10 April 2018

6
Tuesday, April 10, 2018
Biz
Pak, China sign two MoUs for
gas pipeline & oil refinery
China’s BRI message of progress, peace to world: PM
ISLAMABAD: Pakistan
and China have signed a
Memorandum of
Understanding (MoU) for
North-South Gas Pipeline to
ensure supply of affordable
gas in areas currently showing
increased demand for
power generation and industrial
use.
Prime Minister Shahid
Khaqan Abbasi also witnessed
the signing of the
MoU between Inter-State
Gas Systems of Pakistan and
Power China at Sanya.
The Prime Minister also
witnessed signing of another
MoU between Pakistan
State Oil and Power China
for construction of up-country
deep conversion oil refinery
and laying of crude oil
pipeline.
The project will help in
reducing costs of petroleum
products currently being
transported through road
from refineries in southern
parts and also ensure uninterrupted
supply.
While, Prime Minister
Shahid Khaqan Abbasi says
Belt and Road Initiative
(BRI) of China is a message
of progress and peace to the
world.
The Prime Minister, who
is in China to attend Boao
Forum Annual Conference
for Asia in an interview with
China Global Television
Network, expressed the confidence
that China-Pakistan
Economic Corridor (CPEC)
would equally benefit the
two countries.
He said CPEC would
accelerate the pace of economic
development in
Pakistan. The Prime
Minister will also hold bilateral
meetings with Chinese
and other world leaders on
the sidelines of the BOAO
Forum Annual Conference.
Calling the Belt and
Road Initiative (BRI) and
CPEC "a transformative
project representing economic
cooperation between
Islamabad and Beijing,"
Abbasi said that the BRI is
"a truly global public good",
which has been planned to
benefit the people living in
geographically distinct
areas, the People's Daily
reported.
He also noted that the
successful implementation
of the BRI would lead to
ISLAMABAD:
Tax amnesty scheme
politically motivated: ICST
I S L A M A B A D : compliance and encourage fourth tax amnesty scheme therefore, they have started
Islamabad Chamber of the undocumented economy,
of the incumbent govern-
opposing it which has
Small Traders (ICST) on
it said.
ment will not be different raised questions about its
Monday criticised the The government should from the previous ones and success.
recently-announced tax have avoided shortcuts and it will not be beneficial to Moreover, he said, people
amnesty scheme terming it refrained from laying the economy, he added.
are not certain that
politically motivated.
The decision amounts
down arms in front of the
tax evaders, said Patron
Shahid Rasheed Butt
said that scheme has been
their money would be utilized
properly and they are
to punishing honest taxpayers
Islamabad Chamber of announced just before the sure that they would avoid
while rewarding the Small Traders Shahid elections while other polit-
punishment for evading
tax cheats which would Rasheed Butt.
ical parties have not been taxes which discourage tax
further weaken the tax The outcome of the taken into confidence, compliance.
KARACHI: A vendor displaying fruits to attract the customers at N north Nazimabad
Landi Kotal Chowrangi.
Sanjrani for Minimizing Trade
Imbalance between Pakistan and Japan
ISLAMABAD: M Sadiq
Sanjrani, Chairman Senate
of Pakistan has said that
Pakistan attaches great
importance to its relations
with Japan and desires to
further expand the friendly
ties in different sectors for
mutual benefit of the people
of two sides. He reiterated
need to further strengthen
the existing economic relations
between Pakistan and
Japan and called for minimizing
the imbalance in
trade between two countries.
He said that prospects of
trade volume can be
improved through enhancing
parliamentary ties and
cooperation. He said that
bilateral relations could be
further cemented by increasing
parliamentary
exchanges. He was talking
to Takashi Kurai,
Ambassador of Japan in
Pakistan who visited
Parliament House to call on
Chairman Senate.
He said that both the
countries supported each
other’s in the hour of need
and excellent cooperation
has been witnessed at international
fora. He said that
there is a need to further
build cooperation by promoting
people to people
contacts and exchange of
Parliamentary delegations.
Chairman asked the
Ambassador to explore the
avenues for investment in
Gwader and he would play
an active role to help facilitate
the Japanese investors
through Balochistan government.
He said that export to
Japan should also increase to
create a trade balance.
CASA-1000 landmark achievement of
cooperation between Pak, Tajikistan: Envoy
ISLAMABAD: Tajikistan's Ambassador
to Pakistan, Sherali Jononov has said that
CASA-1000 is a landmark achievement of
cooperation between Tajikistan and
Pakistan.
Addressing a conference titled "Pakistan-
Tajikistan: Exploring New Dimensions of
Bilateral Cooperation" in Islamabad on
Monday, he said Central Asia is endowed
with vast energy potential and it will fulfill
the increasing demand of Pakistan.
He said Tajikistan is constructing roads
and railway tracks to support CASA-1000.
