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BUSINESS Sunday, 17 February, 2013
Shaukat urges capital industrialists to invest in KP
ISLAMABAD: Governor Khyber Pakhtunkhwa Engineer Shaukatullah Khan Saturday urged industrialists and traders of the federal capital to invest in the province. Talking to a delegation of Islamabad Chamber of Commerce and Industry (ICCI) led by President Zafar Bakhtawari, the Governor assured maximum facilities and cooperation to business community adding that he remained active member of ICCI, says a press release. He termed the business community as an invaluable asset and an important vehicle for economic progress, geared to bring about socio-economic development of the people of the country. Speaking on the occasion, President ICCI Zafar Bakhtawari congratulated Engineer Shaukatullah Khan on his appointment as Governor and expressed hope that the law and order situation would be improve in the province. “It is matter of great prestige for ICCI that Raja Pervaiz Ashraf, Prime Minister of Pakistan was an executive member of the Chamber and the appointment of its another member as governor have added chamber’s prestige,” Bakhtawari said. The industrialists and traders community of Islamabad would definitely invest in Khyber Pakthunkhwa during the tenure of Engineer Shaukatullah Khan because of his great vision and sincere considerations about the development of Khyber Pakthunkhwa, Bakhtawari said. Former presidents of ICCI, Muzammal Sabari and Ishtiaq Qureshi, former Vice Presidents of ICCI, Munawar Mughal and Abdul Rauf were also present on the occasion. APP
Rs 10.4m goods traded across LoC
Pakistan is an attractive market for EU for trade and investment. — Lars-Gunnar Wigemark
Pakistan yet to apply for GSP Plus, says EU envoy KARACHI
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STAFF RePORT
hE ball is in Pakistan’s court to effectively negotiate with the European Union (EU) to obtain GSP-Plus status in 2014, said Lars-Gunnar Wigemark, EU’s ambassador to Pakistan. he stated this during a visit to the Karachi Chamber of Commerce and Industry (KCCI) here Saturday. From 1st January 2014 the EU’s new Generalised System of Preferences (GSP) regime would come into force which would be valid for seven to eight years from 2014, said the envoy. “Pakistan has yet not applied for GSP Plus,” he added. New regulations had been adopted to accommodate countries such as Pakistan. The EU treated its trade partners equally. For attainment it is imperative that Islamabad should establish special group to timely negotiate as the EU Commission in Brussels would take at least six-month time to evaluate the application. Pakistan is already benefiting from the existing GSP, but it was aspiring to obtain GSP-plus status under this new regime. The ambassador said if Pakistan qualified for GSP plus, which involves Pakistan’s record of implementation of 27 international conventions it has already signed and ratified related to human rights, labour rights, environment, governance etc., it would be able to export most of its products to the EU duty- and quota-free. “We have expectations and hope that Pakistan may qualify for GSP Plus in EU,” he said. The ambassador apprised that the EU was the largest trading partner of Pakistan with an annual trade volume of over 8 billion euro. Pakistan, he said, was an attractive market for EU for trade and investment. “The Pakistani diaspora in EU is also strong. EU maintains single trade, goods, services and currency,” he said. he said on 23 January last year the EU Foreign Affairs Council, consisting of the foreign ministers of all 27 member states in the EU and chaired by the EU high Representative Catherine Ashton, approved a joint EU-Pakistan 5-year Engagement Plan, including cooperation in a wide range of areas from trade to foreign and security policy. In June 2012, Cathy Ashton visited Pakistan and launched a Strategic
Pakistan is a resilient nation with tremendous potential, talented people and vibrant businesspersons...the business community of Pakistan should make efforts to meet the EU criteria standards, it would become possible to resume seafood exports. On a question about regional trade integration, the EU envoy said Pakistan may enterprise to become largest regional trading partner as well. Pakistan should increase regional trade particularly with Indian, Afghanistan and
SECP approves CSR Voluntary Guidelines 2013 ISLAMABAD STAFF RePORT
POONCH: Goods worth Rs 10.4 million were traded across the Line of Control (LoC) between Azad Kashmir and Jammu and Kashmir at Chakan-DaBagh crossing point here, officials said. As many as 11 trucks rolled out from the Trade Facilitation Centre (TFC) here to Azad Kashmir, they said, adding, these trucks carried bags of banana, tomatoes and herbs worth Rs 2,267,330. From Azad Kashmir, six trucks carrying bags of almonds, dry dates and apple worth Rs 136,60,780 entered India, they said. Officials from both sides monitored transportation of these goods twice during the day. nni
Dialogue with her counterpart hina Rabbani Khar, Minister for Foreign Affairs. On 15 November, the EU Autonomous Trade Preferences (ATPs) for Pakistan came into force as a response to the devastating floods that hit Pakistan in 2010 and 2011. As a result of these special ATPs, certain goods from Pakistan can enter the EU duty free or would be subject to specific ceilings (tariff rate quotas). The measures would remain effective until December 31, 2013, he said. The dialogue besides economic and trade also envisaged common forums and security policy. he was of the view that Pakistani Embassies in EU member countries should take cognizance to ask the private sector to enhance trade with Pakistan. The EU is spending 15 million euro on a unique trade diversification program to help support Pakistani companies gain access to EU markets. The EU ambassador said Pakistan was a resilient nation with tremendous potential, talented people and vibrant businesspersons. he encouraged the business community of Pakistan to meet the EU criteria. For seafood export to EU, he said with compliance of EU’s fish processing
