Category: Business

Lahore (Muhammad Yasir)

AIKO, a global leader in photovoltaic technology, is expanding into Pakistan with the introduction of its top-efficiency N-Type ABC Modules. This move highlights AIKO’s dedication to providing cutting-edge, sustainable energy solutions to growing markets.

The launch event, held at a local hotel in Lahore on Friday 09th August and honoured by the presence of Ch. Shafay Hussain, the esteemed Minister of Industries, along with prominent government officials, leading importers, distributors, and key EPC companies, highlighted the strong interest and support from Pakistan’s renewable energy sector.

“AIKO’s launch of high-efficiency solar modules represents a significant advancement for our renewable energy sector,” said Ch. Shafay Hussain, Chief Guest and Minister for Industries, Commerce, Investment & Skills Development Department, Government of Punjab. “These innovative modules will be crucial in helping Pakistan achieve its renewable energy goals and enhance our energy infrastructure. Their introduction will also foster greater investment and development in the sector, benefiting our economy and environment while addressing our energy needs.”

Shanghai Aiko Solar New Energy Co., Ltd., known as AIKO, has been a leader in solar technology for over 15 years, providing high-efficiency solar cells, N-Type ABC modules, and integrated energy solutions worldwide. AIKO’s N-Type ABC Modules, boasting a world-record efficiency of 24.2%, are designed without front grid lines to maximize light absorption and power output. These modules also feature advanced partial shading optimization, resistance to dust accumulation, and improved temperature coefficients, making them well-suited for Pakistan’s environmental conditions.

“We are excited to introduce our top-efficiency N-Type ABC Modules to Pakistan,” said Mr. Alex, President of the APAC Region at AIKO. “Our advanced technology and innovative PV modules are engineered to offer exceptional performance and reliability, marking a significant advancement in Pakistan’s renewable energy landscape.”

AIKO’s entry into Pakistan aims to transform the solar energy sector and support the country’s renewable energy goals. The introduction of high-performance modules is expected to offer enhanced returns on investment for residential, commercial, and industrial applications, setting new benchmarks for reliability and performance. With over 3.2 billion RMB (approximately 444 million USD) invested in R&D over the past three years, AIKO has established three major R&D centres worldwide and secured more than 1,000 patents, fueling continuous technological advancements.

AIKO’s technological leadership is illuminated by several prestigious awards, including the “2023 Germany Red Dot Award” and the “Intersolar AWARD 2023 for Innovation in Solar Technology.” AIKO’s N-Type ABC modules are celebrated globally for their efficiency and aesthetic design. Committed to its mission to “Redefine Solar for a Carbon-Free Society,” AIKO strives to achieve peak photoelectric conversion efficiency and drive the transition to a zero-carbon future through ongoing innovation and customer-focused solutions.

The drill marked the launch of Mastercard’s new cybersecurity service in the country.

Pakistan (Muhammad Yasir)  Meezan Bank, Pakistan’s Premier Islamic bank, has become the first bank in Pakistan to host a Mastercard-led cyber security workshop, representing a significant advancement in cybersecurity preparedness for the country’s banking sector. The workshop marked the launch of Mastercard’s new cybersecurity service in Pakistan, which enables banks and other financial institutions to strengthen their resilience to cyber-attacks through real-world-scenario cyber simulations.

Run by Mastercard Advisors, the experience enables customers to practice and rehearse responses to complex cyberattack scenarios, developed by Mastercard’s cybersecurity experts based on the local and global cyberthreat landscape and security case studies.

Mastercard’s custom-built cybersecurity exercise for Meezan bank drew participation of Mr. Irfan Siddiqui – Founding President & CEO of Meezan Bank, senior members of the Bank’s management and its technical leaders. Mr. Irfan expressed his appreciation for the workshop, providing positive feedback on its impact and value.

“As the digital economy grows, it is important to enhance and optimize measures on cyber-security. In this complex digital landscape, Mastercard proactively works to build resilience and trust in the digital ecosystem. We are delighted to bring our global expertise to the Pakistani market with this groundbreaking initiative in partnership with Meezan Bank. Our joint exercise underscores the importance of preparedness and collaboration in mitigating cyber risks,” said Arslan Khan, Country Manager, Pakistan, Mastercard.  

 “At Meezan Bank, we are committed to safeguarding our customers’ financial assets and data from cyberthreats. The crisis simulation exercise conducted by Mastercard – the first-of-its-kind in the country, has been invaluable in enhancing our crisis response capabilities, and will help strengthen our reputation as a secure banking partner to Pakistan’s consumers and businesses,” said Syed Fahd Azam – Chief Information Security Officer, Meezan Bank.

