Chief of the Naval Staff Admiral Muhammad Amjad Khan Niazi NI(M) S Bt says that the force is agile in ensuring the resolute defence of the country besides ensuring maritime security and peace in the Indian Ocean. Interview by: S.A. Chaudhry Chief of the Naval Staff Admiral Muhammad Amjad Khan Niazi NI(M) S Bt The Economic Affairs was privileged for a one-on-one interview with the Pakistan Navy's Chief who shed light on its strengths, agility, and resoluteness to defend the sea frontiers and protect the maritime interests of the country. With Pakistan's geostrategic location in the Indian Ocean, at the doorstep of the Arabian Gulf, the Pakistan Navy has been playing an important role in promoting regional maritime security and g...
February 9, 2023 at 11:15 pm | Economic Affairs
Muhammad Shahbaz Jameel President/CEO Zarai Taraqiati Bank Ltd. (ZTBL) The President/CEO of the Zarai Taraqiati Bank Ltd. (ZTBL) share the mission of and vision of the bank, which is aimed at transforming the agricultural landscape in the country. The Economic Affairs: What is the significance of ZTBL compared to other organizations with reference to Diamond Jubilee Independence anniversary of Pakistan? Muhammad Shahbaz Jameel: ZTBL was established in 1961 which means we are just 14 years younger than Pakistan. This is the significance that we share with Independence Day. Agriculture is the backbone of Pakistan's economy and ZTBL is the leader in providing agriculture loan to maximum farmers in Pakistan. The Economi...
November 30, 2022 at 11:05 am | Economic Affairs
Aamir Ibrahim CEO - JAZZ The Economic Affairs had a privilege to talk to Mr. Amir Ibrahim, CEO Jazz, who shared how the company has revolutionized the telecommunication sector in Pakistan. Following is the transcript of the interview; The Economic Affairs: How has Jazz contributed to the economy of Pakistan in terms of employment, investment, and taxes? Aamir Ibrahim: In the last 27 years, Jazz has invested US$10.3 billion in Pakistan. During the first quarter of 2022 alone, PKR 14.9 billion were invested to forward our '4G for all' ambition. The money we have invested has gone into upgrading and expanding our network across the country as we move forward in our journey to accelerate Digital Pakistan ambition through a robus...
November 30, 2022 at 11:01 am | Economic Affairs
Muhammad Aurangzeb President & CEO – HBL Profile: Prior to this responsibility at HBL, Mr. Aurangzeb was the CEO for JP Morgan's Global Corporate Bank based in Asia, with a rich international banking experience of over 30 years in other senior management roles at ABN AMRO and RBS based in Amsterdam and Singapore. Mr. Aurangzeb is the only Pakistani to be invited to the exclusive membership of the Global CEO Council organized by WSJ / DowJones group. He is also the Chairman of the Pakistan Banks Association, Chairman of the Pakistan Business Council, and Council Member at the Institute of Bankers Pakistan. Mr. Aurangzeb received his BS and MBA degrees from The Wharton School (University ofennsylvania). An Overview of HB...
November 30, 2022 at 10:48 am | Economic Affairs
Waqar Malik CEO - FAUJI FOUNDATION The Economic Affairs feels honoured to talk to Mr. Waqar Malik, who sheds light on the unparalleled role of the Pakistan Army-run institutions in the social-economic development of the country. Following is the transcript of the interview; The Economic Affairs: Sir, would you like to share the success story of Fauji Foundation since it was founded in 1954, and highlight achievements of its subsidiary companies as well. Waqar Malik: Fauji Foundation (FF or “The Foundation”) is a charitable trust founded in 1954 and incorporated under The Charitable Endowment Act 1890. The raison d'etre of Foundation is “Earn to Serve”. The Foundation operates as a Hybrid Social Enterprise, where its ...
November 30, 2022 at 10:42 am | Economic Affairs
Interview by S. A. Chaudhry and Ali Hussain The Economic Affairs: The Organization of Islamic Cooperation (OIC) is the largest inter-governmental organization after the United Nations. Since its establishment in 1969, the OIC has played an important role to advocate the Islamic cause around the world. How do you assess the historic role of the Organization? Ambassador of the Kingdom of Saudi Arabia H.E. Nawaf Saeed Al Malkiy: The OIC is the second largest intergovernmental organization after the United Nations, with 57 member states and covering four continents. It is the collective voice of the Muslim world to ensure and protect their interests in the economic, social and political spheres. In addition, it has institution...
March 22, 2022 at 9:53 am | Economic Affairs
Interview by S. A. Chaudhry and Ali Hussain The Economic Affairs: The OIC is the largest intergovernmental organization after the UN. Since its establishment in 1969, the OIC has played an important role to advocate Islamic causes around the world. How do you assess this historic role of the Organization? H.E. Mustafa Yurdakul, Turkish Ambassador: The OIC was established in the aftermath of the arson of the Al-Aqsa Mosque, which is the third holy shrine of Muslims located in Al-Quds. Liberation of Palestine and Al-Quds has been the main cause of the organization. However, OIC's reason for being is not limited to this cause. Strengthening the bond of unity and solidarity among member states, uplifting Islamic values, protecting ...
March 22, 2022 at 9:44 am | Economic Affairs
Interview by S. A. Chaudhry and Ali Hussain The Economic Affairs: The OIC is the largest intergovernmental organization after the UN. Since its establishment in 1969, the OIC has played an important role to advocate Islamic cause around the world. How do you assess this historic role of the Organization? High Commissioner of Nigeria H.E. Mohammed Bello Abioye: The Organization of Islamic Cooperation is an International Organization founded in Rabat, Morocco in 1969. It consists of 57 member states, with collective population of over 1.8 billion. Today, the OIC is the second largest intergovernmental organization after the UN and the historic role of the organization has been well established in the areas of preserving Islamic, ...