Securities and Exchange Commission of Pakistan (SECP) has approved the Corporate Social Responsibility Voluntary Guidelines, 2013, aimed at encouraging body corporate to align their business strategies with their social responsibilities. The CSR guidelines are a significant step towards streamlining reporting requirements and corporate accountability of the CSR activities by corporate entities. The guidelines, notified as ‘CSR Voluntary Guidelines, 2013’ after consultation with external stakeholders and general public are being published as guidance document for all companies. Under the Guidelines, Board of Directors of registered entities are encouraged to take ownership for formulation, adoption and implementation of CSR policy of a company. The Guidelines recommend that CSR policy be fully endorsed by Board of Directors of Company and that such policy is embedded in the vision and strategy of the company. CSR governance benchmark table has been added at the end of Guidelines that shall facilitate companies to assess their performance and for peer review.
Presence of an effective CSR management system is emphasized in CSR Guidelines. The said systems are expected to provide a road map for implementation of CSR activities. Also, specific indicators reflecting effective governance and implementation of CSR policy have been provided in the Guidelines. The requirements of disclosure and reporting have been extended i.e the broad areas expected to be covered by CSR reports have been provided in the Guidelines. Furthermore, companies have been encouraged to earmark specified financial or nonfinancial resources, specific criteria or a proportion of their profit (preferably 1-2%) for CSR initiatives. The method of allocation of resources or identified criteria must ideally be predetermined, duly endorsed by the board and form part of CSR Policy. The Guidelines also provides for forming a CSR consul-
tative committee for purpose of ensuring transparent, specialized supervision and reporting progress. Recommendatory terms of reference of CSR committee have been added at the end of Guidelines for facilitation of Companies. Moreover, keeping in view the best practices, guidelines call for obtaining independent assurance regarding the CSR project undertaken by Companies and the report of assurer thereof forming part of CSR report of company. Commission also approved the constitution of CSR Forum. The mandate of forum includes gap analysis, raising awareness amongst businesses regarding CSR issues, CSR reporting and assurance reporting framework in view of international best practices. Commission is appreciative of the CSR initiatives taken by companies and is confident that these Guidelines shall facilitate in strategizing and reporting CSR framework for greater benefit of society and sustainability of business.
SAARC countries. he personally believed that Indo-Pak MFN process would continue, concerns are addressed and free trade should be beneficial for both sides. Commenting on the idea of a transatlantic trade and investment partnership between USA and EU, he said, it would be world’s largest trade relationship and would not be detrimental to the trade and investment with developing nations of the world. Replying to a question, he said EU Delegation to Pakistan can discuss opening of its offices in Karachi and other cities for issuance of Schengen visa, however, he aspired that it would take time. Earlier, Chairman Businessmen Group and former President KCCI Siraj Qasim Teli said it was heartening to note that EU countries leaders were supportive of the proposal to accommodate Pakistan in the new GSPPlus initiative from 2014 onwards. On IndoPak Trade he said politics should not hamper the process of trade liberalization. The business community of Pakistan is resilient against all crises, he said. KCCI President Muhammad haroon Agar said Pakistan sought fair access to EU market and to get GSP-Plus status.
Pakistan oil production rises 10% in 2012 ISLAMABAD Online
Average production in the country this year has increase by a decent 10% to 71.6 k barrels as compared to 64.9k last year 201112. According to the statistical data it is learnt that during 2007-08 volume of domestic oil production was 70.4k. Domestic oil production showed significant improvement in 2012 when major discovery was made from Nashpa field of Nashpa block located in KPK region. Statistical data further revealed that fields production increased by a massive 109% to above 1k bpd as against 5.5k bpd last year 2011-12. During last year 2011-12 other major increase in domestic production of oil was from Adhi fields as its total production increased by a decent 16%. The much discussed Tal production increased by a mere 3% despite commissioning of Makori east towards the end of the year. Though we continue to have conviction in the block’s potential but commissioning of Makori CPF (central processing Facility) holds its key. According to the data during forward near term oil production increased to trigger after materlization production from Sinjhoro fields, makikhel-2 and maramzai2 while improvement in production from Nashpa Adhi and Mela fields are also events to keep a track.
