Category: Business

The campaign shares a sentiment of hope, optimism, and togetherness   

Lahore (Muhammad Yasir) This year’s Ramadan greeting from Levi’s^® is clear and simple – “You are Wonderfully Made”. At the campaign’s core is optimism, hope and knowing that we can all make the world a better place. A celebration of togetherness and the joy that is at the heart of these moments.

Emerging from a global pandemic, the ‘new normal’ is here to stay. With more news comes more noise, and every new situation can impact wellbeing and passion for life. Around the world, when times are tough, collective humanity has remained a beacon of hope as consumers look to see the world for everything it can be.

The campaign celebrates everyone’s individual spark. To do good, bring change and uplift one another as a community. Designed for purpose and made to last, Levi’s^® reflects each wearer. One choice at a time, change can be made, especially when standing together because while great as individuals, as a community and collective, we are better together.

“People are seeking out good news now more than ever. Through this campaign we want to make a concerted effort to seek out positivity, fueling a collective momentum to work towards a future built on optimism-and to amplify positive and hopeful stories. We seek to inspire our fans to affirm and celebrate the values that make each of us unique, because YOU ARE WONDERFULLY MADE” explained Mir Zia Mahmood, General Manager – Pakistan and Non-EU Countries.

As consumers come together as families, friends and communities, after years apart, Levi’s^® celebrates these moments with timeless, iconic products that are truly unique to each individual. So, whether shopping for yourself or buying for a loved one, each individual can be assured to find the perfect, long-lasting gift with Levi’s^®.

 Please click HERE to download the EN & AR campaign video

 Want more info? Drop us a line at:
StickyGinger I Mariah Rosslee I mrosslee@stickygingerpr.com

The 21 startups will work with Microsoft for Startups’ Corporate Engagement Partners which includes DHL, Etisalat, EY, Koc Holding, Lulu Hypermarket and PwC

Lahore (Muhammad Yasir) Microsoft for Startups, in partnership with the Abu Dhabi Investment Office (ADIO), today welcomed its second cohort of 21 startups to the GrowthX Accelerator program in the region.

Currently in its second year, the GrowthX Accelerator is part of a strategic partnership between ADIO and Microsoft that aims to bridge the gap between corporates and B2B startups across the Middle East and Africa by enabling them to work together and solve unique challenges.

Founders participating in this instalment of the program will work with Microsoft for Startups’ Corporate Engagement Partners DHL, Etisalat, EY, Koç Holding, Lulu Hypermarket, and PwC to co-create technology solutions that address the corporate partners’ challenges. Startups will also have the opportunity to pitch their business ideas to these corporate partners on the final day of the program.

“Abu Dhabi has been a leader in leveraging advanced technology to generate sustainable economic impact. Key to our approach has been the empowerment of innovative tech startups that play an important role in accelerating innovation and boosting entrepreneurship,” said Mohamed Al Dhaheri, Acting Executive Director, Business Enterprise at ADIO. “Our partnership with Microsoft for Startups on the GrowthX Accelerator program has been pivotal in the execution of our strategy, providing the crucial support and connections startups need for growth. We look forward to the innovations that will emerge from the second cohort of startups in the program.”

Designed to offer value both to the startups who participate in the program as well as the corporate partners who engage with these businesses, the 12-week GrowthX Accelerator empowers B2B startups with the technology, mentoring and market access they need to solve the real challenges facing corporations participating in the region. Startups from across the region gain valuable knowledge on best practices for selling, hiring, fundraising, mentoring and community building, while taking part in marketplaces, talent partnerships, investor workshops, community connects and corporate pitches.

Roberto Croci, Managing Director Microsoft for Startups said: “We’ve built on the success of the first GrowthX Accelerator to develop a second edition that is even more hands-on and offers even more value for participating startups. The 21 startups participating in this event will gain incredible knowledge from mentors in the program that will not only help them scale their businesses, but drive real impact across the region. Together with ADIO, we look forward to empowering this second cohort of startups to develop their innovative ideas into next-generation solutions that can further drive our position as a global hub for technology and entrepreneurship.”

