Finance Minister Chairs a Meeting at FBR to remove discrepancies in the Finance Bill-2023

Federal Finance Minister Mr. Mohammad Ishaq Dar visited the Federal Board of Revenue Headquarters today and chaired a meeting to review the suggestions submitted by the Anomaly Committee-Business and Anomaly Committee-Technical to remove discrepancies identified in the Finance Bill-2023.

It may be noted that Chairman FBR Mr. Asim Ahmad constituted the two Committees on June 13, 2023, to identify and remove the business and technical-related anomalies identified in the Finance Bill-2023 and present recommendations to FBR for removal of the same.

The meeting was also attended by Special Assistant to the PM on Finance Mr. Tariq Bajwa, Chairman FBR, and senior officials from the Revenue Division and Finance Ministry.

The Finance Minister reviewed the suggestions given by both Committees and said that practicable recommendations will be incorporated into the Finance Bill-2023.

IT Park to be established near Karachi Airport, Groundbreaking within this month: Amin ul Haq

Federal Minister for Information Technology & Telecommunications Syed Aminul Haq has informed that a piece of land at a cost of Rs31 billion has been acquired from Civil Aviation Authority near Karachi Airport for setting up an IT Park in Karachi where plots will be available at much lower rates so that maximum number of Small and Medium Enterprises (SMEs) associated with IT services could be encouraged to establish their businesses at the IT Park which will be fully equipped with state-of-the-art infrastructure and all IT related facilities.

Exchanging views at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI), the IT Minister said that ground breaking ceremony for IT Park will be staged within the current month and the leadership of Businessmen Group and Karachi Chamber will be specially invited to grace the ceremony with their presence.

Chairman Businessmen Group Zubair Motiwala, Vice Chairmen BMG Anjum Nisar, Jawed Bilwani, General Secretary BMG AQ Khalil, President KCCI Muhammad Idrees, Vice President Qazi Zahid Hussain, Former Presidents Majyd Aziz, Shamim Ahmed Firpo, Agha Shahab Ahmed Khan and KCCI Managing Committee Members attended the meeting.

Amin ul Haq, who was accompanied by Federal Minister for Maritime Affairs Faisal Ali Subzwari and Member National Assembly Khalid Maqbool Siddiqui, further informed that although he intended to launch 5G technology in the month of December 2022 but it has been extended for three months to March 2023 which will initially be launched in major cities of Pakistan.

He said that rigorous efforts were being made to improve IT exports and an ambitious target of US$15 billion has been set for IT exports in the next five years. “We want to bring the IT exports at par with textile exports and would strive really hard to leave behind the textile exports and make IT exports the leading exports of Pakistan”, he added.

“When I assumed charge of the Ministry, the IT exports were less than $1 billion which improved to US$1.4 billion in 2019-20 and reached US$2.1 billion 2020-21. We expect IT exports to rise further and reach US$3 billion this year”, he said.

He further stated that the Ministry has invested a sum of Rs60 billion to improve connectivity across the country. “Our plan of action is not confined to Karachi only but we have initiated IT and telecommunication projects in Jamshoro, Dadu, Larkana, Badin and other areas of the country as well.”

“Keeping in view the grievances being faced by the business community, I demanded from the Prime Minister to twist the ears of the State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) and he has agreed to do so”, the Minister said while appreciating the support being extended by Prime Minister Shehbaz Sharif.

Federal Minster for Maritime Affairs Faisal Ali Subzwari assured full support and cooperation in resolving issues being suffered by the business community Karachi. “My Mobile number is available with representatives of business community hence, instead of contacting anyone else from my office, you should directly get in touch with me as I am just a call away”, he said, “As 95 percent of my Ministry’s work happens in Karachi, I spend five days a week here and just a day in Islamabad”.

