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US companies’ successful ventures affirms Pakistan’s great business potential: Masood Khan

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US companies' successful ventures affirms Pakistan's great business potential: Masood Khan

WASHINGTON, May 19 (APP): Pakistan Ambassador to the United States, Masood Khan, has urged American investors to take advantage of a growing Pakistani market of 240 million and also use the country’s strategic location for serving huge markets of Central Asia, the Middle East and North Africa,

“An enterprising middle class and the growing needs of a developing economy have created big opportunities for the business community to establish as well as expand their businesses and to reap dividends by fulfilling the existing unmet demand,” he said during a meeting with senior executives of PepesiCo at the Pakistani embassy on Thursday, according to a press release.

PepsiCo senior directors — Mohammad Khosa and Caroline Berson — while noting the success of their company in Pakistan in beverages and food sectors, said that the country was serving as an export hub for its manufactured products to regional countries like Afghanistan. The finished food products, made in Pakistan, were also being exported to Qatar, Malaysia, and the Philippines, they said.

Khosa informed the ambassador that PepesiCo was making a yearly investment of $ 80-90 million in Pakistan, adding that it would be enhanced and diversified.

Ambassador Khan said that there was a need for better coordination among stakeholders to showcase the success stories of the business community in the two countries.

“Holding road shows and enhancing the frequency of business delegation exchanges would go a long way in promoting better linkages and business networks and helping the business communities to explore available business opportunities,” he said.

Discussing the proposal of holding of road-shows in major US cities like New York, Washington D.C, Houston, Chicago and Los Angeles, Masood Khan underscored the need for better collaboration among US companies working in Pakistan, the American Business Forum, the American Business Council and the US-Pakistan Business Chamber. He assured all possible facilitation by Pakistani missions in the United States.

The PepsiCo executives, according to the press release, expressed keen interest in organizing road shows and exhibitions in the US and agreed to explore the possibilities of establishing liaisons with other businesses and organizations.

Pakistan, Ireland hold 4th round of bilateral political consultations

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ISLAMABAD, May 19 (APP): Pakistan and Ireland in the fourth session of the Bilateral Political Consultations (BPC) discussed promoting ties in diverse areas including trade, culture and sports, the Foreign Office said Friday.

The Pakistan delegation was led by Ambassador Muhammad Saleem, Additional Foreign Secretary (Europe) while the Irish delegation was led by Sonja Hyland, Deputy Secretary General at Department of Foreign Affairs, Ireland, in the meeting held here.

Ambassador of Ireland to Pakistan Sonya McGuiness, Resident in Ankara, was also part of the Irish delegation.

The two sides reviewed the entire spectrum of bilateral relations.

The Additional Secretary underscored Pakistan’s commitment to further deepening and broadening of ties with Ireland in the areas of trade, academic exchanges, culture, sports, science and technology, harmonization of visa regime and migration & mobility.

Welcoming Ireland’s decision to open its Embassy in Islamabad, the Additional Foreign Secretary underscored that it would be an important milestone in Pakistan-Ireland relations.

The Irish Embassy in Islamabad and Pakistan embassy in Dublin have critical roles to play in enhancing bilateral ties, and promoting people-to-people contacts particularly in facilitating Pakistani businessmen and students.

The two sides also discussed collaboration at international forums, including at the United Nations. They found convergence of views on important issues and agreed to continue cooperation at the multilateral fora.

Regional and global issues of mutual interest were also discussed during the Consultations.

Both sides also agreed to make bilateral political consultations a regular feature of bilateral dialogue and engagement.

The next round of consultations will be held in Dublin in 2024.

Buddha stood for peace, compassion and non-violence: Pakistan

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Buddha stood for peace, compassion and non-violence: Pakistan

UNITED NATIONS, May 19 (APP): Pakistan Thursday highlighted Gautam Buddha’s message of peace, compassion and non-violence at a commemoration of his birth, enlightenment and passing of the ascetic and religious teacher.

“The life and teachings of Gautam Buddha have left an indelible impact on the world, inspiring countless generations to pursue a path of peace, compassion, and non-violence,” Ambassador Munir Akram on the ‘Day of Vesak’.

The event was co-sponsored by the Permanent Missions to the United Nations of Thailand and Sri Lanka

The land of Pakistan and the Indus Valley, Ambassador Akram said, have greatly benefitted from the civilization, which the Buddha brought to the world, as manifested in the Gandhara civilization in the great ancient city of Taxila and the sacred shrine of Takht-i-Bahi.

“The sacred Day of Vesak offers an opportunity to reflect on the timeless wisdom of Buddha,” the Pakistani envoy said.

“Peace, understanding and a vision of humanity that supersedes national and other international differences, which is so essential for us to cope with the complexities and the turbulent challenges of our times,” he said.

“On this Day of Vesak,” Ambassador Akram added, “Let us all renew our commitment to stand together as One Humanity, show kindness and compassion to the most vulnerable and truly leave no one behind in our search for peace and prosperity.”