The 21 startups participating in the second instalment of the GrowthX Accelerator program include:

• AiFlux – provider of digital solutions to the renewables and oil & gas industries.
• DevisionX – supports organizations in the manufacturing industry in building no-code AI-powered digital solutions.
• Event Gates (EGT Kontrol AS) – develops AI solutions for security and manufacturing verticals.
• Farmdar – empowers farmers with actionable data to lower costs, increase yield, enhance quality and reduce waste.
• Farmin – AI-powered platform that delivers critical insights for smart cities.
• Greener Crop – supports farmers in leveraging technology to operate profitable farms and harvest sustainable, nutrient rich and locally grown fruits and vegetables.
• AI – a software company with the focus in digitizing physical spaces.
• Lune Technologies – developer and manufacturer of fiber optics and terahertz-based technology products for the aerospace, automotive, defence, energy and infrastructure industries.
• monak e-services – on-demand delivery service
• NutzenTech – provides data and technology-focused B2B and B2G solutions that reduce environmental footprint.
• Nybl – a machine learning platform that turns underutilized data into actionable intelligence.
• Occicor – helps CPG companies achieve better shelf management by transforming images into actionable data.
• Olymon Solutions – provides smart automation solutions to unify processes of grocers and food traders.
• Pivony – a self-service web platform used to discover conversation topics and obtain insights from real user generated data
• PowerDev – unifies the energy market big data from multiple resources and provides a robust SaaS data analysis tool.
• Sav – a platform that enables you to manage your finances better and is the most convenient way to achieve your financial goals.
• Searover – provides AI and robotic solutions with a focus on predictive and preventive maintenance solutions in solar, wind and hydropwer generation.
• Swftbox – A plug & play platform that offers retailers faster deliveries (same day, next day) through its courier network and complete fulfilment services.
• Trade Capital Partners (TCP) – trade finance FinTech that offers working capital solutions for SMEs and startups in Emerging Markets.
• Valorafutbol – a Software as a Service product designed to increase reach, engagement and monetization opportunities for media, sports and entertainment stakeholders.
• Workfam – a gamified employee engagement platform

Microsoft for Startups’ current GrowthX Accelerator cohort runs from March – June 2022. For more information, visit here.

Karachi (Nut Desk) Engro Energy Limited will host Pakistan Energy Symposium at a local hotel in Karachi on 1st April 2022. Theme of this symposium is Ushering the Future of Energy.

Engro Energy Limited (EEL), in its efforts to address the opportunities and challenges for market reforms in Pakistan, is organizing this symposium with an aim to bring relevant stakeholders on a platform to deliberate on the challenges of the future.

Engro Energy’s VP Business Development, Shahab Qader, while expressing his views said ‘’This symposium is a one-of-its-kind initiative by Engro Energy Limited. As Pakistan is now ready to leapfrog towards a green energy future, the development of a competitive market will stimulate private infrastructure investments, give consumers a choice, ease pressure on electricity prices and create conditions for a fair allocation of risks. The symposium will enable deliberations on the regulatory and commercial aspects of this transition.’’

He further said ‘’in continuation of the framework approval and remarkable implementation progress on Competitive Trading Bilateral Contracts Market (CTBCM), we would like to acknowledge the market liberalization initiatives of National Electric Power Regulatory Authority (NEPRA).’’
This symposium is supported by the Government of Sindh, NEPRA, Overseas Investors Chamber of Commerce & Industry (OICCI) and Corporate Pakistan Group (CPG).

