DUBAI ISLAMIC BANK PAKISTAN LIMITED JOINS INTERNATIONAL FINANCE CORPORATION'S GLOBAL TRADE FINANCE PROGRAM

                                           

Dubai Islamic Bank Pakistan Limited (DIBPL) has signed an Issuing Bank Agreement (IBA) with the International Finance Corporation (IFC) to support international trade in Pakistan

Under the agreement, IFC will guarantee payment of DIBPL obligations to support their trade finance transactions with tenors of up to one year. This will strengthen DIBPL’s strategic plan to grow its international trade business and enhance correspondent banking relationships focused on international trade within the country. 

“This agreement will further streamline and ease the process for trade finance in Pakistan. Dubai Islamic Bank Pakistan remains committed to supporting businesses focused on international trade and we believe this partnership with IFC will be instrumental in achieving this goal,” said Mr. Junaid Ahmed, CEO of DIPBL. 

The agreement falls under IFC’s Global Trade Finance Program (GTFP), which extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained. 

“Trade is essential for economic growth and a key driver of opportunities for local enterprises. We are pleased to support Dubai Islamic Bank Pakistan Limited in its efforts to boost international trade and we believe this partnership will help foster a trade ecosystem in the country that strengthens supply chains, spurs productivity, and creates jobs,” said Momina Aijazuddin, Regional Head for the Financial Institutions Group at IFC. 

IFC’s GTFP has been operating in Pakistan since 2005. Pakistan is now one of the top markets for the program with a total GTFP commitments of US$6.6 billion since inception and US$1.4 billion for FY23. With the recent joining of DIPBL, IFC has now 10 partner issuing banks in Pakistan who will benefit from the program. 

Alibaba.com and TDAP Bolster Pakistani Exporters with Introduction of Training Initiatives and New Intelligent Tool Suite

                                                 

Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce, and the Trade Development Authority of Pakistan (TDAP) today announced a series of training programs designed to equip Pakistani businesses, particularly small and medium-sized exporters, with essential knowledge, tools and methodologies to achieve success in the global market. In conjunction with this announcement, Alibaba.com has unveiled its intelligent tool suite, Smart Assistant, as its latest offering to help boost the international trade capacity of Pakistani exporters operating on its platform.

 

The announcement was made at the 2024 Global B2B Digital Export Summit, held under the theme “Smart Up Your Trade, Leading Your Way” on May 8, 2024, at the Pearl Continental Hotel, Lahore. The summit featured a host of B2B e-commerce and export experts, including Shahzad Ahmed Khan, Director General of the Trade Development Authority of Pakistan (TDAP) and Rocky Lu, Head of Pakistan Business at Alibaba.com, alongside other guests such as Kashif Anwar, President of the Lahore Chamber of Commerce and Industry (LCCI), Adil Mukhtar, Assistant Director at TDAP, Berry Ma, Marketing Director of Southeast Asia at Alibaba.com.

 

Commenting on the collaboration, Shahzad Ahmed Khan, Director General at TDAP, stated, “Our joint effort with Alibaba.com to plan a series of training programs is a significant move towards the digital empowerment of Pakistani SMEs. By combining our resources, we are equipping local businesses with advanced B2B e-commerce skills and strategic vision for their success on the global stage. Together, we’re fostering an environment conducive to innovation, sustainability and success.”

 

Affirming the commitment to digital advancement, Rocky Lu, Head of Pakistan Business at Alibaba.com, remarked, “In today’s fiercely competitive global marketplace, digital transformation is not just desirable, but essential for SMEs. Our joint training programs with TDAP are crafted to hone the global trading capabilities and acumen of Pakistani SMEs. Additionally, the introduction of our intelligent tool suite, Smart Assistant, is set to complement these training efforts by providing suppliers operating on our platform with smart e-commerce tools aimed at refining business operations and communications, as well as offering valuable insights into prevailing market trends for informed decision-making. We believe these initiatives will not only bolster competitiveness but also pave the way for broader growth in the global e-commerce sector.”

 

Alibaba.com’s Smart Assistant offers various advanced features that elevate the performance and competitiveness of SMEs in the export market, including:

 

* Product listing optimization: Suggests attractive titles, keywords, descriptions, and professional images and videos for products.

