Trade Chronicle Nov - Dec - 2020 issue

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Pakistan Leather Industry, Pakistan Cement Industry, Pakistan Ports and Shipping Industry, Pakistan Automobile Industry, Pakistan Oil and Gas, Pakistan Steel Industry, Pakistan Telecommunication, etc.

TRADE CHRONICLE

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 1


TRADE CHRONICLE


www.tradechronicle.com Vol. 67 Issue Nos. 11 & 12 Nov - Dec 2020 Rs. 250/-

TRADE CHRONICLE

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CONTENTS

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editorial

• A notable recovery in the economy after COVID- 19

editorial comments

• Record bulk fertiliser handling at ports

article & feature

• PM Imran Khan inaugurates Air Sial during day-long visit to Sialkot

• Textile industry bounces back stronger

By Nasir Jamal

leather industry

• Local footwear industry produces 411 million pairs annually: PFMA chief

• PFMA welcomes Government notification to revise Rebate for Footwear

. Industry

• Chairman FBR assures to resolve concerns of leather exporters

• PLGMEA discussed issues to Minister of State for Climate Change

• Bangladesh leather exports fall in 5MFY20-21

• Pakistan’s leather industry exports recorded mixed export trend in 4MFY20

ports & Shipping

• Port Business of Pakistan – A Source of Economic Torque

By Dr. Muhammad Nawaz Iqbal

• Bulk Shipping applauds third record handling of DAP fertilizer at KPT

• KPT handles 42 million tons of cargo in 2019-20

• Nadir Mumtaz takes additional charge of Chairman KPT

• TPL Trakker to provide fleet management services

• Computerized Plots Balloting of GBTS - Pictures

• LNG Virtual Pipeline MoU signing ceremony held in KPT

• PNSC releases financial results for the 1Q202-20

• Two ships with 115,500 tonnes of wheat arrive

• Senegal Joins World Logistics Passport as Hub for Africa

• Technology Innovation Institute and Virgin Hyperloop announce R&D

. partnership

• Kazakhstan joins WLP as hub for central Asia for Africa

• Fauji Foundation and Cargill partner to strengthen agricultural supply chain in

. Pakistan

• DP World and Senegal sign agreement to develop Ndayane port

regular features

• Automobile News, Banking & Insurance News, Cement Industry,

• People Events, Telecommunication News & Travel World

New features

• Steel & Allied Industry

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 3


TRADE CHRONICLE

We begin with the name of Allah the Magnificient

A notable recovery in the economy after COVID- 19

Pakistan’s economy started to recover to its pre-Covid level in the 1QFY21, mainly

due to the national strategy that helped contain the pandemic, supported by the

government’s measures and the State Bank of Pakistan. According to the SBP,

the industrial sector saw a robust growth during 1QFY21 (LSM: +5% YoY and

growth trend continued to date). Simultaneously, essential crops (such as rice

and sugarcane) led to the overall improvement in the agriculture sector. In the

services sector, growth was witnessed in the wholesale and retail trade segment.

The primary factor responsible for sustainable development is the Monetary Policy

of SBP, as the central bank kept the policy rate unchanged at 7% during 1QFY21. It

provided necessary support to the ongoing economic recovery.

FROM THE

EDITOR’S

DESK

But the primary factor of concern was food inflation during this period. The pace

of inflation stabilised during 1QFY21, with the headline inflation averaging at 8.8%

compared to 10.1% same period last year. SBP projects average inflation in FY21

to stay in the range of 7–9%. The SBP appreciated action taken by authorities

to correct the supply-side issues in the food market, that have helped contain it

to a great extent. However, in the future, the upside risks to inflation remain an

increase in food prices and potential tariff revisions, whereas low hazards include

a protracted second wave of the pandemic. The inflation has to be checked in the

next calendar year to overcome masses difficulties.

SBP reported that improved tax collection with the resumption of economic activity

helped primary balance turn into a surplus again (0.6% of GDP) after recording a

deficit in the last FY20 (-1.8% of GDP). The size of the overall fiscal deficit also

shrank on a QoQ basis to -1.1% of GDP.

ABDUL RAB SIDDIQI

Pakistan’s current account (CA) posted a surplus of USD 0.8bn in 1QFY21. This

surplus was primarily based on record-high workers’ remittances, low oil prices,

and reduced services imports. SBP projects the Real GDP growth in the range of

1.5 to 2.5% in FY21 based on the current economic activity trends. However, the

downside risk to this projection includes the second wave of the pandemic.

To recall, the target for the same was initially 2.1% as against - 0.4% growth in

FY20.

This year-on-year improvement is expected to come from a steady agriculture

performance and a recovery in the services sector, especially finance & insurance,

and transport & communications. Industrial performance is also estimated to

post a modest recovery, primarily because of a much-contained contraction in

large-scale manufacturing compared to FY20. The SBP expects GDP growth to

stay within the range of 1.5 – 2.5 percent during FY21. Nonetheless, these growth

projections are subject to risks, including from the evolution of Covid, extreme

weather conditions, external demand, and progress on the reform front.

Moving forward, we hope that CY21 could prove to be much more exciting for

Pakistan: With a stable PKR, improving FX buffers, and improving growth prospects.

We believe CY21 might prove to be an eventful one for Pakistan. Nonetheless, risks

to the outset persist. However, a lot will depend on the authorities’ commitment

and resolve to steer the country out of a potential second wave of COVID-19 cases

and political upheaval. Urgent focus on policy reforms, deregulation and a change

in mindset is required to prepare the country for a global leadership change.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 4


TRADE CHRONICLE

Editorial Comments

Record bulk fertiliser handling at ports

Karachi Port and Gwadar Port have

performed commendable bulk

cargo handling of DAP fertiliser

and made some new records

during December. This is an

encouraging development, when

Pakistan’s ports face challenging

handling operation due to high

traffic of vessels carrying bulk

cargoes of wheat and sugar,

resulting in delaying the process

and transportation of shipments;

thus disturbing the entire supply

chain mechanism for the import

and export.

The Bulk Shipping & Trading

(Pvt) Ltd has congratulated

Fauji Fertilizer Company (FFC),

Karachi Port Trust (KPT) and

Stevedores M/s A.R. Khan & Sons

for the remarkable achievement

of discharging and simultaneous

bagging 11,802 metric tons of DAP

fertiliser from MV. “Courageous”

at port on December 17, after

round the clock operation. This

was in addition to two historical

world records

achieved in

2003 & 2006

at KPT.

Earlier, on December 08, DAP

fertiliser imported from Australia

for Afghanistan transit cargo

arrived on bulk vessel Strategic

Endeavour at Gwadar port to

discharge 22,000 tons. The

vessel completed discharge

of 22,000 tons and sailed from

Gwadar port in minimal time due

to immediate on-arrival berthing,

zero waiting time at anchorage

and efficient handling facilities

with highly capacitive terminal

structure and logistic services.

This development also reflects

our stakeholders’ keen interest in

supporting economic growth in

Pakistan and the region. This was

the highest discharge rate ever

achieved for DAP fertilisers in just

over four days.

It is good to note that the Gwadar

port is expected to add new

cargo movements (import of

more bulk commodities like coal,

wheat, sugar & steal, import of

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LNG and transported through

the virtual pipeline, the export of

clinkers etc.) to increase its cargo

handling capacity in millions of

tons by 2025. We are sure this will

help earn foreign exchange and

generate many local jobs through

various business-related activities

and will also substantially make

a much needed foreign exchange

that country direly need at present.

During the last few years, we have

seen tremendous developments

of Sea Ports in Pakistan, which

are playing an essential role in

reducing the country’s trade

deficit with PICT, SAPT, QICT,

KICT and Gwadar being some big

names in the market, contributing

significantly to change Pakistan’s

economic landscape for the better.

However, there is a need to focus

on providing smart solutions

to all its seaports in terms of

improving and monitoring port

infrastructure, optimising cargo

handling, automating customs

clearance, encouraging intermodal

transportation services, improving

port and cargo safety.

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TRADE CHRONICLE - Nov - Dec - 2020 - Page # 5


TRADE CHRONICLE - Nov - Dec - 2020 - Page # 6


TRADE CHRONICLE

PM Imran Khan inaugurates Air Sial

during day-long visit to Sialkot

Prime Minister Imran Khan has

inaugurated Air Sial, the third private

airline of Pakistan, which was

introduced and will be operated by

Sialkot’s business community.

Accompanied by federal ministers

Hammad Azhar, Ghulam Sarwar,

Adviser Razzak Dawood, Special

Assistant to the Prime Minister Usman

Dar, Punjab Chief Minister Sardar

Usman Buzdar and Special Assistant

to Punjab CM Dr Firdous Ashiq Awan,

the prime minister cut the ribbon to

launch the airline which will initially

operate domestically.

for Industries Azhar

and special adviser

Dawood for keeping

in touch with the

business community and keeping the

government informed of the challenges

being faced by businessmen.

With its current fleet of three Airbus

A320-200s, Air Sial will operate

flights to and from Sialkot, Islamabad,

Karachi, Lahore and Peshawar.

Air Sial, a licensed airline, is the

brainchild of members of the Sialkot

Chamber of Commerce and Industry

who launched the project after the

success of their earlier initiative, the

Sialkot International Airport Ltd.

Air Sial’s vice chairman Fazal Jilani

had earlier told Dawn by telephone that

soon after its inauguration by the prime

minister, the airline would start selling

its tickets.

The privately owned airline was granted

permission to run its operations by the

Aviation Division in 2017. It also plans

to launch flights to foreign destinations.

Speaking to the business community

after the inauguration ceremony, the

prime minister said that the airline

was an “excellent initiative” which will

create much-needed competition for

the Pakistan International Airlines.

Furthermore, it will benefit the business

community in Sialkot, which the premier

believed was on its way to becoming

“Pakistan’s centre of exports”.

“When you told me of this [project],

I had no doubt that it would benefit

Pakistan in every way,” PM Imran said.

He congratulated the Sialkot

community for building an airport with

funds collected from the city alone and

expressed hope that the businessmen

will run the airline efficiently.

He noted that Pakistan’s economy, like

the rest of the world, had suffered due

to the coronavirus pandemic and said

that even though there was pressure

to impose a blanket lockdown, the

government managed to protect

people’s livelihoods and lives.

“This was a very difficult task as there

was constant criticism directed at me

for not imposing a blanket lockdown.

It is sad that the same opposition that

criticised me for not imposing a blanket

lockdown [...] is now holding public

meetings and gatherings even though

corona cases are rising,” the prime

minister said.

He said that if the country gets through

the second wave safely, it would be able

to protect its people and businesses.

The premier commended Minister

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 7


TRADE CHRONICLE

Textile industry bounces

back stronger

By Nasir Jamal

PAKISTAN`S textile exports seem

to have largely recovered from the

Covid-19 pandemic shocks and are still

growing.

The recent monthly data published

by the Pakistan Bureau of Statistics

for the first four months of the current

financial year confirms that the textile

and clothing export shipments are back

on growth trajectory both in terms of

their quantity and dollar value.

The data shows that the textile

shipments have surged by 3.8 per cent

to $4.8 billion between July and October

from $4.6bn a year ago. The rise in the

textile and clothing group has been a

wee faster than the 0.6pc growth in the

overall export. The export recovery is

most prominent in the knitwear, home

textiles and denim segments.

There is also a significant decline in

certain cases in the shipments of the

basic textile commodities such as

yarn and grey cloth, indicating that the

country is exporting more value-added

products than ever before. It also

reflects a shortage of raw materials for

the value-added industry owing to an

extremely poor cotton harvest this year.

Besides, the local cotton prices have

peaked to a 10-year high on account

ofa sharp drop of 37.6pc in the cotton

arrivals for ginning to 4.6 million bales

by December 3 compared with 7.4m

bales last year.

The government has recently

announced a lucrative energy package

for the industry to help the exporters

recuperate from the Covid 19 shock.

The package does away with peak

electricity rates, offers reduced tariffs

on additional power consumption,

and fixes power price at $0.07 a unit

andgas tariff at $0.065mmbtu for the

export industries.

In addition to that, the central bank

has reduced interest rates by 625bps,

approved refinancing of wages to

prevent layoffs during lockdown period

and deferred payments of the principal

amount of loans as part of the debt

restructuring offered to households

and businesses, provided relief under

the Export Financing Scheme

(EFS) and the Long-Term

Financing Facility (LTFF).

Furthermore, the State Bank

has also launched a long-term

concessionary financing facility

for boosting investments in new

capacity expansion and upgradation

of technology.

`Most exporters have orders

filled till March,` says M I

Khurram, chairman of Comfort

Knitwear. `The recent rise in exports is

because of strong orders for the winter

season in Europe and the United States.

We are expecting exports to increase in

the coming months ` He says the textile

exports have been helped by multiple

internal and external factors after three

tough years. `Internally, the energy

package announced for the export

industry and market-based exchange

rates have helped exports become

competitive. Moreover, the suspension

of the International Monetary Fund

economic stabilisation programme has

also provided the economy with some

breathing space.

