Lahore (Muhammad Yasir)  IGATEX PAKISTAN – Country’s Largest Garment, Textile & Digital Printing Machinery and Accessories Exhibition organized by Fakt Exhibitions (Pvt.) Ltd. opened its doors on 1st May 2024 at Expo Centre Lahore.

The exhibition was inaugurated by Guest of Honors Mr. Zaki Aijaz, Regional Chairman – The Federation of Pakistan Chambers of Commerce & Industry, H.E. Mr. Ladislav Steinhübel – Ambassador of Czech Republic, Dr. Salvatore Parano – Trade Commissioner of Italy, Mr. Saleem Khan Tanoli – CEO Fakt Exhibitions (Pvt.) Ltd. and other renowned names of the industry.

On this occasion, the Guests stated that “Fakt Exhibitions (Pvt.) Ltd. has taken a wonderful initiative by organizing IGATEX PAKISTAN Exhibition, which provides a worthy opportunity for the textile industry to showcase their innovative technology and services. The event has played a pivotal role in strengthening the economic ties between Pakistan and rest of the world”.  

Speaking on the occasion, Saleem Khan Tanoli, CEO of Fakt Exhibitions (Pvt.) Ltd. stated, “We are glad to see such an overwhelming response for IGATEX PAKISTAN 2024. The massive turnout and positive feedback from exhibitors and visitors reaffirm the importance of this event as a catalyst for innovation and growth for the textile industry. IGATEX PAKISTAN has brought together industry leaders, innovators, and stakeholders to unlock unlimited opportunities for growth and collaborations.”

IGATEX PAKISTAN the pioneer event of its kind has continually set the benchmark for excellence over its 22-year history. This year’s edition has surpassed all expectations, showcasing cutting-edge garments, textiles, digital printing machinery, and technology. Over 500 companies from 30 countries, including Austria, Belgium, China, Germany, Italy, Japan, Pakistan, Spain, Switzerland, Turkey, the UK, and the USA are showcasing their latest innovations, technologies, and next-generation solutions aimed at transforming the textile industry.

Alongside the exhibition, IGATEX PAKISTAN Conference will take place on 2nd May 2024 at Expo Centre Lahore. The conference will provide a platform for industry stakeholders and thought leaders to exchange insights and explore innovative solutions, sustainability and technological advancement in the textile industry.

The opening day of the exhibition received an overwhelming response as a huge number of visitors turned to the exhibition and showed keen interest in the technology and cutting-edge machinery on showcase. From state-of-the-art textile machinery models to sustainable applications, visitors were treated to a wide range of innovations and services poised to revolutionize the textile industry.

Karachi (Muhammad Yasir)

Emphasizing the vital importance of creating conducive conditions for women to flourish in the realms of business and entrepreneurship, the Overseas Investors Chamber of Commerce & Industry (OICCI) held its 6th Women Empowerment Awards ceremony on Tuesday.

Addressing the members, OICCI Vice President Rehan Shaikh said, “Pakistan’s ranking on the World Bank’s Women, Business and the Law Index has remained dishearteningly low, with a score of 58.8 for two consecutive years. Against this backdrop, empowering women isn’t just a moral imperative; it’s also an economic necessity.” He stressed the significant returns on investment in women’s education, healthcare, and economic opportunities, underscoring their pivotal role in driving economic growth and societal development.

The top honors of the 6th OICCI Women Empowerment Awards were bestowed upon three distinguished companies: Procter & Gamble Pakistan claimed the title of Champions, with Nestle Pakistan and Unilever Pakistan securing the first and second runners-up positions, respectively. An independent jury evaluated the performance of companies across various categories, recognizing excellence and innovation in promoting gender equality and women’s empowerment.

Expanding the scope of recognition beyond organizations, Shazia Syed, Global EVP – Beverages at Unilever, was honored with the Iconic Corporate Women Leaders Award, acknowledging her outstanding contributions to corporate leadership.

Dr. Shamshad Akhtar, former caretaker finance minister and recipient of the Nishan-i-Imtiaz for outstanding public service, honored the ceremony as the chief guest. In her address, she highlighted the critical importance of providing women with access to finance and education, emphasizing that these opportunities are fundamental for women to excel in all spheres of life.

In addition to celebrating achievements, the event served as a platform for the launch of the ‘Increasing Women’s Inclusion in the Pakistani Economy’ handbook, a comprehensive resource developed by OICCI. This policy paper consists of key themes emphasizing critical aspects of gender equality and women’s empowerment in the workplace, including promoting equal opportunity, addressing the gender pay gap, ensuring workplace safety, fostering inclusivity, promoting economic inclusion, and supporting work-life balance.

Launching the handbook, Andrew Bailey, a member of the OICCI Managing Committee, emphasized the importance of implementing recommendations stated in the paper to realize Pakistan’s vision of a more equitable and prosperous society.

Closing the ceremony, M Abdul Aleem, CE/Secretary General of OICCI, said “Women empowerment has been a cornerstone for OICCI members, represented by ‘OICCI Women’, our flagship initiative to enhance women’s inclusion in the economy.”

