Latest news with #ZubairTufail
Business Recorder
5 hours ago
- Business
- Business Recorder
Enhanced SME lending to strengthen export base: UBG
KARACHI: United Business Group (UBG) leaders have emphasized that enhanced SME lending would not only boost domestic economic activity but also strengthen Pakistan's export base, as SMEs contribute around 25% of the country's total exports. They laud SBP's reforms to boost SME financing. The reforms, combined with the recent decline in interest rates, are expected to pave the way for inclusive economic growth and large-scale employment generation. President Zubair Tufail and Central leaders Zafar Bakhtiari, Momin Ali Malik, Hanif Gohar, Syed Mazhar Ali Nasir, Malik Khuda Bakhsh and Gulzar Firoz, have welcomed the State Bank of Pakistan's latest initiative to revise prudential regulations for SME financing, terming it a timely and transformative step towards unlocking the true potential of Pakistan's small and medium enterprises. UBG leaders praised the State Bank's comprehensive reform package aimed at removing structural lending barriers and fostering inclusive, responsible, and sustainable access to finance for SMEs — a sector that contributes nearly 40% to the national GDP and employs around 80% of the non-agricultural workforce. Senior leaders of UBG said, 'We strongly commend the State Bank for responding to a long-standing demand of the business community. This reform not only encourages credit flow to underserved SMEs, but also aligns financial policy with ground realities and economic needs.' UBG noted that despite SMEs being the backbone of Pakistan's economy, their access to bank credit remained dismally low at just 6%. The group expressed optimism that the revised framework which emphasizes principles based regulation, fintech partnerships, and technology driven solutions will significantly improve credit disbursement and ease financial constraints faced by millions of SMEs across the country. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
UBG calls to explore Africa's vast economic potential
KARACHI: United Business Group (UBG) leaders have stressed the urgent need to explore Africa's vast economic potential through aggressive and targeted marketing strategies. Africa, the world's second-largest continent, comprises 54 sovereign states, with a combined GDP of approximately US$2.9 trillion and an import market exceeding US$600 billion. Despite Pakistan's cordial diplomatic ties with many African nations, its trade footprint remains minimal. UBG leaders Zubair Tufail, Momin Ali Malik, Khalid Tawab, Hanif Gohar, Malik Khuda Bakhsh and Mazhar Ali Nasir noted that Pakistan's current exports to the African region stand at only US$1.66 billion, which is disproportionately low compared to India's exports of over US$30 billion. A major obstacle cited is the lack of confidence stemming from weak banking channels and limited trade facilitation. They highlighted that Pakistan holds strong export potential in traditional sectors such as rice, mangoes, sports goods, surgical instruments, pharmaceuticals, leather, dairy products, fresh fruits and vegetables, and textiles. President UBG Zubair Tufail proposed that Pakistan should dispatch fact-finding missions to key African markets to assess and explore sustainable trade opportunities. They urged the government to fully leverage Pakistani embassies and trade missions in the region for this purpose. They also recommended that Pakistani missions in Africa establish in-house display centres to showcase exportable Pakistani products. This would help raise awareness and facilitate business linkages with local importers. Further elaborating on Africa's diverse economic landscape, they emphasized that the continent offers varied markets with different quality requirements and lower regulatory barriers, especially in terms of Sanitary and Phyto-Sanitary (SPS) measures and technical certifications. They pointed out that a significant portion of Africa's population is Muslim, presenting a unique opportunity for Pakistan to position itself as a leading supplier of Halal-certified products, given the global shortage of Halal goods. Finally, they identified Kenya, Mauritius, Ghana, South Africa, and Morocco as strategic gateways to the African continent due to their geographic location and trade infrastructure. The leaders called on the government to improve banking and trade facilitation measures to support exporters in accessing this high-potential but largely untapped market. Copyright Business Recorder, 2025
Business Recorder
03-06-2025
- Business
- Business Recorder
Need for apex chambers of Turkey, Iran & Azerbaijan urged
