TC May-Jun 2022 Issue

TRADE CHRONICLE
IFC to invest $25m
in fashion retailer
The International Finance Corporation
(IFC) is investing in Pakistan’s top
fashion retailer to create jobs, promote
gender equality, and support the
country’s crucial textiles sector in the
wake of Covid-19 pandemic.
IFC will invest the equivalent of $25
million in Pakistani rupees for a
minority stake in Khaadi Corporation,
which has 57 retail outlets spread
across Pakistan and also boasts
presence in the UK and GCC countries.
The funding will help the company
First woman police
surgeon appointed
Senior medico-legal officer Dr
Summaiya Syed became the first
woman who has been appointed as the
police surgeon.
Former police surgeon Dr Qarar Ahmed
Abbasi said that after late Prof Farhat
Mirza, Dr Syed was the first female
police surgeon who had expertise in
forensic science.
He said that Dr
Syed had a vast
experience in
medico-legal
cases.
He said it was a long-standing demand
of MLOs that the post of police surgeon
should be given to relevant technical
expert.
Mian Akram Farid becomes
acting EFP president
Mian Akram Farid, Director EFP
Board will serve as acting president
of Employer’s Federation of Pakistan
from June 7 to June 13, 2022.
According to the statement, a threemember
employer’s delegation from
Pakistan led by Zaki
Ahmed Khan, VP
EFP, were attending
the Internal Labour
Conference being
held in Geneva
while Ismail Suttar,
EFP President, was
leaving for US on
June 7.
accelerate its growth by expanding
its retail footprint and online global
sales. It will also indirectly support the
retailer’s suppliers in Pakistan, many of
whom are smaller businesses.
“The textiles and retail industry is a
core part of Pakistan’s economy and a
major employer of women, especially
in the garment sector,” said Zeeshan
‘Sindh opens for investment’
Sindh Chief Minister Syed Murad
Ali Shah recently said the potential
projects for investment in the province
included a wide variety of sectors
including water and the environment,
education and technology, industrial
zones, eco-tourism, urban ecosystems
and food security, with an estimated
cost of $6 billion.
Speaking at the Sindh Investment
Conference (SIC) in Davos, where
he was the chief guest, Mr Shah
highlighted the strides Sindh has made
over the last few years in achieving
socioeconomic development in sectors
such as health and education as well as
infrastructure and communications.
Mr Shah emphasised the government’s
continuous efforts to develop the
Thar Coal Project, which would be a
mainstay of energy production not only
for Sindh but for the whole country.
National Foods to set up
fifth plant in Faisalabad
National Foods Ltd is setting up its
fifth plant in the M4 Industrial City
of Faisalabad, said a company official
recently.
Briefing a group of journalists at the
Port Qasim factory of the manufacturer
of convenience-based food products,
the official said the 30-acre Faisalabad
plant will be the company’s biggest
production facility upon its completion
by the end of 2022.
Currently, the company operates three
plants in Karachi’s Port Qasim, SITE
and Nooriabad industrial estates and
one plant in Gujranwala. He didn’t
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May - Jun - 2022
Sheikh, IFC Country Manager for
Pakistan and Afghanistan.
Since 1956, IFC has invested over
$1.2 billion in Pakistan, helping to
support smaller businesses and
spur the development of renewable
energy, hydroelectric, and wind energy
projects.
He further highlighted Sindh’s rise in
the ease of doing business rankings
through dedicated efforts, which has
made investment protocols for both
domestic and foreign investors easier.
Mr Shah invited the audience to invest
in the multitude of opportunities being
offered in Sindh through an enabling
environment rooted in comprehensive
legal and institutional mechanisms
to ensure fair practices, transparency,
and attractive economic returns. The
SIC was organised on the occasion of
the World Economic Forum by Path
Finder and Martin Dow Group in
Davos, Switzerland.
share the size of the investment.
The company posted an
unconsolidated profit of Rs725 million
for January-March, up 39.3 per cent
from a year ago. Its quarterly sales grew
23.4pc to Rs8.4 billion.
Exports contributed 6.6pc to the
company’s gross sales in the first nine
months of 2021-22. Exports represent
the sales made to NF DMCC Dubai,
which is a wholly owned subsidiary
that National Foods set up in 2012 to
boost overseas business.