Mauritius & Pakistan: Potential For Mutual Growth and Development

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Issue # 605
Mauritius & Pakistan

Potential for Mutual Growth
and Development
International Economics Journal Published From Pakistan
www.iandm.pk
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PAKISTAN & MAURITIUS
Mauritius & Pakistan: Rejuvenate with Cooperation............................................

Mr. Sohail Yasin Suleman, Honorary Consul of Mauritius in Karachi.................
Impressions: Mr. Yahya Polani, Chairman Polani Travels....................................
Impressions: Mr. Abdul Rehman Punjwani, Chairman, Qasim Freight Station....
Mauritius - A Tourist Paradise by Yasmin Peermohamed.....................................
Pakistan-Mauritius-Africa: Huge Trade & Investment Potential..........................
Fashion & Design Institute in Mauritius...............................................................
Mauritius & Pakistan: Potential of Mutual Growth & Development....................
Mauritius - 2014 Economics Outlook...................................................................
SPECIAL REPORT: 16th MAP CONVENTION 2014
Summary & Glimpses...........................................................................................

Tony Buzan, Inventor of Mind Maps....................................................................
Furqan Qureshi, CMO, PTCL...............................................................................
Lucy Cornell, Chief Inspiration Officer, Voice Coach..........................................
Panel Discussion Summary...................................................................................
I&M Interaction: Mr. Kimihide Ando,
CEO, Mitsubishi Corporation Pakistan.................................................................
I&M Interaction: Dr. Zeelaf Munir,
Chairperson, Executive Management Board,........................................................
I&M Interaction: Dr. Zsuzsanna Fajcsak,
Founder & Director Alive International................................................................
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FEATURE: CORPORATE & SUSTAINABILITY REPORT AWARDS 2013
Event Summary...................................................................................................... 51
List of Award Winners & Glimpses....................................................................... 53
Overseas Contact:
COMPANY NEWS...............................................................................................
EVENTS
NBP Launches Foree Remittance Account...........................................................
(GPATI) Success Celebrations Hald at World Wide Group..................................
Balochistan Economic Forum...............................................................................
Meezan Bank Celebrating the Acquisition of HSBC Pakistan.............................
September 2014
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Editorial
The business delegation to Mauritius, organized under the
leadership of Mr. Sohail Yasin Suleman, Honorary Consul
General of Mauritius in Karachi, Sindh, has returned with
positive views on many aspects of Mauritius. The delegation
members have returned with words of praise for the beauty,
peace, simplicity, and harmony they have seen in Mauritius
society. In particular, they have admired the natural beauty
of Mauritius, which makes it a tourist destination for Europeans. Today, in the minds of potential Pakistani tourists,
Southeast Asia, in particular Thailand, has become a prime
vacation destination, while Mauritius has not been identified
as a beautiful destination as yet. If not selecting Thailand,
affluent Pakistanis certainly consider Dubai or Sri Lanka as
ideal destinations for two-day or four-day vacations. Dubai
is certainly a major business and vacation location for Pakistanis. As Mr. Yahya Polani, the foremost travel agent of
Pakistan and a member of the delegation, mentions in his
interview in this I&M issue, Pakistanis should be encouraged
