16 July 2017

6
Sunday, July 16, 2017
Biz
NBP empowering field for
superior customer service
KARACHI: Group photo with President NBP Saeed Ahmad along with Regional Heads
meeting.
KARACHI: The
President National Bank of
Pakistan (NBP) Saeed
Ahmad during his address to
a gathering of more than 100
NBP regional management
and Head office staff, from
across Pakistan at a hotel in
Karachi, emphasized on the
importance of customer
service to gain competitive
edge. The theme of the
address was “Happy
Customers – Our Success”.
He said that he will consider
his job incomplete if even a
single customer of NBP is
unhappy and not satisfied
with the institution’s service
level. Superior customer
service is the key to success,
ultimately translating into
higher business volumes and
resulting growth in profitability.
He said that the
banking environment is
dynamic and stressed upon
the need to have appropriate
controls in place to curtail
misappropriation leading to
reputational risk and resulting
dent on the bank’s profitability.
He said that NBP
has zero tolerance for frauds
and malpractice and reminded
that personnel involved
will be taken to task.
During the conference,
the proposal for re-organization
and empowerment of
the regional setup were also
discussed. He said that the
basic premise for strengthening
of the regional setup is to
provide better customer
service, greater authority to
the field offices, more
accountability, and inclusion
of branch / region personnel
in decision making. He
emphasized on providing
conducive environment to
the field functionaries to promote
business growth.
Concerns raised by regional
management team during the
discussion were satisfactorily
addressed by Mr. Faisal
Ahmed (Member –
President Task Force),
respective group heads and
the President. Elaborating on
the proposal he said that the
long standing complaints in
terms of increase turnaround
time for credit proposals will
be addressed through establishment
of dedicated service
centers for commercial and
SME sector. He said that
areas and processes that are
not aligned with the system
will be revisited and
addressed on priority basis.
The President emphasized
that ‘digital banking’ is the
future and we need to
upgrade our I.T. platform on
war footing to enable us in
introducing new products.
The need to focus on
Islamic Banking business
was also emphasized during
the address, Mr. Khawaja
Amin-ul-Azam (Head
Islamic Banking Group)
stressed upon the need for
better co-ordination between
the conventional and Islamic
banking to promote business
growth. He said that NBP
has witnessed growth in
Islamic banking branches
during the last 03 years.
However a lot needs to be
done for improving the share
of Islamic banking business
in the overall business portfolio.
President NBP reiterated
that efforts need to be put
in for sizable increase in the
Islamic Banking portfolio
thereby re-aligning it with
the State Bank of Pakistan
vision pertaining to Islamic
Banking in Pakistan.
CPEC investments to help close
Pakistan’s power deficit, boost GDP: IMF
I S L A M A B A D :
International Monetary
Fund has said that the investments
under China Pakistan
Economic corridor (CPEC)
can help close Pakistan’s
power deficit, significantly
improve its fuel mix, and
boost GDP by adding $13
billion in 7 years.
increased
“The planned expansion
of energy sector capacity
could eliminate Pakistan’s
6GW generation capacity
gap in 2016 as early as end-
2018”, IMF said in its latest
report on “Pakistan: Staff
report for the 2017 article IV
consultation”.
It said that in the process,
Pakistan’s excessive reliance
on furnace oil would be significantly
reduced and
impact on GDP will likely
come in three stages: construction,
power generation,
and- over time-secondround
effects on broader
economic activity due to
productivity,
lower costs, and improved
trade connectivity.
The first two stages
(direct contribution) could
add about $13 billion to
Pakistan’s GDP in the next
seven years (4.7 percent of
FY 2015/16 GDP). Secondround
effects will likely
accrue gradually and could
lead to a significant contribution
in the long run,
depending on various other
supportive factors.
The report however, proposed
that realizing the
transformational potential of
Pakistan’s investment program
while maintaining
external stability will require
supportive policy action.
Building up foreign
exchange reserves will be
important to cushion the
period of increased BoP outflows.
Strong and sustained
reform efforts aimed at raising
exports by improving
competitiveness and the
business climate will be critical
to maintain long-term
external sustainability.
Bringing the power distribution
sector to full cost
recovery will help secure the
long-term sustainability of
the energy projects.
Furthermore, containing
fiscal costs by limiting tax
exemptions, maintaining a
supportive environment for
all investments, and a gradual
phasing in of new external
commitments will help
maintain macroeconomic
stability and strengthen
growth sustainability, added
the report.
Commerce ministry focuses on
modernizing trade mechanism
KARACHI: the rupee
tumbled, and yet the currency
market did not panic.
The stock market has shed
5,768 points since May 31,
with billions of rupees
evaporated, but the losses
related to Panama Gate trial
of ruling PML-N party have
been endured quietly.
Can this cool be interpreted
as the growing maturity
of the private sector of
Pakistan? Have they
accepted political uncertainties
as a certainty and
adjusted accordingly?
PANAMA GATE JIT
Has business community adapted to uncertainty? the economy: FPCCI
ISLAMABAD: The
Ehsan Malik, CEO of the
Pakistan Business Council,
confirmed the absence of
nervousness in business circles.