Faisal Subzwari seconded President’s KCCI Proposal of having a regulatory framework for shipping lines but the proposed regulatory body for this purpose should comprise of all stakeholders including members of the business community and representatives of shipping lines. “We will also look into the possibility of incorporating KCCI’s representative on PQA Board wherein a representative of Bin Qasim Association of Trade and Industry is already present”, he added.

Speaking on the occasion, Khalid Maqbool urged the business community to raise a strong voice for the rights of MQM-P and Karachi city. He said the next general elections will be held upon completion of fresh census. MQM has made written agreements with the PML-N and PPP in the larger interest of Karachi and Pakistan, he added.

Chairman BMG Zubair Motiwala, in his remarks, stressed that the government has to come up with an effective policy that leads to generating employment opportunities, enhances exports and promotes import substitution, besides creating an enabling business environment for the industries who were the only source for providing jobs and capable to pull the people out from poverty.

Expressing deep concerns over high cost of doing business, he suggested that a committee at the National Assembly level should be formed and tasked to evaluate and study the cost of doing business in Pakistan and compare it with cost of doing business in India, Bangladesh, Vietnam, Thailand and Sri Lanka. “If our cost of doing business is the same then we, the exporters, are responsible for lesser exports but if it is not, then the government must bring down the cost of doing business at par with our competitors which is the only way forward”, he said, adding that the country will not prosper if even playing field was not provided to the business and industrial community.

“We only need those basic facilities which are available to citizens in other countries around the world. It is the responsibility of the government to make arrangements and provide facilities to industries so that they could become socially complaint as per requirement of the international community”, Chairman BMG stressed.

He was of the view that poor policies and bad governance have created a disturbing situation in which the rich were becoming richer while the poor were getting poorer. The government has to focus on promoting industrialization as well as the exports and must also resolve pending issues being faced by industries on top priority as it was these industries which can create employment opportunities and ensure progress and prosperity for the country.

Zubair Motiwala also advised the IT Minister to come up with some kind of program wherein those individuals working from home could be provided solar panels along with laptops and a business plan so that they could come out of the frustration of being jobless and become self-reliant. Moreover, the existing libraries in universities must also be transformed into virtual universities and the space available be converted into IT sections where our youth must be imparted latest IT-related trainings which would help in achieving the IT export targets set for next five years.

President KCCI Muhammad Idrees, in his welcome address, stressed the need for having strong liaison and coordination between the Karachi Chamber, Federal and Sindh Government so that the some of the serious issues of Karachi which have been pending since long could be resolved. “We all must make collective efforts and should be on one page in dealing with numerous issues being faced by the business community of Karachi”, he added.

Taking advantage of Maritime Minister’s presence, President KCCI particularly mentioned that shipping lines were creating a lot of problems and overcharging the traders hence, an autonomous regulatory body has to be formed at the earliest to put an end to the looting and highhandedness of all shipping lines. “As KCCI representative is given a slot as trustee on KPT Board, similar representation must also be given on Port Qasim Authority’s Board so that the issues being faced by business community in dealing with PQA authorities could also be amicably resolved”, he added.

Keeping in view the potential of Blue Economy, the Karachi Chamber, Pakistan Navy and Ministry of Maritime Affairs can join hands and work collectively to promote the massive opportunities available in the Blue Economy.

He also requested the Maritime Minister to hand over the Textile City situated near Port Qasim to Karachi Chamber so that it’s infrastructure could be developed by KCCI as per international standards and the industrial plots could be leased to genuine industrialists.

He further urged the IT Ministry to take KCCI onboard in all the IT development projects while the desperately needed IT Park should be established at the earliest. “The ambitious target of US$15 billion for IT exports was doable but the government has to provide the required facilities so that this target could be achieved without any hitches”, he added.