According to Cybersecurity Ventures, cybercrime is predicted to cost the world $9.5 trillion this year, making it the equivalent of the third-largest economy globally. The Middle East and Africa is a highly targeted region, with Pakistan one of the most frequently targeted countries. Cybercriminals are homing in on organizations in the public, technology, and financial services sectors, using malicious techniques such as malware, ransomware and phishing.

Lahore (Muhammad Yasir)

In a landmark move to transform the region’s educational landscape, the Central Business District Punjab (CBD Punjab) has signed a Memorandum of Understanding (MoU) with the Punjab Higher Education Commission (PHEC). This pivotal agreement signifies a major advancement toward establishing university campuses within the jurisdiction of CBD Punjab, with a particular focus on NSIT City. The MoU was signed by the Chief Operating Officer (COO) of CBD Punjab, Brigadier (R) Mansoor Ahmed Janjua, Chairman Board of CBD Punjab Barrister Syed Azfar Ali Nasir, and Chairman of PHEC, Professor Dr. Shahid Munir. Director of Business Development CBD Punjab, Ali Waqar Shah, along with other senior officials of the authority, were also present at the occasion. Under the terms of the MoU, PHEC will collaborate with CBD Punjab to provide essential guidance for setting up a university or university campus. The commission will ensure that the academic standards of the institution are maintained in accordance with both national and international benchmarks, offering necessary oversight and support. The primary aim of this initiative is to establish a high-quality foreign university campus, which will enhance educational opportunities and foster a culture of research, innovation, and development within CBD Punjab. This venture is expected to contribute significantly to the socio-economic development of the region, creating a hub for academic excellence and intellectual growth. Speaking on the occasion COO of CBD Punjab, Brigadier (R) Mansoor Ahmed Janjua, said, “This partnership with PHEC is a testament to our commitment to transforming Punjab into a global educational powerhouse. By establishing a world-class university campus, we aim to provide our youth with access to top-notch educational resources and opportunities, ultimately contributing to the socio-economic uplift of the region.” Professor Dr. Shahid Munir, Chairman of PHEC, echoed this sentiment, saying, “Our collaboration with CBD Punjab is a crucial step towards achieving our goal of promoting higher education in the province. We are dedicated to ensuring that the academic standards of the proposed university campus meet the highest national and international benchmarks. This initiative will not only enhance educational opportunities but also foster innovation and research that will drive the socio-economic development of Punjab.” The MoU also highlights the commitment of both parties to explore further opportunities for developing world-class educational institutions in Punjab. Through this strategic partnership, CBD Punjab and PHEC aim to create an environment conducive to learning, research, and innovation, thereby positioning Punjab as a leader in higher education.

Karachi (Muhammad Yasir) 

The Overseas Investors Chamber of Commerce and Industry (OICCI), the representative body for the top 210 foreign investors in Pakistan, revealed substantial contributions by its members to Pakistan’s economy in its 2023 annual economic contribution survey.

Over the past 10 years, from 2013 to 2023, Pakistan received a net Foreign Direct Investment (FDI) of $19.8 billion.

During the same period, OICCI members contributed $22.6 billion, showcasing a significant commitment to the country’s economic development. This robust investment underscores the confidence foreign investors have in Pakistan’s long-term potential.

In 2023, the 139 OICCI member companies reported assets amounting to Rs29.6 trillion, capital expenditure of Rs482 billion, government levies of Rs2.4 trillion, and gross revenue of Rs10.4 trillion.

Despite the challenges faced by the country, OICCI members have shown more confidence than other foreign investors over the last decade, as reflected in the investment figures and economic contributions.

Highlighting members’ confidence in the Pakistan economy, OICCI President Rehan Shaikh said, “as Pakistan navigates its economic challenges, the sustained confidence and investment by OICCI members provide a solid foundation for future growth and development.”

Among the OICCI members, 51 are listed companies that have demonstrated remarkable growth in their financial performance. From 2019 to 2023, the Compound Annual Growth Rate (CAGR) of profit before tax surged to 30.2% compared to a CAGR of 18.9% between 2018 and 2022. In 2023, these companies reported a cumulative profit before tax of Rs1,130 billion and a turnover of Rs6,747 billion.

The sector-wise turnover for 2023 highlights the diverse contributions of various industries to Pakistan’s economy with the Oil, Gas & Energy recording Rs4,857 billion and Banking, Insurance, Finance & Leasing Rs1,555 billion.

