CONTENTSI&M Exclusive: Dr. Waqar Masood, Secretary Finance, Govt. of Pakistan 3 I&M Special Feature: Visit of H.E. Dr. Ameenah Gurib Fakhim, President of MauritiusWelcome Address: Abdul Rauf Alam, President, FPCCI 7Speech: S.M. Muneer, Chief Executive, TDAP 8Greenwich University Visit 9Pakistan Delegation Visits MAITEX 2014 in Mauritius 10 FPCCI -- Striving for National Economic Development 11 I&M Special: Courage & Entrepreneurship Where are Pakistan’s Entrepreneurs? 13Sirajuddin Aziz, President, Habib Metropolitan Bank Ltd A Growth Mindset Waqi Munim, Founder & CEO, Courageous Minds 15 I&M Special Feature: Dairy, Feed & Lifestock Entrepreneurship Speech – Mr. Naushir Merchant, COO, Doctor’s Dairies & Feeds Ltd. 17Pakistan-Portugal Trade Promotion – Mujahid Hamdani, Exec. Director, DDF 18Inspirational Poetry - Prof S.B. Hassan 19Speech – Mr. Mohammad Ali, Doctor’s Dairies & Feeds Ltd. 2 0 Glimpses -- Annual Conference & Awards Ceremony for KPK & Punjab, DDF 22Presentation – Prof. Dr. Ghulam Mohammed, University of Agriculture, Faisalabad 23 I&M Special Feature: Lloyd’s List of Awards 2015 Lifetime Achievement Award -- Capt. Haleem Ahmad Siddiqui, Chairman, Marine Group of Companies 27 I&M Memorial: Masood Hamid (Late), Director, Marketing, Dawn Media Group & General Secretary, APNS 30 Finance: Capital Market Development Independent Evaluation Group – World Bank Group 33 COMPANY NEWS 37FFBL – Icon of Excellence Jubilee Life Signs Banctakaful Agreement EFU Life Tree Plantation Drive Pakistan German Business Forum Fauji Fertilizer; NBP; Turkish Airlines; Swiss Business Council EVENTS 46Crown Bali Tour JS Group & Alliance Francais Host Fund Raising Dinner Gala Pakistan France Business Alliance – Setting High Goals Pakistan Business Council – Pak-Iran Business Opportunities Book Launch – Pathways by Senator (r) Javed Jabbar Serena’s Game of Golf

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Waqar Masood, Secretary Finance, Government of Pakistan

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FPCCI Lunch at Marriott Hotel, Karachi, Pakistan

H.E. Dr. Ameenah Gurib Fakhim, Admires I&M Special Report on Mauritius 2014

Presented by Prof S. B. Hassan

H.E. Dr. Ameenah Gurib Fakhim, Appreciates “Born to Lead” presented by Mr. S.M. Muneer

“I&M Special Report on Mauritius 2014 - Potential for Mutual

Growth and Development”

Welcome AddressAbdul Rauf Alam, President, FPCCI

Mr. S. M. Muneer, CEO, TDAP, Esteemed Members of Paki-stan Mauritius Joint Business Council, Distinguished Guests, Ladies & Gentlemen, Assalam-o- Alaikum and Good After-noon.On behalf of the Business Community of Pakistan and on my own behalf, I welcome Prof. Dr. Bibi Ameenah Firdaus Gurib–Fakeem, Honourable President of Mauritius, and all the distin-guished guests. Both Pakistan and Mauritius enjoy cordial warm and friendly relations, which have registered steady growth in trade and economic cooperation. Relations between our two countries are based on shared culture, tradition, language and religion, these core reasons which have resulted in boosting relations.Distinguished Guests, the African continent is very important as it is so diverse, dynamic and rich in its tradition and culture. It is the second largest continent in the world with fifty-four sovereign states and a collective GDP of $ 2.20 trillion. Out of fifty-seven members of OIC, twenty-seven members are from African ContinentMauritius is the second largest source of net foreign exchange in Southern African region, with the exception of South Af-rica. Preferential Trade Agreement (PTA) between the two countries which is fully operational since November 2007, has highlighted the tremendous potential to expand bilateral trade relations. Though it is extremely important to create aware-ness amongst the business community to make it more benefi-cial for both the countries. There have been a number of ini-tiatives from both sides to promote business relation between the two countries but these initiatives need to be intensified, especially regarding sensitization on the benefits of the PTA. Ladies & Gentlemen, there are number of reasons for low level of bilateral trade which is nearly 50 million dollar despite the fact that 90 percent products are covered in PTA. One of the identified reasons for meager trade between our two countries is the low level of interaction of our businessmen. Members of Pak-Mauritius Joint Business Council should make earnest efforts to arrange frequent meetings and visits of trade delega-tions on reciprocal basis, which to me is the first and foremost step to establish amicable and profound business relations. I take this opportunity to urge upon the Pak-Mauritius JBC to identify core sectors and prepare markets based-research reports so that the untapped market potential is explored to quantify the present level of trade to the desired level. I also stress the members of the Council in particular and busi-nessmen of both countries in general to promote bilateral trade through preferential trading with each other as there exist a lot of complementarities between our two countries. In Mauritius, exist lots of opportunities, may be utilized as a potential market in respect of marketing of Pakistani products.

I think tourism is one of the key indus-tries which need to be taped. Pakistani exporters may use Mauritius to re-ex-port their products to Africa and beyond. Being the destina-tion of tourists from all the year, Mauri-tius could be a better place for holding the Single Country Ex-hibition of Pakistani

Products, which would not only help in introducing non-tradi-tional commodities of Pakistan but also serve as a tool of mar-keting to attract business community of the various countries. Distinguished Guests, Pakistan is one of the growing econo-mies of South Asia, continuously liberalizing its trade and in-vestment. Pakistan is located in the heart of Asia, and is the gateway to the energy rich Central Asian States, the finan-cially liquid Gulf States and the economically advanced Far Eastern Tigers. God has bestowed Pakistan with some of the world’s richest natural and human resources. Pakistan’s multicultural society and deeply rooted relations with all developing countries pro-vide a great opportunity to the investors of all countries. Despite several challenges of the last decade our economy is performing well and has been gradually moving towards de-veloping itself on sound and sustainable basis. Pakistan has been witnessing a sharp rise in merchandise trade and show-ing greater trade on a large variety of goods, particularly in intermediate and capital goods. Pakistan is a business friendly destination. Key reforms and a transparent business regime in Pakistan offer lot of opportunities to foreign investors: the labour is inexpensive, the workforce is hardworking, tax and tariff regimes are good, no restrictions on holding 100 per cent equity, no bar on taking capital or dividends, the cost of busi-ness is low and Pakistan has shaped up for high-paced eco-nomic activity.Pakistan should be seen as an emerging centre of trade for Central Asia, links Europe, South Asia, fast-developing West-ern China and the Gulf. Any transit trade among them has to go through Pakistan. On behalf of FPCCI I assure you our full support and cooperation for joint economic activities. While concluding, I urge upon the Business Community of both countries to implement the agreements already signed between two Governments in letter and spirit to promote eco-nomic and trade relations. I wish the success of the visit of Honourable President of Mauritius and all the distinguished guests and their comfortable stay in Pakistan. Thank You.

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H.E. Prof. Dr. Ameenah, Firdaus Gurib Fakim, Honour-able President of Republic of Mauritius,Mr. Abdul Rauf Alam, President FPCCI, Members

of Pakistan Mauritius Business Council,Distinguished Guests, Ladies & Gentlemen, Assalam-o- Alaikum.It is a matter of great pleasure for me to address this au-

gust gatheringI am grateful to H.E. Prof. Dr. Ameenah, Firdaus Gurib,

Honourable President of Republic of Mauritius for grac-ing this event with his majestic presence. I am also thank-ful to other dignitaries, office bearers and businessmen for sparing time out of their busy schedule and being with us. Ladies & Gentlemen, Pakistan has undergone revolu-

tionary changes which has revived the spirit of Pakistan. A democratic and progressive Pakistan has been emerging to take the socio-economic lead in the region. Revival of the economy is the topmost priority of the present Gov-ernment and economic indicators are giving a positive outlook as acknowledged by the international economic institutions. Operation Zarb-e-Azb has proved very ef-fective in dismantling the infrastructure and hideouts of terrorists and terrorism will be eradicated soon from the country.Ladies & Gentlemen, Several U-turns have been ob-

served during the last three years. Inflation has declined to 4 percent and it is an indicator of stability. GDP growth rate, which was declining, now is increasing. The value of domestic currency also shows stability. All these achieve-ments have been accomplished despite the deteriorated law and order situation. Ladies &Gentlemen, Pakistan’s multicultural society and

deeply rooted relations with the world provide a great op-portunity to the investors. Pakistan is a big market of more

than 180 million people with GDP of US$ 241 billion and exports vol-ume US $ 24 bil-lion and imports US $ 45 billion. This country has a fairly large and efficient financial network spread across the country.Pakistan- Mau-

ritius relations have achieved tremendous progress and many milestones; I must acknowledge the efforts and in-terest by H.E. President of Mauritius for taking keen inter-est to develop our bilateral relations.Pak-Mauritius PTA became operational in November

2007. Volume of bilateral trade between Pakistan and Mauritius before and after PTA is negligible US $ 50 mil-lion and is moving at a snail pace. Under the Agreement, Pakistani products enjoy about 98% duty free access to the Mauritius market.The business communities of both countries must strive

to improve the existing trade relations by exploring op-portunities and seek joint ventures in various sectors of the economy. Pakistani business and industry should fo-cus on expanding trade ties with Mauritius which could act as hub of business and trading activities for the African continent. Mauritius is a safe and secure destination with friendly business laws. I hope the current pattern of our relations will continue.