* Smart chatbot: Assists businesses in communicating with international customers, automatically and swiftly replying request-for-quotation (RFQ) messages, and editing texts in a professional style.

* Specialist knowledge: Offers accurate and in-depth market information, tailored to each specific product category and based on Alibaba.com’s extensive database and 24 years of experience, for informed decision-making.

 

JNM Leather Safety Gloves Industries has seen significant improvements in operational efficiency and garnered useful market insights since adopting Smart Assistant as a pilot user. The company joined Alibaba.com in 2014 and now achieves annual revenues surpassing US$1.5 million.

 

“We’ve seen remarkable enhancements in our operations since incorporating Smart Assistant,” shared Muzaffar Hussain, Head of Overseas Marketing at JNM Leather Safety Gloves Industries. “It has streamlined our business processes and provided sharp analyses of customer trends, enabling us to better anticipate and meet market demands.”

 

Alibaba.com is now offering a limited-time free trial of the Smart Assistant tool suite to all Pakistani suppliers on its platform. For more information, please visit: https://pakistan.alibaba.com/

CBD PUNJAB’S UPCOMING AUCTION SET TO IGNITE ECONOMIC GROWTH.

                                                                          

The Punjab Central Business District Development Authority (PCBDDA), also recognized as Central Business District Punjab (CBD Punjab), is set to mark a significant milestone in the region's real estate landscape with the auction of six exclusive plots, comprising three mix-used commercial and three residential plots, scheduled for May 9, 2024.

As the premium development authority of Punjab, CBD Punjab is at the forefront of transforming the urban landscape, and this auction represents a pivotal moment in Punjab’s economic evolution. The auction event will showcase the immense potential for investment and development within the CBD Punjab precinct.

With this auction, CBD Punjab is proud to introduce its latest ventures: CBD Business Bay and CBD Residencia. These ventures epitomize CBD Punjab's commitment to innovation and excellence in urban development, offering prime real estate opportunities for both commercial and residential purposes.

CBD Business Bay presents a unique opportunity for businesses to thrive in a dynamic environment. With mixed-use commercial plots available, CBD Business Bay caters to the diverse needs of enterprises seeking a strategic location for their operations. The commercial plots ranging from 8.73 kanals to 8.89 kanals with an FAR of 1:16 and height provision of 415 ft, will provide ample space for growth and expansion.

Meanwhile, CBD Residencia offers an unparalleled living experience, with residential plots designed to accommodate modern lifestyles. Ranging from 6.35 kanals to 7.11 kanals with a FAR of 1:14 and height provision of 380 ft these plots will offer residents a vibrant and well-connected community.

To further facilitate investment and development, CBD Punjab has devised an easy five-year installment plan and a streamlined one window solution for prospective buyers and investors. This initiative underscores CBD Punjab's commitment to fostering growth and prosperity in the region while ensuring accessibility and affordability for all stakeholders.

While expressing his views about upcoming auction Imran Amin, CEO of CBD Punjab said, "CBD Punjab is poised to play a pivotal role in the economic development of Punjab by providing lucrative opportunities for real estate developers and the business community. This auction will serve as a catalyst for highlighting the vast investment potential within CBD Punjab."

The auction event promises to attract a diverse range of investors, developers, and stakeholders eager to capitalize on the burgeoning opportunities within CBD Punjab. With its strategic location, modern infrastructure, and visionary approach to urban development, CBD Punjab continues to emerge as a beacon of progress and prosperity in the region.

TCL JOINS HANDS WITH GHURKI HOSPITAL TO BRIGHTEN THE CHILDRENS WARD WITH GIFTS

     

TCL, Pakistan’sNo.1 LED TV brand, in a heartwarming gesture of compassion, is thrilled to announce its partnership with Ghurki Trust Teaching Hospital. In a heartfelt display of its unwavering dedication to community enrichment, TCL Pakistan has donated two LED TVs to the Children's Ward at Ghurki Trust Teaching Hospital, sparking joy amongst the young patients.

The LED TVs will not only serve as a source of entertainment but also as a tool for educational programs, helping to create a more comfortable and positive experience for young patients and their families.

"We are delighted to partner with Ghurki Trust Teaching Hospital in this meaningful initiative," said Majid Khan Niazi, Director of Marketing, TCL Middle East and Africa.