Dr Reza Baqir unveils Asaan Mobile Account to enable opening of branchless banking accounts

Governor State Bank of Pakistan, Dr. Reza Baqir, unveiled the Asaan Mobile Account (AMA) today in a launch ceremony held at SBP headquarters Karachi. AMA allows opening of a branchless banking account by dialing a simple code *2262# on a mobile phone. The account holder can then deposit money in his or her account at any branchless banking agent and use the same for transactions through mobile phone. AMA is an initiative of State Bank of Pakistan (SBP) to achieve National Financial Inclusion Strategy (NFIS) target of promoting digital financial inclusion in the country. AMA has been launched with the key support of various stakeholders including PTA, NADRA, Branchless Banking (BB) Providers, Cellular Mobile Operators (CMOs) and Virtual Remittance Gateway (VRG). VRG has been licensed jointly by SBP and PTA under the regulations for mobile banking interoperability. The launch ceremony was chaired by Dr. Reza Baqir, Governor SBP and addressed by Ms. Sima Kamil, Deputy Governor SBP, Chairman PTA Major General (R) Amir Azeem Bajwa HI (M), Chairman NADRA Mr. Muhammad Tariq Malik and Mr. Ikram Sehgal, Chairman VRG. The ceremony also witnessed signing of a Memorandum of Understanding (MoU) among 13 branchless banking service providers. The MoU was signed to affirm their commitment in facilitating customers through continued collaboration for more innovations in line with NFIS vision.

While speaking on the occasion, Dr. Reza Baqir thanked the stakeholders for their contributions that culminated into the successful launch of the AMA initiative. He said that AMA is expected to bring a significant increase in bank account opening and the lack of internet access or proximity to branchless banking outlets/bank branches would no longer be barriers for Pakistanis to access financial services. Accounts can now be opened simply by dialing a USSD code *2262# from any mobile phone (smart or simple feature phone) through any mobile network, without requiring internet connectivity. Customers will have the choice to choose from any of the 13 branchless banking service providers that are currently offering AMA. 

Governor Baqir highlighted that the AMA would play an important role in enhancing digital access and use of formal financial services in the country. He added that Pakistan has over 187 million biometrically verified mobile subscribers with Tele-density of around 85%, however; there are only 106 million 3G/4G subscribers with mobile internet penetration standing at 48%. This gives us the potential market of around 81 million mobile subscribers which don’t have access to internet and could become users of AMA if provided with the right value proposition. 

AMA will particularly help low income segments with non-digital phones and no access to internet to enjoy banking as it offers a simpler process, such as dialing a code, to avail financial services. Moreover, AMA will be a highly suitable platform to onboard Pakistani women customer segments as well since they face greater obstacles in accessing formal financial services due to mobility, cultural and documentation issues. AMA with its ease of use will be instrumental in bringing the next 50 million Pakistanis under the banking ambit. 

This initiative is also in line with Government of Pakistan’s holistic approach of “Digital Pakistan” initiative to enhance access & connectivity, digital infrastructure, and innovation. Now, the Government will also have the option to use this channel for disbursing money under the flagship poverty alleviation Ehsaas Program to reach 15 million beneficiaries.

Federal Minister of ITT Syed Amin-ul-Haq visit KCCI

Federal Minister for IT and Telecommunication Syed Amin-ul-Haq along with Mr. Muhammad Sohail Rajput, Secretary (IT&T) and Syed Junaid Imam, Member (IT) visited Karachi Chamber of Commerce and Industry (KCCI) on Friday 3rd Dec 2021.

He was warmly welcomed at KCCI. President KCCI, Mr. Muhammad Idrees emphasized that Pakistan must strengthen its technology base as a long-term strategy.
Pakistan’s youth is well versed in tech. There is a need to further strengthen the IT sector with a special focus on start-ups by the government and being the largest Chamber of the country, KCCI is the best forum to promote IT and telecom as the world is fast moving towards digitalization. After textile industry, IT is the leading export sector. Pakistani industry will increasingly need to adopt automation and digitalization, thus a highly-skilled workforce is needed in future-ready technologies.