Thank you

Speech - Mr. S. M. Muneer, Chief Executive, TDAP

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Greenwich University Welcomes H.E. Dr. Ameenah Gurib Fakhim, President of Republic of Mauritius

Mr. Abdul Rauf Alam, President, FPCCI; Ms. Seema Mughal, Chancellor, Greenwich University; H.E. Dr. Ameenah Gurib Fakhim,

President of Republic of Mauritius;

Ms. Seema Mughal, Chancellor, Greenwich University, presents gift from Greenwich University to H.E. Dr. Ameenah Gurib Fakhim,

President of Republic of Mauritius

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Pakistani Delegation Attends MAITEX Exhibition 2014 in MauritiusVisit Organized by Mr. Sohail Yasin Suleman, Honorary Consul General of Mauritius in Sindh

Abdul Ghani, Danish Abdul Ghani Shekhani, Abdul Rauf Tabani, Yahya Polani, Major General (r) Ulfat Hussain, Prof S.B. Hassan, Sohail Yasin Suleman, Yasmin Peermohammed, Abdul Rehaman Punjwani, Anis Yunus

M. Sajjad Azam, Yasmin Peermohammed, Anis Yunus, Sohail Yasin Suleman, Prof S.B. Hassan, Abdul Ghani, Mehboob Ali Shaikh

Mauritius: Prof S.B. Hassan, I&M, greets H.E. Mr. Rajkeswur Purryag, President of Mauritius, in 2014

From L to R: Sohail Yasin Suleman, Honorary Consul General of Mauritius in Sindh; Abdul Rehaman Punjwani; MD, Seaboard

Group; Abdul Rauf Tabani, MD, Tabani Corporation

Senator Kamran Michael, Federal Minister for Ports & Shipping, Visits FPCCI for Meetings

FPCCI Visit Organised by Mr. Tariq Haleem

11I&M Meeting in PNSC Building

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The general state of economy today is good. After the decades of the sixties, we are wit-nessing that most economic fundamentals are

in the positive zone. Only a decade back, every factor presented a gloomy picture. During the regime of the banker turned politician, we saw a façade of econom-ic growth. The consumer era brought a false sense of economic well-being. Assets acquired through debt fi-nancing are most vulnerable to being lost through non-servicing of debt or even willful default. The economy experienced both. Susceptible to temptation, the man on the street acquired credits cards for non-productive expenses and also got cars and home appliances. The nature of lenders led them into a never ending debt trap. The sly banker premier even fooled the most intelligent soldier that the economy was doing well. The bubble burst. Clients (consumers went belly up) and bankers wrote off debt. Imports of the non-essential had peaked and exports had started to take a nosedive.

The Zardari era was a period of reconciliation for ‘self-preservation’. Nothing therefore happened on the economic front. A truck load of lip-service to economic correction, but as the idiom goes, a lot said, but very little was done.

The textile industry globally was wrecked following the financial crises in the west, some segments more than others. The state sponsored schemes in Pakistan for promotion of exports had always been misused. The refinance facility from the central bank at extremely low rates of markup has been abused. Many believe that liquidity thus obtained has found its way in the real estate market of UAE. The tacit complicity of lending bankers, either by willful turning of the eye to the other side or by general lack of good lending practices, can never be ruled out, fully. But, that is history, political unrest has made Ajman and Dubai the graveyard of the real estate investor - nay speculators.

Today, our macro-economic climate is much better than it has been since late eighties. The interest rate cli-mate presents rates at their 42 year lowest. The interna-

tional prices of oil and other commodities has taken a sharp decline. The regional environment too, seems to favor us; yet exports continue to fall.

We have, relatively speaking, a business friendly government. Our regulatory framework is friendly. The central bank prudential regulations are second to none, in the region. All policy guidelines are directed towards initiation of business and economic activity. The bank-ing industry is sitting on the edges of its chair, to whole-somely participate in kick-starting economic activity. In view of a pathetically low private sector demand, all financial institutions are putting their loanable funds into government papers. The private sector credit off-take between, July 15 to February 2016 has been in the region of Rs 368 billion, of which Rs 120 billion has been deployed as fixed asset investment. While this au-gurs well, but in quantum terms it is still very low and insufficient.

Our banking industry, barring a couple of participants of the market, enjoys a very healthy and comfortable Capital Adequacy Ratio (CAR), indicating “ability to lend”. Banks, in their primary role as financial inter-mediaries would always be willing to lend within the framework, where they have access to borrowers, who are “willing and able to repay” and not toconstituents who still cling to phenomenon of the Eighties, where they are “able, but unwilling” to repay. The existing judicial system has been of very little help to lending bankers.

With almost everything emerging positively on the economic and financial landscape, it is expected that entrepreneurs would come forward and give the neces-sary impetus. But alarmingly the private sector entre-preneur is missing! Why is the entrepreneur shy? Es-pecially, when the cost of doing business has gradually improved. No claim that it is lowest, but certainly a lot has been done to address the security concern and en-ergy shortfall mismanagement.

No business initiativecan lift off the ground, without the accompaniment of the entrepreneur’s confidence.

Where are Pakistan’s Entrepreneurs?Sirajuddin Aziz

President, Habib Metropoliton Bank Ltd.

I&M Special - Courage and Enterprise

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Similarly, lending bankers will always remain elusive to any lending proposition, where they do not find the necessary equity input of the entrepreneurs towards any business activity. An entrepreneur’s financial stake in the projects lends credence to his/her personal inter-est, to make the business option, viable and profitable.

What has happened? Has the business community at large lost its ability and art of ‘thinking’ - has it done away with “vision”, which in turn is the art of seeing things invisible. Why are entrepreneurs not ‘thinking’ of new ideas, new initiatives, newer ventures, new pos-sibilities, and above all exploring newer market seg-ments, which hither to have remained untapped.

There are three major auto manufacturers / assembly lines, in our country. They are accused, for no rhyme or reason, of being monopolistic! Those criticising must be aware that a 80,000 strong vendor industry, that has grown, as a peripheral sector to the automo-tive industry, is dependent upon these three major play-ers. Instead of protecting them, we are now pursuing to punish them with unfair competition by allowing im-portation of cars, at lower import tariff and custom du-ties. The country needs to save its scarce FX reserves. We cannot afford to spend and squander it on luxuries. The growing cell phone market pains, hence comment is avoided.

With the economic horizon brightening up with CPEC

project and the gradual lifting of sanction on trade with Iran, it is expected that our country’s prominent as well as small time entrepreneurs would come forward with business plans. Forward thinking is the call. Couple of years back, China vacated the lower end of the textile industry’s value chain- the space provided was imme-diately grabbed by countries of South East Asia ie Viet-nam, Cambodia, and Laos. We missed the chance.

As a country, we cannot follow a ‘herd mentality’ thought process. In the nineties every entrepreneur wished to set up textile units - today the flavor is ‘En-ergy’ and ‘Dairy’ projects. We must move beyond. Our exporters and traders must look towards the African continent; it is a growing and emerging market. Unlike, China and India, we don’t have an ‘Africa Strategy’ en-shrined in our foreign - economic relations. Investment in future must be with a belief. Leonardo da Vinci had said, ‘He who wishes to be rich in a day will be hanged in a year”.

We need to re-inculcate and re-imbibe our entrepre-neurs with the spirit of the sixties. Nation building is a long term activity. It requires both sacrifice and pa-tience. These qualities then have to be equally matched by ambitious zeal and hard work. The entrepreneurs must recognise: he who plants a walnut tree expects not to eat of the fruit. Invest your two bits with faith; lend-ers will fall head over heels to support you.

I&M Interactive Session – “The World and Pakistan”Mr. Sirajuddin Aziz, President, Habib Metropolitan Bank Ltd and

Adnan Hassan, Former Special Advisor, Board of Directors, The World Bank GroupAvari Towers Hotel, Karachi

I&M Special - Courage and Enterprise

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‘It was the best of times, it was the worst of times.’ A line from Charles Dickens’ novel, A Tale of Two Cities fits perfectly today. We are witnessing the

best era in the history of mankind. We have significant-ly developed the natural resources and advanced scien-tific knowledge. We have made available to common people products, services, and comforts what was unat-tainable for royalty a few decades ago. We are masters in so many areas. Yet, we are not really masters of our own anxieties. We still live in fear and uncertainty. In this sense, it is the best of times and the worst of time.Certainly, it is a time of great opportunity for those

who have cultivated a mindset of growth and well-be-ing. The cornerstone of success is an abundance and growth

mindset. What we can conceive, we can achieve. The growth mindset can inspire people and their organisa-tions to thrive in challenging and turbulent times by developing a culture of respect, trust, learning and rein-vention that can adapt to the changing business needs. It is therefore the key role of a leader to nurture a cul-ture of growth and well-being by freeing the minds of organisation from the proverbial box of limitations. Great leaders create a vibrant culture where the strat-

egies, processes, activities and rewards all support growth. The culture creates the passion for learning rather than a hunger for approval. Where the leadership reinforces the belief that growth is achievable despite the economic down-turns and challenges. Where there are no fears and individuals reach for higher growth. It is a culture that looks at possibilities and focuses both on the current quarter and future growth.Declines are inevitable at some point in a company’s

life. However, great companies shorten this period and provide longevity to periods of growth. Their leader-ship evolves a culture that is conducive for individual and business growth. They avoid the following cultural traps: 1. Limiting Paradigms are the biggest obstacle to

growth. Let me explain with the help of an analogy. Baby elephants in circuses are trained by tying their legs to strong chains. The baby elephant tries to break

the chains day-in day-out and is unsuccessful. After failing for months and humiliated by its futile efforts it gives up and believes that the chains cannot be broken. A false paradigm is formed. When the elephant grows to be a 10,000 pound monster it still does not try to break the chains. The chains in his mind are stronger than the chains on his leg. Like the elephants in the example, the limiting paradigms can also affect leaders. It is important for the leaders to be aware of their limiting paradigms and to break free of the chains of limitations.2. Blurred Focus. We see more of what we focus

on. If we start to focus on a particular colour in the room we will end up seeing more of it. Likewise, in organisations too we get what we focus on. If there is a relentless focus on growth by everyone in the organi-sation, we will get growth. However, when growth is somewhat out of focus then results are affected. The typical examples of ‘blurred focus’ can be more em-phasis on processes instead of results ; analysis and data-generation without speedy action; information management versus identifying and articulating the key problems and collectively finding solutions ; and rewarding factors other than growth.3. Missing the Sweet Spot. Leadership has to continu-

ally balance the short-term and the long-term growth and profitability. If too much focus is given to short-term without keeping the long-term in mind, it can jeopardise growth. While thinking only about the fu-ture without delivering short-term results can create an issue of survival. Balance is the key and missing it can affect growth. 4. Ignoring the Winds of Change. Agility is a key ele-

ment of growth. Companies who can see the changing winds and adjust their sails quickly in the form of cul-tural re-engineering achieve greater success. Change is inevitable and has to be made fast. Ignoring the need