"At TCL, we believe in giving back to the communities where we operate. By providing these LED TVs to the Children's Ward, we hope to bring joy and comfort to the young patients during their time at the hospital."

The management at Ghurki Trust Teaching Hospital expressed their gratitude for TCL's generous donation, highlighting the positive impact it will have on the children under their care. This gesture reaffirms TCL's commitment to making a difference in society and reflects its core values of empathy and compassion.

TCL continues its longstanding dedication to supporting initiatives that benefit local communities and looks forward to furthering its efforts to create a positive impact through similar activities.

Businesses urged to take steps to maximise the opportunities of AI and lay foundations for responsible use of new technologies

                                          

Chief executive officers (CEOs) and chief financial officers (CFOs) need to build trust in artificial intelligence (AI) by taking steps in their organisations to manage the associated risks.

 

As AI plays a greater role in the accounting and financial reporting of businesses, CFOs and financial controllers will have to be confident about the adequacy of oversight and controls of AI systems.In the first in a series of insights, AI monitor: trust, ACCA urges finance professionals to ensure that AI governance and AI risk management is in place, beginning with:

 

Investing in AI literacy and skills development: finance professionals must invest in education and training to critically evaluate AI outputs, communicate clearly with key stakeholders, and make informed decisions. Collaborating via cross-functional teams: finance professionals should actively engage with IT, data science, legal and risk management teams. 

 

Developing an AI governance framework: beginning with critical uses, finance professionals should take steps within their organisation to establish clear policies, oversight and governance practices.

AI presents many opportunities to businesses such as providing more insights from a wider array of information sources, driving greater efficiency and better customer experiences. But it also poses a challenge to trust in accounting and finance reporting with new dynamics being introduced to the traditional trust mechanisms that underpin corporate accounting.

 

Alistair Brisbourne, Head of Technology Research, ACCA, said: ‘Introducing AI is both about trust in the systems and trust in the people that we work with, and how we bring those two elements together.

 

‘CEOs and CFOs need to focus on making the changes needed to harness the many potential opportunities but also retain trust. This includes upskilling to deal with the technology and introducing new knowledge into their organisations. They also need to focus on the governance, the oversight and culture required to allow different teams to work together effectively. It’s about bringing change management and governance together.’

 

AI monitor: trust highlights some of the risks of AI in accounting systems, such as:Impacting decision making without clearly explaining the rationale of the forecast or recommendation;

An over-dependence on AI procedures in auditing and assurance and a decline in use of human intervention and judgement;

 

Concern over AI bias or error in fraud detection, risk assessment and compliance monitoring;

Over relying on AI-powered virtual assistants which give inaccurate or inappropriate responses.

Brisbourne said: ‘In the AI era the role of finance professionals is to focus on the outcomes driven by technology. Value lies in understanding how these outputs inform decisions and actions that drive business outcomes.’In 2024 issues of the AI monitor will explore talent, risk and controls, the relevance of effective data strategy, and sustainability applications.

 

Read Enabling trust in an AI-enhanced world.

Federal IT Minister launches the mega version of Syngenta’s ‘CropWise Grower’ App for Pakistani Farmers

     

Syngenta Pakistan Limited, a leading agriculture innovation and technology company that provides crop protection, seeds, and digital services to millions of Pakistani farmers, has launched the mega version of ‘Cropwise Grower’ mobile application in a high-powered meeting which was graced by Ms. Shaza Fatima Khawaja, Federal Minister of State for IT & Telecommunication, as the chief guest.

Cropwise Grower app is a free-of-cost, highly innovative digital solution to engage & advise the Pakistani farmers to enhance their farm productivity offering multiple features including instant detection & diagnosis of crop-diseases, pests & other threats to the crops. Covering over 3 million acres of farmland, the app’s ‘Scan, Detect and Diagnose’ feature called Crop Doctor is powered by the most advanced ‘Artificial Intelligence’ (AI) based mechanism which provides a one-stop solution to farmers to identify crop problems and address these problems efficiently. ‘Cropwise Grower’ offers several other valuable facilities such as e-commerce module for online ordering of products, ‘Naya Savera’ franchise locations and a deeper understanding of spraying-windows, based on localized weather information and evolving environment. Besides recommending products suitable for various crop-growth stages, it provides crop-management information and tutorials on timely identification of pests & disease.