March 22, 2022 at 9:39 am | Economic Affairs
The government of Japan has been very instrumental in providing aid to Pakistan, as it became one of the members of Aid to Pakistan Consortium providing financial assistance to carry out its development programs since 1961. Japan-Pakistan diplomatic and economic relations have steadily progressed since 1952. It was the year when the two formally established diplomatic relations in the backdrop of the World War-2, as Pakistan got independence in 1947 and Japan had suffered a major setback of its economic downturn. But the history of such relations dates back to pre-partition days when the first ever Trading Company from Japan started its business activities in 1918 and first Japan bank opened its branch in 1925 in Karachi. The...
February 23, 2022 at 10:00 am | Economic Affairs
I have the honor to extend my heartiest felicitations on His Majesty’s Birthday and National Day of Japan. I also wish His Majesty, the Emperor of Japan continued health, wellbeing and happiness. The people of Pakistan hold His Majesty and Her Majesty, the Empress in highest esteem and have a lot of affection and goodwill for the people of Japan. Friendly relations between Pakistan and Japan are historical and time tested. It is a relationship based on mutual respect and understanding, with the peoples of both nations having a strong feeling of friendship and affection for each other. Despite relatively limited bilateral interactions in 2020 and 2021 due to the Covid-19 pandemi...
February 23, 2022 at 9:54 am | Economic Affairs
On behalf of the Government of Pakistan and people of the Islamic Republic of Pakistan, I am honoured to send heartfelt congratulations to His Majesty the Emperor of Japan on the occasion of his 62nd birthday this February 23. We will also mark the 70th anniversary of the establishment of diplomatic ties between Pakistan and Japan this year April 28. In his congratulatory letter to Prime Minister of Japan H.E Fumio Kishida, Prime Minister Mr. Imran Khan reaffirmed to deepen and expand our treasured partnership with Japan whilst curbing the global COVID-19 pandemic, and confronting economic challenges posed by pandemic. I would like to appreciate the role of the Japan International Cooperation Agency (JICA) and Japanese companies es...
February 23, 2022 at 9:41 am | Economic Affairs
By Kalim Farooqui The year 2022 signifies 70 years of Pakistan Japan diplomatic relations which were established on April 28, 1952. While we rejoice the important milestone of 70 years of close cooperation, the connection between the two can, in a sense, be traced back to 538 AD when today’s Pakistan, then a cradle of the Gandhara Civilization, served as a source for the promotion of Buddhism in Japan. Gandhara flourished in this region from 500 BC to 10 AD and Buddhism reached Japan during the sixth century. Mutual exchanges and cooperation continued, such as the establishment of a chair for the Urdu language in 1930 at the University of Tokyo and the Takushoku University. Japan is the third largest economy in the world and a majo...
February 23, 2022 at 9:39 am | Economic Affairs
Governments the sector as a drain on foreign exchange and treats it as a cash cow for collecting taxes. Presently, taxes range between 37 to 43% on every car being produced in Pakistan while most of the assemblers/manufacturers are more focused on their principal’s bottom lines in short term than to have a long term vision of sustainability and growth. Since long, auto industry of Pakistan is engulfed in haze. Stakeholders define the purpose and benefit of having auto manufacturing in Pakistan according to their own vested interests. Importers of new and used cars propagate that local manufacturing is not good for the country and we shall be following the import model practiced by oil rich gulf countries. Governments often regards ...
February 23, 2022 at 8:12 am | Economic Affairs
By Mashood Khan “In 2022, we will commemorate 70 years of trade and cooperation. Pakistan was one of the first countries to establish diplomatic relations with Japan after signing a treaty in 1952. That same year Karachi became one of the first few cities of the world from where Japan chose to return to business after the war. There are many platforms between both countries but Pakistan-Japan Business Forum (PJBF) is a bilateral forum established in 2001 with a view to promoting trade and investments between the two friendly countries. To achieve this objective, the formation of its Board of Directors comprises ten Directors each from Pakistan and from Japan elected for a period of 3 years. The counter part of PJBF in Japan is J...
February 23, 2022 at 7:58 am | Economic Affairs
By Prof. Dr. Muhammad Ashraf Khan “Gandhara” literary meaning the land of fragrance was the ancient name of the tract of country on the west bank of the Indus River which comprises the Peshawar valley and the modern Swat, Buner and. Bajaur. It was a country with rich, well-watered valleys, clear-cut hills and a pleasant climate. Situated on the borderland between India and Western Asia, Gandhara belonged as much and as little to the one as to the other. In the sixth and fifth centuries B.C. E. it formed part of the Achaemenid empire of Persia. In the fourth it was occupied for a brief period by the armies of Alexander the Great. Cooperation between Japan and Pakistan in the field of Buddhist archaeology dates back to the late 60s...
February 23, 2022 at 7:46 am | Economic Affairs
By Ahmad Farooq “Diagnosis not yet complete but the results seem satisfactory”, the cable US President Henry S. Truman received on July 16, 1945, was to change the world. The human eyes saw in less than a few decades, the country rising from ruins and in such a spectacular manner which astounded all political pundits and economic vizards. “Fat Man” code-word for ten thousand pounds device, the first atomic weapon, had been produced and tested at Alamogordo desert in New Mexico, United States of America. While some scientists were skeptical about the destructive capacity of the weapon, others believed that it could make “the air itself catch fire”. In the words of William Lawrence of New York Times, the only journalist ...
February 23, 2022 at 7:25 am | Economic Affairs
Pakistan Rupee Exchange Rate