BMG Chairman Siraj Teli laid to rest

Namaz e Janaza of Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Late Siraj Kassam Teli was held at Masjid e Saheem on Thursday which was attended by thousands of people belonging to all walks including ministers, politicians, KCCI Office Bearers & Managing Committee Members, family members, friends, relatives, prominent business personalities, bureaucrats and a large number of BMGIANs.Late Siraj Teli, who has left behind a widow, a son and a daughter, was laid to rest at Defense Phase 7 Ext. Graveyard. Quran Khuwani for Esal e Sawab of the departed soul will be held on Friday at Masjid e Saheem, Khayaban e Rahat DHA Phase 6 between Maghrib and Isha Prayers.

President KCCI M. Shariq Vohra, while paying homage to Siraj Teli for his matchless contribution and lifelong quest for the rights of business & industrial community and the city of Karachi, said, “Siraj Teli will stay alive in our hearts and will always be remembered for his exceptional and dedicated services to the entire business & industrial community and Karachiites under the policy of Public Service. “Siraj Teli was a dynamic leader whose illustrious career spanning over 28 years has indeed left an indelible impression on the entire business & industrial community. He was instrumental for grooming the business leaders by giving them the opportunity to become President KCCI and always guiding them round the clock on how to deal with issues.”Shariq Vohra also appreciated everyone who expressed their condolences from all over the country and around the world. “We are indebted to everyone for joining us in prayers for the departed soul”, he added.He prayed that may Almighty Allah place the departed soul in Jannat ul Firdous and grant courage to the members of the bereaved family, friends, well-wishers and all BMGIANs to bear this irreparable loss.

Late Siraj Kassam Teli was a distinguished industrialist possessing eminent qualities of leadership. He belonged to a renowned family that has been active in business since the inception of Pakistan. Siraj Teli’s valuable family background has been a great source of strength in enabling him to conduct his life ethically and successfully. As Chairman of the Businessmen Group, Siraj Teli was recognized for his extraordinary leadership of the Business and Industrial community over the past 28 years. He brought about revolutionary and progressive changes in trade politics and in the functioning of the Karachi Chamber of Commerce & Industry, the SITE Association of Industry and other platforms of public service and social work. To recognize Siraj Teli’s outstanding contribution to the national economy and public service, the then President of Pakistan Asif Ali Zardari was pleased to confer the award “Sitara-e-Imtiaz”. Siraj Teli’s services to the private sector, his efforts for the industrial development and his endeavor for the unity of the nation in general and business and industrial community in particular, his aggressive and creative plans to boost export and his contribution to the economic development of the country were indeed creditable and commendable.Siraj Kassam Teli’s unrelenting, sincere and honest efforts have changed the outlook of Trade Politics. As a result, now genuine stakeholders are seen taking part in the affairs of KCCI. His leadership had been instrumental in changing the mindset of the Business Community in such a manner that the Chamber now looks after the general interest of Karachi as a whole and, without any discrimination of cast, color or creed. Late Siraj Kassam Teli’s services to the private sector, his efforts for industrial development, his endeavors for the unity of the nation in general and business and industrial community in particular and his contribution to the economic development of the country, were indeed commendable and will always be remembered.

FATF keeps Pakistan on grey list

The Financial Action Task Force (FATF) has decided to keep Pakistan on its grey list until February 2021 despite complying successfully with 21 out of 27 points of action.

The decision was made by the global watchdog for curbing terror financing and money laundering in its virtual plenary session from October 21 to 23. It reviewed Pakistan’s progress on the 27-point action plan.

FATF President Marcus Pleyer announced the decision after the three-day session came to an end on Friday. Pakistan has been on the watchdog’s grey list since June 2018.

Federal Minister of Industries and Production Hammad Azhar, in a series of tweets after the decision, said that Pakistan has achieved impressive progress on its FATF action plan. He said that 21 out of 27 action items now stand cleared while remaining six items have been rated as partially complete.

