Pak-Ethiopia Business Forum
The Trade Development Authority of Pakistan, in collaboration with the Embassy of Pakistan in Ethiopia, successfully organised the Pakistan-Ethiopia Business Forum last week, according to a press release. The prestigious event took place at the Pearl Continental Hotel in Karachi, bringing together over 150 participants from various companies representing key sectors of both countries.
The Pakistan-Ethiopia Business Forum serves as a platform for Pakistani and Ethiopian businesses to explore new avenues of cooperation and develop a comprehensive strategy to enhance bilateral trade. Participants of the event included representatives from diverse businesses and industries.
Al Meezan, Easypaisa partnership
Al Meezan Investment Management Limited has partnered with Easypaisa, per a press release. This will enable Easypaisa customers to invest in Al Meezan’s Shariah Compliant Money Market mutual fund through a seamless one-click onboarding process.
The partnership highlights the commitment of both organisations to provide Pakistanis with a seamless platform to invest and save for their future.
SEF and S&YAD MOU
The Sindh Education Foundation (SEF) and the Department of Sports and Youth Affairs Development (S&YAD) have signed a Memorandum of Understanding (MoU) to establish a Professional Development Centre for training the youth of the province.
Under this MoU, S&YAD will provide access to SEF for all the facilities at their centre in Gulistan-e-Jauhar, Karachi, for undertaking training programmes. Meanwhile, SEF will lead subject-specific training activities for developing the skills of teachers.
The centre will also serve as an important avenue for non-formal education, which includes structured learning activities outside of the formal educational system.
This may include a wide range of activities such as training programmes, community-based learning, vocational education, and personal development courses.
Pre-budget seminar
The Lahore Branch Council (LBC) of the Institute of Cost and Management Accountants organised a pre-budget seminar 2023-24 this month. The speakers stated that Pakistan currently faces an unprecedented economic crisis. However, structural reforms and proper budgeting can steer us out of the difficult situation.
The main objective of the national budget is to ensure stable levels of growth and employment in order to effectively tackle the challenges posed by the global economy and to address the fundamental structural issues regarding fiscal and trade deficits, promote economic stability, control inflation, and improve the human development index of the country.
Clear business policies and a focus on foreign investment are the need of the hour. Confidence-building measures are the basic parameters required for local and foreign investment in the country.
Faysal Bank’s results
Faysal Bank Limited has shown exuberant performance in the first quarter of the year, as per a press release. According to the financial report, the bank’s net profit for the first quarter of 2023 was Rs3.2bn, which is a 51pc increase compared to the same period last year. The bank’s total assets also increased to Rs1.13tr, representing a 5.5pc growth compared to the first quarter of 2022.
The bank’s earnings per share also showed impressive growth, increasing to Rs2.12 per share. The bank’s management attributes this growth to its diversified business model, sound credit policies, and efficient cost management.
Night navigation of vessel
For the first time in 28 years, night navigation of a fully laden POL vessel was successfully commenced, says a press release. Last week, an oil vessel MT Ardmore carrying imported gasoline was berthed at Fauji Oil Terminal and Distribution Company by Port Qasim Authority (PQA) under night navigation protocols.
This marks the successful commencement of fully operational night navigation for oil tankers calling at PQA, a major breakthrough in oil import handling operations in Pakistan.
Published in Dawn, The Business and Finance Weekly, May 15th, 2023