Muhammad Azfar Ahsan, Minister of State and Chairman Board of Investment; Khalid Mansoor, Special Assistant to the Prime Minister on CPEC Affairs; Tauseef H. Farooqi, Chairman NEPRA; Waqas Bin Najib, Member Energy, Ministry of Planning Development & Special Initiatives; Imtiaz Ahmed Shaikh, Provincial Minister of Sindh for Energy; Ghias Khan, President OICCI; Dr. Shamshad Akhtar, Chairperson, Pakistan Stock Exchange & Karandaaz; Muhammad Aurangzeb, Chairman Pakistan Business Council; Younus Dagha, Chairman Policy Advisory Board, Federation of Pakistan Chambers of Commerce & Industry; Shah Jahan Mirza, Managing Director Alternative Energy Development Board; Syed Moonis Abdullah Alvi, CEO K-Electric; Ahsan Zafar Syed, CEO Engro Energy Limited; Syed Asad Ali Shah, Member Policy Board SECP; and other notable corporate sector and domain experts will speak during the different sessions of this day-long symposium.

“We are strong supporters of the Middle East region’s green ambitions,” says the Huawei executive.

• Huawei is investing in the future through expansive R&D; 22.4% of its total 2021 revenue was spent on R&D Islamabad, March 30, 2022: During an exclusive Middle East roundtable to discuss Huawei’s 2021 annual results from a Middle East business perspective, Karl Song, VP of Global Communications, Huawei, highlighted how the company has been at the forefront of the ICT industry, reiterated its competitiveness across the world and commitment to supporting the Middle East digital transformation. Commenting on Huawei’s recently announced annual report, Song said, “Our total revenue in 2021 reached 99.9 billion dollars and we generated a net profit of 17.8 billion dollars with a net margin of 17.9%. Huawei recorded an increase of 75.9% year-on-year in terms of net profit, and overall, we wrapped up the year in a solid financial position.”

“The harder things get, the more we are investing in the future. In 2021, we increased our R&D investment to 22.4 billion dollars, representing 22.4% of our total revenue. Both our R&D expenses and R&D expense ratio reached a 10–year high in 2021, and Huawei ranked second in the 2021 EU Industrial R&D Investment Scoreboard. Our total R&D investment over the past decade is more than 132.5 billion dollars,” added Song. Song further reiterated Huawei’s intention to continue investing heavily in R&D to strengthen its innovation in systems engineering and drive fundamental changes in three areas: fundamental theories, architecture, and software.

The company reported steady performance in its ICT infrastructure business while new business segments like digital power, which is of special importance to the Middle East markets and cloud grew rapidly and its ecosystem development efforts have entered the fast lane. “In the Middle East, Huawei continued to play a pivotal role in the development of the region’s ICT industry, enabling digital and intelligent transformation accelerated across industries. Innovations in 5G, cloud, AI and other fields are pushing the digital economy into a new phase of development,” said Song.

“The Middle East is ahead of many other regions when it comes to adoption of advanced technologies. Because of the fast roll-out of 5G, for example, some countries in the region serve as a real proof point of how technology can help to advance the development of all industries, especially when integrated with technologies such as cloud and AI,” he added. Globally, Huawei collaborated with carriers and partners to sign more than 3,000 commercial contracts for industrial 5G applications. In 2021, 5G saw large-scale commercial deployment in many industries, including manufacturing, mining, steel, port, chemical, cement, power grid, and healthcare. Huawei’s 5G solutions for industries have been replicated at scale across eight typical application scenarios, including remote equipment control, data collection, and product quality inspection. “5G remains a crucial enabler of digital transformation across the Middle East.

Huawei enabled the first wave of 5G deployment in many countries across the region. Moving forward, we remain committed to contributing to the Middle East countries’ technology ambition, especially in light of the mega-events such as the FIFA World Cup Qatar 2022 and help create unparalleled value and experiences for the users,” he stated. Song also highlighted the trend for green development, which has become a globally recognized mission, specifically vital to the Middle East’s sustainable future in-line with the carbon neutrality targets many countries in the Middle East have already set.

As a leader in the global ICT industry, Huawei has been developing innovative green technologies that make ICT products more energy efficient. Using its simplified site solution, renewable energy, and intelligent technologies, Huawei helped carriers in more than 100 countries deploy green sites. “We are strong supporters of the Middle East region’s green ambitions and the strategies of countries like the UAE, Saudi Arabia, and others to move towards carbon neutrality. Many of our partners across the technology landscape also desire to participate in climate change action.