He said that within a year, the government progressed from 5/27 to 21/27 completed items. “FATF acknowledged that any blacklisting is off the table now,” added the minister of industries and production.

Hammad said that instead of the current action plan, discussions remained focused on how Pakistan can be facilitated for its upcoming second evaluation (MER), which is due by the mid of the next year. “I congratulate our Federal and Provincial Teams who have worked day and night even during the pandemic to ensure this turn around,” he added.

Before the decision was announced, Foreign Minister Shah Mahmood Qureshi, while talking to the media on Friday, said that India’s nefarious designs to push Pakistan into the blacklist of the FATF will fail because the world has recognised Pakistan’s measures against terror financing and money laundering.

The foreign minister said that out of 27 actionable points, Pakistan has shown 100 per cent progress on 21 and progress has also been made to meet the remaining six points.

FM Qureshi asked the FATF forum to positively respond to the significant progress made by Pakistan to comply with its action plan.

The global financial watchdog had in 2018 placed Pakistan on its gray list of countries with inadequate controls over money laundering, a potential source of terror financing, and gave it the action plan to implement.

In February this year, the country won a four-month grace period, until June this year, to meet the international anti-terrorism financing norms. That deadline was extended to October due to the coronavirus pandemic.

“The FATF strongly urges Pakistan to swiftly complete its full action plan by June 2020,” the FATF had said in a statement issued after a meeting in Paris in February. “Otherwise, should significant and sustainable progress especially in prosecuting and penalising TF (terrorism financing) not be made by the next Plenary, the FATF will take action.”

In February, the FATF had noted that Pakistan had delivered on 14 points but missed 13 other targets. On July 28, the government reported to Parliament compliance with 14 points of the 27-point action plan and with 10 of the 40 recommendations.

By September 16, however, the joint session of the parliament amended about 15 laws to upgrade its legal system matching international standards as required by the agency.

Officials have been hopeful of a positive outcome, especially after the recent legislation by parliament on counter-terror financing and money laundering.

However, being placed on the black list would put Pakistan in company with Iran and North Korea and see it shunned by international financial institutions. (PT)

Jubilee Life Insurance announces financial results for the first quarter

Jubilee Life Insurance Company, the largest insurance company from the private sector, announced an impressive batch of results for the financial quarter ending on 31 March 2014. The results were declared by the Board of Directors who met under the chairmanship of Mr. Kamal A. Chinoy to review the performance of the company.

The company reported a pre-tax profit of Rs295 million for the first quarter of 2014, up 45% from Rs 204 million for the same quarter in the preceding year. With after-tax profit of Rs 202 million, the earnings per share (EPS) stood atRs2.80.

Jubilee Life has further strengthened its position by registering 34% increase in net premium income over the same period of last year.

Mr. Javed Ahmed, Managing Director & CEO Jubilee Life, commented, “Our results reflect our strategy of robust business growth, together with sustainable profitability.” He also added that Jubilee Life has a strong focus on customer servicewhich is the lifeblood of our business.

Jubilee Insurance is a global brand of Aga Khan Fund for Economic Development (AKFED) that offers diverse insurance solutions (life, health and general) in the Asian and East African markets. Jubilee Life in Pakistan offers uniquely designed range of life and health insurance plans, catering to various customer segments and needs. These include retirement, child education, marriage, saving & protection, wealth accumulation, life insurance plans for women, rural insurance plans and life and health insurance solutions for the less privileged of our country.

Pakistani Business Leaders Congratulate Iftikhar Ali Malik

Iftikhar Ali Malik

The Vice Presidents of FPCCI Mr. Gulzar Firoz, Mr. Shaheen Ilyas Sarwana and Mr. Naveed Jan Baloch, Mr. Abdul Khaliq Khan have Congratulated Mr. Iftikhar Ali Malik on his re-nomination as Vice President of SAARC Chamber of Commerce for the term 2014-15. While expressing warm wishes they said the re-nomination of Mr. Iftikhar Ali Malik is recognition of his services and devotion which he extended to  business community and promotion of economic activities in SAARC region.