A Growth MindsetWaqi Munim, Founder & CEO, Courageous Minds

I&M Special - Courage and Enterprise

COMPANY NEWS16

for change can take the wind out of the sails of growth and leave the company behind in the race for progress.5. Blindspots: Organisational blindspots can be dan-

gerous which occur due to: 1. breakdown in communi-cation flow ; 2. people getting accustomed to the sys-tem and failing to see defects in it ; 3. belief that issues will be resolved automatically, if ignored. Watch out for these blindspots to growth !A growth company is any firm whose business gener-

ates significant positive cash flows or earnings, which increase at much faster rates than the overall economy. The leaders of growth companies do the following: 1. Inspire the team members to believe in themselves

and in the ability of the company to achieve the stretch goals. Our beliefs or paradigms are the cornerstones of our success or failure. If we believe we will achieve growth, we will. However, if we believe we will not achieve growth, we are right as well -- we will not. It is all in the mind and the power of belief can produce mir-acles. It is the responsibility of a good leader to make the organisation believe in growth and possibilities and to lead by example. Beliefs have huge power. 2. Re-engineer the culture for growth. To assess the

need for re-engineering, ask the following questions: Does the company culture support growth or does it focus more on processes, activities and systems? Do

leaders believe in the growth targets and the ability of the company to grow big? Are there efforts to low-ball the regional or local targets to in order beat them eas-ily? Are promotions and rewards based on growth? To grow, it is important to obsolete and reinvent the cul-ture and business model before it becomes uncompeti-tive. Make a growth culture a business objective with as high a priority as key strategic initiatives, measuring and monitoring it in the same manner. 3. Create a position in the company of a growth leader.

Under this individual there can be a team supporting the regional and local CEOs. The only responsibility of the growth officer should be to focus on ways of get-ting sustainable growth by identifying new consumer segments, regions, acquisition targets and alliances. The growth officer would work closely with HR and the CEO in inspiring individuals and re-engineering the culture for success, growth and inner wellness.Culture can fail the most brilliant strategy, the most

inspiring talent and the best execution. On the other hand, it can also turn the ordinary into exceptional. To grow, it is not important that we do what we are doing faster or harder, which can burn-out the organisation. Rather, we should re-engineer newer and better ways of doing things, as we are nothing less than pure unlimited potential.

Courageous Minds is a management consultancy that trains to help reengineer the mindset for success. At the heart of Courageous Minds is the conviction that every individual has unlimited potential. It is simply a matter of reengineering our minds to break the glass ceiling of limiting paradigms, negative thinking, paralysing fears and hopelessness that restrict people and corporations from achieving their true potential. Email: waqimunim@bluewin.ch

Courageous Minds Launch Event -- March 26th, 2016 -- Avari Towers Hotel, Karachi

I&M Special - Courage and Enterprise

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Mr. Naushirwan MerchantChief Operating Officer

Bismillah-ir-Rahman-ir-Rahim. Because of your efforts and Paki-stani farmers’ efforts, Pakistan is the 3rd largest milk producing country of the world. Our Share in Pakistan’s GDP is 11%, and every year the demand of milk is increasing by 4.5%.

As part of a large group of companies serving customers since 1995, DDF started from Sindh and spread to Punjab and KPK, and is still growing. We have trained our employees and farmers to de-velop their skills in Farming , Animal Health and Milk Production.

As we are continuously learning and improving our expertise, we are also planning to deliver international training and develop business relations. For this purpose, our executive director, Mr. Mujahid Hamdani and another gentleman, Mr.Antonio, who are both nationals of Portugal, are working in Portugal for this objec-tive. We will either send our staff to Portugal for training or we will call experts to Pakistan to deliver training.

We are already an ISO 22000 and HACCP certified company. As you know, Buffield (Pvt) Ltd is producing Tetrapak flavored milk and Juices.

Now, we have signed for ISO 22000 and HACCP certification of DDF Pakistan. This will also include many trainings for our man-agement. Our management representative will be Mr. Anil Hasan Ali who is an MBA in marketing.

Besides training, the most important activity is our own behavior with our subordinates and farmers. My message for the same is: “Be Love” and “Let it Go”.

Like we understand the language of animals, we should under-stand the language of humans. For an animal, we give love and care, even if it kicks us or hurt us. We do not take it seriously and we do not take any revenge. Likewise, we should not take it seri-ously if anyone hurts us. Remember “Be Love” and “Let it Go”. Moreover, teach them to change, if possible. If we teach others and change ourselves, then the whole world will be changed.

Maybe our senior manager and RSM will not like it if the fear of job termination for SPO at DDF will be ended. According to my thinking, this is wrong. In my opinion, a confident person will give us better results. I would like to give the example of developed countries. They give all kinds of security – for job, for medical, for education – unlike employers in Pakistan. There is no fear, but they are more productive than us.

For our company, this year is declared by me: Year of Love, Let it Go and Continue Training. What does it mean? It means we will not discuss politics of Pakistan or of the world. Instead, we will speak about Love – Let it Go – and Training. Our conversa-tions will be regarding feed, animal health – Farm Management. We Love to Learn. Training needs and requirements must be iden-tified and communicated to our management representative.

Some training videos and documents are supplied to you in a CD or USB in this program. I would like to express thanks to universi-

ties in Lahore and Faislabad and TetraPak Pakistan for producing videos and training kits for farmers. In particular, I express my thanks to Dr. Ashraf Sahibzada for uploading video to guide farm-ers in Pakistan.

I would like to request our staff to record videos for upload to our youtube channel and facebook page. These may be of cattle handling activities in the field as well as feedback from farmers for our youtube channel and facebook page. I also request that whatever information you find that is valuable, please share with all of us so that collectively we can do some better work for this earth. Our stake holders must be experts. They must shine like the sun.

Regarding Feed Sales and Formulation and Price, my perspec-tive is that least possible prices we should be offered to the farmer. He should be able afford it. We market our product as balanced feed. It should be now changed to:

What we give, What is digested and What is Absorbed. This is extremely important. Our researchers are working on it

and in three months they will share their documents with you. We do not do negative marketing. We are result-oriented and we will share our results.

I think there is lot of adulteration in our market. I think if you go to buy poison you will not get pure poision! All raw materi-als have to be properly checked and tested by spot test and detail analysis in laboratory. Then, accepted materials must be stored in proper conditions so we can save their nutritional values. I think some treatment will have to be done to increase their digestibility. Then, proper balanced formulation, enzymes and additives have to be added and in-process and final inspection has to be done to prepare finished product.

After that, you guide farmers to maintain hygienic conditions, proper health care and proper utilization of feed has to be estab-lished. All these guarantee good milk production for the farmer.

Our research team is doing the following:Proximate Analysis; Fibre Fraction Analysis; Molasses Analy-

sis; Mineral Analysis; Analysis of Bypass Protein and Fat Supple-ments; Estimation of Energy; Urine Analysis; Aflatoxin Estima-tion.

A facility has been requested by our laboratory team for Rumen Liquor Analysis. And I am committed to provide all the resources required. Many formulations are available in books and on the Internet to prepare cattle feed – so many experts have shared their research results. But what makes us the top-of-line is our commit-ment to research and development and state of the art laboratory facilities.

We must develop our buffalo breed, which is a field in which India and Italy have worked a lot. In this regard we are trying to get hi-milk production buffalo semen from Italy.

For all the above efforts, I request your recommendations and your suggestions.

To strengthen our organization, we should help our people to improve their quality of life and living standards. Develop their skills and educate our children. We are a commune (meaning a large gathering of people sharing a common life).

Pray for Good – Prayer means to make efforts with Love. Thank-you.

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Mujahid Hamdani, Exec Director, Doctor’s Dairies & Feeds Ltd. Visits Jorge Aurélio, Administrative and Consular Affairs

Attaché, Embassy of Portugal, Islamabad

Mujahid Hamdani, Exec. Director, Doctor’s Dairies & Farms; Director of the Exponor Oporto, Portugal; Prof S.B. Hassan, President, I&M; Fernando Olivera, Honorary Consul General of Pakistan, Oporto

Promotion of Trade & Business Relations Between Pakistan and Portugal

Dr. Abbas Ali Merchant (Shaheed) Founder, Doctor’s Dairies & Food Ltd.

Meeting with American Soybean Association, Minnesota, USA

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Mr. Muhammad Ali MerchantAs-salaamoalaikum and Good Morning to Everyone.

Thank you all for coming and joining us here today. We are pleased to be able to welcome everyone that has been with us some time now, as well as those of you who are new

to our company. Welcome! You have joined not just a company but also a family.

I do not remember Dr. Abbas Ali Merchant Sahab explicitly saying this but always acting as such. Those of you who had direct inter-action with him know that he always treated his employees not just as employees but more than that -- as family members. And I am very happy to say that his successor Mr. Naushirwan Merchant, has followed in his footsteps brilliantly because he himself be-lieves in his principles and shares Dr. Sahab’s love for his fellow employees. That is why I would like to propose that we introduce our company’s internal motto something we ourselves know very well – that this company is more than just a company, it’s a family.

