LONDON, Apr 10 (APP): A twelve-member delegation of Lahore Chamber of Commerce and Industry (LCCI) headed by Khamis Saeed called on Syed Ibne Abbas, Pakistan High Commissioner to the UK here at the Pakistan High Commission London on the other day.
The High Commissioner welcomed the delegation and expressed his complete support to facilitate their visit to the UK. He, on the occasion, directed the Commercial Counsellor to arrange their B2B meetings to make their visit more productive, a statement of the High Commission issued here Tuesday said.
On raising the issue by LCCI delegates regarding problems in securing British Business Visas, the High Commissioner assured the delegation to raise the issue at the highest level so that the business community can move freely between two countries. The visiting delegation thanked the High Commissioner for Mission’s consistent support.
It is important to note that UK is an important trading partner of Pakistan. It is, in fact, the third
largest export destination of Pakistani products and Pakistan exports in British markets have witnessed
consistent growth of 8% during the last two years.
LCCI delegation calls on High Commissioner
PM for enhanced Pak-Austria political, business contacts
ISLAMABAD, Apr 10 (APP):Prime Minister Shahid Khaqan Abbasi on Tuesday emphasized the need to enhance bilateral political and business contacts between Pakistan and Austria.
The Prime Minister expressed these views during a meeting with Federal Chancellor of Austria, Sebastian Kurz held in China’s Hainan province on the sidelines of BOAO Forum for Asia.
Prime Minister Abbasi felicitated Sebastian Kurz on assuming the office of Chancellor and invited him to visit Pakistan, a press release issued by the PM’s Media Wing here said.
He stated that Austria was a key EU member, and an important development partner. Regional situation was also discussed during the meeting.
The prime minister also apprised the chancellor about the atrocities inflicted by Indian forces on the innocent people of Indian Occupied Kashmir and repeated violations of the Line of Control.
The Austrian Chancellor commended Pakistan’s efforts for fighting terrorism.
Miftah chairs meeting for revival of film industry
ISLAMABAD, Apr 10 (APP):Adviser to Prime Minister on Finance,
Miftah Ismail here on Tuesday chaired a meeting to review proposals for revival of film industry in the country.
According to a statement issued by the Finance Ministry, the Minister of State for Information, Broadcasting, National History and Literary Heritage, Marriyum Aurangzeb briefed the meeting about various steps envisaged for betterment of the film industry and also outlined financial requirements for the same.
In her remarks the Minster said that it was a high time that the important medium of film was accorded its due importance and fully utilized to project the true cultural identity and soft image of the country, particularly at the international level.
Besides, projection of the country’s vast cultural wealth, the medium of film, like many other countries could also serve as a contributor to the national economy, the Minister emphasized.
She also highlighted establishment of a film financing fund, easing out of tax regime on film production, facilitation in establishment of production studios as key steps that could help in revival of
the realm of film making and take it at the height of glory that it once
enjoyed in the golden era of 60s .
Adviser Miftah Ismail on the occasion said that undoubtedly film was a an
effective medium for the projection of national heritage.
He appreciated the steps and initiatives by the Ministry of Information for
re-emergence of the film industry and assured of all possible support in the
matter.
Besides, promotion of film industry would
also provide greater opportunities to our artists to show their true merit, he
said.
He added that Pakistani artists had earned
great name for the country abroad and they deserved good opportunities to excel
at home also.
Senior officials of the Ministry of Finance and Ministry of Information, Broadcasting,
National History and Literary Heritage attended the meeting.
Economy registers 13 years high growth at 5.79 percent in FY 2018: Miftah Ismail
ISLAMABAD, Apr 10 (APP):Adviser to the Prime Minister on Finance, Revenue & Economic Affairs Dr Miftah Ismail on Tuesday while expressing satisfaction on the latest economic indicators, said that the economy has registered a 13 years high growth at 5.79 percent in Fiscal Year 2018.
In a statement issued here, the adviser said it may be recalled that the economy had stagnated during 2008-13 with an average growth rate of 2.82 percent.
Due to the policies pursued by the PML-N government, the growth rate improved to 4.05 percent in the first year and has since maintained an upward trajectory, culminating in the current years’ highest growth rate of 5.79 percent, he added.
“The average increase during the last five years has been 4.76 percent. Industrial sector maintained its upward growth trajectory at 5.8 percent. This is the highest level of growth in the last
10 years” he remarked.
He said that Large Scale Manufacturing (LSM) touched 6.13 percent growth during the first eight months of the CFY, which is the highest in last 11 years.