KARACHI: The leaders of the United Business Group (UBG) President Zubair Tufail, Central Leaders Khalid Tawab, Hanif Gohar and Syed Mazhar Ali Nasir and Malik KHuda Bakhsh have emphasized the need for the apex chambers of Turkey, Iran, and Azerbaijan to further intensify their interaction, bringing the business communities closer together. They believe that this will help to increase the volume of trade and investment between these countries, unlocking new opportunities for economic growth and development. The friendship between Pakistan and these countries is time-tested, and the UBG leaders believe that it is essential to build on this foundation to expand trade and economic relations. By working together, these countries can create a more prosperous and stable economic environment, benefiting the business communities and people of the region. UBG leaders welcoming the recent visit of the Prime Minister of Pakistan to Turkey, Iran, and Azerbaijan said that this visit has strengthened the bonds between the business communities of these countries, paving the way for increased interaction and collaboration in various sectors of business, investment, and joint ventures. During visit to these countries the Prime Minister had the opportunity to engage with the business communities of these countries, exploring new avenues for economic cooperation and growth. The UBG leaders believe that this visit will have a positive impact on the business landscape of the region, fostering greater economic stability and prosperity. As members of the Organization of Islamic Countries (OIC) and the Economic Cooperation Organization (ECO), these countries have a strong foundation for collaboration and mutual growth. The business communities of these countries can leverage these platforms to enhance trade and investment opportunities, and the UBG leaders and members are eager to explore these possibilities. Notably, the headquarters of the Islamic Chamber of Commerce and Industry (ICCI) and the ECO Chamber of Commerce and Industry (ECOCCI) are based in Karachi, providing a strategic location for facilitating trade and economic cooperation between Pakistan and its partner countries. Copyright Business Recorder, 2025
Business Recorder
12-05-2025
- Business
- Business Recorder
Business community pays tribute to Armed Forces
KARACHI: Business Community has extended heartfelt tributes and unwavering support to the Pakistan Armed Forces, lauding their unmatched professionalism, courage, and commitment to national defence. The business community has lauded the Pakistan Army, Air Force, and Navy for once again demonstrating their status as some of the most capable and resilient forces-not only in the region, but across the globe. Zubair Tufail, leader United Business Group and former President Federation of Pakistan Chamber of Commerce and Industry, emphasized that whenever the nation has faced a critical threat, the armed forces have stepped forward with unmatched determination to safeguard the country's sovereignty. He particularly acknowledged the recent response to Indian aggression, describing it as a timely and powerful reply that sent a clear message that Pakistan will not tolerate any attempts to undermine its national dignity. 'There is nothing more important than national security, and we stand shoulder to shoulder with our military during these testing times', he added. Tufail also admired the services of Armed Forces particularly; Chief of the Army Staff (COAS) of the Pakistan Army is General Syed Asim Munir, for defending Pakistani borders and giving a strong response to Indian Forces. He also appreciated the efforts of US President Donald Trump, Vice President J. D. Vance and Secretary of State Marco Rubio for timely intervention for a ceasefire on India's request. Rafique Suleman, General Secretary Pakistan Kenya Business Council has condemned the saddened acts of aggression against Pakistan by India without any proofs. 'We strongly condemn any form of violence or hostility that threatens peace, regional stability, and the lives of innocent civilians', he added. He said that the Kenya Business Council is committed to support the government of Pakistan and stand in full solidarity with the Armed Forces during this challenging time. 'We are proud of our Armed Forces, who have responded with strength and determination to defend the country against India's unjustified attacks. In this difficult time, our thoughts and prayers are with our brave forces, he added. Rafique said that peace is the cornerstone of prosperity, and the business community remains hopeful for a swift and peaceful resolution of the dispute between two neighbour countries. 'We also urge all parties involved to exercise restraint and to prioritize diplomatic dialogue and peaceful resolution', he added. Imtiaz Hussain President Pakistan Agricultural and Horticultural Forum has assured the military of their complete support, both in times of crisis and in the ongoing journey of national progress. 'Our trader and industrialist community has always contributed wholeheartedly to the development of Pakistan, and in this hour of need, we are united in support of our brave armed forces,' he said. He noted that the display of national unity during the crisis has proven once again that the Pakistani nation stands united behind its Armed Forces proudly. He lauded the Army Staff (COAS) of the Pakistan Army is General Syed Asim Munir and Pakistan Air Force (PAF) for its exceptional performance, stating that the way PAF pilots thwarted Indian air aggression will go down as a proud chapter in the country's defence history. Imtiaz has also thanked the US President for playing a constructive role in de-escalating tensions between Pakistan and India. Copyright Business Recorder, 2025
