Latest news with #SaqibFayyazMagoon
Business Recorder
2 days ago
- Business
- Business Recorder
Solar Pakistan 2025 opens at Expo Centre
KARACHI: Pakistan's premier alternative energy exhibition, Solar Pakistan 2025, opened today at the Karachi Expo Centre, bringing together over 250 companies from 10 countries to present cutting-edge solar technologies, breakthrough innovations, and investment opportunities. Organized by Fakt Exhibitions (Pvt.) Ltd, the three-day event aims to accelerate the country's transition toward alternative, sustainable, and affordable energy solutions. The exhibition will continue to showcase latest innovations until August 17, 2025. From high-efficiency panels and smart energy storage to advanced grid systems, the exhibition showcases the latest in solar solutions, encouraging collaboration among investors, technology providers, and government representatives. With participation from leading local and international industry players, policymakers, and innovators, Solar Pakistan 2025 serves as a hub for high-impact partnerships, policy dialogue, and strategic alliances to unlock Pakistan's vast renewable energy potential. Inaugurating the event, Senior Vice President, FPCCI, Saqib Fayyaz Magoon, called the exhibition a timely step in addressing Pakistan's energy and climate challenges: 'Solar Pakistan 2025 provides a vital platform for knowledge exchange, partnerships, and investments that can help us overcome our energy challenges while ensuring environmental sustainability. I encourage the private sector, innovators, and policymakers to work hand in hand to make Pakistan a leader in clean energy.' Saleem Khan Tanoli, CEO of Fakt Exhibitions, emphasized the urgency of alternative energy adoption: 'Pakistan has immense untapped potential for solar power. This exhibition is more than just a showcase; it's a catalyst for dialogue, innovation, and investment. Clean energy is the most practical and sustainable path forward, addressing both climate concerns and economic stability. Through Solar Pakistan 2025, we aim to inspire actionable commitments that will help shape a greener and more energy-secure future.' With its strong focus on innovation, collaboration, and sustainability, Solar Pakistan 2025 underscores the urgent need for large-scale adoption of alternative energy, reinforcing Pakistan's vision for a cleaner, more energy-secure future. Copyright Business Recorder, 2025
Business Recorder
11-07-2025
- Business
- Business Recorder
‘Pakistan-Bangladesh trade will soon reach $1bn mark'
KARACHI: Deputy High Commissioner Bangladesh, S M Mahbubul Alam, stated that the trade volume between Pakistan and Bangladesh currently stands at US 800 million dollars, with expectations that it will soon reach US one billion dollars. He mentioned that sixteen trade delegations from Pakistan have visited Bangladesh so far this year. He made these remarks while addressing the launching ceremony of the third Made in Pakistan Single-Country Exhibition and Business Conference, organised by the Pakistan Association of Exhibition Industry, to be held from September 23 to 27 at the International Convention City Bashundhara (ICCB), Dhaka, Bangladesh. The ceremony was also addressed by TDAP Secretary Shehryar Taj, FPCCI Senior Vice President Saqib Fayyaz Magoon, Chairman of the Pakistan Association of Exhibition Industry Fahad Barlas, and founding Chairman Khurshid Barlas. A large number of traders and women entrepreneurs, including Imran Ismail, Nazli Abid Nisar, and Dar Shehwar, attended the event. Deputy High Commissioner Mahbubul Alam noted that Bangladesh has imported rice and sugar from Pakistan this year. He also announced that Bangladeshi visas for Pakistani businessmen participating in the exhibition will be issued within 7 days, and for women entrepreneurs within 3 days. TDAP Secretary Shehryar Taj said that the TDAP Board has approved participation in 126 exhibitions this year, with a focus on promoting IT globally. He also announced a 50% fee reduction for women participating in exhibitions this year. FPCCI Senior Vice President Saqib Fayyaz Magoon emphasized the urgent need to launch direct flights between Pakistan and Bangladesh, highlighting increased demand due to growing business activity. He stated that the single-country exhibition will open new pathways for bilateral trade. Chairman of the Pakistan Association of Exhibition Industry, Fahad Barlas, shared details of the third Made in Pakistan Single-Country Exhibition, stating that it will showcase products from various sectors