Today marks our grand Annual Sales Conference and we are very proud to be able to host it today here in Murree with all of you. Just before we get started, I would like to express my gratitude to all of you who so generously helped us to make this event come together smoothly. These include Mr. Anil Hassanali, Mr. Kashif Ahmed, Mr. Moazzam Arif, Mr. Rashid Khan and Dr. Fayyaz. We couldn’t have done it without you!

We are all here today because of our mutual passion for dairy farming. DDF has been in the field of Dairy Farming for twenty-five years now. To give you an idea of the importance of dairy farming, I will cite some facts. Pakistan has an agriculture based economy and 21% of Pakistan’s GDP comes from agriculture and accounts for half of the labour force. Pakistan is the 3rd largest milk producer in the world, and Landhi cattle colony is the biggest cattle colony in Asia. It has over 600,000 animals in total. Now, when the market is this huge, some organisation has to take charge to lead the industry. The banks and insurance companies are com-pletely disinterested in this industry and would not even give out loans to farmers to buy buffaloes.

My vision for the future of the company that I see in 5 to 10 years is that DDF should be synonymous with dairy farming. Just like you think of Google when you want to search for something, just like you think of YouTube when you want to search for a video, just like you think of Facebook when you want to search for a friend -- similarly, I have a vision that you will think of DDF when you think of dairy farming. DDF should be a leader in guiding the industry to a better future.

Like most modern international companies, we have an R&D de-partment and are investing huge amounts of money and making great progress to develop a “gold” feed that would enable better milk production, less diseases, better immune system. In the end, this will benefit the farmer.

We are trying to get every animal in the country tagged with a

microchip. You register your motorcycle (an asset of Rs. 40,000) but you do not register a buffalo (an asset of Rs. 100,000). Cur-rently, there is no good way to protect your animal from theft, fraud etc. If your animal is stolen, there is no way to identify the animal (even if you know that someone has taken it) if the plastic tags have been cut out. This will all change soon enough when all the animals are tagged with microchip which cannot be taken out.

Tagging the animals with a safe and easy chip will motivate banks and insurance companies to get more involved in this indus-try. This means more loans which will eventually lead to farmers increasing the number of animals and also to promote more farm-ers to invest in the industry. This will be better not only for the whole dairy community but also for the whole country.

We are already training farmers in modern farming practices and will continue to launch programs that will train farmers in all as-pects of farming that will be taught by leading industrialists and top university professors.

There is a saying that “You are only as strong as your weakest link”. If our employees do not have training in modern dairy farm-ing practices, they will not be able to train and convince the farm-ers to adopt modern methods. So for that, to improve our weakest and untrained employees, we are training our sales team continu-ously in modern farming practices, to perform better, to earn more. In the big picture if every employee performs better and earns more, he becomes happier which helps him to perform even better. All helps the company to grow with the employee.A very warm welcome to all of you and hopefully you will enjoy this event, please come find me in the lobby when the program is finished if you have any questions, suggestions or just want to meet and greet. Thank you everyone.

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GLIMPSES

Mohd. Qasim, CFO, DDF; Rashid Hussain Rabbani, Adviser to Chief Minister of Sindh; Naushirwan Merchant, COO, DDF; Prof Dr. Ghulam Muhammad, Chairman, Clinical Medicine & Surgery, University of Agriculture, Faisalabad; Prof S.B. Hassan, President & CEO, I&M; Mohammed Ali Merchant, DDF;

Rai Sikander Ahmed, Former Federal Secretary, Water & Power, Pakistan; Salman Hassan, VP, I&M ; Mujahid Hamdani, Exec Director, DDF; Sajjad Bhatti, DDF;

Mr. Rai Sikander Ahmed, Former Federal Secretary, Water & Power, Pakistan, receives DDF Shield

Mr. Rashid Hussain Rabbani, Adviser to Chief Minister Sindh, receives DDF Shield

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GLIMPSES

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1 Mastitis - A Disease that kills Farmer's Profit.

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Senator (r) Javed Jabbar’s Book “Pathways” is launched at Karachi GymkhanaTuesday, April 26, 2016

Master Mariners Society of Pakistan Annual Dinner 2016, Admiral M. Zakaullah NI (M) Attends as Chief Guest

Pakistan Maritime Museum, Karsaz -- Tuesday, April 26, 2016

Captain Haleem Ahmad Siddiqui won the Lifetime Achievement Award at the Lloyd’s List Middle East and Indian Subcontinent Awards, presented at the esteemed

Armani Hotel Dubai on Wednesday 9”` December 2015. The Lloyd’s List Award series recognises the industry’s successes, set-ting a benchmark for excellence while rewarding innovative ideas and concepts that have pushed the boundaries of what is possible.

This year’s lifetime achievement award goes Capt. Haleem, who has been instrumental in the development and growth of shipping and ports in Pakistan.

A former cadet in the late 1950’s he worked through the ranks to become shipmaster, and then after starting his own businesses in 1971 went on to become part of Pakistan’s efforts to privatise the port and shipping industries.

From 1993 till 2003 he became a major political figure and served as a federal minister of communications, and a minister of state for water and power.

Holding a large number of influential posts within the industry, as well as a growing list of professional accreditations within the shipping, ship masters and logistics industries and is a respected philanthropist in his home country, offering generous support for schools for under privileged children and hospitals.

Now, after 60 years and counting in the shipping industry, Capt. Haleem is chairman of one of Pakistan’s largest and most widely known businesses, the Marine Group of Companies.

Recipients are chosen from entries taken from the Middle East and Indian Subcontinent region and adjudicated by a distinguished judging panel which this year included: Craig Eason, Chair of-Judging Panel and Deputy Editor of Lloyd’s List, Captain Saleem Alavi, LNG Buyer and Logistics Consultant Emirates LNG, Abu

Dhabi, Adel Jebara Alfalahi, Adviser, Abu Dhabi National Oil Company (ADNOC), Nils Kristian Berge, Chief Executive Of-ficer, Arab Shipbuilding and Repair Yard, Simon Brebner, Chief Commercial Officer, Abu Dhabi Terminals, Joseph Brincat, Re-gional Vice President, Middle East-American Bureau of Shipping, Simon Cartwright, Partner, Holman Fenwick Willan Middle East LLP, Lars Christiansen, Chief Trade Officer, United Arab Shipping Company (UASC), Michel Deleuran, Executive Vice President, Milaha, H.E Prof. Dr. Ismail Abdel Ghafar PhD, President, Arab Academy of Science, Technology and Maritime Transport (AAS-TMT), Marcus Machin, Director- Middle East, Tufton Oceanic, Arun Sharma, Chairman and Managing Director, Indian Register of Shipping. The awards are managed by Lloyd’s List - leading maritime commerce since 1734. - Lloyd’s List provides informa-tion, analysis and knowledge for business decision makers in a changing and increasingly complex shipping environment.

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Tribute Event Hosted by Marine Group of Companies Ltd.Mohatta Palace Museum, Karachi

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Tribute Event Hosted by Marine Group of Companies Ltd.Mohatta Palace Museum, Karachi

Masood Hamid Director Marketing, Dawn Media Group & General Secretary, APNS

(Memorial Published by I&M in 2015)

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Friends, relatives, and professional colleagues were shocked to learn that the active, productive, creative, brave, and joyful life of Mr. Masood Hamid end tragi-

cally on the night of Friday, April 17, 2015.It is nearly impossible compose feelings and thoughts to write

a memorial for such a talented and valuable and well-liked mem-ber of the media industry of Pakistan.To begin with, we pray that Allah the Merciful and Benevolent

accept the good deeds and ibadaat of Masood Hamid, and grant him a place in paradise among the most esteemed, Aaameen. We pray that the journey of deeper spirituality and faith that Mr. Masood Hamid began on Earth in the final days of his life will blossom in the after-life. Without doubt, the sudden death of Mr. Masood Hamid has shocked the media industry of Pakistan and his loss is felt by countless friends. The size of the congrega-tion for funeral prayers at Masjid Baitus-salaam was a testimony to the respect and friendship that he gained within the industry. Many members of the congregation embraced each other to ex-tend support and to give courage to one another in this time of grief.APNS held a memorial at APNS House on Wednesday, April 22,

2015. Friend after friend walked up to the podium and paid respects to a departed colleague. There were many good speeches, so it is dif-ficult to mention just one or two, but several speeches were unforget-table. Filled with emotion from the loss of his old friend, Mr. Amir Mehmood described the large-heartedness and affection of Masood Hamid. Masood Hamid served an informal mentor and advisor for the foreign higher-education of daughter. Mr. Amir Mehmood re-membered that Masood Hamid was full of encouragement and ad-vised his daughter to call Masood Hamid’s daughter, Tooba, when she missed home.Mr. Sarmad Ali recalled his old friendship with Masood Hamid

from the time when they were neighours and would enjoy conver-sations in a neighborhood park. As their professional careers pro-gressed, sometimes involving professional rivalry, Masood Hamid always gave respect and importance to their old friendship. Many speakers request naming the APNS Conference Hall

after Masood Hamid. Mr. Hameed Haroon gently informed that it was already identified as a place to be named after Late Mr. Majeed Nizami and Late Mr. Mir Khalilur Rehman. He said that a recommendation would be made to the execu-tive committee of APNS to dedicate the administration block