The external factors that have helped the

orders from the West to almost double

since July, according to Mr Khurram,

include the US-China tensions, and

ongoing supply disruptions induced

by the Covid-19 pandemic in India

and Bangladesh. `These factors have

helped Pakistan grab additional export

orders from Europe and America. With

Vietnam and Cambodia already working

to their full capacity, the buyers had

only Pakistan, where manufacturers

had idle production capacity, to turn to.

He says Pakistan could not increase its

unit prices in dollars because of product

quality issues. `Since most exporters

of value-added textiles are smallto

medium-enterprises they do not have

capacity and wherewithal to improve

the product quality. Additionally, we

grow very poor quality cotton.

Unless we work across the textile

supply chain to improve the product

quality our export will not grow rapidly

(both in dollar and volume terms).

Others agree with him. `At present,

we are the most competitive textile

exporting country in the world,`

argues Khurram Mukhtar, chief

executive officer of Sadaqat Limited

in Faisalabad. `Currently, we are

witnessing an unprecedented boom in

export demand.

`We have both cost and tariff advantages

over our Chinese competitors in

European and American markets

while our Indian and Bangladeshi

rivals are struggling because of supply

chain disruptions. Pakistan is now an

emerging country in textiles.

He sees a resurgence of a strong

appetitefor value-addition in the

country. `The data shows that valueadded

exports are rising at the expense

of raw materials like cotton, yarn and

cloth.

The domestic industry is already

planning expansion and is ready to

invest $5bn across the textile chain to

double our exports by 2025. But for

that to happen we require the long-term

policy framework in the shape of the

textile policy to ensure that the present

favourable policies will not be rolled

back in the middle of the way.

But exporters like ljaz Khokhar think

both the government and the exporting

community need to somewhat temper

their optimism.

He believes that the resurging virus

infections at home and abroad and

possible raw material shortages

for the value-added industry could

reverse the export gains in two to three

months. `How the situation turns out

eight weeks from here depends on

if the government is ready to tweak

its policies like removal of customs

duty on yarn imports to support the

exporters` He concludes: `we are

seeing unprecedented growth in textile

& clothing exports. The new orders are

a windfall for Pakistan`s industry. How

long will this windfall last? You never

know. It can sustain for years to come

and it can fizzle out soon. It all depends

on how we want to steer this industry

into the future.`

(Courtesy Dawn)

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 8


TRADE CHRONICLE

Ports & Shipping

Port Business of Pakistan – A Source

of Economic Torque

Pakista contain three big ports.

Muhammad Bin Qasim Port, Karachi

Port and Gwadar Port. Karachi is one

of the most busiest port among three.

The Port of Karachi likewise faces

rivalry from another private terminal

found 5 kilometers toward the west.

As of late the central government has

endeavored to mitigate the expanded

clog by building a second port in Karachi

thirty kilometers toward the east at Port

Qasim and a third significant port at

Gwadar, around 650

kilometers west of

Karachi. Beginning

framework works at

Gwadar Port initiated

in 2002 and were

finished in 2007,

anyway plans to

redesign and extend

Gwadar’s port slowed

down. Under CPEC

arrangement, Gwadar

Port will at first be

extended and moved

up to consider mooring

of bigger boats with

deadweight weight of

up to 70,000.

Improvement designs

likewise incorporate

development of a $130

million embankment

around the port, just as the development

of a skimming condensed petroleum

gas office that will have a limit of 500

million cubic feet of melted flammable

gas every day and will be associated

with the Gwadar-Nawabshah fragment

of the Iran–Pakistan gas pipeline.

Under the China-Pakistan Economic

Corridor plan, the state-possessed

China Overseas Port Holding Company

(COPHC) will extend Gwadar Port with

development of nine new multipurpose

compartments on 3.2 kilometers of

seafront toward the east of the current

multipurpose billets.

COPHC will likewise construct load

terminals in the 12 kilometers of land

toward the north and northwest of the

site along the shoreline of the Demi

Zirr narrows. A little wharf at Gwadar

was finished in

1992, and formal

proposition for

a remote ocean

port at Gwadar

were revealed a year later in 1993.

The national government affirmed the

development of the port in December

1995 however the task couldn’t begin

in view of deficiency of assets. In

1997, an administration named team

distinguished Gwadar as one of the

center zone of advancement, however

the undertaking didn’t dispatch because

of monetary approvals forced against

Pakistan following its atomic tests in

May 1998. Development on Phase

By Dr. Muhammad Nawaz Iqbal

A ship is seen anchored recently at the Gwadar Port as international transit

activities begin at the port with the arrival of the first fish cargo. The ship

carried 200 tonnes of fish in refrigerated containers for onward shipment

to China. In the coming days, more vessels containing international cargo,

including LPG, steel pipes, and DAP fertiliser for transit to Afghanistan, are

scheduled to arrive at the port.

1 of the task started in 2002 after the

arrangement for its development was

endorsed during the state visit of

Chinese Premier Zhu Rongji in 2001.

After finish of Phase 1 out of 2007, the

principal business load vessel to dock

at the port was the “Pos Glory,” with

70,000 Metric Tons of Wheat on 15

March 2008.

The nation’s initially Integrated Cargo

Container Control (IC3) office is being

developed at Port Qasim with a joint

venture over US$8 million by Pakistan

Customs and the US Customs and

Border Protection. The motivation

behind the IC3 program is to upgrade

worldwide oceanic exchange security

thinking about post 9/11 security

issues. The IC3 program imagines joint

screening of US-bound containerised

load from Pakistan by means of

live video connect by the traditions

specialists of Pakistan and the US.

The US Customs won’t expose the

screened freight to reevaluation on

landing in US ports. This office will

uphold exchange terms of diminished

time and cost of shipments. As of late

Port Qasim Authority has reported that

an execution understanding is being

finished paperwork for the improvement

of a ‘contamination free’ Coal, Cement

and Clinker Terminal worth $175 million

with a taking care of limit of as much

as 8,000,000 tons for every year at

port. This progression would spare the

climate from hopeless harms and the

strength of the port

labor force and close

by populaces from

genuine respiratory

infections which would

have been a genuine

danger if the fine coal

was dealt with in open/

mass on billets at port.

The extended port

is situated almost a

2,282-section of land

deregulation zone

in Gwadar which is

being displayed on

the lines of the Special

Economic Zones of

China. The wrap of

land was given to the

China Overseas Port

Holding Company in

November 2015 as a component of a

43-year rent. The site will incorporate

assembling zones, coordinations

centers, stockrooms, and show

focuses. Organizations situated in

the zone would be absolved from

customs specialists just as numerous

commonplace and government

charges. Business set up in the unique

financial zone will be excluded from

Pakistani pay, deals, and government

extract charges for a very long time.

Temporary workers and subcontractors

related with China Overseas Port

Holding Company will be excluded

from such duties for a very long time,

while a 40-year charge occasion will be

conceded for imports of gear, materials,

plant/apparatus, machines, and frill that

are to be for development of Gwadar

Port and unique financial zone.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 9


TRADE CHRONICLE

Bulk Shipping applauds third record

handling of DAP fertilizer at KPT

The Bulk Shipping Agencies (Pvt) Ltd

has congratulated Pakistan leading

urea manufacturers and importer

of phosphatic fertilizers – M/s. Fauji

Fertilizer Company, Karachi Port

Trust (KPT) and Stevedores M/s

A.R. Khan & Sons for the remarkable

achievement of discharging

and simultaneous bagging

11,802 metric tons of bulk

DAP Fertilizer from MV.

“Courageous” at ‘Karachi

Port’ on December 17,

2020, round the clock

operation.

On this remarkable

occasion, Tariq

Haleem Chairman/

Managing Director

of Bulk Shipping

and shipping agents

of bulk carrier

Courageous termed

the success as

another feather on

the cap of UBG-

NBG for meritorious

achievement for the business

community.

It may be added here that M/s. Fauji

Fertilizer Company Limited, M/s. A.R.

Khan & Sons and M/s. Bulk Shipping

had also achieved the previous two

historical world records in 2003 & 2006

at KPT.

This new world record” of discharging

and simultaneous bagging of bulk

fertilizer has been created at Karachi

Port due to close coordination and

cooperation between the Management

KPT handles 42 million

tons of cargo in 2019-20

KPT handled 41.8 million tons of cargo

during the last fiscal year of 2019/20.

This accumulated grand

total of imports and

exports handling breaks

up as handling of 32

million tons dry cargo

and 9.8 million tons of

liquid bulk cargo.

KPT has three container terminals

handling containerize cargo. Outgoing

financial year witnessed a handling

and Team of M/s Fauji

Fertilizer Company

Limited, the Chairman

and Management of

Karachi Port and the Management

and Staff of Stevedores M/s A R.

Khan & Sons. The successful cargoes

handling was also possible due to the

personal interest of the Minister of

Maritime Affairs Syed Ali Haider Zaidi

and Federal Secretary MOMA, Mr

Rizwan Ahmed.

The fertilizer was supplied

by M/s. Swiss Singapore

and ship operators were

M/s. Orion Reederei

GmbH & co KG, Hamburg,

Germany.

Bulk Shipping, owned by a

group of companies,

has been in the

shipping business

at Pakistan’s

ports since 1955.

In July 2018, an

Achievement Award

for outstanding

services in “Maritime

Industry” was

presented to bulk

Shipping. The Honorable President of

Pakistan conferred this award.

Bulk Shipping also received a

Gold Medal during the 6th FPCCI

Achievement Awards Ceremony. The

Honorable President of Pakistan also

conferred this Gold Medal.

On December 17, 2018, an Award

for “Exemplary Services in Shipping

Sector” was presented to bulk Shipping.

The Honorable Prime Minister of

Pakistan conferred this Gold award.

of 1.9 million twenty-foot equivalent

unit (TEU) accumulated imports and

exports handling.

KPT handled 1,492 marine vessels

during the outgoing

financial year, which

includes 743 container

vessels, 162 bulk cargo

vessels, 173 general

cargo vessels and 414

marine oil tankers.

KPT has potential of

handling more than 125 million tons

cargo including 25 million tons liquid

bulk cargo, and has sufficient capacity

of handling about 4.25 million TEUs.

Nadir Mumtaz takes

additional charge of

Chairman KPT

In pursuance

to the Cabinet

Secretariat,

Government

of Pakistan,

notification number

1/10/2014-E-

6 dated 8th

December 2020,

Mr. Nadir Mumtaz

Warraich assumed additional charge

of Chairman Karachi Port Trust for a

period of three months.

He is a law graduate from S. M. Law

College. Culmination of his outstanding

professional career coupled with his

strong academic background has made

him a suitable candidate to take the

additional charge of Chairman KPT.

Prior to his current posting he served

as Additional Secretary in the Ministry

of Maritime Affairs. He also served

as Joint Secretary (Development) in

Ministry of Industries and Production in

2016 and earlier as Deputy Secretary

(Development) in Petroleum Division.

Another distinction is that he hails from

a naval family.

TPL Trakker to provide fleet

management services

TPL Trakker, Pakistan’s leading IoT

Company, has been chosen as the sole

Fleet Management Partner for Sialkot

Dry Port Trust (SDPT), Asia’s first ever

Dry Port in the private sector. These

services will include Online Tracking of

their fleet, Business Insights on Drive

Time and Distance Travelled, a Live

Dashboard indicating Real-Time status

of the fleet, Creation and Monitoring

of Geofences as well as SMS Alerts,

helping SDPT efficiently manage its

fleet of customs bonded vehicles.

Commenting on the signing ceremony,

Talha Dawood, Head of Asset Tracking,

TPL Trakker, said, “We take deep pride

in partnering with the continent’s first

privatized Dry Port. This is a unique

milestone for us at TPL Trakker, helping

Pakistan’s economy by facilitating trade

through SDPT during such challenging

times. I am confident that this will be

a long and fruitful partnership for both

Companies.”

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 10


TRADE CHRONICLE

Computerized Plots Balloting of

GBTS - Pictures

LNG Virtual Pipeline MoU signing

ceremony held in KPT

Karachi Port Trust joins hands

with Pakistan Railways and private

entities M/s LNG Easy (Pvt) Limited

and Metrogas (Pvt) Limited signs

Memorandum of Understanding

(agreement) for the development

of Virtual Pipeline facility. M/s LNG

Easy Singapore is already in this

business and is successfully operating

similar projects in China, Malaysia,

Myanmar and Vietnam.

The ceremony was

well attended by Senior

management officials of

KPT, Pakistan Railways and LNG Easy.

Tripartite MoU was signed amongst KPT,

LNG Easy (Pvt) Limited, and Pakistan

Railways today 19th November, 2020.

The signing of agreement has taken

place between Chairman KPT Rear

Admiral (R) Jamil Akhtar HI (M) T. Bt.,

Chairman Pakistan Railways Mr. Habibur-Rehman

Gilani and CEO LNG Easy

(Pvt) Limited Mr.

Yasir Hamid and

Mr. Owais Mir of

Metrogas during

the august

ceremony.