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Politics should not hamper process of trade liberalisation with India. — KCCI President Siraj Qasim Teli
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Industrialists urged to phase out use of HCFC in compressors ISLAMABAD
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NVIRONMENTALISTS, climatologists, earth scientists and meteorologists have urged industrialists especially the manufacturers of refrigerators and air conditioners to phase out the use of the hCFC in compressors. Addressing a workshop, they said that hydrochloro-fluorocarbons (hCFCs), a greenhouse gas that depletes ozone are considered as a major cause of depletion of the ozone layer, the upper atmospheric blanket that shields us from some of the harmful ultraviolet radiation from the sun. hCFCs were found to have a negative effect on the earth’s stratospheric ozone layer which protects humans, animals and plants against the harmful ultraviolet-B (UV-B) rays of the sun, they observed. The ozone layer is a thin, fragile shield that envelops the earth and acts like an umbrella that protects us from the sun’s harmful ultraviolet-B radiation (UVB). It is made up of ozone (O3) molecules and located in the upper atmosphere, 10 to 50 kilometers above the earth’s surface. Ozone-depleting substances (ODS) destroy ozone molecules in the stratosphere, which causes ozone depletion - the thinning of the ozone layer. Because of
this, more UV-B penetrates the earth. Muhammad Ashraf, national project director of the Ozone Cell and Joint Secretary (International Cooperation), Ministry of Climate Change, said that hCFCs compound favoured by industry is a potent greenhouse gas, contributing to the warming of the planet as carbon dioxide does. But the effect of many kinds of hCFCs on global warming is much more pronounced than an equivalent amount of carbon dioxide. The production of one form of hCFC (called chlorodifluoromethane) has been blamed for the creation of a byproduct called fluoroform (hFC-23).
Fluoroform’s impact on global warming is 11,700 times greater than the impact of an equivalent mass of carbon dioxide, according to the U.S. Environmental Protection Agency. Ashraf, who is also Pakistan’s focal personal on Montoreal Protocol, urged the industrialists to joint governments efforts and play their active part in phasing out the environmentally harmful hydrochlorofluorocarbons. he said, “hFCs are better alternatives to hCFCs in both refrigeration and air conditioning applications and; hence, the phase out of hCFCs will not only have a positive impact on ozone layer recovery but also on climate change mitigation. For, hCFCs are powerful greenhouse gases (GhGs) which significantly contribute to the warming of the earth’s atmosphere.” Muhammad Ashraf told the participants of policy level workshop that industry plays a vital role in meeting the 2015 target of 97.5 percent reduction in hCFC con-
CHLORODIFLUOROMETHANE HAS BEEN BLAMED FOR THE CREATION OF A BYPRODUCT CALLED FLUOROFORM (HFC-23). FLUOROFORM’S IMPACT ON GLOBAL WARMING IS 11,700 TIMES GREATER THAN THE IMPACT OF AN EQUIVALENT MASS OF CARBON DIOXIDE
sumption. Currently, the companies that produce hCFCs, use hCFCs in the production of their products and/or equipment and/or commercial and industrial owners with huge refrigeration and air-conditioning systems are the largest consumers of these substances. hence, the phase-out of hCFCs in this sector will have a huge positive impact to the protection of the ozone layer and reduction of GhG emissions. In addition, the industry can benefit from the savings from the shift to energy efficient alternative technologies, he added. Parties to the Montreal Protocol at the 19th Meeting of the Parties in 2007 in Montreal, Canada, had agreed to adjust the hCFC phase-out schedules for both developed and developing countries. The Montreal Protocol on Substances that Deplete the Ozone Layer is an international treaty designed to protect the ozone layer by phasing out the production of numerous substances believed to be responsible for ozone depletion. It is believed that if the international agreement is adhered to, the ozone layer is expected to recover by 2050. Gul Najam Jamy, Assistant Country Director Environment and Climate Change Unit, NDP in Pakistan said that the hydrochlorofluorocarbons Phase-out Management Plan (hPMP) of Pakistan has been under implementation for the last two years and the second stage covering the Refrigeration and Air-conditioning (RAC) sector will be developed. “In the first stage, UNEP has been mandated to provide technical assistance and guidance to the Government to implement the hPMP in line with approval by the 62nd Meeting of the Executive Committee. One of the key elements of UNEP support is to assist the National Ozone Unit (NOU) in maximising ownership of the process and outcome of the hPMP implementation within the Government,” he said.
