OGDCL and KUFPEC MOU

A senior-level delegation from Kuwait Foreign Petroleum Exploration Company (KUFPEC) visited the Oil & Gas Development Company’s head office last week. A memorandum of understanding (MOU) was signed during the visit between the two companies, as per a press release.

This MOU aims to formalise the joint evaluation of potential business opportunities in upstream projects in Pakistan and internationally, participation in bid rounds, joint studies, formation of a pool of technical experts/specialists from both companies, knowledge sharing, and secondment of offices.

KUFPEC is a joint venture partner with OGDCL in the Qadirpur and Makhad blocks.

Both sides have agreed to constitute dedicated working groups to implement the MoU’s agreed objectives.

Both companies’ leadership will monitor progress quarterly to ensure meaningful and effective cooperation between the companies.

OGDCL will also be able to place its technical professionals on a reciprocal basis on secondment with KUFPEC, which will help capacity building and experience sharing.

Pharma’s $1bn export target

The government, along with all stakeholders of the sector, has set a target to enhance pharmaceutical exports to $1bn in the current financial year from $713m in exports in the last financial year.

This was stated by Asim Rauf, CEO Drug Regulatory Authority of Pakistan (DRAP), in a press briefing held on the concluding day of the 20th Pharma Asia, organised by Ecommerce Gateway Pakistan.

The government is working proactively in collaboration with all stakeholders of the pharmaceutical sector, including pharmaceutical companies, raw material producers, and universities, to increase the footprint of this sector in different countries.

Mr Rauf said the government is facilitating the private sector to establish five active pharmaceutical ingredients (API) plants to increase the production of different medicines at a local level for relying less on imported brands while ensuring the medicines should be available at low prices in a domestic market.

DRAP is designing an integrated system Quality Management System, with the close coordination of the provincial and federal drug inspection teams as per the guidelines of the World Health Organisation, which will decrease medicine prices in the future.

He said the DRAP monitors the availability and pricing of the medicine in the local market through its robust mechanism of information system, which also takes action against the culprits raising the prices.

The prices of medicine increased due to the rupee disparity against the dollar, but the retail prices of a significant number of drugs have also been reduced at the same time, CEO DRAP claimed.

The Big Picture Summit

Under the theme, The Big Picture, the 7th Edition of The Future Summit was jointly hosted by Nutshell Group and HBL, powered by Unity Foods Limited, in strategic partnership with the Overseas Investors Chamber of Commerce and Industry (OICCI) and Corporate Pakistan Group, as per a press release.

The summit has an impressive lineup punctuated with thought-provoking conversations and engaging dialogues.

In her virtual address, H. E. Jane Marriott, CMG, OBE, High Commi­ssioner of the UK in Pakistan, said, “Climate change is not a Big Picture issue, it is THE Big Picture issue.

Looking at the solutions, I want to assert that climate literacy is essential, especially the involvement of business leaders in understanding the aftermath and the role they can play.“

Highlighting agri opportunities

Farrukh Amin, the CEO of Unity Foods, as the keynote speaker of the 7th Edition of The Future Summit, opined that there are several opportunities in the agriculture sector that local and foreign investors can take up.

Amid current economic challenges, there has been a drop in per capita income due to factors like the pandemic and the floods in 2022, as per a press release.

He emphasised Pakistan’s agricultural sector’s potential, noting its large population, extensive irrigation network, and significant global rankings in wheat, rice, milk, mangoes, cotton, sugarcane, and other crops.

Moreover, highlighting recent successes, he stated that a 73pc surge in agricultural exports had been witnessed in October, particularly in rice and sesame seeds to China.

Published in Dawn, The Business and Finance Weekly, November 20th, 2023