This movement involves innovating green, low-carbon networks and data centers while promoting clean energy development. We are doing this today through Huawei Digital Power, including many strategic projects in the Middle East,” said Song during the roundtable. Huawei Digital Power looks at five areas of business globally: Smart PV, data center facilities, mPower for electric vehicles, site power, and integrated energy solutions.

The IPG Group Pakistan launched Roshan Digital Account drive in GCC
to promote new investment opportunities in Pakistan

Lahore (Muhammad Yasir) The IPG Group Pakistan, a leading sports marketing and international events company and a renowned name in remittance initiative events is facilitating the launch of Roshan Digital Account (RDA) drive for overseas Pakistanis to promote new investment opportunities in Pakistan in collaboration with renowned banks on an international platform. Recently, in partnership with Bank AL Habib, The IPG Group Pakistan conducted an event that was held in Muscat, Sultanate of Oman and leading Pakistani Banks HBL & MCB Bank (in partnership with the Pakistani Consulate Riyadh, KSA). The IPG Group Pakistan also successfully launched HBL & MCB Bank’s ‘Roshan Raho’ RDA campaign at the Pakistani Consulate’s March 23^rd Pakistan Day event. Both the events were well received by higher officials, key dignitaries and the professional Pakistani community of Muscat as well as in Riyadh.

The intent of the international drive is to promote the initiative that is taken by State Bank of Pakistan (SBP) in collaboration with Pakistan’s top most banks to ensure that overseas Pakistanis are informed and supported in investment opportunities and innovative digital banking systems.

Jawad Ghulam Rasool, CEO, The IPG Group Pakistan, while sharing his views said, “We understand the importance of the RDA message and information disbursement. We look forward to conducting Roshan Digital Account Road Shows throughout the Middle East, Europe and North America and contribute to the progression of Pakistan.”

The IPG Group Pakistan is confident that the success of this RDA drive has not only been a great source of information on investment opportunities and on the benefits of Roshan Digital Account, but will also soon be evident in the overseas investment sector. During the events, guests were briefed on investment opportunities in Pakistan and the importance of Roshan Digital Accounts, particularly with respect to the economic contributions of the Pakistani diaspora to the progress and prosperity of their homeland. Participants also apprised the IPG Group Pakistan and all the associated banks for ‘Roshan Raho’ drive to propagate further awareness of the Roshan Digital Account and its associated services.

The IPG Group Pakistan is gearing up to facilitate top banks from Pakistan with the RDA drive in key geographical locations.

The event was a culmination of key notes from high profile bank officials on the investment opportunities, along with details of the RDA initiative, the registration process and the RDA associated product suite.

 

 

Lahore (Muhammad Yasir) Bechlo.pk has won the first national Sustainable Development Goals (SDG) Bootcamp conducted jointly by United Nations Development Programme (UNDP) and Jazz. Ten startups, which had earlier won the provincial and thematic bootcamps, participated in the national competition held today in Islamabad.    

The winning startup, Bechlo.pk, is a fully integrated online multi-vendor store that provides women with a platform to sell new and pre-loved items from the comfort of their homes. The startup will now be provided with an opportunity to join Youth Co:Lab: the largest youth Social Entrepreneurship movement in Asia and the Pacific along with access to mentorship opportunities and exclusive digital giveaways by Jazz. 

Ms. Laura Sheridan, Programme Manager of UNDP’s Youth Empowerment Programme, said at the occasion, “UNDP believes that by developing young people’s 21st century skills, and by catalysing and sustaining youth-led startups and social enterprises here in Pakistan, we can jointly position young people front and center to solve the country’s most pressing challenges. Together with Jazz, we have provided entrepreneurial skills and supported our participants to develop business plans for sustainability and scalability of their social enterprises.”