KPT shall

allocate suitable

berths for this

purpose and

arrangements

are underway

for the

transportation

of ISO tanks

to up country

through Pakistan Railways which will

further enhance the revenue stream for

both KPT and Pakistan Railways. The

process involves transfer of LNG from

ships to ISO tanks through a Mobile

Filling Platform (MFP) and thereafter to

their respective destinations. LNG Easy

and Metrogas will regasify the LNG at

end user premises and will also provide

gas storage units.

Aiming at meeting gas shortage in

Pakistan through a rapid practical LNG

Virtual Pipeline solution, it is expected

to result in provision of much needed

fuel for commercial, industrial and

residential sectors of the country.

This is also in line with the vision of

the Prime Minister of Pakistan and

present government and it will surely

result in economic, social and industrial

development much needed by the

country. Minister for Maritime Affairs

Mr. Ali Haider Zaidi and Minister for

Railways Mr. Sheikh Rasheed had

agreed in principle in 2019 to work

together on this project during a

meeting held at KPT. Chairman KPT

spearheaded the project and facilitated

the same through coordination with all

the concerned stakeholders.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 11


TRADE CHRONICLE

PNSC releases financial results

for the 1Q202-20

The Board of Directors of Pakistan

National Shipping Corporation Group

(the Group/PNSC) have submited

the consolidated and unconsolidated

condensed interim financial statements

of PNSC and Group respectively for

the first quarter ended September 30,

2020.

Despite the challenges posed by

COVID-19 pandemic, Pakistan’s

economy has started showing signs

of recovery. Positive current account

balance and improvement in LSM

growth are some of the early signs

of economic revival and stability. The

PNSC Group managed to achieve a

74% increase in profit after tax to Rs

859 million as against Rs 495 million

in the corresponding period last year.

Group earnings per share increased

to Rs 6.50 as against Rs 3.75 in the

corresponding period last year.

Cumulatively, the Group achieved a

turnover of Rs 3,971 million (including

Rs 885 million from PNSC-standalone)

as compared to Rs 3,274 million

(including Rs 569 million from PNSCstandalone)

for the corresponding

period last year. This includes

substantial growth in revenue of 73%

from Rs 410 million to Rs 709 million in

Two ships with 115,500 tonnes

of wheat arrive

Two vessels Densa

Jaguar and Scarlet

Lady carrying 52,500

and 63,000 tonnes of

wheat, respectively,

were berthed at the

Karachi Port and

Port Qasim, the

Trading Corporation of

Pakistan (TCP) said.

With the arrival of

these two vessels,

the TCP has so far

imported a total of

391,625 tonnes of

wheat into the country,

the press release said.

The TCP began importing wheat from

September onwards whereas the

private sector had initiated imports

from the last week of August.

foreign tankers segment and

growth in revenue of 19%

from Rs 2,079 million to Rs

2,467 million in managed

tankers segment. There is a

decline in bulk carrier segment from Rs

586 million to Rs 468 million during the

current period due to decline in average

Baltic Dry Index from 2,037 to 1,521 in

the current period as compared to the

corresponding period last year.

The fleet direct expenses during the

period under review increased to Rs

2,630 million (including Rs 438 million

from PNSC standalone) from Rs 2,256

million (including Rs 298 million from

PNSC-standalone).

The Gross Profit stood at Rs 1,308

million as against Rs 977 million for

the same period last year an increase

of 34%. The PNSC standalone results

reflect a loss after tax of Rs 24 million

as compared to a loss after tax of Rs

Data issued by the Pakistan

Bureau of Statistics showed that

the country has imports around

898,904 worth $214 million tonnes

of wheat into the country between the

July to October. The average per tonne

price of imported wheat was $238.

260 million in the corresponding period

last year, mainly due to reduction in

the volume of slot chartering activities.

PNSC loss per share decreased to

Rs 0.18 as against Rs 1.97 in the

corresponding period last year.

The finance cost on long-term financing

decreased by 39% to Rs 154 million in

the current period as against Rs 303

million in the same period last year.

Coupled with a decrease in quantum of

long term financing due to repayments

made during the period, a major

reason for a decline in finance cost is a

reduction in the discount rate by State

Bank of Pakistan (SBP).

FUTURE PROSPECTS

The newly approved shipping policy

with extended exemption from sales

tax and customs duty up to FY 2030,

coupled with the availability of cheaper

financing in the form of Long Term

Finance Facility creates an opportunity

for PNSC to expand its fleet portfolio.

PNSC is working on plans for

maintenance and up-gradation of

PNSC’s existing fleet. This should lead

to a decrease in operating costs.

PNSC also has a business expansion

plan and intends to induct more vessels

in the fleet of its managed vessels

during FY 2020-2021.

However, consumers have so far

not witnessed any big relief despite

massive imports of wheat by the private

sector and the government as flour

millers in Sindh had

cut price of various

flour varieties by just

Rs7 per kg in the last

week of October.

A number of retailers

are, however, still

selling various

varieties of flour at

Rs70 per kg.

Cereal Association of

Pakistan Chairman

Muzzamil Chappal

said the private sector

had so far imported

1.2 million tonnes of

wheat from Ukraine,

Russia and Germany which at least

helped in containing further hike in flour

prices.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 12


TRADE CHRONICLE

Senegal Joins World Logistics

Passport as Hub for Africa

DP World Limited handled 18.3 million

TEU (twenty-foot equivalent units)

across its global portfolio of container

terminals in 3Q2020, with gross

container volumes increasing by 3.1%

year-on-year on a reported basis and

up 1.9% on a like-for-like basis. On a

nine-month basis, DP World handled

52.2 million TEU, decreasing 2.5% on

a reported basis and down 2.0% on a

like-for-like basis.

Like-for-like gross volume growth was

mainly driven by Europe, Middle East

& Africa and Americas with a strong

performance from London Gateway

(UK), Jeddah (Saudi Arabia), Sokhna

(Egypt), Rotterdam (Netherlands)

and Antwerp Gateway (Belgium). In

Americas, growth was driven by Buenos

Aires (Argentina), Santiago (Chile) and

Vancouver (Canada). Jebel Ali (UAE)

handled 3.4 million TEU in 3Q2020,

down 4.2% year-on-year.

At a consolidatedlevel, our terminals

The Technology Innovation Institute

(TII), the dedicated ‘applied research’

pillar of Abu Dhabi’s Advanced

Technology Research Council

(ATRC), and Virgin Hyperloop (VH),

the leader in hyperloop

development, announced

their collaboration on

research, innovation

and localisation of the

futuristic transportation

method.

The agreement was

signed by His Excellency

Faisal Al Bannai,

Secretary General

of ATRC; and Sultan

Bin Sulayem, Group

Chairman and CEO of DP

World and Chairman of

Virgin Hyperloop, during

a virtual ceremony.

Transporting passengers and goods

at speeds exceeding 1,000km/h,

hyperloop is a completely new form of

transport with the ambition to become

the most sustainable means of mass

handled 10.6 million TEU

during 3Q2020, increasing

3.0% on a reported basis and

down 1.7% year-on-year on a

like-for-like basis. The reported

growth of +22.1% in Americas and

Australia region is mainly due to the

consolidation of Caucedo (Dominican

Republic).

Group Chairman and Chief Executive

Officer Sultan Ahmed Bin Sulayem

commented: We are delighted to

report that third quarter volumes turned

positive across our three regions

with DP World throughput growing

by 1.9% year-on-year compared to

a 2.2% decline for the industry. This

performance is ahead of expectations

and once again illustrates the resilience

of the global container industry, and DP

World’s continued ability to outperform

the market.

The recovery in volumes was broad

based with quarter-on-quarter

throughput increasing by almost

10% as world economies began to

ease lockdown restrictions. India,

which witnessed a sharp slowdown

Technology Innovation Institute and Virgin Hyperloop

announce R&D partnership

transportation. Technology Innovation

Institute and Virgin Hyperloop will

explore research for hyperloop

systems on TII’s premises, including

pulsed power and magnetic levitation

technologies and

material sciences,

which are key to

developing the nextgeneration

transport

system.

T e c h n o l o g y

Innovation Institute

has seven initial

dedicated research

centres in quantum,

autonomous robotics,

cryptography,

advanced materials,

digital security, secure

systems, and directed

energy. The partnership will involve

cooperation between three of TII’s

research centres; Directed Energy

Research Centre (DERC), Autonomous

Robotics Research Centre (ARRC) and

Advanced Materials Research Centre

(AMRC).

in 2Q 2020, saw a significant volume

improvement versus the second

quarter, while Jebel Ali (UAE) delivered

3.4% growth against the previous

quarter as trade in the region began to

stabilise.

During this challenging period, we have

focused on maintaining efficient supply

chains to sustain the delivery of critical

and essential cargo. Our strategy to

provide solutions to cargo owners

has served us well, and our aim is to

continue to build on this momentum.

Looking ahead, we remain focused on

containing costs to protect profitability

and managing growth capex to

preserve cashflow.

Kazakhstan joins WLP

as hub for central Asia

for Africa

The Republic

of Kazakhstan

is boosting its

position as a

trade hub for

Europe and Asia

by joining the World Logistics Passport

(WLP), a major initiative established to

increase trading opportunities between

developing markets.

His Excellency Bakhyt Sultanov,

Minister of Trade and Integration,

Republic of Kazakhstan, and Sultan

Ahmed Bin Sulayem, Chairman of

Dubai’s Ports, Customs and Free Zone

Corporation, signed a Memorandum

of Understanding. The WLP creates

opportunities for business and

governments to actively improve

existing trading routes, and develop

new ones, through the creation of the

world’s first logistics loyalty programme

for freight forwarders and traders.

It has been created to overcome

trade impediments, such as logistics

inefficiency, that currently limit the

growth of trade between developing

markets.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 13


TRADE CHRONICLE

Fauji Foundation and Cargill partner to strengthen

agricultural supply chain in Pakistan

Cargill and Fauji Foundation have

entered a long term strategic

partnership in Pakistan. With this

investment, Cargill has taken a

minority equity stake in Fauji Akbar

Portia Marine Terminal Limited (FAP),

Pakistan’s leading bulk terminal,

and will handle grains, cereals, rice,

oilseeds and fertilizers at Port Qasim.

Fauji Foundation, through this

partnership with the world’s leading

agriculture company, will transform

FAP’s supply chain to enhance overall

value for all stakeholders including

suppliers, customers, employees and

shareholders.

T r a d e

enabler

DP World,

a global

provider of

end-to-end

logistics

solutions,

and the Government of Senegal, have

signed agreements for the development

of a deep water port at Ndayane,

approximately 50kms from the existing

port and near the Blaise Diagne

international airport.

This is Cargill’s first investment into

Pakistan, after the strategic intent

announced in January 2019 and

reflects its long-term commitment to

the country. Cargill is already a leading

soybean and palm supplier in Pakistan

and will further strengthen its presence

as a significant agri-importer, while

enabling FAP to leverage Cargill’s

extensive experience in bulk handling,

port operations and its technical knowhow.

Combining Cargill’s customer centric

approach with FAP’s operational

excellence will help support customers

better. Going forward, both partners aim

to build a safety culture that will create

a world class, safe and sustainable

environment for FAP’s employees and

customers.

DP World and Senegal sign agreement

to develop Ndayane port

The new port will further reinforce

Dakar’s role as a major logistics hub

and gateway to West and North West

Africa, and support the realisation of

His Excellency, President Macky Sall’s

ambitious economic development

plans for Senegal, the Plan Senegal

Emergent (PSE).

DP World’s concession for the Port

of Dakar, already includes a plan to

develop a new container terminal

alongside the existing Container

Fauji Foundation Chairman, Waqar

Malik stated: “We are excited to have

Cargill join hands with us at FAP

Terminal, Port Qasim. To conclude this

transaction at this point in time is a clear

signal and validation of the Pakistan

opportunity seen by the world’s leading

player in agriculture commodities.

With its global port experience, Cargill

Terminal in the Port of

Dakar. However, after

discussions between

H.E. Macky Sall,

President of Senegal,

and Sultan Ahmed bin Sulayem, Group

Chairman and CEO of DP World, it was

agreed that it would be more appropriate

for Senegal’s development to carry out

a more ambitious project and build an

entirely new port outside of the city.

After constructive and detailed

discussions, the agreements were

signed in Dakar, between the Minister

of Fisheries and Maritime Economy of

Senegal, Alioune Ndoye, the Director

General of the Autonomous Port of

Dakar (PAD), Aboubacar Sedikh Beye,

and DP World’s Chairman, paving the

way for the development of the new

port.

DP World Dakar SA, the local joint

venture company between DP World

and PAD, will not only develop and

operate the 300-hectare (ha) container

terminal but also finance, design

and develop the land and maritime

infrastructure of the new 600ha port.

The first phase of this project will see

an investment by DP World Dakar of

will help drive greater operational

efficiencies for the port to reach its

potential of handling agri-cargo safely

and efficiently. Fauji Foundation

is building on its agricultural and

infrastructure sector presence to help

solve the pressing needs of our country

for efficient and affordable nutrition

through enhanced farmer productivity.”