Appreciating Syngenta’s efforts in bringing digital technologies closer to the farmers and sharing the groundbreaking initiatives of the government in this space, Ms. Shaza Fatima Khawaja shared: “Agritech has an essential role to play in enhancing Pakistan’s agricultural productivity, promoting economic well-being of the farmers and ensuring country’s food security. In this regard, Digitalization and Agriculture are among the top priorities of the government and we are devising strategic initiatives and policy frameworks to facilitate all stakeholders especially our farmers to benefit from the emerging technological solutions. It is good to see that Syngenta Pakistan is investing in digitalization of the agriculture sector to bring useful offerings closer to the farmers in the form of their Cropwise application and e-Commerce facility.”    

The Country General Manager Syngenta Pakistan - Zeeshan Hasib Baig stated: “Syngenta Pakistan’s core strength lies in its close relationship with the growers. To further strengthen this connection with our growers, we are delighted to share the Cropwise Grower app which brings smart solutions closer to farmers and enables them to be more self-sufficient. Resonating with the worthy comments of the Honourable Minister about the importance of agritech in our country’s development, we at Syngenta believe that technology can be a key enabler in helping farmers grow efficiently and sustainably. The Cropwise Grower app is a revolutionary step in the crop protection industry and we firmly believe that it will help in addressing Pakistan’s food security challenges by building resilient food systems and by supporting our farmers in improving their crop yields for better returns on their investment.”

 

LAHORE'S FIRST JEEP RALLY LAHORE RAVI RALLY CROSS KICKS OFF WITH SPECTACULAR FLAG CEREMONY AT CBD PUNJAB

                                            

The excitement reverberated through Lahore's bustling streets as the city's first-ever Jeep Rally flagged off in a grand ceremony held at Pakistan's pioneering Central Business District Punjab (CBD Punjab). Organized jointly by the Ravi Urban Development Authority (RUDA) and the Tourism Development Corporation Punjab (TDCP), with the generous support of CBD Punjab, the event marked a significant milestone in Pakistan's motorsport and tourism landscape.

The flag off ceremony of rally titled Lahore Ravi Rally Cross, held at CBD Punjab Quaid District Lahore Prime, was a testament to the collaborative efforts of various stakeholders. CBD Punjab spared no effort in adorning the entire area with vibrant race flags and banners, setting the stage for an exhilarating start to the rally. The esteemed Chief Guest, COO of CBD Punjab and RUDA Brigadier (R) Mansoor Janjua, graced the occasion alongside dignitaries like Secretary Tourism Punjab Raja Jahangir Anwar and other high-ranking officials from CBD Punjab, RUDA, and TDCP.

Adding to the fervor, Team CBD Punjab announced its participation in the rally with their branded rally truck, heightening anticipation among attendees. Rally enthusiasts from across Pakistan, including renowned drivers such as Suneel Manj, Ronnie Patel, Sahibzada Sultan, Aqeel Ahmed Shiraz Khaqwani, and teams like Team Asia and Multan Racing Club, converged at the flag ceremony, ready to showcase their prowess on the challenging terrain.

In a significant display of inclusivity, female drivers including Salma Marwat Khan, Zulaikha, and Laiba Khan Lodhi, also joined the ranks, underscoring the rally's commitment to diversity and equality in motorsports. Over 70+ jeeps, trucks, and dirt bikes lined up for the podium at the flag off ceremony, setting the stage for a fiercely competitive event.

Speaking on the occasion, the COO of CBD Punjab and RUDA Brigadier (R) Mansoor Janjua said, "It is a commendable imitative by RUDA & TDCP and the support shown by CBD Punjab for this is remarkable.  Lahorites gathered at CBD Punjab Quaid District Lahore Prime are amazed to see the modern rally vehicles, which is a testament to the city's vibrant spirit and love for adventure."

The main race of the rally unfolded on a specially prepared 35-kilometer track, meticulously crafted over two months on the Ravi Riverbed near Lahore-Sialkot Motorway. This track, designed to international standards, will remain open year-round, offering racers a dedicated space for practice and competition.

The Lahore Ravi Rally Cross represents a significant milestone in promoting motorsports in Pakistan, bringing together enthusiasts from all walks of life to celebrate the thrill of off-road racing. With its successful flag ceremony, the event sets the stage for an action-packed competition that promises to captivate audiences and participants alike.