The event not only celebrated overall corporate achievements but also recognized special category awardees. Notable among these were Pepsi Co for Organization Commitment on Women Empowerment, Total PARCO Pakistan Limited for Leadership and Strategy, Engro Corp for Conducive Workplace Environment for Women, Shell Pakistan Limited for Work-Life Balance and Integration, Standard Chartered Bank Pakistan Ltd. for Women Leaders’ Development, Jazz for Notable Growth in Women Empowerment, and Chevron Pakistan Lubricants Private Limited for SME Champions.

As Pakistan continues its journey toward gender equality and economic inclusivity, events like the 6th Women Empowerment Awards serve as catalysts for progress, inspiring collective action and fostering a more equitable and prosperous future for all.

Pakistan (Muhammad Yasir)

The Accountability Court has honourably exonerated and acquitted our Chairman Mr. Hussain Dawood, Director Mr. Abdul Samad Dawood, and former CEO Mr. Sheikh Imran ul Haq, in the award of the LNG contract to Engro Elengy Terminal Limited, as no evidence was found to prove any illegality, irregularity, or loss to the national exchequer.

Engro Corporation welcomes this much awaited decision of the Accountability Court. Engro has always strived to act in a fair and transparent manner in all its business and commercial commitments. Over the last six decades, the Company has built its reputation through a strong focus on effective corporate governance, ethics and integrity, and compliance with the laws of the land.

The LNG Terminal in question is an essential part of Pakistan’s energy infrastructure; it supplies 15% of Pakistan’s total gas requirement, which is a critical industrial and domestic input, to a growing country. Engro remains committed to the progress and well-being of Pakistan by striving to solve some of the country’s most pressing issues.                                                                                             

During these testing times, the Company is grateful for the support it has received from our employees, shareholders, and partners who have believed in and worked with us.

Karachi (Muhammad Yasir)

On the occasion of Labor Day, ABHI and Soorty
have released a documentary reflecting on transformative change and
showcasing the impact of their collaboration on the lives of workers.
From blue-collar workers to C-level executives, individuals from all
walks of life have benefited from Earned Wage Access, experiencing
financial freedom and security. The partnership, forged in the initial
years of ABHI’s inception, has brought significant change to the lives
of workers across Pakistan.

ABHI partnered with Soorty Enterprises, in 2022 and integrated its EWA
platform into their HRMS system, ensuring industry-standard privacy
and security protocols. Starting with a small group of workers, this
partnership currently empowers approximately 20,000 Soorty employees.
Through this collaboration, employees can now conveniently access a
portion of their earned salary within 30 seconds via the ABHI app or
SMS. This initiative has significantly contributed to the financial
empowerment of employees at Soorty, thereby contributing towards the
development of the country.

The documentary captures the essence of the partnership’s success
through different use cases, whether it’s a factory floor worker or an
executive suite. It sheds light on how AbhiSalary has revolutionized
the way employees manage their finances, providing them with immediate
access to their earned salaries whenever they need it. Earned Wage
Access has revolutionized the way employees manage their finances,
offering them financial support in times of unexpected expenses and
reducing their reliance on high-interest or informal loans.

On the success of ABHI and Soorty’s collaboration to financially
empower the workforce, Mohammad Zaidi, CCO at ABHI stated, “We believe
financial wellness and access to credit is everyone’s right, which we
aim to bring to all our customers. We have a long-lasting partnership
with Soorty, where their employees have benefited from Earned Wage
Access and fought inflation by accessing their earned salaries at any
time of the month. We are proud to stand alongside Soorty in our
commitment to championing the financial well-being of workers across
Pakistan.”

Yousuf Dayala, VP of Finance at Soorty added, “Soorty is known for
its organizational culture and the human capital is our prime asset.
Due to the recent economic condition and especially the unbridled
inflation, it’s quite difficult for the common man to maintain their
social needs. We took ABHI on board in its early times and the reason
behind was to empower our workers to withdraw their earned salary
whenever they need it. Workers and the management, both are very happy
with the facility.”

As organizations around the world increasingly recognize the
importance of prioritizing employee well-being, the partnership
between ABHI and Soorty stands as an example of employers coming
together to create a positive social impact. The narrative surrounding
financial wellness in the workplace is being reshaped, paving the way
for a more equitable and empowered workforce.

Pakistan (Muhammad Yasir)

Pakistan’s leading digital operator, Jazz, announces the successful closure of its PKR 15 billion Sukuk, marking the first ever and largest short term unsecured Sukuk by a telecom operator in Pakistan. This will pave way to an entirely new funding avenue for Jazz to fund its 4G for all digital ambitions.

With a 30-year track record in Pakistan and investments exceeding USD 10.6 billion, Jazz represents one of the country’s largest investors, leading the cellular industry with a 45% revenue market share, while serving over 71.5 million subscribers.

With the successful closure of this initiative, Jazz management expresses gratitude to its valued investors for their confidence in the digital operator and its capacity to generate value for investors, customers, and society at large. This Sukuk issue will also contribute to the increased utilization of Shariah-compliant financial instruments in Pakistan’s capital markets.