminuddin and Chief 

Marketing Officer Nadeem Malik. 

Other senior officials from both 

the organisations were also 

present on the occasion. 

‘HBL Nisa’ 

platform to facilitate 

women banking 

HBL has launched, yet another 

initiative- HBL Nisa- to facilitate 

women’s banking in Pakistan. 

Women make up nearly half of the 

Pakistani population, and play a 

vital role in the country’s economic 

and social development. With Nisa, 

HBL hopes to cater to their unique 

needs and aspirations, and become 

their preferred banking destination. 

The launch took place with an 

event held at HBL’s head office in 

Karachi, featuring talks by two 

prominent achievers, aviation 

adventurer Tracey Curtis, and 

expert mountaineer Samina Baig. 

Among other topics, the duo spoke 

about the heights they have reached, 

both literally and figuratively, how far 

women have come and the 

challenges they still face. 

Both women represent the 

pinnacles of their respective 

professions, and share a love for 

adventure. Together, they urged 

the women to pursue their dreams, 

despite any hurdles they may face. 

Speaking at the event, Ms. Sima 

Kamil, HBL’s Head of Branch 

Banking said that “HBL Nisa is an 

exciting initiative for the women of 

Pakistan. HBL aims to be the Bank 

of Choice for women, a place 

where they are welcomed, heard 

and valued” 

Mr. Naveed Asghar, HBL’s Chief 

Marketing Officer added “HBL is 

all about enabling dreams, 

irrespective of gender, and it is a 

proud moment for us to have 

introduced a platform under HBL 

Nisa which will cater to the needs 

and aspirations of Pakistani women.” 



Aviation & Hotel News 

Etihad Airways opens 

new office in Lahore 

PIA inducts Boeing 777-200ER aircraft 

Etihad Airways, the national airline of 

the United Arab Emirates, has 

announced the opening of a new sales 

office in Lahore, with upgraded facilities 

boasting its new “Facets of Abu Dhabi” 

branding, to further strengthen its 

presence in the Pakistan market. 

Etihad Airways Vice President - 

Middle East and North Africa, Amer 

Khan, was invited to Lahore to 

inaugurate the luxurious new facility. 

Also present at the ribbon-cutting 

ceremony was Etihad Airways 

Country Manager – Pakistan, Ahmad 

Zahoor. 

Khan said: “Pakistan is a strategically 

important market for Etihad Airways 

within its global network. Since we 

commenced operations to the country 

in 2004, there has always been a 

focus to enhance its operations and 

provide fascinating new experiences 

for the discerning travellers from 

Pakistan by providing greater access 

and convenient connections to 

hundreds of global destinations.” 

Pakistan International Airline (PIA) 

has successfully inducted Boeing 

777-200ER aircraft on dry lease and 

inaugural flight PK 308 from 

Karachi to Islamabad was reached 

safely recently. 

Seating capacity in Business class 

is 25 seats, Economy plus 54, 

Economy class 228 with the total 

reaching up to 307 passenger seats. 

As per the vision of the Prime 

Minister Nawaz Sharif, PIA is being 

restructured and revamped with a 

vision of modern fleet with fuel 

efficiency and all amenities onboard 

in order to provide best travel experience 

to all the citizens of Pakistan. 

Keeping in mind the golden era of 

PIA and the days when this airline 

was best in the world, PIA Retro 

Livery from 1960s has been now 

painted on the aircraft. Boeing 777 

aircraft’s are the most modern and 

reliable aircrafts in the aviation 

industry round the world. Another 

Boeing 777 shall be joining PIA fleet 

very soon. 

This new aircraft Boeing 777 will 

serve passengers over long haul 

routes, i.e. UK, Europe, USA and 

Canada while new destinations will 

be opening up soon. Under the 

management of Chairman PIA 

Nasser NS Jaffer, PIA is committed 

to rise again to its former glory days. 

Marriott Launches 

“Meetings Imagined” 

Marriott Hotel, the flagship brand of 

Marriott International has launched 

Meetings Imagined, a first-of-its-kind 

concept that reinvents how meetings 

are planned, making them more 

visual, social, and purposeful. 

Featuring an online platform, 

MeetingsImagined.com provides 

expert tips, the latest meeting trends, 

and hundreds of inspirational images 

to spark creativity – all curated by 

the objective of the meeting. This was 

disclosed by Mr. Jan Verduyn, 

General Manager of Marriott in 

befitting presentation on Nov 04, 2015. 


UPCOMING B2B EVENTS . . . 

1-3 March 2016 

Pak-China Friendship Centre, Islamabad 

12th International Safety & Security 

Exhibition & Conference 

Website: www.safesecurepakistan.com 

E-mail: info@safesecurepakistan.com 

Pakistan 

food + bev tec 

18 - 20 August 2016, Lahore Expo Centre 

13th Edition of the International Food, Beverage 

& Packaging Technology Trade Fair 

Website: www.foodtech.com.pk 

E-mail: info@foodtech.com.pk 

19 - 21 May 2016, Lahore Expo Centre 

14th International Exhibition for 

the Energy Industry 

Website: www.pogee.com.pk 

E-mail: info@pogee.com.pk 


3rd International Food, Beverages & 

Hospitality Exhibition 

Website: www.foodtech.com.pk 

E-mail: info@foodtech.com.pk 

P A K I S T A N 


14th International Plastics & Packaging 

Industry Trade Fair 

Website: www.plastipac.com.pk 

E-mail: info@plastipac.com.pk 

4th International Multi-Modal Transportation, 

Logistics Conference 

Website: www.intertranspakistan.com 

E-mail: info@intertranspakistan.com 

Pegasus 

Pegasus Consultancy (Pvt) Ltd 

2nd Floor, Business Centre, Mumtaz Hassan Road, Karachi - Pakistan 

Tel : +(92-21) 111 734 266 (PEGCON) Fax : +(92-21) 3241 0723 

E-mail : info@pegasus.com.pk URL : www.pegasus.com.pk

Trade Chronicle Nov-Dec 2015

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