“Over time, people
have gotten used to political
polemics. Close to the election
political debate dominates
public discourse
everywhere,” he said.
Shabir Ahmed, a textile
exporter, said, “My circles
are utterly disappointed
with the Sharif brothers.
They proved to be self-centred,
insensitive and very
arrogant. “We are fighting
a battle for survival,” another
exporter said, flashing
photos of ongoing protests
by textile mill owners in
Punjab.
Azhar Majid, an industry
leader from Faisalabad,
said: “The textile sector has
been warning the government
about slippage in
exports but the relevant
people have been too busy
to pay attention. Now the
trade deficit of $33bn is
compromising external sustainability.
Majyd Aziz, former
Outgoing governor SBP pays
farewell call on finance minister
Finance Minister lauds services of Ashraf Wathra as Governor SBP
ISLAMABAD: Outgoing Governor SBP Ashraf Mahmood Wathra in a farewell meeting
with Finance Minister, Senator Mohammad Ishaq Dar.
I S L A M A B A D :
Outgoing Governor State
Bank of Pakistan Ashraf
Mahmood Wathra paid a
farewell call on Finance
Minister Ishaq Dar in
Islamabad on Saturday.
The Finance Minister
lauded the services of
Ashraf Wathra rendered as
Governor of central bank
and congratulated him on
the successful completion
of his tenure. The Minister
said that he remained committed
to his work throughout
his tenure and contributed
significantly to
smooth implementation of
monetary policy and regulation
of the money market.
US lawmaker calls for hearing on
Amazon's Whole Foods deal
WASHINGTON/NEW
YORK: The top Democrat
on the U.S. House of
Representatives' antitrust
subcommittee has voiced
concerns
about
Amazon.com Inc's
(AMZN.O) $13.7 billion
plan to buy Whole Foods
Market Inc (WFM.O) and is
pushing for a hearing to look
into the deal's impact on
consumers.
The deal announced in
June marks the biggest
acquisition for the world's
largest online retailer.
Amazon has not said what it
would do with Whole Foods'
stores and other assets, but
analysts and investors worry
the deal could upend the
landscape for grocers, food
delivery services and mealkit
companies.
U.S. Representative
David Cicilline requested
the hearing on Thursday in a
letter to the chair of the
House Judiciary Committee
and the subcommittee chairman.
Amazon and Whole
Foods declined to comment.
Amazon shares closed up
0.1 percent at $1,001.81.
Whole Foods rose 0.3 percent
to $42.10.
"Amazon's proposed purchase
of Whole Foods could
impact neighborhood grocery
stores and hardworking
consumers across America,"
the Rhode Island Democrat
said in a statement.
"Congress has a responsibility
to fully scrutinize this
merger before it goes
ahead."
The deal must be
approved by U.S. antitrust
enforcers, most likely the
Federal Trade Commission.
Congress plays no formal
role in that process but
hearings often highlight the
possible impact of deals on
consumers.
president Karachi
Chamber, believed that for
the business community
the JIT was a side topic. He
did not expect too strong a
reaction from corporate
Pakistan even if the JIT
decides against the premier.
“Despite unending
theatrics in the political
arena and TV studios the
fact is that donors trust
Pakistan better today than
ever before. New loans are
contracted at favourable
terms and cheaper interest
rates”, he said.
Pakistan has lot of
potential for economic
growth: Experts
I S L A M A B A D :
Professor Stefan Dercon,
Professor of Economic
Policy at the University of
Oxford has said that that the
Pakistan has a huge potential
for growth. Here private
sector will lead the road to
development with support
from the government.
He was addressing a seminar
at Pakistan institute of
Development Economics on
Economic Transformation in
Pakistan. The seminar was
organized by the CPEC centre
of excellence as part of
their engagement initiative
to build a dialogue on various
aspects of economy in
Pakistan.
Dercon stressed on the
need for inclusive development
in Pakistan and offered
the ingredients for success
for a developing economy
like Pakistan. These ingredients
include a vibrant private
sector growth to absorb
job seekers and a well-functioning
social sector as a
pre-requisite to development.
This involves an outcome
oriented industry
encouraged by dialogue and
discussion around economic
prospects.
ISLAMABAD: Pakistan
and Indonesia have underscored
their commitment to
continue strengthening
bilateral relations.
The commitment was
expressed when the First
meeting of Bilateral
Consultative Forum
between the Ministry of
Foreign Affairs of
Indonesia and the Ministry
of Foreign Affairs of
Pakistan was held in Jakarta
on July 11, 2017, said a
press release issued by the
Foreign Office in Islamabad
on Saturday.
In the Forum, Pakistani
delegation was led by
Additional Secretary (Asia
Rising political
temperature to damage
Federation of Pakistan
Chamber of Commerce and
Industry (FPCCI) on
Saturday said after two
years of consolidation and
growth cracks have started
appearing in the economy
which is not good for the
country.
The rising political
uncertainty is not good for
the economy as it will further
deteriorate the economic
situation with a fast pace,
said Atif Ikram Sheikh,
Chairman FPCCI Regional
Committee on Industries.