He told participants of the conference that
Tajikistan has world's most abundant clean
hydropower resources which can provide
cheap electricity to South Asian courtiers.
The ambassador said that Pakistan and
Tajikistan enjoy excellent relations in the
fields of defence, culture, education and
business. He said a transit agreement is also
in consideration with Pakistan.
Sherali said CASA-1000 project will
also complement the countries' efforts to
improve electricity access, integrate and
expand markets to increase trade. He said it
will help Tajikistan to find sustainable solutions
to water resources management.
Speaking on the occasion, Head of the
Department on Analysis and Foreign Policy
Perspectives of Tajikistan, Dr Hakim
Abdullohi Rahmanov said that Pakistan is
now a peaceful country and is moving
towards prosperity.
Chinese delegation of
Shenzhen City visits
ICCI to explore JVs
ISLAMABAD: A
Chinese delegation of
Shenzhen City led by Jia
Changsheng, Deputy
Director General, Shenzhen
Investment Promotion
Agency visited Islamabad
Chamber of Commerce and
Industry here on Monday
and exchanged views with
the local business community
on the possibilities of joint
ventures and partnerships in
areas of interest. Speaking at
occasion, Jia Changsheng,
Deputy Director General,
Shenzhen Investment
Promotion Agency said that
Shenzhen was business hub
of China and was making
rapid economic development
with a GDP of US$ 350 billion.
He said the companies
of Shenzhen were making hitech
products and they were
interested in JVs with
Pakistani counterparts.
LAHORE: Federation of
Pakistan Chamber of
Commerce and Industry,
SAARC Chamber Pakistan
chapter and Lahore Chamber
improved power lines, better
roads and infrastructure and
encouragement of the use of
sustainable energy.
"As the flagship project
of the BRI, CPEC epitomises
the vision of the two
countries for comprehensive
and broad-based economic
cooperation. The energy
projects conceived under
CPEC have alleviated the
energy crisis in Pakistan and
we have been successful in
adding thousands of
megawatts of electricity to
the national grid," Abbasi
said.
Expressing satisfaction
on the progress of energy
projects of the USD 62 billion
economic corridor, he
added, "CPEC energy projects
have diversified
Pakistan's energy mix with
investments in the country's
hydro, wind, solar and
hydrocarbon energy sectors,
which is a matter of satisfaction
for me," he added.
Chairman
standing committee
FPCCI demands
amendment in tax
The
Chairman Standing
Committee Federation of
Pakistan Commerce and
Industry (FPCCI) Khalid
Jahangir Butt has demanded
to bring amendments in
the policies of sale tax,
income tax and custom act
for the betterment of industrial
department.
According to details, he
made demands through
separate letters that were
written to member custom
Federal Board of Revenue
(FBR) and Member policy
FBR Islamabad. While
pointing out the troubles of
steel pipe industry regarding
the custom act he stated
that regulatory duty up
to 12.50% on import of
steel products was feasible.
He pointed out in written
letters that same law
should be formulated for
industrials and exporters so
that can compete each
other in market.
The chairman pointed
out that the further tax has
created a mess for the
industry and it cannot be
handled as we have a very
specific value addition and
finding registered persons
to save further tax is
almost impossible.
Secondly the sections
236G and 236H don't have
a proper application so
these should be considered
removal for industry in this
budget, he added in written
letters.
Business community slams Modi
for declining Nepal PM offer for
participation in SAARC Summit
Monday jointly slamming
Indian premier Narendra
Modi for declining Nepalese
Prime Minister’s KP Sharma
Oli offer for participating
SAARC summit in
Islamabad said India’s stubborn
stance on SAARC will
lead to disrupt process of
making South Asia a global
superpower and jeopardize
all efforts designed for
achieving durable peace and
prosperity in the region.
Vice President Iftikhar
Ali Malik after chairing a
high level meeting of trade
leaders , giving his reaction
to media at the refusal of
India for participating in
SAARC summit if Pakistan
hosts it, said South Asia cannot
progress in any sphere of
life unless the core issues
between Pakistan and
India are addressed
promptly through a series of
result-oriented parlays.
He said India is committing
unprecedented atrocities
in occupied Kashmir and
using despotic all available
state’s resources to stifle the
voices of liberation of
Kashmir. He said without
solution of Kashmir durable
peace is not possible so
Pakistan and India must
resolve outstanding economic
and security disputes
including the Kashmir issue
to fully exploit economic
potential of eight-member
SAARC for better future and
durable peace in the region.
Vice President and Regional
Chairman, FPCCI Ch Arfan
Yousaf said Indian PM
Narendra Modi should play
positive role in reviving the
stalled SAARC Summit
process setting aside his prejudice
and political insularity.
