ICAP inks MoU with IGI Insurance

LAHORE (Staff Reporter): The Institute of Chartered Accountants of Pakistan (ICAP) has signed a memorandum of understanding (MoU) with IGI Insurance Ltd for motor vehicle insurance cover. The MoU was signed by Razi Khan, Executive Director, ICAP and Awais Ahmed, Assistant General Manager, IGI Insurance Ltd at ICAP Lahore. Institute of Chartered Accountants of Pakistan, the premier accountancy body in Pakistan, has contributed immensely to the success and growth of the accountancy profession in Pakistan and has played a pivotal role in the growth of economic and business sectors of the country for the past many years. ICAP members are currently working at the highest echelons of public and private sectors both locally and internationally. IGI is a public listed general insurance company (KSE: IGIIL) founded in 1953. Being part of the Packages Group, IGI is the largest insurance company by market capitalization. Headquartered in Karachi, IGI has offices in 8 cities nationwide and offers a wide range of general insurance products including Fire, Motor, Marine, Travel etc.

This MoU recognizes the clout of ICAP members and its affiliates. Through this, the members of ICAP and their spouses, professional firms, professional accounting affiliates and staff of ICAP can avail the motor insurance and tracker facility on discounted rate all across Pakistan.

SNGPL to establish facilitation desk at LCCI

LAHORE (Staff Reporter): Sui Northern Gas Pipelines Limited (SNGPL) will establish a facilitation desk at the Lahore Chamber of Commerce & Industry that will be headed by the LCCI Vice President Zeshan Khalil. It was decided at a meeting between the LCCI President Malik Tahir Javaid and Managing Director SNGPL Amjad Latif at the Lahore Chamber of Commerce & Industry. The LCCI SVP Khawaja Khawar Rashid and Vice President Zeshan Khalil also spoke on the occasion while meeting was also attended by Amjad Ali Jawa, Tahir Manzoor Chaudhry, Muhammad Arshad Chaudhry, Adeeb Iqbal Sheikh, Rizwan Akhter Shamsi and other members. It was also decided the Lahore Chamber of Commerce & Industry will appoint a focul person for coordination with SNGPL on day-by-day issues. LCCI President and MD SNGPL also formed a committee comprising LCCI Vice President Zeshan Khalil, Tahir Manzoor Chaudhry, Muhammad Arshad Chaudhry, Adeeb Iqbal Sheikh and Mian Muhammad Nawaz to facilitate businessmen in connection with their gas related problems.

MD SNGPL Amjad Latif said that establishment of facilitation desk at LCCI and appointment of focal person will help resolve issues in shortest possible time. He informed the house that new connections for industries, commercial activities and housing societies are open as gas supply situation is better after arrival of RLNG. He said that RLNG is being promoted as alternative fuel. He said that all cases have been processed by SNGPL.

Garments exports up 14.69pc in 5 months

ISLAMABAD (APP): Exports of readymade garments from the country during first five months of current financial year grew up by 14.69 percent as compared the exports of the corresponding period of last year. During the period from July-November, 2017-18 about 15,008 thousand dozens readymade garments worth $1.18 billion were exported as against the exports of 13,466 thousand dozen valuing $88.456 million of same period last year, according the data of Pakistan Bureau of Statistics. Meanwhile, knitwear exports from the country also increased by 12.07 percent, as it was recorded at 47,549 thousand dozen worth $1098 million, which stood at 42,137 thousand dozen valuing $980.489 million of same period of last year. During the period under review, country earned $947.517 million by exporting bedwear as compared the exports of $888.448 million of same period last year hence showing an increase of 6.65 percent. In last five months of current financial year, exports of made up articles (excluding towels and bed wear) also increased by 7.92 percent, from $261.272 million to $281.967 million.

About 73,670 metric tons of towels valuing $317.357 million exported in last five months against the exports of 76,962 metric tons worth of $317.769 million of same period last year. It may be recalled here that textile exports from the country increased by 7.66 percent during the first five months of current fiscal year as against the exports of the corresponding period of last year. The overall textile exports from the country were recorded at $5.510 billion during July-November (2017-18) against the exports of $5.118 billion during July-November (2016-17).

MoU for Business Development Centre

PESHAWAR (Bureau Report): Small and Medium Enterprises Development Authority (SMEDA) and Bannu University of Science and Technology (BUST) Wednesday signed a memorandum of understanding (MoU) for the establishment of Business Development Centre (BDC) on the campus of the varsity. On behalf of SMEDA, Chief Executive Officer (CEO) Sher Ayub Khan signed the MoU while BUST was represented by Vice Chancellor, Professor Dr. Abid Ali Shah. Under the agreement, the university will enhance contribution to society through knowledge transfer from the varsity to the community. The university will create the Business Development Centre with technical assistance from the authority. The primary focus of the centre will be to act as a source for regional entrepreneurships support; identify the problems as well as opportunities for youth in Khyber Pakhtunkhwa region through research and consultation leading to economic development of the province.

It will also organize different capacity building programs for entrepreneurs of the BUST including arranging events also with the aim of promoting the women entrepreneurship and develop primary link between the university and business community for young entrepreneurs.

Under the agreement, the responsibility of the SMEDA will include the provision of all information and data on its website to the BDC on electronic format; establishing a formal liaison with regular visits by a member of the Regional Office, KP team, once a month for progress review of BDC in addition to coaching of students.

The authority will also provide ready-made modules for the training programs and also train some of the teachers in their use, technical assistance for the other initiatives, e.g. by developing models of entrepreneurship society, incubator, publications etc.

The SMEDA will also facilitate the centre in organizing different capacity building programs for SMEs of the province, including arranging events, with the aim of promoting the service providers and the BDC within the region; facilitate in establishing market linkages for the entrepreneurs by organizing seminars and arrange exposure visits for the entrepreneurs.

Furthermore, the SMEDA will also facilitate the university in student placement and internships; help the university in developing curricula of new programs to be launched by it; facilitate university in market survey conduction for the new programs. However, the authority will not bear any financial responsibility in establishment and operation of the EDC.

On the other hand, the Bannu University of Science and Technology will provide basic infrastructure and human resource for the establishing and managing the BDC, construct basic infrastructure for the centre and bar all its expenses and the will also be responsible for keeping close liaison with SMEDA and will take SMEDA on board for any new developmental initiative in the centre.

The university will also invite SMEDA in important BDC meetings and will periodically review progress and identify any possible change of course and public sharing and mainstreaming any lessons learnt at the centre and organize different capacity building programs for the SMEs of the region.

The MoU will be valid for a period of two years commencing from the January 3, 2018 and may be extended for a specific period with modification by mutual consent. But can be terminated by either party while serving one month notice in case of any dispute arises between the parties.