, where Late Mr. Masood Hamid served APNS as Secretary General, to the memory of Masood Hamid.Mr Mukhtar Aqul expressed his thought that many important and

prominent members of APNS and the media industry have passed away, like M.A. Zuberi, Mir Khalilur Rehman, Majeed Nizami, and now Masood Hamid. He said that is the law of God that death can-not be avoided. What matters is the institution that is left behind by the person. He proposed creating a Masood Hamid Memorial Society. Dr. Tanvir Ahmed observed that in life Masood Hamid worked in a hurry and at a fast pace, and this is how his life also ended, leaving friends filled with sadness. Mrs. Nilofer from Dawn Media Group said that Masood Hamid was talented enough to sell a refrigerator to an Eskimo. The longest and most detailed memorial speech from Dawn Media Group was by Mr. Ali Hasan Naqvi. He described the story of his first meeting with Mr Masoood Hamid as a candidate for a position in the marketing department of Dawn. Mr. Ali Hasan Naqvi had resigned from a teaching position at an educational insti-tution and was searching for his next job. Mr Masood Hamid hired him and over the years taught professional skills and good values for living live with dignity, pride, and self-respect. Mr. Hameed Haroon, one of the final speakers, acknowledged the immense contribu-tion of Masood Hamid to Dawn Media Group, and gave him credit for building a strong marketing team, including Dawn executives like Ghazanfar Manghi and Ali Hasan Naqvi. Mr. Hameed Haroon also described the Mr. Masood Hamid’s love for children. He recollected Mr. Masood Hamid’s surprise visit to a Murree market to buy an armload of toys for the children of the sister of a Dawn employee. True to his principles, Masood Hamid never recommended his daughter Ms. Tooba to Dawn as a journalist. She was hired by the Editorial staff of Dawn. Prof S.B. Hassan delivered an eloquent speech in Urdu. He said it was still difficult to refer to Mr. Masood Hamid as a “Late Mr. Masood Hamid”. He said that it felt like Masood Hamid was still in our midst at APNS. In the end, Ms. Tooba, the daughter of Late Masood Hamid, said that she never expected to visit APNS House which Masood Hamid treated as a second-home.The sharing of memories at the meeting served to lift the

spirits and lighten the heavy hearts all friends of Late Masood Hamid. We pray for the departed soul and pray to Allah to give courage and comfort to his family members, to all friends at APNS, and all colleagues at Dawn Media Group.

I&M Memorial

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Masood Hamid Memorial MeetingT2F, Karachi – Sunday, April 17, 2015

I&M Memorial

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Traditional Annual Dinner Hosted by Mr. Hameed Haroon, CEO, Dawn Media GroupBar-B-Que Tonight, Clifton, Karachi -- March 29, 2016

APNS Officials Elected for 2016 0- 17: Sarmad Ali as President, Rameeza Majid Nizami as Senior Vice President, Mumtaz A. Tahir as Vice President, Umer Mujib Shami as Secretary General, S.M. Munir Jilani as Joint Secretary and

Syed Ali Hasan Naqvi as Finance Secretary of the Society

APNS All Pakistan Newspaper SocietyAPNS Members with New Executive Committee for 2016

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Introduction1. Well-functioning capital markets are an integral

part of the financial framework and help support the development of the real sector of the economy. Long-term bank finance is limited in supply, reflect-ing the difficulty of matching the duration of assets and liabilities andappropriately pricing its risk. Capital markets thus

omplement bank finance, allowing households and firms to better manage interest rate and maturity risk associated with long-term real sector investments, such as housing and infrastructure. Research pro-vides evidence to support the links between sound financial development, real sector economic growth and poverty alleviation, showing that financial de-velopment can disproportionately benefit the in-comes of the poorest, thus supporting the twin goals of the WBG, of reducing poverty and improving the lives of the poorest.1 Moreover, properly channeled finance can help avert instability and incidents of crisis that are known to have severe effects on pov-erty. A more diverse financial system also tends to be more stable and better able to absorb shocks, provid-ing a financial “spare tire” to firms in case of banking crises. Well-functioning capital markets, that are an integral part of such financial systems, particularly support the achievement of real sector growth in those sectors that require long term finance, such as infrastructure and housing. And local capital markets expand the range of investment opportunities avail-able to local institutional investors, such as pension funds and life insurance companies that have long time horizons for their liabilities.

2. Deep and liquid domestic government debt mar-kets support sound budget management and help fi-nance overall economic development, growth, and poverty alleviation in all areas of the real economy. They enable governments to finance their fiscal defi-cits and manage public debt without exposure to the currency risks associated with foreign borrow-ing, and at lower costs. Government bond markets strengthen monetary management, provide bench-marks and build yield curves that support the overall financial sector.2 Long-term bond markets give valu-able information for the conduct of monetary policy. These arguments were clearly stated even prior to the financial crisis, in the G8 (2007) Action Plan for Developing Local Bond Markets in Emerging Mar-ket Economies, and reiterated after the crisis, and with more broad based support, in the G20 (2011) Action Plan.33. More recently the case for developing bond mar-

kets, especially project bonds, for infrastructure fi-nance in emerging markets, has received increasing attention. Estimated variously at US$57 trillion to US$67 trillion from 2013 through 2030, it is recog-nized that traditional financing from governments and banks will not be enough to cover these financ-ing needs, even without including social infrastruc-ture.4 Given their long maturities and stable cash flows, project bonds can help make up the deficit and attract institutional investors. Such capital markets instruments had declined in the years following the financial crisis, but are now making a comeback. The G-20 High Level Panel on Infrastructure has pointed to the critical need to find new mechanisms for le

Evaluation of the World Bank Group’s Support forCapital Market Development

INDEPENDENT EVALUTION GROUP - WORLD BANK GROUP: THE WORLDBANK, IFC, MIGA

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veraging resources for infrastructure projects.5 This evaluation is even more timely and relevant as the World Bank Group envisages a scale up of its infrastructure financing activities, as described in its umbrella report on Long-Term Investment Financ-ing for Growth and Development (2013), in the latest WB (2013) infrastructure strategy update FY13-15, and in its recent establishment of a Global Infrastruc-ture Fund (World Bank, 2014). Moreover the most recent Global Financial Development Report, under preparation at the Bank’s Research group (DEC), fo-cuses on the provision of long term finance, signifi-cantly in the context of capital market development.4. The development and expansion of capital mar-

kets, and indeed financial markets as a whole, is not without risk. Instability may limit the impact of fi-nancial development on poverty alleviation. Bank-ing, a central part of most financial systems, is highly leveraged and has been prone to exaggerated credit cycles that sometimes end in crisis, and there are some signs of increasing global levels of leverage and possibly nascent bubbles in the real economy. The greater role of capital markets in more devel-oped financial systems can diversify some risk away from banks, dampening overall economic effects of shocks to the banking system. Yet, in a chang-ing world, technological shifts have introduced new forms and delivery mechanisms of financial services that bear their own risks.7 And dynamic changes in global financial structure, in a post-crisis environ-ment, including regulatory shifts in the banking sys-tem, could shift risks towards ‘shadow banks’ and capital markets, and towards emerging as opposed to developed markets.5. Such areas of potential risk underscore the need

to be aware that extrapolation from the past may not be the most reliable guide for a future road map and further highlight the importance of governance and regulation. The role of capital market develop-ment must be viewed against the backdrop of a given country’s overall financial framework and its levels of leverage. If capital markets are to serve the eco-nomic welfare of all economic segments, including small entrepreneurs, the balance between the devel-opments of different segments of capital markets

must also be taken into account.6. In this evaluation, the Independent Evaluation

Group (IEG) will assess the World Bank Group’s support for capital market development, against the backdrop of overall financial system development, and support for poverty alleviation. This evaluation will (i) examine the nature of all forms of support ex-tended by the World Bank, and International Finance Corporation (IFC) to capital market development; (ii) identify the extent to which the World Bank Group strategy for capital markets development sup-ported priority challenges and the extent to which it met these challenges; and (iii) draw lessons to help build a strategic picture of the Bank Group’s future approach to capital market development, including the overall balance between support to different seg-ments of the market, and links between capital mar-ket development and overall financial system devel-opment, in a dynamic context. 9 7. The scope, issues, and questions for this evaluation were identified in an independent manner, following a broad–based consultative process across the World Bank Group. This process covered consultations with a range of persons in the Finance and Markets global practice, beginning with senior management and advisors, and a range of operational departments. The latter in-cluded, in particular, the WBG Capital Markets unit (persons responsible for government and corporate bonds, equities market development, corporate gov-ernance and infrastructure finance). Another core unit consulted was the Non-Bank Financial Institutions unit including persons working on housing markets, pensions and insurance. In addition, IEG met with the Payments Group, the Financial Sector Policy and Risk Management unit (that inter alia manages the\ Financial Sector Assessment – FSAP-program). The team also met with the administrators of the Fi-nancial Sector Reform and Strengthening (FIRST) program. Within IFC operations units, consultations were held with the housing finance and corporate governance groups, and with the Corporate Strategy and Investment departments. Across the WBG, the team met with the respective Treasury departments of the World Bank and the IFC, and also met with MIGA management.

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Background, Context, and Motivation

CAPITAL MARKET DEVELOPMENT IN WBG CLIENT COUNTRIES (2005-2014)8. During the period covered by this evaluation,

capital markets, especially debt markets, grew rap-idly in WBG client countries, much more so than in high income countries. International debt issues by lower middle income countries have grown partic-ularly rapidly. However, both domestic debt issues

and international debt issues by lower and upper middle income countries remain dominated by government securities. Domes-tic debt issues remain lower than bank credit, which is growing at a faster pace than the debt market, indicating an overall increase of leverage even if not from capital markets (Figure 1). 9. Stock markets have grown

too, but the pace of growth has faltered and become erratic after the global crisis. And although the numbers of listed compa-nies has grown perhaps most rapidly in lower middle income countries, trading volumes have not kept pace with market capi-talization, and turnover ratios (trading value as a proportion of market capitalization) havein fact declined. The evaluation

will attempt to weigh the poten-tial benefits for greater encour-agementtowards support for equities

markets that among WBG cli-ent countries have shown poor recovery, relative to further sup-port for debt market develop-ment.