Syed Ali Naseer, Chief Business Officer at Jazz, said, “Pakistan’s increasingly tech savvy youth demographic of over 60%, can be a massive driver for growth. This is a tremendous asset for the country towards achieving its socio-economic goals. Jazz is delivering on its promise of empowering youth through technology, knowledge, skillset, and capital. Our partnership with UNDP is a validation of our commitment to strengthening Pakistan through partnerships and I hope these boot camps inspire other social entrepreneurs to take a chance on turning their ideas into successful businesses.”

These bootcamps are a part of the agreement inked between UNDP and Jazz in December 2020 with an aim to promote promising social ventures that are addressing the country’s developmental challenges. So far, these bootcamps have trained, mentored, and educated 201 nationwide social enterprises, including 159 female participants. The program comprises overall 20 bootcamps nationwide by December 2022 targeting close to 800 youngsters and 50 percent women participation.

State Bank grants Careem Pay IPA for EMI license

• State Bank of Pakistan (SBP) has granted Careem Pay with In Principle Approval (IPA) for an Electronic Money Institution (EMI) license in Pakistan.
• The license will enable Careem Pay to offer e-wallet and payment services to its 9+ million Customers, 800,000 Captains and 3000+ merchants in Pakistan.
• Careem has launched Careem Pay, its fintech affiliate, in Pakistan as an independent entity which will be led by Noman Khursid as its General Manager.
• Careem Pay plans to invest $50 million to leapfrog the fintech ecosystem in Pakistan.

Karachi (Muhammad Yasir)  State Bank of Pakistan (SBP) has granted Careem Pay with an In-Principle-Approval (IPA) for an Electronic Money Institution license (EMI). Careem has launched Careem Pay, its fintech affiliate, in Pakistan as an independent entity which plans to invest $50 million to leapfrog the fintech ecosystem in Pakistan. It will be led by  Noman Khurshid  as its General Manager.

This paves the way for Careem Pay to bring convenient and accessible financial services to 9+ million Customers, 800,000 Captains and 3000+ merchants both on and beyond the Careem App, subject to SBP final approval.

Once Careem Pay achieves operational readiness from SBP, it will offer services ranging from bill payments including utilities, government and education fees, peer-to-peer (P2P) transfer and wallet cash-outs. In subsequent phases and subject to approvals from SBP, Careem Pay aims to provide cards, inward international remittance services as well as services that will enable Customers and merchants to make and accept online or offline payments.

This adds to the existing services available through Careem Pay which supports payment across all Careem services including ride-hailing and food delivery, as well as P2P credit transfer and mobile top-ups within the app.

Mudassir Sheikha, CEO and Co-founder of Careem said, “Careem Pay aims to simplify and improve lives by making everyday payments easier and more accessible for our Customers, Captains and merchants. We are thankful to the SBP for trusting us with an IPA for the EMI license which gives us an immense opportunity to empower people by delivering innovative payment experiences. With approximately 30%^[1] of the total population and 18%^[2] of women banked in Pakistan, we see this as an enormous opportunity to leapfrog cash payments into digital transactions. Chalo ‘Careem Pay’!”

Noman Kurshid, GM Pakistan, Careem Pay added, “Careem is uniquely positioned to tap into the digital financial opportunity in Pakistan. With a massive Customer, Captain and merchant base across the country, conducting high frequency transactions on our platform, we understand the pain points and are well placed to deliver solutions to address them. We are excited to play our role in the digitization of Pakistan’s financial ecosystem and enhancing financial inclusion.”

Pakistan is bracing itself for a fintech revolution as the fifth most populous country in the world. Safe digital payment providers will be crucial to reducing Pakistan’s high levels of cash circulation which amounts to PKR 7 trillion^[3]* and 85% cash-on-delivery via e-commerce. With the significant growth in smartphone penetration in Pakistan, Careem Pay will enable Customers, Captains and merchants to access more simplified and convenient payment services.

 

Lahore (Muhammad Yasir) Descon is one of the largest conglomerates in Pakistan’s key sectors including Construction, Power-generation, and Chemicals. In its continuing endeavor to spur economic growth in Pakistan, Descon has signed an investment agreement to acquire shareholding in two dynamic enterprises – ‘Vital Agri Nutrient’ (VAN) and ‘Vital Green’ (VG), as part of its strategy to diversify into the Agricultural sector, which is undoubtedly the backbone of Pakistan’s economy.