“We are proud to partner with Fauji

Group in this venture. Fauji Foundation,

along with other shareholders, has

grown FAP into a key terminal for

agricultural commodities over the last

decade. We will, together, position the

Company for its next stage of growth

and profitability.

This further adds to our global port

operation’s footprint and strengthens

our agricultural trading and supply

chain operations in the region. It is

a demonstration of our commitment

to partner in the economic growth

of Pakistan by bringing in our global

expertise and investment. In future

we will also look at opening doors for

other sectors where we can add value,

besides exploring business synergies

with our existing partners,” said Imran

Nasrullah, country president, Cargill

Pakistan.

US$837m, which will make it the single

largest private sector investment in

the history of Senegal and is expected

to be followed by a second phase of

investment of US$290m.

Phase 1 will include a new container

terminal with 840m of quay and a

new 5km marine channel designed to

handle 366m vessels and capable of

handling the largest container vessels

in the world. Phase 2 will create 410m

of additional container quay and a

further dredging of the marine channel

to handle 400m vessels.

Sultan Ahmed bin Sulayem, Group

Chairman and CEO of DP World,

said: “This will be DP World’s biggest

port investment in Africa to date, and

is a testament to our commitment to

Senegal and belief in its potential for

further economic growth. The new port

will create jobs, attract new foreign

direct investment to the country, and

enable new trading opportunities that

bring about economic diversification.

I would like to thank His Excellency

President Macky Sall, for his leadership

and vision for the development of the

port, and for partnering with us on this

exciting project.”

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 14


TRADE CHRONICLE

Leather Industry

Local footwear industry produces 411 million pairs

annually: PFMA chief

“The local footwear industry produces

411 million pairs annually with domestic

consumption of 424 million pairs

annually whereas 24 million pairs are

being imported annually contrary to

the export of 11 million pairs to leading

European countries”.

Pakistan Footwear Manufacture

Association (PFMA)

Chairman Imran Malik,

who is also Managing

Director of the Bata

Pakistan revealed this

during a briefing given

to Secretary Trade and

Development Authority of

Pakistan (TDAP) Ahsan

Ali Mangi, who visited

the Italian-Pakistan

Footwear Technical

Center (IPFTC) here on

Thursday. TDAP Director

General Nudrat Hussain

was also present on the

occasion. The TDAP

officials were also briefed

on the footwear industry’s

progress and challenges.

Imran Malik said that Pakistan ranked

No 7 in top footwear producing countries

of the world with just 0.1 percent share

in world footwear exports which consist

of $142 billion net worth. In order to

increase our world market share and

increase productively, the industry

need support both from the provincial

and federal government to make it

leading exporting sector of Pakistan

which hold great potential to generate

Pakistan Footwear Manufacturing

Association (PFMA) has welcomed the

Government decision to the revised

rebate for footwear Industry. Federal

board of revenue has issued notification

effective from 26th Nov 2020 onwards

revising rebate on Leather shoes from

1.82% to 4.70%.

PFMA Chairman Mr Imran Malik has

praised Government move “ We are

more jobs opportunities domestically,

earn foreign exchange and reduce

balance of payment gape, he added.

To make the footwear industry as

leading exporting sector, he put

forward list of impediments that

need to be addressed immediately.

At provincial level, government must

allocate land to PFMA on lease terms

to operationalize its functionality. The

Punjab government must establish

Footwear Park in designated industry

zone to help industry increase its

export capacity. Similarly, like Italian

government, provincial government

must announce financial grant for

Italian-Pakistan footwear Technology

Center that will help the industry

to enhance its technical skills and

PFMA welcomes Government notification to revise

Rebate for Footwear Industry

thankful to Mr Abdul Razzaq Dawood

and the Ministry of Commerce for

providing this relief to footwear Industry

of Pakistan. It has come at a very

crucial juncture when Pakistani local

Industry is most effected by COVID-19

situation which leads to an increase

in unemployment ratio and economic

slowdown in the country.

This decision will help footwear Industry

equipped themselves to produce

international quality products.

He said the IPFTC testing labs must

be accredited by the government

to authenticate its certification. The

Punjab government may formulate

footwear policy to promote footwear

sector especially for SMEs that hold the

potential to generate more employment

at local level. The government must

offer financial support to organize

footwear exhibitions across the country

for local manufacturers

and SMEs to promote

their products.

Similarly, the federal

government needs to

formulate friendly policies

for footwear industry to

increase its production

capacity and Investment

opportunities. This

sector must be declared

zero rating for GST to

provide tax relief and

enhance export rebate.

Under FBR Statutory

Regulatory Order

(SRO 700(1)/2018),

government must

increase the duty

drawback on taxes & levies and extend

the regime for maximum benefit to the

industry to increase productivity.

There is a need to reduce customs

and regulatory duties on import of

raw material for footwear sector and

withdrawal of addtional cusomes

duties on import of raw material used

to produce export oriented products by

footwear producers.

to produce

high-quality

leather

S h o e s

at a very

competitive

price to

meet international standards and

capture more market share. With an

increase in exports, the Footwear

Industry will help the Government to

counter unemployment and contribute

towards earning Foreign exchange with

less reliance on Import”.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 15


TRADE CHRONICLE

Chairman FBR assures to resolve concerns

of leather exporters

Pakistan’s leather industry

exports recorded mixed

export trend in 4MFY20

Pakistan leather industry export

proceeds during the first four months

of July – October for the fiscal year

2020 – 21, reduced by 6.81 per cent to

US$ 277.063 million from US$ 297.328

million, earned in the corresponding

period of last fiscal year July –Oct 2019-

20, says data released by the Federal

Bureau of Statistics (FBR).

Danish Khan, Dr. Muhammad Ashfaq

Ahmed, Syed Muhammad Tariq Hooda,

Fawad Ejaz Khan, S. Irfan Iqbal, Atif

Ashraf, Chaudhry Ahmad Zulfiqar

Hayat. Amanullah Aftab and Rashid

Zahoor’s group photo on the occasion

of meeting with Chairman FBR Javed

Ghani.

PLGMEA discussed issues to Minister of State

for Climate Change

The breakdown of data shows that

tanners have earned US$43.608 million

on the export of 3.163 million sqm of

finished leather between July – Oct

2020-21 as compared to US$ 70.759

million on 6.040 million sqm in similar

four months in a year-ago period. The

export figure translates that tanned

leather exports fell by 47.63 per cent in

terms of quantity in the dollar and 38.37

per cent in terms of dollars respectively

during this export period.

However, the export of leather

manufacturing, including the export

of garments and leather gloves, saw

growth and increased to US$ 190.856

million from US$181.338 million during

this period. This export represents a

rise of 5.25 per cent on YoY basis.

A group of PLGMEA Chairman Danish

Khan, Joint Secretary Environment

Suleiman Khan, Fawad Ijaz Khan, Irfan

Iqbal, Atif Ashraf and Chaudhry Ahmad

Bangladesh leather exports fall

in 5MFY20-21

Bangladesh leather industry during

the first five months of the financial

year 2020-21 (July – Nov) has earned

export revenue of US $358.57 million

as compared to US$ 391.09 million

earned in the same months of the

previous year. It translates a singledigit

fall of 8.32 per cent on YoY basis,

says the Bangladesh Export Promotion

Bureau (EPB).

The break down shows that Bangladesh

bagged US$ 43.86 million on exports

Zulfiqar Hayat took part in a meeting

with Minister of State for Climate

Change Zartaj Gul in Islamabad.

of finished leather compared

to US$ 56.29 million in July –

Nov 2019. It offers a contract

of 22.08 per cent. The leather footwear

exports also decreased by 1.44 per

Nevertheless, the footwear exports

recorded a fall of 5.82 per cent in terms

of value between July and October

2020-21. During this period, footwear

export reached US$42.599 million

by exporting of 4.999 million pairs as

against US$45.231 million for 5.002

million pairs, shipped in the same four

months of the previous fiscal year. The

quantity slightly dips by 0.06 per cent

during this exporting period.

cent to the US $ 226.84 million from

US$ 230.16 during this export period.

The exports of leather products have

also contracted to US$ 87.87 million

from the US $ 104.63 million of same

four months last year. It translates a

decline of 16.02 per cent on YoY basis.

The Bangladesh Export Promotion

Bureau (EPB) had set an export target

for leather industry at the US $920

million for the financial year 2020-

21 (July – June) compared to the US

$797.6 million earned in the previous

fiscal year.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 16


TRADE CHRONICLE

Cement Industry

Pakistan cement industry records

healthy dispatches in November 20

Pakistan cement industry dispatched

domestically/overseas 4.508Mt in

November 20 and recorded a growth of

4.19 per cent on YoY basis, says data

of All Pakistan Cement Manufacturers

Association (APCMA). Out of total

dispatches, the local shares increased

by 6.29 per cent to 3.742Mt from

3.521Mt in November 2019 while

exports registered a reduction of 4.99

per cent, declining to 766,273t from

806,521t in the same month last year.

The fall in export was the first instance

of decreasing exports during this fiscal,

which otherwise was on the rising

trend, an official of APCMA citied in a

statement.

The Zones wise breakdown suggests

that in the North region, the domestic

cement dispatches increased by 4.79

per cent to 3.129Mt from 2.986Mt

during this period. Nevertheless,

exports from the North decreased by

30.81 per cent to 0.182Mt in November

2020 from 0.263Mt in November 2019.

In the Southern region, the domestic

cement dispatches increased by 14.66

per cent to 613,113t from 534,720t in

Construction industry booming

in Bangladesh

The long-awaited Padma Bridge in

Bangladesh is nearing its completion

after the final span of the ‘dream bridge’

was installed almost six years after the

construction work began, recently. The

national is celebrating completion. The

Padma construction and five other

November

2 0 1 9 .

Furthermore,

the South’s exports

increased by 7.51 per cent

to 584,182t in November

this year from 543,361t in

November 2019.

Cumulative dispatches

Total cement dispatches

during the first five months

of the current fiscal year

increased by 16.61 per

cent to 23.839Mt from

20.444Mt in July-Nov 2019.

Out of this total, domestic dispatches

registered a healthy increase of

15.55 per cent, rising from 16.837Mt

to 19.456Mt. Exports also showed

encouraging growth blooming by 21.54

per cent from 3.607Mt to 4.384Mt.

In the North (Punjab-KPK) the

domestic growth increased by 16.03

per cent as consumption in the first

five months of the current fiscal year

increased to 16.757Mt from 14.442Mt

same period last year. The North’s

exports posted a decline of 10.34 per

cent in the first five months of this fiscal

gigantic projects in Bangladesh

stimulated growth in the

construction industry in the

general and cement industry.

On the happiest occasion, Director

Brand Marketing, Abdul Khair Group,

Naushad Chowdhury and Director

Operations, Shah Cement Industries

Ltd, Hafiz Sikander have announced

that their brand – Shah Cement has

been a proud

partner in

s h a p i n g

these projects

including

the Rooppur

Nuclear Power

Plant will be a

2.4 GWe nuclear

power plant,

Padama Bridge,

Grain Silo at

Mongla Port,

Matarbari Power

year which decreased to 1.087Mt from

1.213Mt during Jul-Nov 2019. The

apparent reason for less export due

to suspension of export to India and

lesser dispatchers to Afghanistan.

In the South (Sindh-Baluchistan) the

domestic growth increased by 12.66

per cent as consumption in the first

five months of the current fiscal year

increased to 2.698Mt from 2.395Mt

last year. The South’s exports posted

a growth of 37.70 per cent in the first

five months of this fiscal year, which

increased to 3.296Mt from 2.394Mt

during Jul-Nov 2019.

Plant and Akhter Uz Zaman Flyover.

Shah cement was launched in 2002,

and it becomes the largest cement

producing plant in Bangladesh with a

current annual capacity of 10Mt. The

facility underwent significant expansion

in 2018 when 4Mt of new capacity was

added to meet the growing cement

demand.

The country’s construction sector has

registered more than double growth

over the last ten years.

According to the Bangladesh Cement

Manufacturers Association (BCMA),

the industry total cement production

capacity sector is 65Mt, out of which

35Mt are being used. The annual

growth rate of the cement industry was

10 to 12 per cent before the outbreak

of a pandemic. But the lockdown has

slowed down the growth rate at an

estimated 3 to 6 per cent.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 17


TRADE CHRONICLE

Punjab government approves cement plants in Punjab

Province of Pakistan

The Punjab Chief Minister Sardar

Usman Buzdar has approved setting

up five new cement plants by the

private sector in Punjab Province at an

estimated investment of PKR 150bn to

PKR 200bn. The winners’ names are

yet to be disclosed officially, but market

believes approval was given to LUCK,

DG Khan, PIOC, KOHC and FCCL.

Earlier, the cement industry in Pakistan

expects double-digit growth in demand

of 12 to 14 per cent for the current fiscal

year. The industry assumption based

on factors mainly driven by (i)

private sector demand propelled

by government incentives and

low-interest rates, (ii) CPEC

related construction, and (iii)

construction of dams. The

management of Cherat Cement

Company said that the existing

player’s capacities are so large

that the brownfield expansion is

unfeasible for several reasons,

including marketing strategy

and space availability at plant

sites. Another point of concern

is that the Greenfield project requires 4

to 5 years’ time horizon.