CAPITAL MARKETS, ECO-NOMIC GROWTH AND POVERTY ALLEVIATION

10. Over the last two decades research has estab-lished that financial development spurs economic growth and can disproportionately benefit the in-comes of the poorest. Much of the research has fo-cused on the evidence that links overall financial development to economic growth and poverty allevi-ation (Box 2), and their cumulative findings provide strong evidence of positive linkages. More recent work has also examined the links between financial

36

development and the poorest, and again, demon-strates positive results.11. There has also been considerable research on

the topic of the relative contributions of bank-based financial systems, as compared to capital markets based financial systems, as drivers of growth. The accepted consensus over the past fifteen years or more is that there is no specific support for either the bank-based or the market-based approach. There is a complementarity between the approaches, and their relative benefit is related rather to the overall level of development of markets and financial infrastruc-ture, including the ability of the economic system to reduce information asymmetries. As discussed

in Box 2, as countries develop they increase their demand for the services provided by securities markets rela-tive to those provided by banks.Bank-based structures

tend to dominate in the early stages of growth, but the relative im-portance of banks de-creases as economies develop.12. Financial instabil-

ity and incidents of fi-nancial crisis can also have severe effects on poverty. During the course of the 2008/09 financial and economic crisis, it was estimated by the World Bank that 28 million persons lost their jobs after 2007, and an additional 53 million persons were plunged into pover-ty in the developing

world.11 Research also shows that financial develop-ment helps the poor in countries with stable financial systems. However instability may limit the impact of financial development on poverty alleviation. Avail-able research does not so far fully reflect the evo-lution of financial markets in recent years, includ-ing greater market instability and volatility, which prompts the need for researchers to raise additional questions and further probe the links between choic-es adopted regarding the devvelopment of different segments of financial markets, and poverty allevia-tion, in a dynamic and evolving world.

Notes: International Debt securities data is based on 51 countries data on equities is based on 48 coun-tries, and domestic debt securities data is based on 21 countries; for which consistent data are available.Source: IEG estimates based on data from BIS Bond Statistics and World Development Indicators

Historical Perspective Fauji Fertilizer Bin Qasim Limited Plant is a modern

Granular Urea and Di-Ammonium Phosphate (DAP) fertilizers manufacturing complex, built at a cost of US$ 468 Million and located in Eastern Zone of Bin Qasim, Karachi, with Head Office at Defence Housing Authori-tyPhase-II, Islamabad.Initially named as FFC-Jordan Fertilizer Company

(FJFC), wef 17thNov 1993, with FFC (30%), FF (10%) and JPMC (10%) as main sponsors. The company was formally listed with stock exchanges in May 1996 and commercial production commenced with effect from Jan 2000. However, it continued to run into crises due to technical, financial and managerial reasons till 2001. DAP Plant was brought to suspension in 2001 due to ac-cumulated loss of Rs. 6.5 Billion. It resumed production in Sep 2003, after a lapse of 2 years.Renamed as Fauji Fertilizer Bin Qasim Ltd. (FFBL) in

2003, as such Jordan Phosphate Mines Co. (JPMC) had sold its entire equity in the company. Accordingly, Phos-phoric acid supply agreement with Jordan was terminat-ed. The company turned out to be profitable after 3 years i.e, by 2004 and declared ‘maiden dividend’ in 2004. Profitability has constantly been on the rise since then and 2011 has been the most profitable year of the com-pany. One of the milestones in the success of FFBL is its accreditation of ISO certification, which was achieved in Mar 2006 for both the Head Office and Plantsite. The current ownership is structured as under:• FaujiFertilizer Company : 49.88% • Fauji Foundation : 18.29% • Financial institutions and : 31.83% the general public• Total Shares : 934,110,000• Authorized Capital : Rs. 11,000,000,000• Paid up Capital : Rs. 9,341,100,000FFBL also holds membership of industry association

and trade bodies;• Rawalpindi Chamber of Commerce • International Fertilizer Association

Our Distinctions• FFBL is the only fertilizer complex in Pakistan pro-

ducing DAP and Granular Urea thus making significant contribution towards agricultural growth of the country.• FFBL DAP has ~41% market share with present capac-

ity.

• FFBL Urea has presently 5.2% mar-ket share with current production owing to gas curtailment. With 100% production ca-pacity, the market share comes to 17%.• FFBL is selling its

product with the brand name of “SONA”. Fauji Group has the largest fertilizer market-ing setup in Pakistan (managed by FFC) comprising of 14 sales regions, 66 sales districts, a strong dealership

network and extensive warehousing setup.• FFBL has successfully accomplished 13 million safe

man hours.

FFBL’s Corporate Vision• To be a premier organization focused on Quality and

growth, leading to enhanced stakeholders’ value.

FFBL’s Core Values• Professional Integrity• Winning working environment• Accountability• Creativity and Innovation• Corporate Social Responsibility• Focus on result

Performance & ProductionFFBL fertilizer complex is state of the art manufactur-

ing facility with advanced Distributed Control System for safe and efficient operation. The phosphoric acid be-ing raw material for DAP plant is imported from Mo-rocco and initially stored in tanks at Port Qasim. Design capacity viz-a-viz actual production of Plants is as un-der:-

Well-qualified Human Capital• Plant workforce comprises of around 1,500 people

with 200 engineers, 700 technicians with varying de-grees of experience, in addition to experts in the field of finance, supply chain, human capital management, infor-mation technology etc.• Plant has its own training department which provides

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FFBL – Icon of Excellence

Lt. Gen. Muhammad Haroon Aslam, HI(M) S.BT (Retd.)

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technical training on-site along with outsourcing to spe-cialists inside and outside the country. • Employees are extremely dedicated and highly moti-

vated and have been able to complete projects at a time when it was very difficult to bring in experts from abroad.

Financial PerformanceFauji Fertilizer Bin Qasim Limited (FFBL) -- At a GlanceAssets & Liabilities

Accreditation of International StandardsFFBL has acquired following certifications in 2006:-• ISO 9001 : Quality Control

• ISO 14001 : Environmental Management• OHSAS 18001 : Occupational Health and Safety

FFBL Tower.FFBL has constructed 11 story Corporate Tower at DHA

Phase II. Tower is now operational and all the depart-ments have been relocated to one central Head Office. We reached this monumental step in November 2015 and now living the dream. The quality of the architecture is emphasised by a num-

ber of features. Tower reflects the company’s philosophy that its employees are its major capital, and its aversion to the usual hierarchical structures. It contains state of the art features in Security, IT and Safety measures. This beautifully constructed building in many ways is a piece of art. The convex façade with the small carefully cali-brated square holes allows for sun to penetrate the build-ing and surround it with natural light. The double glazed large windows give us a spectacular panoramic view of the surroundings. Following are the salient features:-• Centrally air-conditioned building through dual fired

absorption chillers.• Backup standby generators.• Intelligent fire detection and protection system.• CCTV security surveillance.• Public address and VOIP system.• Conducive work environment.• Building covered with plants and greenery which gives

relaxed and homely feel.• Building management system for central monitoring and con-

trol of services.• 3 high speed elevators + 1 special purpose lift.• Common facilities:-• Multipurpose Hall.• Medical Center.• Training Institute.• Executive and Staff Dining Areas.• Conference and Meeting Rooms.

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• Gymnasium.• Terraces on each

floor for soak in the view, catch a fresh breath of air or even have a quiet smoke.Awards.In recogni-

tion of FFBL per-formance, following prestigious honoures were awarded to the

Company:-• Silver Medal of

SAP Support Op-eration for the Year 2015 andBronze Medal of the “SAP Customer Center of Expertise – 2014by ‘SAP Software Corporation’ in category of Support Operations.• 12th Annual Environment Excellence Award 2015 by

National Forum for Environment and Health (NFEH)• Best Corporate Report Award – 2011, 2012,2013&

2014 by ‘ICAP’ and ‘ICMAP’.• KSE Top 25 Companies Award2010, 2011, 2012&2013

by ‘Karachi Stock Exchange (Guarantee) Limited’.• Corporate Social Responsibility Awards 2012, 2013,

2014 and 2015 by ‘National Forum for Environment & Health’.• Corporate Social Responsibility Award 2015 by ‘The

Professional Network & EBU Ethical’.• Best CEO Awardfor the Year 2011-12 by ‘Mass Human

Resource Services’ in chemical sector.• RCCI Platinum Award for the year 2012 by ‘Rawal-

pindi Chamber of Commerce’.• Certificate of Excellence by Fire Protection Associa-

tion of Pakistan (FPAP) and National Forum for Environ-ment & Health (NFEH). JOINT VENTURESPakistan MarocPhosphore S.A, (PMP) Morocco – A

Joint VenturePhosphoric Acid, being the main raw material for DAP

production is imported from Morocco. To ensure the con-tinuous supply of this strategic raw material to runDAP plant at Karachi, Office Cherifien des Phosphates (OCP), Morocco, the biggest industrial group of Kingdom of Morocco and the Fauji Group(Fauji Foundation, FFC and FFBL) entered into a joint venture for its uninterrupted supply. The company, named as Pakistan MarocPhos-phore S.A (PMP) costing 2.3billion (2030 million) Mo-

roccan Dirhams( US$ 250 million) was formed at Moroc-co. The project has successfully been completed in record time and within the budget. Commercial production and shipment to FFBL started in April 2008 and May 2008 respectively. Plant is designed to produce 375,000 MT per year of Phosphoric acid thus meeting the total require-ment of DAP plant of FFBL. Surplus acid is sold in the international market.The Project is one of its kind with strategic significance

of involving two of the largest business groups of two brotherly Muslim nations i.e, Fauji Group of Pakistan and OCP Group of Morocco. Its formal inauguration was performed by His Majesty the King of Morocco in Oc-tober 2008. Dignitaries from Pakistan also attended the ceremony.