At UN, Pakistan reaffirms commitment to reduce disaster risk, build resilience

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At UN, Pakistan reaffirms commitment to reduce disaster risk, build resilience

UNITED NATIONS, May 19 (APP): Reaffirming its commitment to reduce disaster risk, Pakistan told the UN General Assembly Thursday of the government’s “outstanding” efforts in responding to last year’s devastating floods across the country, with swift rescue and relief operations to get some 30 million affected people out of immediate risk.

In spite of huge financial challenges, Lt. General Inam Haider Malik, Chairman of the National Disaster Management Authority (NDMA), said the government demonstrated its resolve and commitment for the urgent needs of the affected people.

“Pakistan’s military, especially the Army, led rescue and relief operations and helped stabilizing initial phases of rescue, resulting in great control on damage and impacts,” Gen. Malik told the 193-member Assembly which began a two-day, high-level meeting at UN Headquarters in New York to review the Sendai Framework for Disaster Risk Reduction 2015-2030 and its seven global targets at the halfway point,

The climate-induced flooding cost over 1700 Pakistani lives and covered as much as one-third of the country at one point, resulting in over $30 billion in damages.

Pakistan, the NADMA chief said, was thus facing a daunting challenge in executing its plans for recovery and reconstruction.

In his remarks, Gen.Malik proposed a global Disaster Risk Reduction (DDR) fund to finance regional DRR gap needs — separate from the climate-focused financing window.

While still recovering from floods and being in a state of distress, he told delegates that Pakistan extended a helping hand to the earthquake-hit Turkiye and Syria, dispatching over 10,000 tons of relief articles moved via air bridge, and by land and sea cargo routes — a rare global example.

The Government of Pakistan, the NDMA chief said was fully committed to implementing the Sendai Framework for Disaster Risk Reduction — the landmark 2015 agreement to reduce damage, losses and deaths from natural and man-made hazards by the end of the decade–
and called for shared knowledge and technology, to help vulnerable countries have early-warning capabilities from global tech sources.

Climate threats, he said, were global and need global response — “No one is safe, until everyone is”.

“We acknowledge all global partners and supporters who have helped Pakistan to stand in the disaster and look forward for early recovery from last year’s floods,” Gen.Malik said. Recovery plans need to focus on greater participation from the developed world to carry all together towards common objective of a safe climate.

Earlier, UN Deputy Secretary-General Amina Mohammed said that global progress towards disaster risk management has been weak and insufficient, putting at risk the 2030 Sustainable Development Goals (SDGs).

During the meeting, member states adopted a political declaration which in part calls for improving national mechanisms to share disaster risk data and analysis, including at the regional and international levels.

For General Assembly President Csaba Korosi, the midterm review was “our last chance before 2030 to collectively change course”, underscoring the critical need for action.

“Eight years on, we must admit that our progress has not kept pace with the urgency of our days. The known number of people affected by disasters

Managing risk is not an option but a global commitment, the UN Deputy Secretary-General told the gathering.

“Our world is at a defining point in history. As we review our journey halfway to 2030, we must acknowledge that progress has been weak and insufficient,” Ms. Mohammed said.

As countries did not meet climate and sustainable development commitments, natural disasters that could have been prevented have claimed hundreds of thousands of lives and forced millions to be uprooted, mainly women, children, and other vulnerable groups, she said.

The situation has been exacerbated by the COVID-19 pandemic, the “triple crisis” of climate change, biodiversity loss and pollution, the rising cost of living, skyrocketing inequality and the war in Ukraine.

Further threats stem from structural governance omissions within the banking and global financial systems, while scientists warn of cascading and irreversible impacts of global warming.

“Addressing these challenges means changing our response to risk through systemic thinking, collaborative action, and the smart, agile deployment of responses to prevent, manage and mitigate global risks,” she said.

Exchange rates for currency notes

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Rupee gains 24 paisas against US Dollar in interbank

KARACHI, May 19 (APP): CURRENCY SELLING BUYING
USD 288.96 282.74
GBP 358.34 350.60
EUR 311.15 305.01
JPY 2.0874 2.0425
SAR 77.15 75.30
AED 78.72 77.51

LIBOR
LIBOR FOR CALCULATING INTEREST ON SPECIAL USD BONDS
LIBOR 1M 5.13243
LIBOR 3M 5.36900
LIBOR 6M 5.39886

US DOLLAR Indicative FBP Rates

CURRENCY SIGHT/
15 DAYS 1M 2M 3M 4M 5M 6M

USD 285.20 284.79 281.23 278.19 275.29 272.26 269.34

EUR 307.33 307.20 303.88 301.06 298.39 295.50 292.73

GBP 353.74 353.37 349.15 345.53 342.07 338.41 334.83

A view of cooling operation after extinguish fire work in a Building at Saddar Area

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A view of cooling operation after extinguish fire work in a Building at Saddar Area
APP75-180523 KARACHI: May 18 – A view of cooling operation after extinguish fire work in a Building at Saddar Area . APP/AMH/ABB
A view of cooling operation after extinguish fire work in a Building at Saddar Area
APP75-180523 KARACHI:

Xinjiang Chamber of Commerce and Traders delegation to help in promotion of trade: CM GB

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Xinjiang Chamber of Commerce and Traders delegation to help in promotion of trade: CM GB

GILGIT, May 18 (APP):Gilgit-Baltistan, Chief Minister Khalid Khurshid Thursday said the visit of the Xinjiang Chamber of Commerce and Traders delegation to Gilgit-Baltistan will help in the promotion of trade between the two regions.