But the leading cement manufacturers

announced their proposed expansion

programme during several corporate

briefing organized by different research

houses in Pakistan last month.

Pioneer Cement Limited (PIOC)

The Company is assessing different

sites for expansion or a Greenfield

project having capacity 10,000tpd

at PKR35bn. The Company’s

management mentioned that the

existing plant’s surrounding area is also

Balochistan seeks investment in cement sector –

Western Province of Pakistan

The government of Balochistan is

contemplating to invite foreign and

local investment for setting up new

cement plants in the largest province of

Pakistan.

The provincial government through

the Chief Minister Office, Board of

Investment & Trade (BBOIT) is seeking

Expressions of Interest (EOI) in the

form of Concept Notes or Proposals

easy to acquire, but nothing is finalized

yet. The 12MW Waste Heat Recovery

(WHR) plant has commenced its

commercial operations from Oct ‘20

at Punjab. Moreover, 12MW of the

Company’s 24MW coal plant has

become operational, with the remaining

12MW expected to come online by the

end of 2QFY21.

An official of Company informed media

that for expansion of their project, two

public hearings were held last month for

grant of approval for large scale mining

of Limestone and Clay/Shale at Zindapir

Dera Ghazi khan and installation of

cement plant in Punjab. The Company

assured all stakeholders that it would

meet all environmental standards and

instal the latest equipment to achieve

the set standards. Now waiting for

further steps from Governments, the

official replied.

The D.G. Khan Cement Co (DGKC)

The Company is assessing both

greenfield and brownfield expansions.

A Greenfield expansion, having a

capacity of 3.6Mta, and brownfield of

2.1Mta are being considered. DGKC

from interested parties, who wish to

venture into the province by investing

through any mode of investment in

various sectors including cement

industry and mining.

Manager, Investment Promotion and

Investor Facilitation, Tuaha Hassan

Siddiqui informed that we offer all

investment modes, namely sole

venturing, joining venture with local

currently has a total capacity of around

7Mt. The Company is in the process of

installing 10MW WHR, and 30MW coalbased

the power plant in the South,

which is expected to come online by the

end of FY21 and the total cost of the

project will be around PKR9bn.

Kohat Cement Co. Ltd

The Company is expanding by doing

BMR of 100tph on coal-fired boiler

power plant with the net generation

of 16.2MW. It is also setting up an

additional cement-grinding mill of

300tph. These projects will meaningfully

reduce variable cost per ton. Besides,

the management stated that it would

announce greenfield expansion

of capacity 7,500tpd, and it is in

the process of obtaining a NOC

from the government of Punjab.

It is also actively searching for a

site. The total cost of the project

will be around PKR35bn.

Fauji Cement Company (FFC)

The Company is planning for an

expansion of 6,500-7,000tpd, a

Greenfield project as there is

no space is available on the existing

plant site, the Company is applied for

DG Khan location where FCCL is on

top of the list among all applicants and

the final NOC is expected in 3 months.

Cherat Cement Company Limited

Work on installing a 13MW solar

power project of the Company has

been initiated and is expected to come

online in 9 to 12 months’ time. This

project is financed by the loans raised

from Meezan bank, and the cost of the

project is PKR1.4bn.

firms, and public-private partnerships.

Other sectors where the foreign investor

may invest are Agriculture, livestock,

tourism & hospitality, Fisheries/

shipbreaking, health, industrial/

manufacturing education, energy,

waste management etc, he added.

All EOI’s received will be processed on

the 1st days of working of the month,

say an annoucnemnet.

Presently, DG Khan and Attock Cement

have their plant at Hub in Balochistan.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 18


People & Events

M.A.Latif elected ICAP Vice

President

The Council of the Institute

of Chartered Accountants of

Pakistan (ICAP) elected new

office-bearers for the year

2020-21 in its 334th meeting

held in Karachi. The Council

unanimously elected M. Ali

Latif as Vice President.

Muhammad Ali Latif is a

Fellow Member (FCA) of

the Institute of Chartered Accountants

of Pakistan (ICAP). He is a practicing

chartered accountant working as Tax

Naeem Bokhari made PTV

Chairman

The federal government has appointed

Naeem Bokhari as Independent

Director and Chairman of Pakistan

Television Corporation’s (PTV) board.

“Pursuant to the provisions of Section

166 of the Companies Act, 2017, the

Federal Government is pleased to

appoint Naeem Bokhari as Independent

Director of Pakistan Television

Corporation Board,” said a notification

issued by the Ministry of Information

and Broadcasting. The notification

stated that the government had also

green-signaled Bokhari’s nomination

as Chairman, PTVC Board in line with

the Pakistan Television Corporation’s

Memorandum & Article of Association

(Article 95/95A)”. “The Chairman shall,

unless he resigns earlier, hold office

for a period of 3 years. The Board of

Directors, PTVC is directed to ratify his

nomination as Chairman,” the ministry

added in the notification.

Partner in “M/s Muniff Ziauddin & Co.,

Chartered Accountants”.

He is a Council Member

of ICAP since 2017. He

had earlier also served

as an Elected Member

of the Northern Regional

Committee of ICAP for

two consecutive four-year

terms (2009-2013 & 2013-

2017) and has also served

as Chairman of various

ICAP Committees. He was

also previously elected as

President of Pakistan Institute of Public

Finance Accountants (PIPFA).

NAPA elects new Chairman

The board of directors of the National

Academy of Performing Arts (NAPA)

unanimously elected Syed Jawaid lqbal

as its new Chairman for a period of

three years.

The board also re-appointed Zia

Mohyeddin as the Chief Executive

Officer of

NAPA.

The newly

elected

b o a r d

has as its

members Tariq Kirmani, Javed Jabbar,

Anwar Rammal, Salima Hashmi, Satish

Anand, Shahrukh Hasan, Roshan

Khursheed, Bharucha, Mahtab Rashdi

and Fawzia Naqvi.

Established in 2004, the National

Academy of Performing Arts (NAPA)

is the only institution of its kind in

Pakistan.

Laeeq assumes office

of administrator Karachi

Laeeq Ahmed recently took charge

of his office as administrator Karachi,

replacing Iftikhar Ali Shallwani who had

also served as Commissioner Karachi.

Laeeq Ahmed was previously posted

as secretary Excise Taxation and

Narcotics. He took charge as the

administrator as he previously served

on the post in 2016.

Appointment of Secretary

General, FPCCI

Mian Anjum

Nisar, President

of the Federation

of Pakistan

Chambers of

Commerce

and Industry

(FPCCI) has

appointed Syed

Masood Alam Rizvi as the Secretary

General of the organization with effect

from the 1st of December, 2020 in

accordance with rules and procedures

laid out in Trade Organization

Ordinance of Pakistan.

Mr. Masood Alam Rizvi has a long

experience of serving both in the public

and private sectors. Starting his carrier

as Assistant Commissioner and rising

up to the level of Federal Secretary.

After retirement he served in the private

sector including his two - year stint at

the FPCCI. During his carrier as a civil

servant he held assignments relating to

Trade and Commerce which included

Vice Chairman, Export Promotion

Bureau (now Trade Development

Authority of Pakistan - TDAP),

Chairman, Trading Corporation of

Pakistan (TCP) and Federal Secretary,

Textile Industry. In these assignments

he had lot of interaction with business,

trade and commerce community. He

has a fair understanding of their issues.

Syed Salah-ud-din takes

charge of MC

P a k i s t a n

Administrative

Service (PAS)

officer Syed

Salah-ud- din

Ahmed took

charge as

Metropolitan

Commissioner.

Earlier, he was serving as Karachi

Metropolitan Corporation’s Senior

Director Municipal Services. He had

also served as Deputy Commissioner

South.

He holds Masters Degree in public

policy from Tokyo Japan.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 19


TRADE CHRONICLE

Barrister Khalid takes oath as

G-B CM

Pakistan Tehreek-e-Insaf (PTI) leader

Barrister Khalid Khurshid took oath as

third Chief Minister Gilgit-Baltistan at

a small yet an impressive ceremony.

Barrister Khurshid, who has recently

turned 40, has become the youngest

chief minister of GB.

He was administered oath

by GB Governor Raja Jalal

Hussain Maqpoon at the

Governor House in Gilgit-

Baltistan. Khurshid was

elected chief minister Gilgit-

Baltistan on Monday as he

defeated the candidate of

joint opposition with a big margin of 13

votes. He won the seat from GBLA-

13 (Astore-1) in the GB Legislative

Assembly elections held on November

15.

Talking to journalists after taking oath,

he said that he would make all out efforts

Zubair Motiwala takes over as

Chairman BMG

The Supreme Council of Businessmen

Group (BMG) unanimously resolved

to give the responsibility of BMG

Chairmanship to Zubair Motiwala who

will now be leading the ruling Group of

the Karachi Chamber of Commerce &

Industry (KCCI).

The consensus was

reached at BMG Supreme

Council’s Meeting held

here on Saturday which

was presided over by

Vice Chairman BMG

Tahir Khaliq and attended

by Vice Chairmen BMG

Zubair Motiwala, Haroon

Farooki, Anjum Nisar and

General Secretary BMG

AQ Khalil. While reviewing

the emerging situation after

the sad demise of Siraj Teli,

it was unanimously decided that Mr.

Zubair Motiwala will be the Chairman

Businessmen Group.

The participants also lauded and

paid tribute to Late Siraj Kassam Teli

for his matchless contribution and

lifelong quest for the rights of business

and industrial community and the

Karachiites.

to work for the uplift of the area

as his sole purpose was to serve

the people of the mountainous

region without any discrimination.

He said that he would also request the

opposition parties to help him in ending

the sense of deprivation among the

people of the area, as together - all

the political parties - could change the

fate of the less-developed

region.

He said that the time had

come to shun the differences

and join hands for the uplift

of the area, adding the PTI

leadership was committed

to serve the poor and the

downtrodden, and all out

efforts would be made to materialise

the dream of PM Imran Khan to uplift

the region.

Later in a series of tweets, the newlyelected

chief minister said that his

government will work day and night to

address all deprivations that the region

witnessed in the past.

Zubair Motiwala has been

Chairman Sindh Board of

Investment, Advisor to Chief

Minister Sindh and Chairman/ Member

Advisory Board/ Member Board of

Directors at a host of private and

public sector institutions. Zubair

Motiwala, who is one of the founding

members of Businessmen Group,

has served as President Karachi

Chamber of Commerce &

Industry, President Pak-

Afghan Joint Chamber

of Commerce & Industry,

Chairman of Pakistan

Hosiery Manufacturers

Association, All Pakistan

Textile Processing

Mills Association, Site

Association of Industry,

Council of Karachi’s

Industrial Association,

Bolton Market Affectees

Relief Committee

and various Standing

Committees of the government.

Zubair Motiwala vowed to continue the

legacy and foot prints of Siraj Teli in

order to make sure that KCCI remains

a leading voice and a vibrant institution

dedicatedly serving the entire business

& industrial community and Karachiites

under BMG’s policy of Public Service.

Obituary

Siraj Kassam Teli (SI)

1953-2020

Siraj Kassam Teli, chairman of the

Businessmen Group and a former

president of the Karachi Chamber

of Commerce and Industry (KCCI),

passed away in Dubai recently due to a

cardiac arrest. Siraj Kassam Teli was a

distinguished industrialist with eminent

qualities of leadership.

He belonged to a renowned family that

had been active in business since the

inception of Pakistan.

As the chairman of the Businessmen

Group, Siraj Teli was recognized for the

extraordinary leadership he provided to

the business and industrial community

over the last 25 years. He brought about

revolutionary and progressive changes

in trade politics and in the functioning

of the Karachi Chamber of Commerce

and Industry, the SITE Association of

Industry and other platforms of public

service and social work.

Siraj Kassam Teli also served as director

of the Pakistan Beverage Limited

(Pepsi-Cola) Karachi, Hyderabad and

Quetta.

Siraj Teli had been conferred upon the

“Sitara-e-Imtiaz” by the then President

of Pakistan, Asif Ali Zardari, to

recognize his outstanding contribution

to the national economy and public

service.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 20


TRADE CHRONICLE

Mian Nasser Hyatt Magoo elected

as President FPCCI

The Federation of Pakistan Chambers

of Commerce and Industry (FPCCI)

held its Annual General Meeting on

December 31, 2020, at Federation

House Karachi wherein the Election

Commission announced the results

of FPCCI Elections 2021. As per the

results of FPCCI Elections 2021,

Mian Nasser Hyatt Magoo elected as

President FPCCI with 180 votes while

his opponent Khalid

Tawab got 178 votes.

Khawaja Shazaib

Akram elected as

Sr. Vice President

FPCCI with 197 votes

while his opponent

Abdul Rauf Mukhtar

got 161 votes.

Yousuf Jeva elected as

Vice Presidents.