to fly Emirates airline not just as far as Dubai but as far as
Mauritius. Passengers should benefit from the code-sharing
agreement between Emirates and Air Mauritius. We hope
that the tourism promotion agency of Mauritius will cooperate with Mr. Yahya Polani and with the Honorary Consul
General, Mr. Sohail Yasin Suleman, to organize events in
Karachi city hotels to promote the image of Mauritius as a
beautiful tourist destination.
Besides promoting travel and tourism, this visit has also
provided an opportunity to begin the process of building and
strengthening business relations. The building has to be done
at the level of private sector, on the framework that has been
built by the two governments. The framework includes the
Double Taxation Avoidance Treaty and the Preferential Trading Agreement between the two countries.
One of the most important business structures in Mauritius
is Mauritius Freeport. Strategically, it is an ideal location for
growing trade and business relations between Pakistan and
the African continent. This must be brought to the attention of the pharmaceutical industry of Pakistan, in particular. Africa is an critical destination for Pakistans pharmaceutical industry. The Government of Mauritius has designed
separate benefits for manufacturing and for trading sectors.
Freeport operators conducting trading activities will benefit
from zero percent corporate tax indefinitely. This business
opportunity should be brought to the attention of the pharmaceutical industry of Pakistan. I&M has strong ties to the
leadership of Pakistan Pharmaceutical Manufacturers Association, and is an ideal vehicle to support discussion between
Mauritius Freeport officials and PPMA leaders. The other
Pakistani export-oriented industries like rice, cement, fruit,
and textiles should also investigate the advantages offered by
Mauritius Freeport.
The services sector of Pakistan is highly developed to provide
services to a domestic market of about 200 million citizens.
Banking and insurance, for example, are highly developed
economic sectors in Pakistan. In fact, Pakistani bankers,
chartered accountants, and insurance executives are admired
around the world, and offered employment in some of the
foremost multinationals of the world. The business managers and corporate executives are also well-trained at business
schools in Pakistan and overseas, and reach the height of
success in their professions around the world. The level of
energy and expertise of the management profession will
become evident from the pages devoted the Annual MAP
Convention in this issue of I&M. Therefore, we may say with
pride, that in these service sectors, Pakistan can provide
expertise to regulators and executives in Mauritius.
Pakistanis can also benefit from expertise that has been developed in different sectors in Mauritius. The Mauritius
Freeport, for example, is a Special Economic Zone that has a
been developed to leverage the strategic location of Mauritius
as a gateway to Africa. It is already well-developed with many
essential supply-chain features like warehouses, cold storage
etc. Pakistan, on the other hand, has not been able to leverage
its strategic location as a gateway for the Central Asian States
to the markets of Middle East and Europe. Pakistan has two
excellent ports, Karachi Port and Port Qasim (nearby), but
the third port, conceived to serve as a gateway and a transshipment hub, has been long-delayed in development. Meetings between Mauritius Freeport officials and Pakistani ports
and shipping sectors would benefit Pakistani government and
private sector officials. It is worth noting that the business
delegation from Pakistan to Mauritius included three senior
shipping and logistics experts: Mr. Sohail Yasin, Mr. Mohd.
Rajpar, and Mr. Abdul Rehman Punjwani. We recommend
that these official organize cooperation between the shipping
and port sectors of the two countries.
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Potential for Mutual
Growth and Development
Mauritius & Pakistan: Rejuvenate with Cooperation