CORPORATE CORNER New look for F&A clothing Ufone launches Talkville with unlimited talk time line coming soon
KARACHI: Farhan & Ambreen, a line of women wear aimed at the edgy & fashion savvy females between the age group of 16-35, is situated in Karachi, at Khayaban-E-Nishat, plot no 15-C, Lane 9, Mezzanine Floor, Phase VI, Defence Housing Authority. Established since 2010, Farhan & Ambreen have displayed their baroque collection in numerous shows on an international level including PFE Fashion Show in Manchester, Rhythm of Asia, DSF 2011, Perfect Wedding show and an array of Exhibitions. Farhan & Ambreen caters to the fashion sensibilities of a woman who aspires to go beyond the trends and appreciates making a bold statement. The brand personality of Farhan & Ambreen‘s designer wear is a stylish & assertive woman who wants to bring about the best in her and expresses herself through her dressing. Speaking about the revamped collection, Ambreen, co-partner of Farhan & Ambreen said:“Our designs, color pallets, cuts, embellishments, embroidery work, experiments, differentiate our brand from the rest.” PReSS ReleASe
ISLAMABAD: Ufone has come up with another superb and economical offer for its postpaid customers. The new Ufone Postpay Talkville offer allows customers to talk endlessly on any Ufone number for Rs. 500/month. Current Ufone postpaid customers can subscribe to this new offer simply by dialing 333 or by visiting any Ufone customer service centre or franchise, the Talkville package will be activated immediately. Amir Zaeem a small business owner speaking about his eagerness towards this offer said, ‘I have a team of 8 people and with this offer I now have complete control on their cell phone expenses’. He further stated that his employees no longer have to wait for a specific hour to make unlimited calls. ‘We can now call each other any time of the day and make best of the facility being provided in just Rs.500 a month’, he added. Ufone is already offering wide range of packages to its postpaid as well as prepaid customers. Few months back Ufone had launched a very economic Postpay 1 package, at a line rent of Rs.1/day and 10 SMSs for Rs.1/day. PReSS ReleASe
also Guest of Honour Senator Mushahid Hussain Syed, Prof. Dr. Nizamuddin – Vice Chancellor – University of Gujrat and Mr. Main Imran Masood – Former Education Minister graced the ceremony with their presence. Chief Guest Chaudhry Shujaat Hussain on his arrival was warmly welcomed by the CEO RMS Chaudhry Faisal Mushtaq, Director RMS Mrs. Anna Faisal & management Staff of RMS Community. Roots Millennium Schools – Jinnah Campus Gujrat is the state of the art purpose built campus having numerous facilities inside it for the
students and teachers. Jinnah Campus Gujrat is equipped with latest technology & world class academic setup to achieve the heights of success in academics and extracurricular activities. Chaudhry Shujaat Hussain - Former Prime Minister & President of Pakistan Muslim League assured his full support for the objective of Roots Millennium Schools to provide heights of academic excellence and pleased for this initiative of Mr. Faisal Mushtaq for initiation up a purpose built campus of Roots Millennium Schools in Gujrat city. PReSS ReleASe
Roots opens branch in Gujrat
KARACHI: Consul General of Iran Mehdi Sobhani hosted a reception on the occasion of the 34th Anniversary of the victory of the Islamic Revolution of Iran at the Iranian Consulate. Picture shows Sind Chief Minister Qaim Ali Shah along with the host and other diplomats cutting the cake. PR
GUJRAT: CEO Roots Millennium School Faisal Mushtaq with PML President Chaudhry Shujaat Hussain and Senator Mushahid Hussain at the inauguration ceremony of RMS Jinnah Campus in Gujrat. PR
KARACHI: AKD Group Chairman Aqeel Karim Dhedi inaugurates Allied Bank Limited Women’s Branch at Zamzama Karachi. ABL Regional Head Noor Abbasi, ABL Group Head Shahid Aamir, ABL Group Chief Khawaja Almas and Bilqees Edhi are also seen in the picture. PR
GUJRAT: Roots Millennium Schools (RMS) is spreading widely nationwide with consistency and academic excellence under the dynamic leadership of CEO RMS Chaudhry Faisal Mushtaq. Another milestone in the history of Roots Millennium Schools was created on Saturday, February 16, 2013 the Inauguration Ceremony of Roots Millennium Schools – Jinnah Campus Gujrat was held at Bhimber Road, Opposite Model Town Gujrat Pakistan. Chaudhry Shujaat Hussain – Former Prime Minister & President of Pakistan Muslim League was the Chief Guest on this special occasion
KARACHI: (L-R) Deputy British High Commissioner Francis Cambell, Consul General of France Christian Ramage, Managing Director Oxford University Press (OUP) Pakistan Ameena Saiyid, Ambassador of France Philippe Thiebaud, and Political Counsellor of the British High Commission Susan Hyland. PR