Central Bank reduces policy rate by 50 basis points to nine percent

Yaseen Anwar, Governor SBP

By Mohammad Nazakat Ali

(Pakistan News & Features Services)

The State Bank of Pakistan (SBP) has decided to reduce the policy rate by 50 basis points to bring it down to 9 percent with effect from June 24, 2013.

This was decided by the Central Board of Directors of the State Bank of Pakistan at its meeting held under the chairmanship of SBP Governor, Yaseen Anwar, in Karachi on June 21.

According to the Monetary Policy Decision, the SBP has decided to place a higher weight to declining inflation and low private sector credit relative to risks to the balance of payments position.

Following is the complete text of the Monetary Policy decision:

“There has been a discernible positive change in sentiments post May 2013 elections because of clarity on the political front. The change in the behavior of banks in auctions of government securities and reaction of stock market are two examples. Importantly, there has been a considerable improvement in SBP conducted surveys of consumer confidence, expected economic conditions, and inflation expectations. The absence of foreign financial inflows and high fiscal borrowings from the banking system, however, remain formidable economic challenges, especially for monetary policy. Similarly, power shortages and security conditions continue to be strong impediments to growth.”

“An almost continuous and broad based deceleration in inflation over the last year has had a favorable impact on inflation outlook – a key variable in monetary policy decisions.  In May 2013, the year-on-year CPI inflation was 5.1 percent while trimmed measure of core inflation was 6.7 percent; the lowest levels since October 2009. The average CPI inflation for FY13 is expected to be at least two percentage points below the target of 9.5 percent.”

“However, in the latest budget the government has announced an increase of 1 percentage point in the General Sales Tax (GST), from 16 percent to 17 percent, and changes in the tax structure for some goods and services. In addition, the government is considering a phase-wise upward adjustment in electricity tariff. The exact magnitude and timing of this adjustment is yet to be decided. Therefore, there is a risk that average inflation for FY14 could exceed the announced target of 8 percent for the year. However, aggregate demand in the economy is expected to remain moderate, which could have a dampening effect on inflation.”

“A reflection of the current declining trend in inflation can be seen in the muted real economic activity, especially private investment expenditures. Beset by energy shortages and law and order conditions, the GDP growth has struggled to ameliorate in the last few years and this year was no exception. The provisional estimate of GDP growth for FY13 is 3.6 percent, which is lower than the 4.3 percent target for the year. Similarly, private fixed capital formation has decreased by 1.8 percent – the fifth consecutive year of a declining trend. Although there has been an encouraging uptick in the growth of Large Scale Manufacturing (LSM) sector, 4.8 percent in April 2013, it is too early to term it as an emerging trend.”

“A declining inflation trend and below potential GDP growth make a case for further reduction in the policy rate. The argument is twofold. First, the SBP has been giving a relatively high priority to inflation in its monetary policy decisions over the last few years. Thus, continuing to do so would indicate consistency in the monetary policy stance. Second, without further reduction in the policy rate, the real interest rate – policy rate minus expected inflation – would increase due to declining inflation. High real interest rates are not helpful for supporting private investment in the economy.”

“However, as indicated in the last monetary policy decision, the current balance of payments position and a structural imbalance in fiscal accounts suggest vigilance. The stress in the balance of payments position was a prime consideration in maintaining the policy rate at 9.5 percent in the last two monetary policy decisions. The basic argument has been that the return on rupee denominated assets needs to be sufficiently attractive to discourage speculative demand for dollars.”