including: textile industry, food products, electrical appliances, kitchenware/crockery, consumer goods, footwear, household items, tiles and ceramics, furniture and fixtures, jewellery and ornaments, marble and glass, sports goods, service providers, fashion and fabrics, tourism and hospitality industry, machinery and equipment, paints, varnishes, and chemicals, HVACR systems, sanitary ware and fixtures, handicrafts and more. Founding Chairman Khurshid Barlas stated that the objective of the event is to highlight Pakistani products and introduce them in the Bangladeshi market, thereby strengthening trade relations between the two countries. He added that the exhibition would open new doors for trade and play a key role in introducing Pakistani products to international markets. A documentary film was also shown at the event featuring exhibitions held in Saudi Arabia, the UK, and Bahrain. Copyright Business Recorder, 2025
Business Recorder
10-07-2025
- Business
- Business Recorder
‘Pak-BD trade will soon reach $1bn mark'
KARACHI: Deputy High Commissioner Bangladesh, S M Mahbubul Alam, stated that the trade volume between Pakistan and Bangladesh currently stands at US 800 million dollars, with expectations that it will soon reach US one billion dollars. He mentioned that sixteen trade delegations from Pakistan have visited Bangladesh so far this year. He made these remarks while addressing the launching ceremony of the third Made in Pakistan Single-Country Exhibition and Business Conference, organised by the Pakistan Association of Exhibition Industry, to be held from September 23 to 27 at the International Convention City Bashundhara (ICCB), Dhaka, Bangladesh. The ceremony was also addressed by TDAP Secretary Shehryar Taj, FPCCI Senior Vice President Saqib Fayyaz Magoon, Chairman of the Pakistan Association of Exhibition Industry Fahad Barlas, and founding Chairman Khurshid Barlas. A large number of traders and women entrepreneurs, including Imran Ismail, Nazli Abid Nisar, and Dar Shehwar, attended the event. Deputy High Commissioner Mahbubul Alam noted that Bangladesh has imported rice and sugar from Pakistan this year. He also announced that Bangladeshi visas for Pakistani businessmen participating in the exhibition will be issued within 7 days, and for women entrepreneurs within 3 days. TDAP Secretary Shehryar Taj said that the TDAP Board has approved participation in 126 exhibitions this year, with a focus on promoting IT globally. He also announced a 50% fee reduction for women participating in exhibitions this year. FPCCI Senior Vice President Saqib Fayyaz Magoon emphasized the urgent need to launch direct flights between Pakistan and Bangladesh, highlighting increased demand due to growing business activity. He stated that the single-country exhibition will open new pathways for bilateral trade. Chairman of the Pakistan Association of Exhibition Industry, Fahad Barlas, shared details of the third Made in Pakistan Single-Country Exhibition, stating that it will showcase products from various sectors including: textile industry, food products, electrical appliances, kitchenware/crockery, consumer goods, footwear, household items, tiles and ceramics, furniture and fixtures, jewellery and ornaments, marble and glass, sports goods, service providers, fashion and fabrics, tourism and hospitality industry, machinery and equipment, paints, varnishes, and chemicals, HVACR systems, sanitary ware and fixtures, handicrafts and more. Founding Chairman Khurshid Barlas stated that the objective of the event is to highlight Pakistani products and introduce them in the Bangladeshi market, thereby strengthening trade relations between the two countries. He added that the exhibition would open new doors for trade and play a key role in introducing Pakistani products to international markets. A documentary film was also shown at the event featuring exhibitions held in Saudi Arabia, the UK, and Bahrain. Copyright Business Recorder, 2025
Business Recorder
18-05-2025
- Business
- Business Recorder
FPCCI opposes Tax Laws (Amendment) Ordinance