Commenting on the survey findings, OICCI CE/Secretary General M Abdul Aleem said, “The significant contributions of OICCI members underscore the pivotal role of foreign investment in bolstering Pakistan’s economy.” He added, “The diverse sectoral contributions reflect a broad-based economic engagement, with key sectors such as oil and gas, banking, and consumer products leading the way.”

Besides the monetary contribution, OICCI members also play a leading role in the transfer of technology, digital transformation, introducing latest inventions and sharing of best practices in the field of manufacturing operation, supply chain and marketing of internationally renowned brands. By investing Rs13 billion in 2022-2023 in Pakistan’s communities through its Corporate Social Responsibility (CSR) activities, the members have positively impacted 40 million individuals across the country.

Karachi (Muhammad Yasir)

Director General Karachi Development Authority (KDA) Syed
Shujaat Hussain said that a new industrial zone will be established in
the Surjani area after more than 30 years in Karachi.

Speaking as a chief guest at the Federal B Area Association of Trade
and Industries (FBATI), he said that the industrial zones will
accommodate new industrial units in state-of-the-art structures,
providing essential infrastructure and utilities to industries to
cater to Small and Medium Enterprises (SMEs). The planned industrial
zone will be called the Surjani industrial zone, which will generate
economic activities and jobs for the residents of Karachi.

DG KDA added that the Surjani industrial zone will be developed within
the next three years that will also develop the adjacent residential
societies. More than 500 plots, ranging from 500 to 2,000 acres, will
be available through a private developer to set up industrial units,
he added.

President Federal B Area Association of Trade and Industries (FBATI)
Syed Raza Hussain highlighted the issues and challenges facing
industries and industrial zones in Karachi due to dilapidated
infrastructure and rampant.

He said that major roads and intersections of industrial zones should
be developed to maintain the smooth flow of cargo and passenger
traffic. On the other hand, authorities should also remove
encroachments within the industrial zones and road sides on an
immediate basis.

He pointed out that the lack of facilities, including water
availability, is hurting economic activities in Karachi and causing
industrial units to relocate from Karachi to different cities in
Punjab.

CEO FITE Babar Khan suggested that the KDA should appoint a focal
person to address the issues of industrialists. He added that a
one-window mechanism should be set up at the KDA for immediate
resolutions of issues.

Lahore (Nut Desk)

Engineer Zahoor Sarwar (PhD) Member Governing Body Pakistan Engineering Council has exposed sleazy venture of engineers’ sale/purchase by PEC Mafia in a press conference held at Lahore press club on other day. He explained that Pakistan Engineering Council (PEC) is a statuary body formed by passing an act through parliament of Pakistan in 1976. PEC main functions include, to regulate the complete engineering profession, act as a think tank for Government of Pakistan, give solution for engineering problems of the country including but not limited to electricity generation and distribution, gas, water supplies and all engineering construction projects’ monitoring and evaluation as per PEC Acts & Bylaws 1976. The only known role of PEC for general public, is looking after engineering related education in Pakistan. Unfortunately, PEC has been hijacked by a Mafia whose actual priorities are to look after their business and own personal interests, he explained. He pointed out Policies which have been made to augment this business. These policies have given birth to a new kind of grimy business of sale and purchase of engineers’ license. Any contractor, consultant or company which desires to do business with any Government entity related to engineering profession has to get itself registered with PEC. Annual fee of renewal of this registration is around 4 to 5 hundred thousand rupees, depending on the category. More than one hundred thousand companies have been registered with PEC to date. Main aspect of this renewal as per acts and bylaws of PEC is that each company must hire specific number of engineers in order to get registration or annual renewal. This compulsion was incorporated by our forefathers to ensure growth of engineering profession and quality of engineering projects in Pakistan. But now this mafia has twisted this aspect in their own favour. Few PEC officials and Governing Body members have become part of this group which instead of hiring engineers on monthly salary basis, simply buy the engineers’ license on annual basis. Current rate of civil engineers’ license is Rs one lac/annum and for electrical and poor mechanical engineers like me have got the rate of 25 thousand rupees per annum. Just imagine, two thousand rupees per month is the worth of an engineer in Pakistan. A country where a labour gets two thousand rs daily, worth of an engineer who have studies 16 years in the education system, and his/her parents have spent Millions on their education gets this reward. These engineers have spent 4 years in PEC accredited universities and their parents have spent a lot on them. Instead of given them proper jobs for their own and countries’ growth, this PEC mafia while getting support from inside have started this grubby business. Cases have been brought in front of FIA where even non engineers have been shown as engineers and companies were registered by PEC but this Mafia is so strong that those cases have been hidden from public and are still without any final verdict and decisions. PEC management is not only in knowledge of these activities but they have made new policies to support this Sale Purchase business of engineers. In one of the inhuman policy which has been implemented 4 years ago and is still in practice, engineer once getting attached with a firm (by selling his license) cannot get deregistered from that firm for whole one year and he/she cannot join any new job for this complete year. This policy is against BASIC HUMAN RIGHTS. Even in the era of slaves it was allowed to a slave that once a new owner buys them they were allowed to go with the new master. BUT not in Pakistan, engineers are not allowed to get deregistered for complete one years from PEC registered company. I met with one of these Mafia heads and requested him that you take votes from engineers even then you support this business and his reply was “we are card buyers once we can buy an engineers’ license in 25 thousand per annum why to hire them on monthly salary of 25 to 30 thousand per month? I met the BIG BOSS of this mafia and placed the same question to his highness, as he also is main contestant of PEC engineers’ elections and his reply was “my company got a very small share of the business I cannot afford monthly salary of engineers”. I also proposed that instead of buying cards on annual basis why don’t you get the policy where you hire engineers on project basis with monthly salary, this can be a win win situation for both, but all my efforts were fruitless. He made an appeal to the Government officials to intervene and stop this sale purchase business forthwith. His second appeal was to engineers, to please stop selling their respect and license to this mafia only then they will be forced to hire engineers on monthly basis and more jobs will be created for the engineering profession. 