Both the companies will benefit from this strategic alignment with an enterprising entity, utilizing the resources and expertise at Descon’s disposal to achieve the next phase of their growth. Descon seeks to support these two companies and other such businesses in building technology and infrastructure to organize, empower and enhance the quality of lives of millions of Agri value chain participants in Pakistan. In the initial phase, Descon will support VAN and VG in unlocking their growth potential, while synchronizing the supply-chain for value-addition.

Descon Vice-Chairman, Faisal Dawood expressed his pleasure on this alliance, stating, “These strategic investments validate the impact that Vital Agri Nutrient and Vital Green have had so far in agriculture and Descon will assist them in enhancing their impact by providing the required strategic, financial and governance support. We have ventured into this space to disrupt outdated farming methods and redundant practices in agriculture value chains, and aspire to create economic opportunities for all those involved in this sector. We look forward to investing in similar ventures to further our agri vision.”  

Agriculture is the single largest sector in Pakistan, but unfortunately, over the past many years, it has received inadequate developmental support, leaving it with near stagnant productivity. Descon’s venture into this area will enhance access of farmer communities to updated knowledge, innovative technologies, trainings, expert advice and financial resources, while positively impacting the larger community through effective partnerships leading to food-security and improved livelihoods.

VAN and VG CEO, Ahmed Umair said, “We aspire to improve the quality of life for millions of farmers to responsibly feed the world and protect the planet.  In partnership with Descon we are creating synergies and we will together grow knowledge to fulfill our vision of an inclusive and collaborative society without hunger and the planet being treated in sustainable manners. We find Descon aligned with our values and vision for the future of the agricultural sector.  With continuous research and development, we are catering to the diverse needs of the agriculturists, achieving higher yields and enhancing the quantity and quality of food and nutrition available to the nation. We look forward to Descon’s stewardship to become an international company within a decade.

Food security, limited farmland and depleting soil resources are the challenges that drive us.”

‘VAN’ is a leading manufacturer of specialty-fertilizers, soil-amendments and bio-fertilizers and has been in the business for 12 years, achieving one of the largest production-capacity for water-soluble fertilizers in Pakistan. It works closely with its farmers and corporate customers to deliver value added innovative solutions VAN has also developed customized, crop specific and area specific, crop nutrition plans, with reduced environmental impact.

‘VG’ provides access to credit, quality-Inputs, actionable knowledge, digital tools and market outreach for farmers. It has one of the largest company-operated networks of service-centers all over Pakistan. The company is already working with thousands of farmers and have a structured approach of collaboration with digital, financial, value chain partners. VG serve across more than a dozen value-chains, including sugarcane, rice, wheat, maize, banana, chili and tomatoes.

 

Ericsson Time-Critical Communication recognized by GTI as “Innovative Breakthrough in Mobile Technology”

Lahore (Nut Desk) Ericsson Time-Critical Communication was recognized at the recently concluded MWC 2022 event in Barcelona. The company is a recipient of the GTI Award 2022 for “Innovative Breakthrough in Mobile Technology” as well as the Outstanding Award for significant contribution to the industry.

Launched in October 2021, Time-Critical Communication is an end-to-end software toolbox for 5G networks that delivers the consistent low latency and high reliability demanded by time-critical applications and services for consumers, enterprises, and public sector. For instance, it strives to enable lag-free games, immersive AR and VR sport events experience, seamless remote control in factories, and increased road safety.

The toolbox combines 3GPP-specified ultra-reliable, low latency communication (URLLC) standard with Ericsson innovations to mitigate major causes of latency, unlocking a wide range of latency-sensitive use cases in real-time media, remote control, mobility automation, and industrial control.

Marie Hogan, Head of Mobile Broadband Voice and New Business at Ericsson Networks, says: “It is heartening to see our effort to enable the benefits of 5G acknowledged by the industry. We will continue to work closely with our ecosystem partners to bring more time-critical use cases to life.”