Talking to a delegation, he said the friendship between the people of Pakistan and China was eternal and both have
long-standing ties, so the people of Xinjiang were no strangers to us.

He said the promotion of trade between the two regions will further promote mutual friendship. An important project like CPEC is passing through Xinjiang and Gilgit-Baltistan, keeping in mind that it is necessary for both regions to get full support from this important project, he added.

Khalid Khursheed said the Government of Gilgit Baltistan will provide all possible support to the Xinjiang Chamber of Commerce and Traders for the promotion of trade.

The chief minister said a visit to Xinjiang is expected soon in which agreements will be signed regarding the facilitation of trade between the two regions.

Appreciating the proposal of the Xinjiang Chamber of Commerce and Traders to establish Gilgit Baltistan Pavilion in Xinjiang, the chief minister said the establishment of the GB Pavilion will help promote all sectors including trade and tourism.

The CM said the trend of Chinese tourism was the highest worldwide, keeping in mind that steps will be taken to attract Chinese tourists in Gilgit-Baltistan. A special authority can also be established to promote trade between Xinjiang and Gilgit-Baltistan on a large scale and to facilitate the traders so that the difficulties faced in relation to trade can be resolved in a timely manner, he added.

Speaking on the occasion, the delegation of Xinjiang Chamber of Commerce said the visit to Gilgit-Baltistan was related to cherry and fruit exports to China and the promotion of trade.

Several MoUs were signed between the two sides on this occasion.

FPCCI presents budget proposals to Dar

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FPCCI

ISLAMABAD, May 18 (APP):A delegation of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday called on Finance Minister Mohammad Ishaq Dar to present proposals for the upcoming federal budget.

SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Secretary Finance, FBR Chairman senior officers from Finance Division and FBR also attended the meeting.

The delegation led by FPCCI President Irfan Ahmad Shaikh, comprised Mian Anjum Nisar, Mohammad Younus Dhaga, Abdul Qadir Memon, Mohammad Suleiman Chawla, Umer Masood ur Rehman, Zikriya Usman, Sohail Altaf, Engr. M.A Jabbar, Mirza Abdul Rehman, Usama Ahsan Khan,Mohammad Ali Mian, Mohammad Nadeem Qureshi and others, said a press release.

Ishaq Dar, while welcoming the delegation, and highlighted the economic and financial outlook of the country and expressed the government’s resolve to overcome the challenges and set the economy towards growth.

He said that as finance minister he had completed the IMF programme in the past and the current government would also complete the present programme.

The minister further said the present government had fulfilled all the international obligations on time and would continue to do so in the future.

He welcomed the budget proposals given by the members of the delegation and assured that government was fully cognizant of the difficulties faced by the business community and would incorporate their suggestions in the upcoming budget.

The FPCCI delegation thanked the finance minister for considering their budget proposals.

Quetta Chamber hails opening of border market with Iran

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Quetta Chamber hails opening of border market with Iran

QUETTA, May 18 (APP):The Chamber of Commerce and Industry Quetta (CCIQ) on Thursday hailed the inauguration of Mand-Pishin border sustenance market along the Pak-Iran border.

“It is an unprecedented step of the incumbent government. It will pave a way for fostering invincible economic growth of the country,” said CCIQ President Abdullah Achakzai said in a statement.

Prime Minister Shehbaz Sharif and Iran’s President Seyed Ebrahim Raisi jointly inaugurated the Mand-Pishin border sustenance market earlier in the day.

The Mand-Pishin border market is one of the six border operational markets which will be constructed along the Pak-Iran common border.

Abdullah Achakzai said opening of the six border markets with neighbouring country would multiply border trade between two brotherly countries manifold.

“The business community of Balochistan enjoys pleasant and highly regarded relations with Iranian trade community. It was a long-awaited demand of the CCIQ and Balochistan’s trade community, which has been fulfilled by the government,” he added.

Besides opening of new avenues of trade, he hoped, the border markets would turn out to be central points for legal trade between the business communities of the both countries.

Stressing the need for early completion of the project, the CCIQ president said completion of all the trade markets on priority would not only be beneficial for the mineral rich province, but would also help to boost the overall economy of the country.

“Balochistan is known as the ‘fruit basket of Pakistan’, therefore, a special attention of the government is required to engage trade community to introduce its products to rest of the world,” he added.

“The sustenance markets are a good opportunity to showcase our products and earn revenue in return,” he maintained.