Jan 052018
 
ICCI shows concerns over 41 percent rise in foreign debt during last 4 years

Islamabad, January 05, 2018 (PPI-OT):The Islamabad Chamber of Commerce and Industry has shown great concerns over the constant rise in foreign debt which has increased by more than 41 percent during the last four years and called upon the government to focus on generating indigenous resources to reduce heavy reliance on foreign debt as the increasing foreign debt would further hike the cost of debt servicing and constrain the economic growth of the country. Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that foreign debt of Pakistan was around $ 60.9 billion in 2013, which has gone up to $ 85 billion by September 2017 showing an increase of over 41% during the last four years. He said the constant rise in foreign debt was the major cause of poverty and under-development in the country as Pakistan was spending about 65 percent of its revenue on debt servicing. He said after debt repayment, the country was left with very insufficient financial resources to spend on defense, health, education, development and private sector credit. He said the further accumulation in foreign debt would weaken economic future of Pakistan as rising debt would consume major portion of future budgets leaving meagre resources for economic development of the country. He said Pakistan’s foreign debt was just around $3 billion by December 1971, but it was unfortunate that over the last 46 years, foreign debt has registered a phenomenal increase of over 2700 percent. It clearly showed that our successive governments [Read More…]

Jan 042018
 
Islamabad Chamber of Commerce and Industry for promoting academia-industry linkages to make Pakistan top ranked economy

Islamabad, January 04, 2018 (PPI-OT):The developed world has achieved phenomenal economic growth by promoting academia-industry linkages, therefore, private sector and universities should join hands to promote this model in our country that was imperative to make Pakistan one of the top ranked economies of the world. This was stressed by Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry while addressing the students of NUST University who visited Chamber House led by Dr. Sofia Baig and Ms. Nida Maqbool, Assistant Professors of NUST. He advised the students to focus on applied research that was badly needed to resolve the key issues of the industry. He also stressed upon the universities to give students more opportunities of academic research that could be applied effectively to resolve the real world problems. Sheikh Amir Waheed said that over 60 percent population of our country was comprised of youth and thousands of youngsters were entering job market every year, but our public and private sectors have not the capacity to absorb them in jobs. He said that to cope with the issue of rising unemployment, universities should focus on creating entrepreneurial culture among their students that would enable them to become job creators instead of job seekers. Muhammad Naveed, Senior Vice President ICCI provided many tips to the students on how to start new business ventures and become successful entrepreneurs. He said hard work, honesty, dedication and commitment were the golden principles that ensured success in every profession including entrepreneurship. He also lauded [Read More…]

Jan 042018
 
Islamabad Chamber of Commerce and Industry for promoting academia-industry linkages to make Pakistan top ranked economy

Islamabad, January 04, 2018 (PPI-OT):The developed world has achieved phenomenal economic growth by promoting academia-industry linkages, therefore, private sector and universities should join hands to promote this model in our country that was imperative to make Pakistan one of the top ranked economies of the world. This was stressed by Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry while addressing the students of NUST University who visited Chamber House led by Dr. Sofia Baig and Ms. Nida Maqbool, Assistant Professors of NUST. He advised the students to focus on applied research that was badly needed to resolve the key issues of the industry. He also stressed upon the universities to give students more opportunities of academic research that could be applied effectively to resolve the real world problems. Sheikh Amir Waheed said that over 60 percent population of our country was comprised of youth and thousands of youngsters were entering job market every year, but our public and private sectors have not the capacity to absorb them in jobs. He said that to cope with the issue of rising unemployment, universities should focus on creating entrepreneurial culture among their students that would enable them to become job creators instead of job seekers. Muhammad Naveed, Senior Vice President ICCI provided many tips to the students on how to start new business ventures and become successful entrepreneurs. He said hard work, honesty, dedication and commitment were the golden principles that ensured success in every profession including entrepreneurship. He also lauded [Read More…]