Adeel Siddiqui elected

unopposed as Vice President from

Sindh, Muhammad Zahid Shah elected

as Vice President from KPK with 18

votes while his opponent Lali Shah

got 8 votes, Raja Muhammad Anwar

elected as Vice President from Punjab

with 28 votes while his opponent Amir

Anwar got 12 votes and Nasir Khan

elected unopposed as Vice President

from Balochistan. On the seat of

Women Chamber Farzana Ali Ahmed

elected unopposed as Vice President.

Competition ties up at Federal Area

with 4 votes to Qurban Ali and 4 votes

to Naseer Mansoor Qureshi.

On the seat of the chamber of small

traders, Muhammad Nawaz elected as

Vice President with 9 votes while his

opponent Salman Elahi got 8 votes.

New Office Bearers of FPCCI will

assume the charge of their offices from

January 1, 2021.

On the Association

seats Athar Sultan

Chawla, Hanif

Lakhani, Chuhdary

Muhammad Saleem,

and Muhammad Arif

Saleem Khan Tanoli

elected to board

of directors of UFI

Saleem Khan

Tanoli, CEO FAKT

Exhibitions (Pvt.)

Ltd., has been

elected to the

Board of Directors

at UFI - The Global

Association of the

Exhibition Industry

after serving as 1st

Vice Chair, UFI Asia-Pacific Chapter

from 2017-2020.

Tanoli is also serving as Senior Vice

President of German Pakistan Chamber

of Commerce & Industry (GPCCI) and

Vice President of Asia Advertisement

Association (AAA).

Ambassador of Kyrgyzstan calls on KATI

President KATI Saleem-uz-Zaman

presenting shield to Ambassador

of Kyrgyzstan to Pakistan, Erik

Beishembiev. At the occasion Zaki

Ahmed Sharif, Nighat Awan, Ehtesham

Uddin, Syed Wajid Hussain, Faraz-ur-

Rehman and others are also present.

KCCI vows to get Orangi traders’ issues resolved

Tanoli is an active member of

International Chamber of Commerce

Pakistan (ICC Pakistan), Pakistan-

China Joint Chamber of Commerce

& Industry (PCJCCI), The Lahore

Chamber of Commerce & Industry

(LCCI), Karachi Chamber of Commerce

& Industry (KCCI), Pakistan-Japan

Business Forum (PJBF) and Italian

Development Committee (IDC).

Senior Vice President Karachi Chamber

of Commerce & Industry (KCCI) M.

Saqib Goodluck presenting crest to

President Orangi Traders Association

(OTA) Abdullah Batra who led an OTA

delegation to KCCI. Vice President

Shamsul Islam Khan, Chairman KCCI’s

Special Committee for Small Traders

Abdul Majeed Memon, Vice President

OTA Aamir Arif and KCCI Managing

Committee Members are also seen in

the picture.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 21


Steel and Allied Industry

PSX holds gong ceremony for

Agha Steel listing

Pakistan Stock Exchange (PSX) held

a gong ceremony upon listing of Agha

Steel Industries Limited (ASIL) at the

stock exchange

on Nov 02. The

listing takes

place after

the successful

IPO of Agha

Steel Industries

Limited which

was the largest

IPO in the steel

sector of the

country.

The gong

ceremony

was attended,

among others,

by Sulaiman S.

Mehdi, Chairman of PSX Board along

with other Board Members; Farrukh H.

Khan, CEO PSX; Hussain Agha, CEO

of Agha Steel Industries Limited; Shahid

Ali Habib, CEO of Arif Habib Limited

Aisha Steel Mills expects to achieve

utilization levels of 85-90% during FY21

ASL posted LPAT of PKR617mn (LPS:

PKR0.89) during FY20, as compared

to a NPAT of PKR254mn (EPS:

PKR0.26) in FY19. The decline in

earnings emanated from (i) domestic

market contraction led by slowdown

in production of automobile and

appliances, (ii) higher interest

rates, (iii) PKR depreciation

against the US$, and (v)

Covid-19 induced lockdowns in

4Q.

Core Business & Performance

ASL provides CRC/Galvanized

for majority of the parts used in 2/3

wheelers (major demand driver),

white goods, construction related

applications, drums etc. It has recently

penetrated into the Tin Mill Black

Plate (TMBP); however, it remains a

miniscule portion of the overall sales.

The combined market share of local

producers of CRC and GI was 66% and

who were the Lead Manager

and Book Runner to the Issue;

and senior management of

these organisations.

Speaking at the occasion, the CEO of

Arif Habib Limited, Shahid Ali Habib,

said, “I am delighted that Agha Steel

Industries Limited, one of Pakistan’s

largest steel companies, is getting

listed at Pakistan Stock Exchange. It

is a proud moment for us at Arif Habib

70% during FY20,

while the imports

stood at 151,000

tons (down 49%

yoy) and 126,000 tons (down 40% yoy),

respectively. The decline in imports can

be primarily owed to the slowdown in

demand and higher acceptability of

locally manufactured products.

Out of the cumulative industry demand,

ASL was able to sell 257,000 tons of flat

steel in FY20 vs. 205,000 tons in SPLY

(domestic market size of approximately

950,000 tons in FY20).

Imports mainly comprise CRC/GI for

the auto sector (primarily for outer skin

of 4wheelers) and a few other imports

by local traders. The demand from

4-wheelers cannot be substituted by

domestic CRC/GI due to certain quality

Limited to have facilitated this journey

for the Company.

This was the largest IPO for a steel

company in Pakistan. We saw a

broad-based investor participation with

298 investors

participating in

the book building

and over 5,200

participants in the

General Public

subscription.

In value terms,

the book

building was

oversubscribed

by 1.6x and the

General Public

subscription was

oversubscribed

by 1.3x. The

market and the

investors have shown strong resilience

post easing of Covid-19 lockdown and

Arif Habib Limited remains poised

to bring several other companies for

listing in the next few months”.

standards and variance in thickness.

The company has not considered

indigenous manufacturing of HRC

anytime soon, unlike in the case of

ISL which has kept it under evaluation

for the past few years; however, it will

only be viable if import duty is levied

on HRC and government provides a

commitment to keep it intact.

ASL’s management expects

domestic steel sector to revive to

previous high (reaching 1.1mn

tons in FY21), thereby aiming

to achieve utilization levels of

85-90% during FY21 (c.450,000

tons) – out of 500,000 tons

capacity presently as the other

200,000 line is not operational (met

with an accident during the year and is

being claimed for insurance).

The PM’s construction package, if fully

materialized, can play a vital role in

enhancing GI volumes, according to

the management. It is used in various

construction related activities such as

roofing, door hinges, window frames

etc.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 22


Telecommunication News

Jazz World becomes Pakistan’s largest local app

with 7 million monthly active users

Jazz World, the self-care platform of

Pakistan’s number one 4G operator

and the largest internet and broadband

service provider, has crossed seven

million monthly active users. This

milestone cements Jazz World as the

largest local app in Pakistan.

Jazz World is an online customer

engagement platform that allows

subscribers to check prepaid

balance and postpaid

bill, recharge their mobile

balance, pay phone bills,

and access usage history

along with information on the

best packages. The platform

also allows users to submit

complaints, buy SIMs, stream games,

and receive information on seasonal

content and discounts. Innovative new

features include the ability to let users

create their own preferred bundles,

share balance with friends and family

and save their credit/debit cards for

ease of payments.

This is a translation of Jazz’s

customer-centricity ambitions into a

consistent, digital experience that

allows subscribers timely and effective

assistance with most of their account

requirements. Jazz World’s popularity

has played a critical role in maintaining

the connection with, and confidence

in, the Jazz brand, which today serves

more than 64 million subscribers.

“Jazz World is a testament to our

commitment of developing

best-in-class digital products

to facilitate our customers. 7

million monthly active users is

a big milestone and we would

like to thank all our users for

placing their trust in us. Jazz

remains committed to providing

best-in-class customer experience to

our loyal users,” said Jazz Chief Digital

& Strategy Officer, Aamer Ejaz.

The consistent increase in engagement

comes on the back of new user feedback

led, scroll-based User Interface with an

intuitive design. The new-look of Jazz

World is in-sync with the objective to

transition from a basic customer app to

a digital lifestyle partner.

Telenor Group participates in WEF special dialogue

with Prime Minister Imran Khan

Sigve Brekke, the President and CEO

of Telenor Group, participated in a

special virtual dialogue with Prime

Minister Imran Khan as part of a country

strategic dialogue on Pakistan hosted

by the World Economic Forum (“WEF”).

In the dialogue, Telenor Group called for

greater cooperation between

public and private sectors in

bridging Pakistan’s significant

gap in digital access.

necessary to improve business climate

and a key requisite for future investment

into Pakistan.

During the discussion, Brekke also

highlighted how the global pandemic

has elevated the role of connectivity

and digital tools in everyday life. This

critical infrastructure is offering people

a lifeline as well as being

an important fundament for

economic activity and recovery

going forward.

Pakistan’s National carrier

PTCL integrates Avaya

with its Digital Education

Platform, QTaleem

Pakistan Telecommunication Company

Limited (PTCL), one of the leading

telecom and ICT services providers

in Pakistan, has partnered with Avaya

(NYSE: AVYA) on QTaleem, an online

digital learning education platform, part

of the PTCL Education Cloud solution

offering.

Speaking on the partnership, Zarrar

Hasham Khan, Chief Business Services

Officer, PTCL, said, “As a national

carrier, PTCL is enabling an online

education framework that has the

potential to help more than 53 million

students across the country. With this

strategic partnership, we are able to

address the current challenges facing

the education sector in the country by

bringing transformational change to

delivering education, which is in line

with Digital Pakistan.”

Zong 4G introduces

matchless Saudi Arabia

International Roaming offer

Looking at the challenges contributing

to this digital divide, Telenor Group

emphasised the need to create an

environment in which mobile operators

can continue to strengthen connectivity,

which is the building block of the

digital economy. In this context, Sigve

Brekke stated that fair and predictable

regulatory and taxation regimes are

There is a danger that the digital

acceleration we have experienced this

year will leave some people behind.

The economic impact of connectivity

multiplies with greater participation;

hence ensuring connectivity for all is

critical. In recognition of this, Telenor

continues to work to ensure digital

inclusion for everyone in Pakistan.

Country’s connectivity and digital

services leader, Zong 4G, has

introduced a matchless international

roaming offer for customers traveling to

the Kingdom of Saudi Arabia.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 23


TRADE CHRONICLE

Easypaisa QR Payments: Another step towards

convenient transactions

Imagine you’re on your way to work

and, as you are driving, your eyes roll

on the fuel indicator and you realize that

you must stop by at the nearest petrol

station. You get the tank refilled hastily

as you have a crucial meeting planned

ahead. You reach for your wallet and it

strikes: you forgot to put your debit card

back after you used it last night. Now,

you are in the middle of nowhere. The

same thing could happen when you’re

at a restaurant, a mall, a hypermarket,

or a convenience store.

Compare this situation with the use

of a feature when you could do away

with all such troubles with just a few

taps. By using the Easypaisa QR

code facility, you have your payment

option right inside your smartphone.

Regardless of where you are, just

take out your phone, hover it over the

QR code in the designated booth and

there you have it! Payment is made.

By going cash-less, you can avert cash

theft and potential COVID-19 infection

by eliminating the need of handling

currency notes.

The procedure to use the feature is

easy. Log in to your Easypaisa App, tap

on the QR scan to initiate the scanner,

scan the code, enter the amount of the

bill, tap on ‘next’, check your payment

details, tap on pay now, and there! It’s

done.

Easypaisa intends to continue

partnering with stakeholders to

enhance the scope of digital payments

in the country. During the pandemic,

Zong launches ‘Taleem Bundle’ for Allama Iqbal Open

University to Support E-learning

To equip students with the fastest data

connectivity for distant and e-learning

programs, Pakistan’s cellular and

digital services leader, Zong 4G, has

introduced a comprehensive data

package called ‘Taleem Bundle’ for the

students of Allama Iqbal Open

University (AIOU).

The signing ceremony took

place at AIOU and was

signed by Zong 4G’s Director

Govt. and Corporate Sales &

Services Mr. Farhan Zakir, and

AIOU Chairman & Dean Prof.

Dr Nasir Mahmood signed

the agreement in presence of

Moied Javeed, Acting Chief

Commercial Officer, Zong 4G

and other key representatives

from both the organizations.

Zong 4G’s partnership with

AIOU is a testament to Zong’s

relentless focus on digital inclusion

for the masses and youth, an area in

which Zong continues to dominate with

market-leading services, products, and

solutions. Zong 4G is a frontrunner of

the ICT-powered digital transformation

in the country helping key sectors adopt

digitization and providing them with

innovative tools to keep abreast with

the global digital revolution.

“Taleem bundle is a joint venture of

AIOU and Zong 4G which will enable

e-learning and encourage students to

benefit from distant-learning, Zong 4G is

aligned with Government of Pakistan’s

ambition of a Digital Pakistan and our

partnership with AIOU is in-line with our

commitment of enabling the country’s

development through digital solutions.”

said spokesperson of CMPAK Zong

4G.

The largest, widest and fastest 4G

over 12,000 QR merchants have been

on boarded on the digital payments

platform to provide seamless QR

payment options to customers.