CORPORATE CORNER
Meezan Bank joins hands with Pirani
Group of Companies for Financing
Power & Super Power Bikes
KARACHI: Meezan Bank has recently signed an agreement with Pirani Group of
Companies, manufacturer of two-wheeler and three-wheeler vehicles, auto parts,
vans, minivans, trucks and tractors, to offer all variants of Power and Super Power
bikes through Meezan Bike ljarah. Picture shows Mr. Arshad Majeed - Group Head,
Consumer Finance, Meezan Bank and Mr. Naveed Usman Pirani — Director, Pirani
Group of Companies signing the MoU.
KARACHI: Meezan Bank, Pakistan’s first and largest Islamic bank, has recently
signed an agreement with Pirani Group of Companies, a trusted name in the manufacturing
of two-wheeler and three-wheeler vehicles, auto parts, vans, minivans, trucks and tractors,
to offer all variants of power and super power bikes through Meezan Bike Ijarah,
which is Pakistan’s first Shariah-compliant bike financing facility offering easy and
affordable monthly payments for the customers.
The MoU was signed by Mr. Arshad Majeed - Group Head, Consumer Finance,
Meezan Bank and Mr. Naveed Usman Pirani – Director, Pirani Group Of Companies at
a ceremony held at Pirani Group of Companies Head Office, Karachi.
Through this understanding, Meezan Bank will be a preferred financier for Power and
Super Power bikes. The Bank’s vast nationwide network of over 600 branches will enable
Pirani Group to make its products available to a very large audience.
Speaking at the occasion, Mr. Arshad Majeed said, “In Pakistan, the demand for motor
bikes is ever-growing and Meezan Bank’s collaboration with Pirani Group of Companies
augurs well for both the companies as well as the evolving market needs and industry.”
Mr. Naveed Usman Pirani said, “There is a high demand of Pakistani branded bikes in
the market and our affiliation with Meezan Bank will facilitate those consumers, who are
unable to make one-time lump sum payments by allowing them to purchase new motor
bikes on easy and affordable installments.”
New UBL regional office
inaugurated in Lahore
LAHORE: The new UBL Regional Office was inaugurated in Lahore by Sir
Mohammed Anwar Pervez, OBE, HPk, Chairman of the Board of Directors of UBL
and Bestway Group UK. Mr. Zameer Mohammed Choudrey, CBE, Sitara-e-Imtiaz,
Director UBL, Sima Kamil, President & CEO, UBL, Members of the Board of
Directors of UBL and senior executives of the Bank were present on the occasion.
UBL’s new Regional Office is located on main Jail Road, Gulberg, Lahore.
Rising more than 125 feet, this 9-storey building features state-of-the-art facilities
and cutting-edge technology enclosed within a classic Edwardian design. The inspiration
for the building came from Sir Anwar Pervez, who envisaged a structure
which embodied Lahore’s rich heritage of historic buildings.
Speaking on the occasion, Sima Kamil, President & CEO UBL said, “UBL’s new
Regional Office building is a dynamic symbol of the Bank’s continuing legacy that
inspires confidence and trust. UBL is acknowledged as a Progressive and Innovative
bank. These two attributes of the Bank have propelled the institution in taking lead
in financial inclusion and economic development of Pakistan.”
LAHORE: Sir Mohammed Anwar Pervez, OBE, HPk, Chairman of the Board of Directors
of UBL and Bestway Group UK (left)inaugurating the new UBL Regional Office building
in Lahore. Also seen in the picture are Mr. Zameer Mohammed Choudrey, CBE, Sitara-e-
Imtiaz, Director UBL (center) and Ms. Sima Kamil, President & CEO, UBL, (right).
JS Bank team visits Karachi press
club to meet with governing body
KARACHI: The JS Bank Marketing team visited Karachi Press Club (KPC) on
Friday to meet with the Governing body and exchange views on the media’s role in
today’s rapidly changing corporate environment.
The leadership of the club’s governing body including its President - Ahmed
Malik and the Vice-President Minhaj Ur Rab was present at the occasion while the
JS Bank team was led by Imran Shaikh, Head of Marketing. The event was wellattended
by members of the governing body as well as media organizations.
The JS Bank team was warmly welcomed by the media fraternity to the historic
KPC premises. The two sides exchanged views on the continually growing importance
of the media within the country. The journalists were extremely appreciative
of the activity and commended JS Bank’s efforts to promote engagement between
corporate professionals and the media. The JS Bank team appreciated the initiatives
undertaken by the press club to promote business opportunities within Pakistan as
well as to globally promote the image of the country.
This visit was the latest in a long-running series of media engagement activities
undertaken by JS Bank over the course of the past few years to help strengthen its
relationships with communication outlets nationwide.
KARACHI: The JS Bank Corporate Communications and Marketing team met with
the Governing body of the Karachi Press Club (KPC).Present at the occasion were
Ahmed Malik, President-KPC, Minhaj Ur Rab,Vice-President-KPC, Imran Shaikh,
Head of Marketing -JS Bank along with senior members from both teams.