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has strongly rejected the newly implemented Tax Laws (Amendment) Ordinance, 2025, claiming it violates taxpayers' rights. The FPCCI has vowed to support legal challenge against this ordinance in court. During a press conference held at Federation House, Senior Vice President Saqib Fayyaz Magoon expressed serious concerns over the new tax amendment 2025, warning it would open new doors for corruption and intimidate investors. 'On one hand, the government is implementing a faceless system in customs. On the other hand, it's stationing FBR officials in factories and manufacturing units through Inland Revenue,' Magoon said. He questioned whether these FBR officers had been given 'certificates of honesty,' arguing their deployment would lead to increased corruption and harassment. Magoon criticised the 'extraordinary powers' granted to FBR representatives, including the removal of taxpayers' right to appeal. 'It's like skipping the FIR process and going straight to hanging,' he remarked. He further explained that the new laws allow FBR officials to be stationed in industries for monitoring purposes and authorise tax officers to recover funds directly from bank accounts under Section 140, eliminating the previous notice period given to banks. The FPCCI leadership also warned that ending captive power would destroy billions of dollars in industrial investment. He highlighted the contradictory approaches of FBR and the Special Investment Facilitation Council (SIFC) policies, claiming FBR harasses investors and SIFC strives to attract foreign investment. 'With such flawed policies, the Prime Minister's target of $100 billion in exports will not be achieved.' Vice President FPCCI Muhammad Aman Paracha pointed to what he called a 'trust deficit' between the government and business community, saying, 'Due to this lack of trust, tax targets will never be met.' He emphasised the need for a long-term policy framework spanning 10-15 years. Another Vice President, Nasir Khan claimed 'enemies are not just at the borders but sitting inside as policymakers.' He appealed to the Army Chief to provide protection for investors' capital. Dr Mirza Ikhtiar Baig, a Pakistan People's Party member of the National Assembly, claimed the government is planning to introduce legislation to end captive power. However, he assured that his party would oppose any such bill. He informed about an important upcoming meeting at Sindh Chief Minister's House with all stakeholders to address these concerns on Sunday (today). Senior business leader Bashir Jan Mohammad suggested that FPCCI should immediately meet with the Prime Minister to discuss these pressing issues. Copyright Business Recorder, 2025
Express Tribune
27-03-2025
- Business
- Express Tribune
Work visa issues in Gulf countries may impact Pakistan's remittance inflow
Listen to article The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called on the federal government to take urgent steps to address the issue of Pakistani workers being denied work visas by Gulf countries, warning that the situation could lead to a decline in remittances. Addressing a press conference, FPCCI Senior Vice President Saqib Fayyaz Magoon said the visa issue had already been raised with Gulf embassies, yet 50% of visa applications were still being rejected, even those submitted through FPCCI's facilitation. "Remittances increased over the past eight months, but the trend may reverse if this issue persists," Magoon said, urging the Ministry of Foreign Affairs to intervene. The business leader also criticised recent changes to the net metering policy, stating that the original agreement was based on unit-for-unit compensation, not the new net billing system, which he said was creating uncertainty for solar users. 'A unit bought from a user at Rs27 is being sold back at Rs50. That's not what was agreed under net metering,' he added, welcoming the cabinet's decision to defer the Rs10/unit solar buyback policy. Magoon said the repeated changes in energy policy, without consultation, were discouraging investment and undermining confidence. He also flagged concern over the imposition of 18% sales tax on local supplies under the export facilitation scheme, saying it had negatively affected both the textile and agriculture sectors. 'Cotton production has dropped from 12 million to 5 million bales. We're importing cotton and yarn while local bales go unsold,' he said, demanding tax exemptions for local suppliers, similar to those offered on imported materials. Magoon warned that the only way to reduce reliance on the IMF was to support domestic industry. 'Without strengthening local industries, we cannot break free from the IMF's grip,' he said. He shared that during the last eight months, Pakistan recorded $22 billion in exports and $37 billion in imports, while $24 billion in remittances helped offset the trade deficit. 'The path to prosperity lies in boosting exports and supporting local industry,' Magoon concluded.