Deciding to opt for the feature brings

convenience for both the consumers

and vendors. Easypaisa also offers

exciting discounts to encourage users

to fully benefit from the App’s feature

and experience safety, security, and

ease. Through a current promotional

campaign, customers can perform QR

transactions greater or equivalent to

PKR 100 on any QR merchant including

fuel, grocery, pharmacy, food etc. to

participate in lucky draw after which 4

customers will get a chance to win a

smartphone while one lucky winner will

win a heavy bike.

Easypaisa continues to pursue

avenues of digital payments ensuring

more convenience and taking a step

further to materialize the dream of a

digital Pakistan.

network of the country is focusing

on digital inclusion and supporting

students with the best data connectivity

of Pakistan. The strategic collaboration

will enable seamless connectivity and

unmatched services to these students

for an enhanced learning experience.

“We are grateful to Zong 4G for its

contributions and support in developing

customized data bundle for

our students at a very nominal

cost. Through the partnership,

we aim to provide social

service to those students who

are from humbler backgrounds

and cannot afford to access

their education online.” said

AIOU Dean Prof. Dr. Nasir

Mahmood.

He added. “With over 1.4

million current student

enrollments, AIOU is constantly

developing professionally and

is committed to progress that’s

in line with the evolving global

trends. With partnerships like this, we

can accomplish these goals faster and

more efficiently.”

Zong 4G is the leader of digital

transformation in Pakistan. Being the

pioneer of 4G in the country and the first

mover of 5G technology in Pakistan,

Zong 4G is committed to excellence

and innovation.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 24


Automobile News

Indus Motor to unveil the

2021 Corolla

Indus Motor Company (IMC) is geared

to introduce a fresh look to its flagship

Toyota Corolla, the Corolla X Package,

expected to roll out in January.

Despite being the most competitive

locally produced vehicle, Corolla offers

top of the line performance and safety

features.

Whilst Pakistani consumers today have

many available choices, Toyota Corolla

has stood the test of times. It has wide

popularity owing to the brand’s promise

of quality, durability, reliability and high

resale value.

The new Corolla X Package, 2021

model has aggressive styling,

appealing to a large audience. Available

in Altis 1.6 and 1.8 variants, the new

model sports an all-black interior along

with passenger seat belt warning, EC

mirror and an appealing cosmetic body

kit change. IMC is expected to shortly

commence booking and unveil the new

price simultaneously.

It is pertinent to mention here that

around 40% of the OEM RSP comprises

Government duties and taxes i.e. 30%

Customs Duty, 7% ACD, 17% GST,

7.5% FED and WHT up to Rs.150k.

No doubt Toyota is Pakistan’s most

loved automobile brand with Corolla

enjoying the top slot in terms of sales

volume with close to 750,000 units sold

to date. It has been the No. 1 selling

car in the Asia-Pacific region and the

4th highest selling car in the world for

many years.

IMC’s Toyota - Goth education program

in tandem with TCF reaps rewards

Indus Motor Company (IMC) has

realized a 12-year old dream via its

Toyota - Goth Education Program

(T-GEP) with its first batch of students

from the under-privileged neighboring

localities.

The Company instituted the Toyota -

Goth Education Program in 2008 under

its Community Uplift Initiative to provide

full financial support for elementary and

secondary school education to children

from economically disadvantaged

communities of neighboring localities

where IMC operates. To this end,

IMC has partnered with The Citizens

Foundation (TCF) for imparting quality

education from grassroots level.

The Program has gradually expanded

its area of operation and has resulted in

not only improving the living standard

and way of thinking but also helped in

Master Changan Motor

launched its Alsvin car

Master Changan Motor launched its

Alsvin car, which is tipped as Pakistan’s

cheapest sedan car, recently. The

expected price of the three variants

(1.37 litre manual, 1.5 litre automatic

and special 1.5 litre automatic with sunroof)

would be between

Rs2.1 million and Rs2.6

million.

Booking would be

started from January

2021.

Master Changan Motors CEO Danial

Malik told media that buyers of the

Alsvin will not struggle to find car parts

across the country as Master Motor has

been in the business of manufacturing

reducing the long

tradition of early

marriage of girls

in the neighboring

communities.

“Through our notable

contributions in education,

IMC as a signatory to the UNs

Sustainable Development

Goals, supports SDG 4 - Quality

Education, which focuses on

inclusive and equitable quality

education and promotes lifelong

opportunities for all, explains Ali Asghar

Jamali, CEO - IMC.

He further added, “Our first batch of

T-GEP consisted of two boys, who

have completed their Intermediate

and having shown interest in building

their career through IMC`s flagship

Apprenticeship Program, I am happy

that they have joined the Company. The

girl, meanwhile, has plans to pursue

her graduation.” The CEO also met the

two boys and congratulated them.

Currently, Pakistan has the world’s

second-highest number of out-ofschool

children with an estimated 22.8

million children aged 5-16 not attending

school, representing 44 per cent of

the total population in this age group,

according to a UNICEF report.

car parts for a long time. The company

knows the industry. He added that

Master Changan Motor is a joint

venture between Chinese carmakers

Changan and Pakistan’s Master Motor.

He said whenever a car-making

company invests in Pakistan and

establishes a joint venture, these joint

ventures have survived.

Many car companies

emerged in Pakistan to

introduce Chinese and

Korean cars but they

later wrapped up and

people who had already

bought their cars struggled to find spare

parts and the car’s resale price also

dropped. Malik advised buyers of a new

company car in Pakistan to assess the

strength and credibility of the company

before buying.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 25


TRADE CHRONICLE

Malaysian manufacturer set

to launch Proton X-70

Malaysian car manufacturer company

Proton is all set to launch in Pakistan.

Proton will introduce its first line of

intelligent automobiles in partnership

with Al-Haj Automotive. Al-Haj Group

was incorporated as a Private Limited

Company in 2006 and

has been awarded with

Green Field Status to

assemble Proton in

Pakistan.

PROTON X-70 will

be the first PROTON vehicle to be

launched in third week of December.

Equipped with intelligent features,

PROTON X-70 will be an exciting

addition in SUV segment of Pakistan

and will be competing likes of Kia

Auto sales data for November 2020

In November 2020, the Auto industry

sales witnessed 3% mom growth

(up 48% yoy) to 14,533 units, largely

attributed to the rise in the Pickup

segment sales, which rose by 39% mom.

For the Auto OEMs, PSMC witnessed a

12% mom rise in sales (16% yoy), while

INDU dragged the industry’s growth due

to the 10% mom decline (fall in Yaris

sales). This takes 5MFY21 industry sales

to 65,998 units, up 19% yoy.

INDU sold 1,704 units / 2,338 units of

Corolla / Yaris, down a combined 8%

mom, due to the sharp 24% mom fall

in Yaris sales (Corolla sales up 30%

mom). We believe that the decline in

Yaris volumes can be attributed largely

to the ongoing congestion in Asian ports,

which has led the company to ship parts

by air. INDU shut down its plant for three

days during the month (and two days

in December), due to the supply issue.

INDU is set to launch the Corolla Cross

CBU and Corolla facelift by January

2021, which may boost sales for the

latter, in our view.

HCAR sold 2,237 units in November,

with Civic and City sales of 2,088 units,

up a staggering 94% yoy and 12% mom.

BR-V sales fell a sharp 35% yoy and

60% mom to 149 units.

PSMC’s Cultus sales rose a sharp 86%

mom to 1,517 units, while sales of the Alto

and Wagon R declined by 6%/26% mom.

The 3.6x mom rise in Ravi sales may

be attributed to a pickup in commercial

activities, in our view, lifting overall sales

for PSMC. With the increase in Cultus

Sportage, Hyundai Tucson, DFSK

Glory 580 as well as the recently

unveiled MG SUVs. Proton besides its

competitive features has an edge in

technology part.

Coming to the engine, Proton X-70 is

powered by a Next Generation Power

train 1.5L turbo-charged engine with

a 7-Speed DCT

Transmission with

manual mode option,

co-developed by

GEELY and VOLVO

was recognized

for answering the

industry’s three major challenges in

power train development - a compact

yet modular power train architecture,

high performance with good fuel

efficiency and high performance with

robust reliability.

and Swift prices earlier

in December, we believe

margins will improve for

PSMC; however, it may also lead to a fall

in volumes as the Cultus is now priced

higher than the Kia Picanto (average 4%

premium).

Tractor industry recorded sales of 3,234

units, up a sharp 77% yoy. AGTL sales

rose by a massive 2.2x yoy to 903

units (vs. 418 units SPLY). Sales for

MTL were up a sharp 67% yoy to 2,331

units. With the recent notification of GST

subsidy, we believe tractor sales will rise

from January 2021 onwards (new-year

seasonality) and due to improvement in

farmers’ income.

Sales for Hyundai clocked in at 472 units

in November, compared to 289 units

in October, as the Tucson and H-100

Porter sales rose by 76%/29% mom,

respectively. The demand for SUVs have

seen rising interest since the launch of

the Sportage and Tucson. Hyundai sales

may have risen due to smoothening

out of supply-chain issues, in our view.

According to channel checks, we

understand that Kia sold roughly 1,500

cars during the month.

Total industry sales in November clocked

in at a 17mth record high of 14,533

units. However, we expect sales to

decline in December due to the year-end

phenomenon but a noticeable recovery

in sales thereafter, particularly as autofinancing

picks up. In this backdrop,

newer models such as a Honda City, Kia

Sorento and Hyundai Elantra (among

other entrants) could serve to maintain

consumer interest.

(Courtesy Intermarket)

General Tyre steadily on

road to recovery: CEO

General Tyre has rebounded and is

trying to recoup the losses it incurred

due to Covid-19, announced the CEO

of the company.

“The company is steadily on the road

to recovery after the covid-19 global

shutdown. The plant was shut down

for nearly 75 days before resuming

operations in June,” said Hussain Kuli

Khan CEO General Tyre.

He added that the company caters

to four segments namely Original

Equipment Manufacturers (OEM’s);

Replacement Market (RM); Institutions;

and Export. “During the last year

Replacement market sales kept

the company going. This segment

strengthened because of the steps by

the government to curb smuggling and

covid-19 impacting the supply of underinvoiced

imported tyres,” he added.

The company reported profit after tax

as Rs 126 million (up by 6.9 times)

and the exports for the same period

earned the company Rs. 29.3 million

(32% increase). “The company has

contributed Rs 13.5 billion to the

national exchequer during the last five

years in the form of duties and taxes.

Also, the company over the last five

years has invested Rs 4.7 billion in

BMR,” he said.

In equipment category, he added, the

company has added a new steelastic

machine for making steel belts for

radial tyres. “Also, automatic tyre

sorting and conveying system to take

tyres from curing to the warehouse via

inspection and uniformity has also been

introduced,” he added. Besides, the

company has state-of-the-art radial tyre

building machines along with hydraulic

tyre curing presses for radial tyre

curing. “Moreover, there are automatic

cutting and splicing machines to cut

body plies of radial tyres,” he added.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 26


Banking & Insurance

Faysal Islami Forges a Strategic Alliance

with Zameen.com

Faysal Islami brings another First for the convenience of its housing

customers. Mr. Tahir Yaqoob Bhatti, Head Retail Banking, Faysal Islami

and Mr. Ahmad Hussain Bhatti, Country Head Sales, Zameen.com signing

the Strategic Alliance Agreement at Faysal House.

Faysal Bank Limited (FBL), one of the

leading Islamic banks in Pakistan, has

yet again brought another first for the

convenience of its Housing customers

by forging a strategic alliance with

Zameen.com which is Pakistan’s

largest real estate online portal.

TPL Insurance has joined the United

Nations Environment Program Finance

Initiative (UNEP FI) by signing its

Principles of Sustainable Insurance

(PSI). This is the first time an Insurance

Company in Pakistan has become a

signatory to UNEP FI’s PSI.

The UNEP FI is a strategic partnership

between the UN Environment Program

and the global financial sector to

advance sustainable finance. More

than 300 financial institutions work

with UN Environment to understand

emerging environmental, social and

governance issues, why they matter

T h r o u g h

this alliance,

Zameen.com

will establish

an exclusive service

desk for Free Real

Estate Advisory

to Faysal Islami’s

Roshan Digital

Account Customers

interested in Real

Estate Investments

and pre-approved

Local Home Finance

& Low-cost Housing

customers. Terms

and conditions

however apply upon

deal materialization.

During the signing ceremony, Yousaf

Hussain, President and CEO Faysal

Bank Limited, said, “Providing

convenience to our customers is of

paramount importance to us at Faysal

TPL insurance becomes Pakistan’s first insurance

member of UNEP FI

to the finance

industry,

and how to

address them

in banking,

insurance and

investment

decisionm

a k i n g

and market

practice.

T P L

Insurance

will be a part

of the global community of banks,

insurers and investors committed

towards sustainable development.

The Company will continue to put

sustainability at the heart of its business

strategies and long-term plans,

working with key stakeholders to raise

awareness of actions to be taken to

manage the country’s Environmental,

Social and Governance (ESG) issues.