Significant benefits associated with this project are:• Production of 375,000 metric tons of phosphoric acid

per annum is not only ensuringun-interrupted supply of raw material, catering for the entire post-BMR demand of DAP requirement of FFBL, but also a source of profit in the form of selling out the surplus production. This, in turn has enhanced FFBL earnings in the form of divi-dends.• This is the first ever foreign investment by the Fauji

Group. Apart from its contribution towards economic growth of Pakistan, it has added to the prestige of the Country. It may also prove a gateway for others to invest in the international market.•Long-term raw material supply is guaranteed in an ex-

tremely turbulent international market.•PMP plant is spread on 118,000 square meters land in-

side OCP complex near the Port of JorfLasfar, about 25 KMs from the city of El-Jadida.

DIVERSIFICATIONFFBL has recently diversified into various businesses

after careful analysis of relevant markets. Following new projects has been ventured:

•FFBL Power Company Limited.To maintain the busi-ness sustainability, Coal Power Plant (CPP) Projecthav-ing capacity of power generation of 118 MW is being set-up in SPV mode at a total cost of US$ 265 Million (+10%) with the objectives of supplyingpower &steam to FFBL and use the saved natural gas for enhanced Fertil-izer production, greater Operational flexibility for FFBL and power export up-to 60 MW to K-Electric (under ne

Brig Muhammad Azam, SI (M), Retd.Company Secretary

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gotiation). The project is in detailed engineering phase. Expected Commercial Operation Date (COD) is De-cember 2016.• Fauji Meat Limited (FML)• With a vision to be the leading local & international

Halal meat processing company, FML was incorporated in 2013 as a public limited company. FML has setup a state-of-the-art Halal abattoir and meat processing facility near Port Bin Qasim Karachi (Pakistan) with an estimat-ed project cost of 60 million USD. The facility is spread over 47 acres of land including the plant and 3 day animal holding area. Daily production capacity of the plant is 100 tons/day of Meat (85 tons of Beef & 15 tons of Mutton) in both Frozen & Chilled categories for worldwide export. The plant is designed to meet the objectives of processing high quality meat (Cattle, Buffalo, Sheep& Goat), Value added products and By-products.• Pakistan’s only state-of-the-art Halal abattoir, which

offers meat products in VACUUM packaging. FML will be the only meat processing company in the coun-try which offers Rendered products including Bone/meat meal, Blood meal & Tallow conforming to Inter-national quality standards. • Understanding the importance of quality in this busi-

ness and following traditions of ‘Fauji Group’, FML ac-quired the services of International consultants for plant design & construction. Equipment has been procured from the world class manufacturers; conforming to the highest standards of International quality. Project is in testing phase and near to announce Commercial Opera-tion Date.•Noon Pakistan Limited (NPL). FFBL together with

FaujiFoundation have obtained controlling interest with 51% voting and 51% non-voting shares of Noon Pakistan Limited on 04 September, 2015.In order to compete in current dairy industry, the Management de-cided to enter into Dairy business through a running Dairy entity; NPL with “Nurpur” a very strong brand. The acquisition will be beneficial for the Company as well as for all stake holders. The Company is now go-ing for major expansion in its operations, which will reflect a better financial result in coming years.•Fauji Foods Limited (FFL). The Company was es-

tablished to venture into viable opportunities in Food & Dairy sectors. Dairy processing was selected as hav-ing immense potential in the country.

Investments•Foundation Wind Energy I & II.The Company has

investedRs. 2.348 billion in two wind power plants; Foundation Wind Energy- I Limited (formerly Beacon Energy Limited) and Foundation Wind Energy- II (Pri-vate) Limited (formerly Green Power Private Limited) of 49.5 MW each. Total estimated cost of each project is US Dollar 130 million. The projects have a “Debt to Equity” ratio of 75:25. Projects are located at Khut-tiKun New Island in Taluka Mirpur Sakro of Thatta District. Land area of FWE-I & II is 1210 and 1656 acres respectively.The Company holds 35% sharehold-ing in each project. Both the Projects have achieved Commercial Operation Date (COD) and are operating satisfactorily.• Askari Bank Limited (AKBL). As part of invest-

ment diversification, FFBL invested in Askari Bank Limited in 2013 and acquired 271,884 thousands shares representing 21.57% holding. The new management of AKBL initiated a major realignment strategy and busi-ness process re-engineering and is in the process of imple-menting state of the art IT core banking system to im-prove its operational efficiency. The investment offers a unique opportunity for Fauji Group to create an annuity business of immense profit which will enhance the returns to shareholders in the long run.

CORPORATE SOCIAL RESPONSIBILITYSustainable and responsible development has re-

mained our primary concern since inception. FFBL has distinguished itself as a good neighbour. Not only have we consistently delivered outstanding returns to our shareholders, we strive hard to be a good employer, to be a catalyst for the social and economic develop-ment of the communities in which we operate, and to minimize our environmental impact. In Nov 2010, af-ter approval by the Board, a long-term CSR Program was launched in collaboration with a renowned NGO, Human Development Foundation (HDF). As per MOU, the NGO has to implement all program activities in GhaggarPhattak Bin Qasim Town, Karachi and FFBL is to provide funds up to Rs 49.1 million over a period of 5 years. HDF is engaged in community development activities with special emphasis on health and educa-tion promotion.

Jubilee Life recently signed an agreement with Habib Bank Limitevd to launch banctakaful through its distribution network in Pakistan. The agreement was signed by MD & CEO of Jubilee Life, Javed Ahmed, and Sima Kamil, Head of Branch Banking, HBL

Jubilee Life Collaborates with Charter for Compassion Jubilee Life, Pakistan’s leading life insurance provider, in collaboration with Charter for Compassion has launched a new project called, “Collaborative Libraries”. This was announced at the project signing cer-

emony held recently at the head office of Jubilee Life. The purpose of this project is to inculcate the habit of reading in our future generations by developing libraries in the less affluent areas of Karachi. With the advent

of technology and e-books, reading in libraries is becoming extinct. More so, the lack of libraries in our country is depriving children today from the gratifying and fulfilling experience of

reading books. Through the project, 15 libraries were established in schools within Korangi, Lyari, and Shireen Jinnah Colony

impacting over 5,000 students. On this occasion Javed Ahmed, CEO and MD, Jubilee Life said,

“For a child to develop a broader imagination it is vital that they are exposed to various life lessons through books. I am a reader myself, and the pleasure of reading a hard-bind in a place sur-rounded by books cannot be explained in words. We are delighted

to be a part of such an initiative that will not only enhance love for reading but will also improve literacy in the less affluent areas.”

President of Charter for Compassion Pakistan (CfC), Mr. Amin Hashwani, said, “These libraries willnot only inculcate reading habits, at an early age, but also bring children together from different segments of the society for a peaceful and compassionate Karachi.”

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COMPANY NEWS

Jubilee Life Signs Banctakaful Agreement with Habib Bank Ltd

EFU Life Tree Plantation Drive at JPMC and EFU Life, one of the leading life insurance providers in Pakistan has launched a Tree Plantation Drive to com-memorate the 4th Insurance Day in Pakistan. EFU Life has always been at the forefront of ground-breaking CSR initiatives.

The company is committed to serving the people of Pakistan, and improving the quality of life.Taking this vision forward, EFU Life has initiated a Tree Plantation Drive at Jinnah Post Graduate Medical Cen-tre (JPMC), under the slogan Keep JMPC Clean and Green involving plantation of trees at JPMC, and installation of trash cans. The objective of this drive is to address the global warming-induced climate change and its adverse impact on the environment. Planting trees is pivotal to maintaining a balanced ecosystem and aids

in sustainable environment. Speaking at the occasion, Mr. Taher G Sachak, CEO and MD, EFU Life said we need to work together in combatting the adverse impacts from global warming and drastic climatic change and help prevent catastrophic events like Karachi’s Heat Wave last year. Tree plantation across the country is one such way, and needs to executed on a mass level to control further damage. Each one of us has to play our part in making Pakistan greener. The event was at-tended by Mr. Shahzeb Shaikh, Assistant Commissioner Karachi (General), Professor Anisuddin Bhatti, Executive Direc-tor JPMC, and the management of JPMC, Mr. Ateeq ur Rehman, CSR/CSI Activist and Senior Executive Advisor AMTF (Afzaal Memorial Thalassemia Foundation), Mr. Mehmood Tareen, Founder & CEO, The Professionals Network, Mr. At-taullah Shaikh, Divisional Forest Officer and the team of EFU Life.

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COMPANY NEWS

EFU Life receives Certificate of Excellence by MAPKarachi: EFU Life Assurance Limited, leading private sector life insurance provider in the country, has been

honored with ‘Certificate of Excellence’ by Manage-ment Association of Pakistan (MAP) in the category of Commercial Banks & Insurance Sector. The award was presented during the ceremony of 31st Corporate Excellence Awards 2015 held recently in Karachi. Mr. Mohammed Ali Ahmed, Chief Strategy Officer, EFU Life Assurance Ltd., received the award on behalf of the company. The award seeks to recognize and re-ward the best managed companies in Pakistan.EFU Life has been recognized for demonstrating ex-

emplary standards of management practices for the seventh consecutive time. The award reflects the company’s outstanding performance and continuous prog-ress in areas of Strategic Planning, Leadership, Social Responsibility, Corporate Governance, Customer & Market Focus, Human Resource, Operations and Information Management. The Corporate Excellence Award was instituted by MAP in 1982 with the sole aim to recognize and honor compa-

nies showing outstanding performance and demonstrating progress and enlightened management practices.

COMPANY NEWS43

COMPANY NEWS

Election Resultsof Pakistan German Business Forum. (PGBF)Pakistan German Business Forum (PGBF) held elections for the new Board of Direc-tors for the term 2016-2019.The newly elected Directors of PGBF in their BoD meeting have elected following as the office bearers for the term 2016 to 2019.Mr. Ashraf Bawany - Chairman Mr. Asif Rashid - Vice-Chairman.Mr. Mohammed A. Rajpar - Treasurer Prior to that the following members were declared elected by the honorary election commissioner Mr. Noordin Karim after completing the election process.