“There is no significant revision in the assessment of the balance of payments position since the last monetary policy decision. The external current account deficit is expected to remain manageable, around 1 percent of GDP for FY13, signifying very low risk from this source for the external accounts. The real challenge continues to emanate from the lack of financial inflows. Let alone finance the small current account deficit, there has been a cumulative net capital and financial outflow of $143 million during the first eleven months of the current fiscal year. Add to this the on-going payments of IMF loans and it becomes clear that the pressure on foreign exchange reserves has not abated. As of 14th June 2013, SBP’s foreign exchange reserves stand at $6.2 billion.”

“There are two developments, however, that are worth highlighting. First, there has been a noticeable change in sentiments, as highlighted above, that can potentially have a favorable influence on private financial inflows. Other than the overall economic outlook, investment decisions do take into account the relative political certainty that determines the continuation of economic policies for some time in the future. Second, declining inflation has increased the relative real return on rupee denominated assets. This could provide some room for downward adjustment in nominal returns to cater to broad macroeconomic considerations despite external account concerns.”

“In this context, a lot depends on the fiscal outlook. The fiscal deficit for FY13 has been estimated to reach 8.8 percent of GDP, which is considerably higher than earlier projections. The source of deviation is structural and well known – low tax revenues due to absence of meaningful tax reforms and continuation of untargeted subsidies without comprehensively addressing the energy sector problems. For FY14, the federal government has announced a provisional estimate of 6.3 percent of GDP. “

“From the monetary policy perspective, it is the financing pressure of the fiscal position that is the source of stress. Due to almost zero net external financing in FY13, the burden of financing the sizeable deficit of 8.8 percent has fallen disproportionately on domestic sources, in particular the banking system. During 1st July – 7th June, FY13, fiscal borrowings from the banking system for budgetary support were Rs1230 billion, including Rs413 billion from the SBP. The high level of these borrowings has kept an upward pressure on the system’s liquidity and thus short term market interest rates and is restraining growth in the private sector credit.”

“If the economy is to reap the benefits of evolving positive sentiments and lure the domestic as well as foreign investors then implementation of a reform oriented and credible medium term fiscal outlook is essential. On its part, the Central Board of Directors of SBP has decided to place a higher weight to declining inflation and low private sector credit relative to risks to the balance of payments position. Therefore, the policy rate is being reduced by 50 basis points, to 9 percent, with effect from 24th June 2013.”

Pakistan Deep Water Container Port to create employment opportunities young workforce

By Abdul Qadir Qureshi

(Pakistan News & Features Services)

The Federal Minister for Ports and Shipping, Senator Kamran Michael, visited the Karachi Port Trust (KPT) where he took round various maritime installations and the ongoing development projects. He was accompanied by the KPT Chairman and other high port officials. 

The Minister visited all the operational berths including the three oil piers and during his three-hour visit and he also inspected the newly laid out breakwaters that will streamline the channels of Karachi Port. 

He visited the deepened length of the approach channel while the Chairman explained the desirability of deeper access for berthing of large post-panamax carriers.

During inspection of  under construction Pakistan Deep Water Container Port, the Minister directed the KPT to bring all the issues related to delay caused in its completion so that action could be taken at the appropriate forum for their resolution. 

He said that PDWCP will create much needed employment opportunities for the young workforce of Pakistan.

While having an appraisal of current state of operations at Karachi Port the Minister raised many pertinent queries about various operational practices. 

He conveyed the vision of the present government and asked the officers  to implement it transparently to ensure greater performance  efficiency and made the same a role model for others to follow.  

He stressed on having strategic priorities for the Port to bring them in an alignment with international maritime requirements. He pointed out that Karachi Port, being the largest recipient of Pakistan’s national maritime trade, is expected to perform the assigned tasks  with diligence and devotion.

On the occasion he listened to the issues raised by port workforce and issued on the spot orders for solving them. He promised to look into their long term problems and assured their representatives that he will try utmost to find solution to them. 

He said he will  visit Karachi Port regularly and monitor its activities personally. He directed the management to provide his detail appraisal of all port activities to enable him to take appropriate steps thereof.