The insurer will implement UNEP’s

extensive knowledge and best

practices into its business frameworks

- benefiting from UN expertise, a global

learning network and fora.

Bank. We envision making home

ownership not only a reality for our

Housing customers but also facilitating

them by making the process as smooth

and hassle-free as possible. Faysal

Islami has introduced convenient

Sharia compliant home finance

solutions for purchase and construction

of affordable housing units. Our alliance

with Zameen.com, will address the

convenience aspect through exclusive

free consultancy services to the Bank’s

home finance seekers.”

Zeeshan Ali Khan, CEO of Zameen.

com, also added, “As an entity that

has been serving Pakistan’s real

estate industry since over a decade,

we are highly attuned to the needs of

customers. This partnership with Faysal

Islami is a milestone in our journey

which will cater to the financial advisory

needs of home buyers, and will help in

providing them with a holistic property

buying experience.”

“Signing the PSI is a concrete

example of sustainability leadership

and commitment. We look forward to

working together with TPL Insurance

in turning the four Principles for

Sustainable Insurance into practice,”

said, the UNEP FI in welcoming TPL

Insurance on board the initiative.

This will enable TPL Insurance to

develop impact-driven insurance

solutions in pursuit of the company’s

mutual environmental, social and

development goals. It is a concrete

step towards sustainable leadership

and development. In partnership with

UNEP FI, TPL Insurance is looking to

lead the industry by example and pave

the way for a more sustainable future.

Commenting on the occasion,

Muhammad Aminuddin, CEO of

TPL Insurance said, “We take deep

pride in joining hands with UNEP FI

and its global community of banks,

insurers and investors in a drive

towards incorporating sustainable

insurance into practice. Corporate

Social Responsibility is at the heart

of everything we do at TPL and

we remain committed to behave

ethically, contributing to the economic

development of the local community

and society at large.”

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 27


TRADE CHRONICLE

Meezan Bank announces partnership with Telenor for

greater accessibility to the customers

Obituary

Syed Ibne Hassan dies

In continuation of its efforts to provide

greater ease and accessibility to its

customers, Meezan Bank, Pakistan’s

first and largest Islamic bank has

announced

partnership

with Telenor

Pakistan. Mr.

Umair Mohsin,

Chief Marketing

Officer - Telenor

Pakistan and Mr.

Faiz Ur Rehman,

Group Head IT &

Digital Banking

- Meezan Bank,

recently signed

an MoU at Meezan Bank’s Head Office

in Karachi.

As a result of this partnership, Meezan

Bank customers will be able to access

Telenor Pakistan’s portfolio of services

including prepaid recharge and bundles

as well as post-paid services on the

Bank’s Mobile Banking App and Internet

Banking. This collaboration forms part

of the Bank’s strategy to establish

an ecosystem

that will further

accelerate

its digital

transformation.

While speaking

at the occasion

Mr. Faiz Ur

R e h m a n

said: “We are

delighted to

partner with

Telenor Pakistan to create great benefit

for our customers. With this alliance,

Meezan Bank and Telenor Pakistan are

aiming towards the creation of unified

solutions that are not only easy to

deploy but will also enable the Bank to

expand its digital outreach.”

Syed Ibne Hassan,

Vice President (VP)

and the head of

Media & External

relations department

National Bank of

Pakistan (NBP) died

of Covid-19 pandemic

on 17-12-2020. He was 50.

His Funeral prayer was offered at Imam

Bargah Babul Ilm, 5 Star Churangi

North Nazimabad and later laid to rest

in Wadi-e-Hussain graveyard, amid

tears and anguish.

Hassan left behind four sons and a

widow to mourn his dead.

As per details, he contracted Covid-19

after his return to Karachi from

Islamabad on 8th of this month, and

was under treatment at a private

hospital.

Telenor Pakistan partners with United Bank Limited

to provide greater accessibility to its customers

In continuation of its efforts to provide

greater ease and accessibility to its

customers, Telenor Pakistan has

partnered with United Bank Limited

(UBL). Umair Mohsin, Chief Marketing

Officer, Telenor Pakistan, signed a

contract with Muhammad Humayun

bank’s mobile app and web portal. This

collaboration is another step forward by

Telenor Pakistan towards enhancing

customer experience and ensuring a

seamless transaction experience.

Being a part of the fast-evolving tech

With Masters Degree in Journalism,

Hassan was an active and competent

official whose professional carrier

spanned over three decades. He has

served on different positions mostly

on public relations at various financial

institutions, government and media

organisations, including, PICIC, NIB

Bank, and Sindh government.

He had been associated with the NBP

from 2011, and served the organisation

on different positions. He worked as

the head of publicity in the global

home remittance management group,

and divisional head of the corporate

communication division at NBP.

Sajjad, Executive Vice President,

United Bank Limited.

As a result of this partnership, UBL

customers will be able to access

Telenor Pakistan’s portfolio of services

including prepaid recharge and bundles

as well as postpaid services on the

industry, Telenor Pakistan believes in

nurturing cross industry partnerships

that further strengthen the digital

ecosystem. This alliance with UBL is

cognisant of the fast-evolving needs

of today’s digital citizens and is

capitalising on co-creation of solutions

to deliver ease of access to customers.

Hassan was a member of various

professional bodies pertaining to

media as well as professional and

philanthropic organisations such

as FPCCI, Pakistan Management

Association, Karachi Pres Club (KPC),

and Karachi Union of Journalists (KUJ)

etc.

He also attended various professional

course conducted by NIPA, the

Management Association of Pakistan,

the International Business Consultant,

the Public Relation Society of Pakistan,

Pakistan Economic Development

Forum, KPC, ACP, Pakistan Television,

Radio Pakistan etc.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 28


Travel World

Financial restructuring of PIA will

be finalised soon: CEO

Chief Executive Officer of Pakistan

International Airlines (PIA) Air Marshal

Arshad Malik said that financial

restructuring of PIA is well on the way

and would be finalised soon.

He stated this following

a signing ceremony

of a memorandum of

understanding with the

Lahore Chamber of

Commerce and Industry

to facilitate the business

community and to build cordial business

relations.

The PIA will offer a special discount

to the LCCI members. PIA CEO

Air Marshal Arshad Malik and LCCI

President Mian Tariq Misbah signed

the MoU on behalf of their respective

Emirates earns five-star

rating from its customers

Emirates has received the APEX

2021 Five Star Global Official Airline

RatingTM, based on feedback from

passengers that was independently

collected by APEX via its partnership

with TripIt, and validated and certified

by an external auditor to ensure that

all ratings were made by genuine

travellers who had flown on the airline

they were reviewing.

Adel Al Redha, Emirates’ Chief

Operating Officer said: “We are

delighted to receive this recognition

from our customers. It reflects all of our

efforts to provide our customers with a

safe and enjoyable flight experience.

organizations. The LCCI

office-bearers were also

present on the occasion.

Air Marshal Arshad Malik said that

the PIA’s revenue has increased and

showed gross profit in the months

of September and October. He said

that the efforts for

improvement have

started yielding results

in the PIA despite the

COVID-19 and other

challenges.

He said that open sky

policy has caused

huge loss to the PIA. He further said

that cargo space utilization of the

airline has been increased and Boeing

777 aircrafts can be used for cargo

transportation. The PIA is focusing the

profitable routes based on demand

prospects and commercial viability.

AirSial commence its

operation in Pakistan

AirSial plans to commence its

operations from Mid-December

2020 across 5 cities of Pakistan

Karachi, Sialkot, Islamabad, Lahore

& Peshawar. Three daily flights from

Karachi to Lahore & Islamabad along

with three weekly flights to Sialkot and

four weekly flights to Peshawar are in

the plan.

Khaqan Murtaza made

CAA DG

Civil Aviation Authority (CAA) has

announced the appointment of Flight

Lieutenant Khaqan Murtaza (retd) as

Director General CAA. According to

a notification issued to that effect, the

appointment of Flt-Lt Khaqan Murtaza

(retd) is approved effective immediately

and untill further notice.

Faysal Bank, PIA announce

first “Welcome Home”

Campaign Lucky Draw

Winners

Faysal Bank Limited (FBL), together with

Pakistan International Airlines (PIA), carried

out the first ballot for four winners for the

“Welcome Home – Roshan Digital Account”

campaign, during a ceremony held at Faysal

House, Karachi.

The ceremony was held in reference to a

joint initiative by Faysal Bank and PIA, to

promote the National cause of attracting

higher inward remittances into Pakistan,

through Roshan Digital Account. The

winners were awarded with economy

class PIA return tickets to Pakistan from

their country of residence. The first lucky

draw winners were Mohsin Shahzad Virk

(UAE), Muhammad Imran (UAE), Sajjad

Amin (Saudi Arabia) and Nabil Sardaraldin

Mohammed (Oman).

CEO of Rakaposhi Tours

wins PATA Life Member

2020 award

Lt. Col (Retd)

Akbar Shareef,

Chairman

and CEO

Rakaposhi

Tours (Pvt)

Ltd., winning

the PATA Life

Membership

A w a r d ,

conferred

upon him for

his significant

leadership as the Chairman of PATA-

Pakistan Chapter.

In recognition of his valuable

contributions to global tourism, Shareef

has also been a recipient of PATA

Award of Merit, making him the first and

only Pakistani to receive both awards

to date.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 29


TRADE CHRONICLE

PIA, Askari Bank launch

co-brand credit card

PIA, Oriental Sky Aviation

Ltd sign cargo charter

agreement

Singapore Airlines suffers

record loss

Singapore Airlines has reported a

record net loss for its fiscal second

quarter as the carrier continued to reel

from the impact of the coronavirus

pandemic on global air travel.

The Pakistan International Airlines

(PIA) and Askari Bank Limited have

launched Co-Brand Credit Card

through which both organisations will

offer their services for the benefit of a

large number of customers in Pakistan.

The unveiled cards, in three tiers, Silver,

Gold and Platinum, have been loaded

with some amazing features, including

complimentary PIA loyalty programme

membership, discountsonPIA

tickets,local&international lounge

access, accelerated mile earning

compared with normal credit cards,

priority check-in, generous startup

points and much more.

Virgin Atlantic maiden flights landed

in Islamabad

Virgin Atlantic will offer three routes

from Pakistan to the UK – Islamabad to

London Heathrow and Manchester and

Lahore to London Heathrow

Pakistan is Virgin Atlantic’s first new

route to

launch since

the start of

the pandemic

Virgin Atlantic

touched down

in Islamabad

f r o m

Manchester

on 11th

December for

the first time.

The airline

follows this

up with new routes departing from

Islamabad to London Heathrow on

13th December and departing from

Lahore to London Heathrow on 14th

December.

Virgin Atlantic will operate state of the

art Boeing 787-9Dreamliner aircraft

on all Pakistan routes, offering the

Pakistan International Airlines (PIA)

and Oriental Sky Aviation Ltd have

signed a cargo charter agreement for

direct and daily dedicated cargo flights

between Pakistan and China.

As per the agreement, PIA will operate

seven weekly flights to Urumqi (China),

with four flights a week originating

from Islamabad and three flights

from Lahore. It will be one of its kind

operations as PIA has never operated

daily cargo flights on this sector. PIA

will be using its Airbus A320s for the

said operations.

airline’s Upper

Class, Premium and

Economic cabins.

Virgin Atlantic will offer seamless

connectivity via London Heathrow

to North America, offering speedy

connections to New York JFK, Boston

and Los Angeles. Virgin Atlantic will

also provide onward connectivity

alongside its

transatlantic

joint-venture

partner Delta

Airlines

to more

than 200

destinations

within North

America.

Earlier,

Gerry’s

dnata, a

joint venture

of Ground Handling Services

between dnata Dubai and Gerry’s

Group Pakistan, has announced its

partnership with Virgin Atlantic Airways

by becoming the airline’s preferred

Ground Services Provider (GSP)

for Lahore-London and Islamabad-

London/Manchester flight operations in

Pakistan.

The airline, which has shed thousands

of jobs and grounded much of its fleet,

said its net loss in July-September

totalled 2.34 billion Singapore dollars

(1.7 billion U.S. dollars), down from

a net profit of 94.5 million Singapore

dollars in the same period the year

before.

Revenue for the quarter plunged 81.4

percent to 783.8 million Singapore

dollars, the airline said in a statement.

First half net losses totalled 3.47 billion

Singapore dollars.

Industry body the International Air

Transport Association (IATA) estimates

that airlines operating in the Asia-

Pacific region stand to lose a combined

27.8 billion U.S. dollars this year.

Hashoo Group to launch

PC Legacy Hotel

in Naran soon

The latest addition to their leading chain

of hotels across Pakistan, Hashoo

Group has announced to launch a new

brand of four-star hotels by the name of

“PC Legacy”.

In this connection, a Memorandum

of Understanding (MoU) was signed

between Pakistan Services Limited and

SNQ Resorts (Pvt) Limited in Crystal

Ballroom at Islamabad Marriott.

TRADE CHRONICLE - Nov - Dec - 2020 - Page # 30


TRADE CHRONICLE


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