In a statement issued
here, he said some cracks
are appearing on economic
horizon against the claims of
an economy made resilient
after years of efforts. He said
foreign exchange reserved
at four times higher than the
previous government but
insufficient to tackle debt
servicing while keeping the
balance of payment situation
under control.
He said we were repeatedly
told that the government
inherited an economy
which was on the brink but
now the situation has been
improved and another IMF
loan will not be needed but it
proved otherwise.
ISLAMABAD: Ministry
of commerce is focusing on
modernizing the trade
mechanism to facilitate
international and domestic
trade and enhance export.
“We are working to
search new trade avenues
and markets in different
regions of the world to get
access to these markets for
promotion of country’s
trade,” Senior official of
ministry of commerce told
APP here.
New tarde policy mainly
targeted the international
and internal trade for
improving supply chain,
enhancing use of technology
and providing competitiveness.
The government is
committed in providing
direction and diversification
to internal trade for enhancing
supply chains to
enhance country’s exports.
He added that Free Trade
Agreements (FTAs) with
Turkey, Thailand and Iran
were under negotiation
I S L A M A B A D :
President Pakistan
Businessmen and
Intellectuals Forum (PBIF),
Mian Zahid Hussain
Saturday said government
should plan cottage industrial
zones along CPEC to
improve productivity,
exports and employment.
He said steps from promotion
of SMEs and cottage
industry can reduce
poverty and bailout country
from the economic problems,
says a press release
issued here.
Mian Zahid Hussain
said that majority of the
population comprise of
women therefore they
should be included in the
national mainstream to
ensure rapid progress. He
said cottage industry, small
traders and women entrepreneurs
should be given
more attention to ensure
rapid development, adding
that cottage industrial
phase and agreement would
be finalized in coming
months.
The official said that priority
of the government
would be to initiate the
FTAs on same pattern with
the Latin American
Countries for promotion of
free trade with the regional
countries. The South
American markets had great
potential which needed to
be exploited and by taking
timely measures he said,
adding that Pakistan could
get benefit from this
untapped potential.
Argentina, Brazil,
Colombia and Cuba have
huge import potential for
promoting trade from
Pakistan. He said that the
Strategic Trade Policy
Framework (STPF) envisaged
diversification of
export markets through
adoption of an outreach
strategy for Africa,
Commonwealth of
Independent States (CIS)
zones must be established
across the country and
along CPEC.
He informed that that
over ninety six percent
businesses fall in the category
of cottage industry
and small businesses but
this sector is neglected
which is not in line with the
national economic interests.
How Pakistan can
become a successful economic
model when cottage
and Latin America.
The STPF 2015-18 aims
to achieve annual exports to
US$ 35 Billion besides
improving export competitiveness
and making transition
from `factor-driven’
economy to `efficiency-driven’
and `innovation-driven’
economy.
He said that in seventh
round of negotiations on
Free Trade Agreement
(FTA) between Pakistan and
Turkey, both sides had discussed
the specific sectors
including textile sector during
the negotiation.
Pakistan and Turkey’s
Free Trade Agreement
(FTA) will be signed on
August 14, for enhancing
the bilateral trade between
two countries.
He said the country’s
major exports to Turkey
were denim PET, ethanol,
cotton yarn, fabric and rice,
garments,leather, carpets,
surgical instruments,sports
good, chemicals.
Govt should plan cottage industrial
zones along CPEC: PBIF
Pacific), Ministry of
Foreign Affairs, Pakistan
Syed Zulfiqar Gardezi
whereas the Indonesian
side was led by Director
General for Asia Pacific
and African Affairs,
Ministry of Foreign Affairs
Desra Percaya.
The additional secretary
also separately met Vice
Minister for Foreign
Affairs A M Fachir and
Deputy Secretary General
ASEAN Hirubalan V P and
discussed ways to enhance
Pakistan-ASEAN engagement.
The Pakistan-Indonesia
First Consultative Forum
reviewed the whole spectrum
of bilateral relations
including political,
defence, security, economy
and consular matters and it
was agreed to translate the
existing goodwill into concrete
measures.
The two sides discussed
increased high level
exchanges over the coming
months. To increase people
to people contacts, easing
visa regime to facilitate
exchanges was emphasized.
Both sides noted that
industry, small traders and
women feel side-lined, he
said, adding that government
should revisit some
policies governing these
sectors.
There are 1.5 billion
poor in Asia of which 660
million are very poor while
the majority of world’s
poor lives in Saarc region
that can be lifted out of
poverty by policy intervention
which is being awaited
since long.
Pakistan, Indonesia agree to continue strengthening bilateral ties
the upcoming review under
the Preferential Trade
Agreement (PTA) discussion
provides a good
opportunity between
Indonesia and Pakistan to
foster bilateral trade relations.
The two sides assured
positive consideration on
these matters.
Both the Countries
underscored their commitment
to continue strengthening
bilateral ties especially
through the mechanism
of Consultative
Forum, Joint Commission,
Joint Working Group on
Counter-terrorism and
Policy Planning Dialogue.