Pakistan (Muhammad Yasir)

Telenor Microfinance Bank (TMB), operator of Pakistan’s leading digital financial services platform, easypaisa has been awarded the prestigious ICAP Digital Technology Awards in the category of ‘Use of Technology in Internal Audit’ for its groundbreaking digital audit application, DARE (Disrupting Audit Realms, by Embracing the Digital Opportunity). The event was graced by Zohaib Khan, Chairman, PASHA, Humayun Bashir, Chairman, E.ocean, and ICAP Council Member, Khalid Rehman. Zohaib Khan, Chairman PASHA, presented the award to Junaid Yusuf Kara, Chief Audit Officer at TMB, in a grand ceremony in Karachi. DARE is an industry-first initiative and one of a kind in the audit realm. It’s a testament to TMB’s commitment to innovation and excellence in internal audit processes. Leveraging the advanced capabilities of Power BI, Python, and Generative AI, DARE revolutionizes audit methodologies and reduces the audit lifecycle, enabling near real-time monitoring of the bank’s control environment. This transformative application provides predictions and insights that enhance shareholder decision-making. DARE offers a suite of advanced features, including dynamic and interactive dashboards powered by Power BI, predictive analytics using Python to identify potential risks and opportunities, and an AI-driven chatbot utilizing generative AI to deliver intelligent narratives and deep insights for stakeholders. Accessible on both desktop and mobile platforms, DARE is designed to provide comprehensive and actionable insights through user-friendly interfaces. The application supports TMB’s goal of evolving into a data-driven, trusted, and innovative function that not only provides assurance and advice but also offers foresight for critical decision-making. This marks a significant shift from a traditional detective role to a predictive landscape in internal auditing. Commenting on the achievement, Junaid Yusuf Kara, Chief Audit Officer, TMB, expressed his gratitude by saying “We are honored and grateful for this recognition of our aspiration and journey towards becoming a dynamic, versatile, and data-driven audit function. This award excites us to continue our pursuit to be the change maker of the audit discipline from a detective to a predictive function by leveraging on the disruptive power of technology. This award gives us yet another opportunity to celebrate our change journey which brings with it more opportunities to nurture and grow next gen audit talent and skillset. DARE is more than just a in-house developed tool that uses AI and data analytics, but a passion project of TMB IA supported by Board Audit Committee and management team without which it would not have been possible. A big shout out to the DARE”ing” project team who are the true giants on whose shoulders we stand. I would like to congratulate ICAP for holding the Digital Technology Awards as it serves as a core platform for entire industry to demonstrate automation done in their respective fields. I hope to see this tradition continue and encourage all to participate and share achievements for collective benefit of all and the Internal Audit profession.” The success of DARE highlights TMB’s leadership in adopting cutting-edge technologies to enhance the effectiveness and efficiency of audit processes. This award reinforces TMB’s position as a pioneer in the digital transformation of internal audit functions. TMB is dedicated to providing high-quality assurance, advice, and foresight. By embracing digital opportunities, the department aims to transform traditional audit practices and offer valuable insights that support strategic decision-making.   Press Contact Yamna Khan Executive Corporate Communications Manager, Telenor Microfinance Bank Email: press.center@telenorbank.pk   About easypaisa / Telenor Microfinance Bank Limited easypaisa, powered by Telenor Microfinance Bank is at the forefront of revolutionizing fintech in Pakistan by delivering innovative, cutting-edge technology solutions. We began our journey in 2005 by establishing a national footprint, with the launch of micro-lending programs. In 2009 we created history by launching the country’s first mobile banking service that has evolved to become the most used digital payments platform. Backed by the largest fintech in the world, Ant Group (affiliate company of Alibaba Group), and the leading multinational organization across Scandinavia and Asia, Telenor Group, we aim to promote financial inclusion by empowering all Pakistanis to adapt convenient and secure digital financial solutions.