1. Mr. Ashraf Bawany / Linde Pakistan Limited (Corporate)2. Mr. Ami Iqbal / Bayer Pakistan Pvt. Ltd. (Corporate)3. Mr. Wajid Hussain Junejo/ Engro Corporation Limited (Corporate)4. Mr. Syed Qaseem Hussain Jaffri / DS-Concept Factoring (Corporate)5. Mr. Mohammad Naeem Mukhtar / Ibrahim Fibres Limited (Corporate)6. Mr. Asif Ali Rashif / Almurtaza Machinery Co. (Pvt.) Ltd. (General)7. Mr. Mohammad Ali Rajpar / General Shipping Agencies (General)8. Mr. Taher G. Sachak / EFU Life Assurance Ltd. (General)9. Mr. Sohail Aziz / Nasa International (General)10. Mr. Abdul Kader Jaffer / AJCL (Private) Limited (General)11. Mr. Hamza Bin Tariq/ Business & Engineering Trends (Associate)12. Mr. Shahzad Arshad/ Rauf Textile & Spinning Mills (Associate)

PGBF & GPti Host Dinner for H. E. Ms. Ina Lepel, Ambassador of Germany

Swiss Business Council and Sindh Board of Investment Promote InvestmentThe Sindh Board of Investment (SBI) and the Swiss Business Council (SBC) have signed a memorandum of

understanding (MoU) to promote investment and trade in the province, said a press release on Thursday.

The agreement would explore potential opp o -rt unities for alliance of public-private partner-ship by developing link-ages between investors from Sindh and Switzer-land.

The SBI will establish a Pak-Swiss Facilitation

Desk (PSFD) at its office. PSFD would carry out activities inter alia facilitate Swiss companies, look after mat-ters of trade and investment between Sindh, Pakistan and Switzerland and other ancillary functions.

COMPANY NEWS45

Turkish Airline hosts ‘agency awards’ in KarachiTurkish Airlines, which was already operating one daily flight from Karachi, has started one new daily flight

from the city from February 29, 2016. It would now be operating 14 weekly flights from Karachi. This was announced by General Manager Turkish Airline Fatih Atacan Temel while speaking at Turkish Airline’s annual agency awards for the year 2015 in Karachi. He said that Turkish Airlines is celebrating its 35th anniversary and it has started one new daily flight from Karachi. He informed that in 2015, 82500 people travelled inbound and outbound Karachi through the airline. He recalled that in 2013 Turkish airline was operating just 4 flights

a week but in March 2014 it became a daily flight and now there would be two flights from Karachi every day. He informed that Turkish Airline’s market share has increased from 17% to 22% in Europe and onwards that resulted into two daily flights from Karachi.

Turkish Airline hosts annual Agency Awards every year. These awards are given to airline’s top travel agents in Karachi in appreciation of their continue business support and recognition of their commitment to Turkish Airline in the city.

COMPANY NEWS

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Crown Bali Tour 2016 - 20th April 2016 - PC Hotel Karachi.

Pakistani Delegation Visits Jakarta, Indonesia for Official Meetings

Salman Hassan, I&M; Salahuddin Haider, Pakistan Observer; Prof S.B. Hassan, I&M; H.E. A.M. Fachir, Vice Foreign Minister; Khan Zafar; Ngurah Swajaya, ASEAN-Indonesia; Mr. Hadi Santuso, Consul General in Karachi

JS Group & Alliance Francaise de Karachi Host Fund Raising Gala Dinner 2016H.E. Mrs. Martine Dorance , Ambassador France to Pakistan & Mr. Ali J. Siddiqui motivate and inspire guests

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Strengthening Ties with France2nd PFBA Annual General Body Meeting Held in Karachi

On 5th April 2016, a meeting was held by the Pakistan France Business Alliance (PFBA) committee members at the Movenpick Hotel Karachi. PFBA has been active since almost 25 years; this was the 2nd annual meeting after being registered with the SECP. During the meet-ing PFBA board was present consisting of Mr. Saeed Allawala, Director of ATCO Laboratories Limited; Mr. Eric Noitakis, Economic & Commercial Councilor;

Mr. Thibaut Fabre, Regional Director Business France; Mr. Dominique Frachon, Director Investment Busi-ness France; Mr. Jamil Hamdani, President PFBA. Her Excellency Madame Martine Dorance, Ambassador of France in Pakistan also graced the annual meeting. The program commenced with the opening speech of

the President of PFBA Mr. Jamil Hamdani. He men-tioned the agenda of the meeting was to boost trade, in-vestment, promote understanding and enhance bilateral ties between the two nations. He further added that the French multinationals in various sectors such as energy and transport need to eradicate the negative perception of Pakistan in order to establish and build this relation-ship. It will be difficult for Pakistan’s economy to grow if there is no breakthrough of foreign direct investment. Lastly, Mr. Jamil added that opportunities of trade and investment can be shared through this forum.Following the conclusion of Mr. Jamil’s speech, Her

Excellency Madame Martine Dorance gave a brief speech in which she said that this forum has been inac-tive due to lack of communication in the past from both sides, which created distance in this relationship, but now that will not be the case, as France and Pakistan have always shared “good diplomatic friendship”. Her Excellency further shed some light on how both coun-tries are victims of terrorist attacks, mentioning the

recent Paris attack and the blast in La-hore. Condemning both attacks, she expressed her grief on these grave is-sues.The other three

French speakers, Mr. Eric Notikas, Mr. Thibaut Fabre and Mr. Domi-nique Frachon , gave convincing speeches on why to invest in France

and how their economy has been booming. A short vi-sual presentation was used to discuss France being one of the world’s strongest and stable economies. Another aspect that was covered was the difference between the positive reality and negative perception of France. France has more than 150 multinational firms already operating from France (local firms not included). Lastly Mr. Saeed Allawala, concluded the meeting

with a brief note and condemned the scenario of Paris attack. He heard about the attack while in Berlin. He said “….it was unbelievable what I saw on the TV.” He further added, that such steps were taken to destabilize societies and strike fear in people, but this shall not be the case, instead we should unite against such acts of terrorism. The PFBA meeting had ended by Mr. Saeed Allawala thanking the PFBA board members, who had travelled to attend this event, along with Her Excellen-cy Madame Martine Dorance.

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Strengthening Ties with France2nd PFBA Annual General Body Meeting Held in Karachi

Francois Dall’Orso, Consul General, France; Saeed Allawala, Vice Chairman, PFBA; H.E. Martine Dorance, Ambas-sador of France; Jamil Hamdani, Chairman, PFBA; Eric Noitakis, Economic and Commercial Counsellor, Embassy of

France; Dominique Frachon, MD, Investment, Business France ; Thibaut Fabre, Regional Head Business France

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Prof. S.B. Hassan, President & CEO, I&M; Mr. Ehsan Malik, CEO, PBC; Khalid N. Awan, Chairman, TCS; Mr. Atif Bajwa, President, Pakistan Business Council; Mr. Babar Badat, SVP, FIATA & MD, Transfreight Corpn; M. Ashraf Khan, Exec Director, SBP;

Mr. Nadeem Karamat, MD & CEO, Pak-Iran Investment Company Ltd.

The seminar attracted a big audience. Mr. Syed Farhan Hassan, an international corporate executive visiting from Kuwait, discussed his past experience as Director, Marketing for Unilever Iran, for the benefit of participants.

EVENTS

Pakistan Business Council Pakistan - Iran Business Opportunities Forum

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The Serena Hotels hosted, “A Day of Golf” an annual tournament under the Sports Diplomacy initiatives of the Hotel. Ambassadors, dignitaries and businessmen partic-

ipated in the fourth tournament and Mr. Aizaz Ahmed Chaudhry, Foreign Secretary, was the chief guest on the occasion.

Sports Diplomacy has emerged as an integral part of Serena’s efforts to build stronger relations with communities. Sports bring people together and participation in sports help in improving lead-

ership, teamwork, and communication skills along with promoting a healthier lifestyle.

Mr. Aziz Boolani, CEO Serena Hotels, said, “We use sports to provide a platform to our foreign diplomats and friends, serv-ing and retired bureaucrats and ourselves to establish links with other professionals and peers. This is an opportunity to develop friendships and demonstrate our abilities and interests in different sports.”

Mr. Aizaz Ahmed Chaudhry congratulated Serena Hotels on the initiative and the excellent arrangements, and said, “I appreciate the sports diplomacy initiative which germinated during a Foreign Office golf tournament and has blossomed into a much larger con-cept. Sports have always brought people together and the hospital-

ity of Serena creates a great ambiance to make links.”The tournament was organized in four categories with three priz-

es each for corporate entrants, diplomats, Government and Armed Forces personnel and ladies. Special prizes were also awarded for the longest drive, closest to pin in the first 9 holes, closest to pin in the second nine holes and a hole in one categories. The winners were awarded trophies and prizes by Mr. Aizaz Ahmed.

Amongst the diplomats, HE Samsu Rizal, Charges d’Affaires

Embassy of Malaysia won the category. Amongst the Govern-ment and Forces, Air Marshal Asad Lodhi net score of 60 and Mr. Ahmed Kamal got first prize amongst the corporate players. Fi-

nally in the ladies category, the winner was Ms. Maliha Ilahi. The Serena Sports Diplomacy Initiative encourages and pro-

motes healthy activities through interaction amongst various seg-ments of the society to enhance social wellbeing and cultural de-velopment. Under this banner, Serena Hotels hosts the prestigious President of Pakistan Gold Medal Golf Tournament, the President Gold Cup International Squash Championship, the Serena Hotels – Chief of the Air Staff International Squash Championship and annual polo, cricket and invitational golf tournaments.

Serena’s Game of Golf