Jan 022018
 
ICCI calls for urgent withdrawal of hike in POL prices

Islamabad, January 02, 2018 (PPI-OT):The Islamabad Chamber of Commerce and Industry has shown great concerns over the 5 to 11 percent hike in petroleum products prices and called upon the government to withdraw this increase urgently as it will have negative impact on business and economic activities and bring more problems for the common man. Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that the inflation in December has already gone up to 4.6 percent due to increase in petroleum prices and regulatory duty and the recent hike in POL prices would further increase inflation that would cut the purchasing power of the consumers and lead to further slump in business activities. He said the economy of Pakistan was already facing many challenges as trade deficit had increased by over 28 percent during the first five months of current fiscal year (July to November). He said the main cause of rising trade deficit was almost double growth in imports that went up by more than 21 percent during the first five months of current fiscal year compared to the same period of last year. In this scenario, giving 5 to 11 percent increase in POL products would further enhance the cost of doing business and affect exports. ICCI President said that though the price of crude oil in international market has crossed $ 60/barrel, but instead of making immediate transfer of its impact on to the consumers, government should have cut heavy taxes and duties imposed on [Read More…]

Dec 222017
 
Sultan Temuri assures to resolve business community issues through community policing

Islamabad, December 22, 2017 (PPI-OT):Dr. Sultan Azam Temuri, Inspector General of Islamabad Police said that a community policing model was being developed to make Islamabad Police a model of excellence and assured that the business community would be involved in this model that would help in resolving their key issues. He said the community policing was his top priority and all segments of society including business community, senior citizens, students, housewives etc. would be engaged to introduce a community-police partnership model for resolving police related issues of the citizens. He said this while talking to a delegation of Islamabad Chamber of Commerce and Industry that called on him led by Sheikh Amir Waheed, President and congratulated him on his appointment as IG Police, ICT. Sultan Temuri said that Reconciliation Committees at Police Stations level would be reactivated with the representation of business community. He said formation of CPLC would also be considered to improve law and order situation in partnership with citizens. Commenting on Dharna culture, he said an anti-riot force was being developed to cope with such issues. He said smart pickets would be set up to streamline the traffic flow. He said safe city project would be further improved and all faulty security cameras would be set right to improve security situation in the markets and the city. He said challans would also be issued through camera monitoring on violation of traffic rules. He said FIR system in police stations would also be improved. He said a comprehensive [Read More…]

Dec 212017
 
Need stressed for promoting Pak-Uzbek bilateral trade

Islamabad, December 21, 2017 (PPI-OT):Vladimir Norov, Director, Institute for Strategic and Regional Studies of Uzbekistan along with H.E. Furqat A. Sidikov, Ambassador of Uzbekistan to Pakistan visited Islamabad Chamber of Commerce and Industry and addressing the business community, stressed that Pakistan and Uzbekistan should focus on exploiting their geographical proximity for promoting bilateral trade and economic relations to achieve mutually beneficial outcomes for their economies. Maj. Gen. (Retd) Khalid Amir Jaffery, President. Center for Global and Strategic Studies of Pakistan also accompanied them. Vladimir Norov said that Uzbekistan had US$ 520 million bilateral trade with Afghanistan and our target was to take it to US$ 1 billion. However, with Pakistan its trade was just around US$ 24 million despite the fact that both countries have great potential to promote trade in many areas. He urged that Pakistan and Uzbekistan should accord high priority to improving two-way trade that would bring many benefits to the people of two nations. He said Pakistan and Uzbekistan could cooperate in many fields including textiles, agriculture, energy, automobiles, pharmaceuticals, chemicals and others. He said Uzbekistan has established 7 Free Economic Zones with attractive incentives for foreign investors and has envisaged 650 projects involving an investment of US$40 billion. He emphasized that Pakistani investors should explore joint ventures and investment opportunities in Uzbekistan. Speaking at the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that Pakistan accorded great importance to its close relations with Uzbekistan and wanted to strengthen these relations in [Read More…]

Dec 212017
 
Need stressed for promoting Pak-Uzbek bilateral trade

Islamabad, December 21, 2017 (PPI-OT):Vladimir Norov, Director, Institute for Strategic and Regional Studies of Uzbekistan along with H.E. Furqat A. Sidikov, Ambassador of Uzbekistan to Pakistan visited Islamabad Chamber of Commerce and Industry and addressing the business community, stressed that… Click for detailed story

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