|OUR VISION | Creating a transparent economy that all Pakistanis can participate in |OUR MISSION |Transform Pakistan into a cashless and financially inclusive society by creating value through the power of collaboration and technology.

Lahore (Muhammad Yasir)

Central Business District Punjab (CBD Punjab) has achieved a significant achievement in the ongoing Walton Road Upgradation Project with the successful diversion of the old ADA Nullah into the newly constructed ADA Nullah and the operational readiness of the disposal station. This milestone marks a crucial step in resolving longstanding sewerage challenges along Walton Road. The ADA Nullah has been a primary cause of sewerage problems in the Walton Road area. With meticulous planning and execution, CBD Punjab has effectively addressed this issue, laying the groundwork for a modern sewerage system capable of serving up to 1 million residents in the vicinity. Key stakeholders including CBD Punjab’s CEO, Imran Amin, COO Brigadier (R) Mansoor Janjua, and senior PML-N leader Khawaja Saad Rafique, alongside Executive Director Technical Riaz Hussain, Director Project Management Asif Iqbal, Director Construction Asif Babar, and other esteemed members of PML-N and officials from NLC Walton Cantonment Board and NESPAK, gathered to commemorate this achievement. During the visit to the under-construction Walton Road, CEO Imran Amin and Khawaja Saad Rafique reviewed the project’s progress firsthand. CEO CBD Punjab Imran Amin, emphasized the significance of overcoming the ADA Nullah hurdle, stating, “With dedication to public service, we have overcome a major obstacle and delivered an advanced sewerage solution to Walton Road.” Khawaja Saad Rafique commended CBD Punjab for its efforts, acknowledging the project’s positive impact on the community. Executive Director Technical CBD Punjab Riaz Hussain,provided a comprehensive briefing on the functionality of the newly implemented sewerage system, highlighting its capacity to meet the area’s future needs effectively. The Walton Road Upgradation Project, with an estimated cost of Rs 9 billion, is expected to alleviate traffic congestion and address longstanding sewerage issues, further enhancing the quality of life for residents and businesses in the area.

PSDF, GIZ signs contract to Establish On-The-Job-Training Centres (OJTCs) for women, and people with disabilities in the Textile and Fashion Industry.

Lahore (Nut Desk)

Punjab Skills Development Fund (PSDF) and the German Agency for International Cooperation (GIZ) signed a contract for establishing, enhancing, and modifying On-The-Job-Training Centres (OJTCs) to create equitable employment and working conditions in the textile and fashion industry. The project aims at addressing structural challenges experienced by women and persons with disabilities (PWD), mainly in Punjab. In line with CM Punjab Maryam Nawaz Sharif vision for women empowerment and providing dignified income for person with disabilities, this collaboration strives to create and transform income and employment opportunities for women and marginalized groups. The two-year collaboration accounts for PKR 88 million investment, with an increased focus on technical and soft skills. The key training districts are Lahore, Faisalabad, Sialkot, Multan, and Karachi. The initiative will establish 13 industry-based OJTCs and 2 specialized centres for PWDs, training 4,000 trainees in total, and equipping them with the skills necessary to prosper in the competitive textile and fashion sector, including leather goods, footwear, sports goods, and gloves manufacturing. Muhammad Ubaid, Head of Project at GIZ, stated: “This has been one of its kind interventions, as we are eager to establish OJTCs for the first time in the country to empower women and create meaningful job opportunities for the growth of Pakistan’s economy.” Ahmed Khan, CEO of PSDF stated “We are thrilled to partner with GIZ on this groundbreaking initiative to establish OJTCs in the textile and fashion industry. This collaboration represents a significant step towards creating inclusive and equitable employment opportunities for women and persons with disabilities in Punjab. By focusing on both technical and soft skills, we aim to empower women and marginalized communities to drive economic growth and inclusion.” The combined efforts will not only boost employability but also mark as an important step toward achieving gender equity and opportunities for PWDs. PSDF has been a leading force in driving progress and hope for Punjab’s youth, achieving remarkable successes in skills development.