The contribution of sugar production, where crushing started later than usual, is likely to further improve the final numbers for the year, he said adding, agriculture sector has also preformed impressively and achieved 3.8 percent growth which is again the highest in the last 13 years.
Production of all major crops registered significant growth. The services sector has achieved 6.43 percent growth during current fiscal year. It is the second year in a row that its growth is above 6 percent. Inflation is contained at 3.85 percent during first nine months of current fiscal year, he said.
The government has therefore been successful in achieving its objective of high growth and low inflation. The containment of inflation is due to effective monetary and stabilization policies adopted by the government, Miftah added.
He said that the current trend suggests that, inflation will remain below the target of 6 percent
during current fiscal year.
The Adviser noted that the external sector was also improving with the exports gradually picking up and growth in imports slowing down.
He said that during March 2018 exports had shown a 24 percent growth year on year, while imports had increased by 6 percent. At the same time foreign remittances were also maintaining the increasing trend.
Facebook CEO to testify before Congress about a firm hired by Trump campaign
WASHINGTON, April 10 (APP):Facebook CEO Mark Zuckerberg will appear before a Congress panel on Tuesday to testify about a data firm hired by the Trump campaign, which is accused of improperly obtaining data of up to 87 million Facebook users and supported political campaigns.
This will be the first time the Facebook CEO would be appearing before the Congress and was likely to be grilled and answer questions as to how British-based Cambridge Analytica was able to secure date of Facebook users.
Zuckerberg this week met US lawmakers to express his regret over how the data firm misused the Facebook users and shared it with the political consultancy. In case he fails to satisfy the lawmakers, Facebook faced possible regulations under the law.
Among the questions he faced include how Russian operatives who are believed to have attempted to influence the US 2016 elections were able to post advertisement and posts on the Facebook. Democratic candidate Hillary Clinton faced an unexpected defeat at the hands of then candidate Mr. Trump in the elections.
Congress may decide to bring the social media giant under regulations. Facebook has already shown its willingness to support new laws that would make all social media networks disclose that who is posting political advertisement on Facebook, much like what the tv and radios do in the States.
If imposed, Facebook may see its advertisement revenue hurt, which is the main earning source for the social media platform used worldwide and which has billions of users. Since the controversy began in January, Facebook shares are almost 17 percent down.
The hearing will be heard by a joint hearing of the Senate Judiciary and Commerce committees, and some of the members have already expressed their discontent with Facebook and said that Zuckerberg had not been able to provide satisfying answers about the scandal.
Facebook was launched 14 years ago and is now the main medium of communication by billions of users in nearly all countries of the world.
Facebook has already admitted that it first came to know about the improper obtaining of data by Cambridge Analytica in 2015, which had promised to destroy the data but never did. The firm reportedly used that data to support the political campaigns, including that of President Trump.
Lawmakers are particularly critical of Facebook over the fact that despite knowing the unfair practice, the social media giant did not take any action against the firm until now.
“Why did you not suspend the company from your platform in 2015?” a lawmaker was quoted as saying in a letter he sent to Facebook.
ADB to give loan for IT park in Karachi
ISLAMABAD, Apr 10 (APP):Country Director Asian Development Bank (ADB) for Pakistan Xiaohong Yang on Tuesday informed Minister of State for Information Technology (IT) Anusha Rehman that the ADB was ready to grant a loan to Pakistan for building a modern IT park in Karachi.
She stated this during a meeting with the minister of state for IT here during which matters pertaining to establishment of an IT Park in Karachi were discussed.
Xiaohong Yang appreciated the progress that the country had made in the arena of IT and Telecom during the last four years.
Yang apprised the minister that ADB was ready to grant a loan to Pakistan for building a modern IT park in Karachi and a sum of Rs 200 million had already been allocated for technical appraisal of that project by ADB.
She informed the minister that an ADB’s consultants team would come to Pakistan to conduct extensive technical and feasibility studies, if government communicates its consent and selects ADB for that project. The team of consultants would submit their final report after detailed studies within next three to four months and on the basis of that report ADB would formally submit its proposal to the Ministry of IT.
Anusha Rehman appreciated the ADB’s offer and agreed to revert after it was analyzed by the ministry in detail.
Anusha Rehman suggested that ADB may assist Pakistan in doing projects to bridge digital and gender divide in ICT sector.
The minister said that transparency and due diligence were two main components of the policy initiatives that had been rigorously pursued in the projects. We wish to build many IT parks in the country and need a strategic framework that is usable for both public and private sectors, she added.