Ericsson has been piloting 5G for time-critical use cases since 2017 with customers and industry partners in extensive proof of concept (PoC) demos and trials ranging from jet engine production, factory automation safety to driverless minibuses.   

Ericsson, together with a European communications service provider and other ecosystem partners, also recently showed at MWC 2022 the potential benefits of Time-Critical Communication for AR streaming applications with enhanced quality of experience.

 

Karachi (Muhammad Yasir) The Overseas Investors Chamber of Commerce and Industry (OICCI) has submitted comprehensive Taxation Proposals for the upcoming Fiscal Budget 2022-23 highlighting various measures to facilitate business and FDI, promote the ease of doing business and documentation of the economy beside broadening the tax base and enhancing the revenue collection to match the economic potential of the country.

Commenting on the Taxation proposals, Ghias Khan, OICCI President, highlighted that “Tax policies should be predictable, transparent, and consistent. The policies should be implemented for longer term to attract large investment in industrial and infra-structure projects including from foreign investors”. Considering the economic challenges facing the country post COVID and international cost pressure, the OICCI has not asked for any reduction in corporate tax rate and has emphasized that no new taxes should be levied during the year except removing harsh anomalies and doing away from some of the measures introduced through the supplementary budgetary measures earlier in the year.

Besides general tax measures, the chamber has also recommended industry specific taxation proposals to promote manufacturing and optimize revenue collection in the country. The chamber has highlighted, as an example, that revenue collection can be increased by as much as Rs 70 billion by strict monitoring of massive tax evasion in the tobacco sector.

OICCI has strongly recommended that the Minimum Tax regime should be rationalized and immediately reduced to 0.25% for businesses dealing in sectors with high turnover and low margins, (eg. Oil Marketing/ Refineries/ LNG Terminal Operators, large chemical companies, authorized dealers of local vehicle manufacturers, distributors, and traders, including large trading houses). The OICCI members have asked for rationalising the complex withholding tax regime from 26 to 5 rates only which negatively impacts Ease Of Doing Business of all compliant tax payer especially in the manufacturing and services sectors.

OICCI has recommended enhanced   use of technology and data mining by leveraging substantial information already made available to FBR in relation to registered/unregistered businesses. FBR should use such available information for broadening tax net, instead of penalizing tax compliant sector by disallowing their legitimate expenses and input Sales tax through measures like those covered u/s 21(q) of Income Tax Ordinance, 23(1) and 8(1)(h) & (J) of Sales Tax Act,

OICCI has emphasized on doing away with undue recurring audit/ examinations/ reviews and recovery proceedings. OICCI members in a recent survey have also shown concern on delayed tax refunds which, it has recommended, be settled withing 45 days and inter-adjustment of income/sales tax refunds be allowed in the law.

The chamber has again recommended Intercorporate Dividends (ICD) in Eligible Group Structures shall be reinstated [section 59B], in line with established global practice of protecting intercorporate dividends from multiple taxation, restoration of proviso regarding incorrect provision of CNIC details by purchaser and to increase the limit of cost of vehicle for the purpose of depreciation to Rs. 5 million.

OICCI members believe in the potential of Pakistan which can be harnessed with positive and regular engagement of relevant authorities and private sector. There is need to continuously improve and align policies and practices in Pakistan with the best in the region, to be able to attract sizeable FDI in the manufacturing, IT and services export  and other job creating sectors.

OICCI is the collective voice of over 200 members, representing all the largest foreign investors in Pakistan, coming from 35 different countries and operating in 14 different sectors of trade and industry. 30 percent OICCI member companies are listed on the Pakistan Stock Exchange and 50 Members are associates of the 2020 Global Fortune 500 companies. OICCI members contribute, annually, over one third of the revenue collections in the country by the federal and provincial revenue authorities and invest over US$ 18.5 billion in new capital expenditure, since 2012. OICCI members invested PKR 11 billion in various CSR initiatives, benefiting over 34 million underprivileged sections of society.