Yang agreed and said that ADB was very keen to work on IT Parks project with the IT ministry and in line with the vision of the IT ministry was willing to prepare a Strategic Framework for IT Parks, so that many IT parks could be built in the country on those lines.
Federal Secretary IT Aamir Ashraf Khawaja, Member IT Syed Raza Shah were also present in the meeting.
Govt friendly policies; exports increases by 24 percent
ISLAMABAD, Apr 10 (APP):The 24 percent increase in exports that is highest in four years is the result of duty drawback scheme under PM Package as well as the exchange rate adjustment, export friendly policies of the government and renewed efforts towards seeking better market access by the Ministry of Commerce.
It was stated by the Federal Minister for Commerce & Textile, Muhammad Pervaiz Malik in a briefing given to him by the ministry officials on current Trade Statistics, a press release said on Tuesday.
The minister expressed satisfaction over the soaring trend in exports and said that the government will take all necessary measures for the facilitation of the exporters and will resolve all the problems faced in consultation with them.
Muhammad Pervaiz Malik said that the initiatives by the government to provide Duty drawback as well as the exchange rate adjustments have contributed positively to the growth.
“Improved market access especially in the European market owing to the successful review of GSP Plus facility also played an important role”, he added.
The highest year-on-year growth in a month was reached in March 2018, when the exports for the month reached USD 2,230 million, higher by 24% when compared with March 2017 and 17% when compared with February 2018.
On the other hand, imports growth remained subdued at only 5% as compared to March 2017, which has also been one of the lowest growth in imports in the past many months.
Muhammad Pervaiz Malik hoped that the increase in exports will continue in future as we are ready to give more and more incentives to the exporters on one hand and also working on exploring new markets for diversification in foreign trade.
“We are looking forward to start PTA dialogue leading to FTA with countries including Japan, Indonesia, Vietnam, Kenya and Philippines”, the minister for commerce added.
ACT demands monitoring of foreign content on TV channels
ISLAMABAD, Apr 10 (APP):The Actors Collective Trust (ACT) Tuesday urged the authorities concerned to monitor foreign content being aired on domestic television channels and banned it during prime time.
Addressing a press conference here at National Press Club (NPC), ACT Chairman Naeem Tahir said a lot of Indian content was being telecast by domestic TV channels, depriving the local talent of opportunities to perform, besides harming the national language, heritage and culture.
He said the demand for local programmes had gone down as foreign content was available at one-fourth of their price. Moreover, airing of the foreign programmes by the channels without any check and adhering to the permitted limit which had created a severe economic crisis for the local talent.
“As per rules of the Pakistan Electronic Media Regulatory Authority (PEMRA), channels are allowed to broadcast up to 10% foreign content, including 6% of Indian content,” he said.
He said many satellite and cable TV channels had been airing foreign content in excess of the stipulated time allocated by PEMRA.
Naeem tahir also called for devising a monitoring system for advertisements being aired by TV channels.
ACT members Leyla Zubairi, Ali Tahir and Rehan Sheikh were also present at the conference.
Radio, TV artists stage demo
LAHORE, Apr 10 (APP):Scores of TV and Radio drama artists on Tuesday staged a demonstration in front of local press club
and demanded the Punjab government to ensure the payment of their monthly financial assistance under the Khidmat card.
They told the media that artists were not paid monthly financial assistance since March 10.
They hoped that the Punjab government would ensure the payment of monthly financial assistance.
PM welcomes Alibaba Group’s interest in establishing business in Pakistan
ISLAMABAD, Apr 10 (APP):Executive Chairman of Alibaba Group Jack Ma called on Prime Minister Shahid Khaqan Abbasi on Tuesday on the sidelines of Boao Forum for Asia being held in China’s Hainan province.
Jack Ma briefed the prime minister on performance, achievements and future targets of the Alibaba Group.
The prime minister was apprised of the online trade, micro-financing and public welfare activities of Ali Baba Group. Jack Ma appreciated Pakistan’s potential in benefiting from the technologies offered by his company, a press release issued by the PM’s Media Wing here said.
Prime Minister Abbasi congratulated Alibaba Group for joining the ranks of companies valued at more than US $ 500 billion. He said that Alibaba’s impressive performance was an indication of the opportunities available in the digital age.
The prime minister informed Jack Ma that Pakistan’s e-commerce market was expected to grow in near future. He added that the highly skilled Pakistani human resource was a power resource for development of the digital economy.
He welcomed Alibaba’s interest in establishing its business in Pakistan and invited Jack Ma to visit Pakistan.