The Current team of economic analysts in the government & the leaders in business and industries in the countriesknow well what needs to be done in the short, medium and long run to improve and further develop the overall
economic and trade relation between Mauritius & Pakistan. The largest business delegation that visited Mauritius under
the aegis of the Honorary Consul of Mauritius in Sindh, Pakistan must be termed as the forerunner in the strengthening
of relationship between the two countries.
Mauritius is a small tropical island situated in the turquoise southwest Indian Ocean. The size of Mauritius equals
about that of the English county of Surrey or South Africa's Cape Peninsula and False Bay. At the end of the year 2013,
the population of Mauritius was over 1.29 million. Population density is about 672 people per square kilometer, Mauritius is the third most densely populated place in the world. On the other side, Pakistan is economically strong and
possesses huge potential of growth with his population of 1.82 million people, which comprises nearly 30% of
younger generation with age group of
30-35 years having bright future and
skillful
resources
to derive the
economy.
Mauritian culture is based on the diversity of the population, thats why there
is no official religion in Mauritius.
Hindus, Muslims, Christians, Buddhists
and others from all over the globe live in

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harmony and respect the free practice
of all religions in Mauritius. The ancestral melting-pot that is Mauritian culture allows different faith communities to
cohabit in mutual respect. Mauritius is an island of temples, churches and mosques. Such cultural diversity and
geographic isolation have led to a nationalized sense of pride. There is unity in being a Mauritian despite not having a
shared language and customs. For this reason Mauritius is often considered a global example of successful cultural
integration.
Muslims are the second largest religious group in Mauritius; this cluster is a model of tolerance and spirituality. The
once exclusively working class population constructed mosques around the island in order to practice their religion. The
oldest mosques in Mauritius are Al-Aqsa in the capital Port Louis and
Rivre Citron Mosque; they were both built over a century and a half ago.
Jummah Masjid is an architectural gem and is worth a trip to the Mauritian capital for a visit. Muslims in Mauritius are peaceful, educated and
they love Pakistan and Urdu language.
Dr. Allama Muhammad Iqbal and Muhammad Ali Jinnah have always
been held in high esteem by Muslims in Mauritius. There are several
streets bearing the name of Dr. Iqbal and Jinnah. There is a market by the
name of Quaid-e-Azam Muhammad Ali Jinnah. In 1947, when Pakistan
came on the map, an owner of a tea-shop in the capital city of Port Louis
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changed its name to become Pakistan Hotel. It still exists.
Urdu is one of the languages brought by the Indian immigrants in Mauritius. It
flourished as the language of the Muslims who used it not only as a medium of
instruction for religious education but also as a vehicle of cultural expression.
The National Urdu Institute was created and was inaugurated on the 18th
September 1970. A fresh chapter in the development of Urdu in Mauritius thus
began. Recently the Government of Mauritius has offered a piece of land to the
National Urdu Speaking Union for the construction of cultural complex. Mr.
Sohail Yasin has DD
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promised to raise
the fund for the construction of Urdu Centre and so the
other members of the delegation have pledged to do so.
Organized recently in great hurry and haste, even then
designed and formed with full perfection, the delegation
from Pakistan visited Mauritiusthe freest and most
business-friendly country in Africa, popularly called The
Jewel of Africa.
The initiative was taken by the Honorary Consul of MauD^Wh^h
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ritius in Sindh, Mr. Sohail Yasin Suleman who enjoys the
h^h reputation of an executive having initiative, imagination,
inexhaustible energy added by resources to manage any project from start to finish. This truly applies to the mammoth
task of taking a Pakistani delegation of around 20 eminent persons comprising businessmen, diverse professionals and
media personalities (electronic and print). H.E Major General (Retd.) Ulfat Hussain, the High Commissioner of Pakistan, extended full cooperation and support to make the visit of the Pakistan Delegation successful and productively
meaningful.
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The Pakistani delegation met with His Excellency Mr. Rajkeswur

Purryag, GCSK, GOSK, President of the Republic of Mauritius.
Speaking at the occasion Mauritius President said that: There is a
huge potential of trade and investment for both the countries, Pakistani investors can explore these opportunities and get full advantage
from it
The program also included courtesy calls on and meetings with Honorary Rashid Beebeejaun, Deputy Prime Minister and Minister of
Energy and Public Utilities and Honorary Cader Sayed Hossen,
Minister of Industry, Commerce and Consumer Protection. Other
highlights of the visit of the delegation included visit to Board of
Investment of Mauritius, Mauritius Port Authority and Mauritius
Free Port Authority, Mauritius Broadcasting Corporation, Air Mauritius, The Islamic Cultural Centre of Mauritius and Mauritius
Chamber of Commerce and Industry.
To enhance the existing friendly relation between Pakistan and Mau04

ritius Pakistan-Mauritius Friendship Association in Pakistan and Friends

of Pakistan in Mauritius have been established as non-profit, voluntary
organizations aimed at providing a forum to harmonize the efforts at
people to people level and take the current level of relations inter alia
(cultural, educational, social, economic, trade, tourism) to new heights.
Recognizing the need to increase mutual benefits to be derived from the
further development of cooperation between the two countries, these two
parties also signed the MoU on 23rd August 2014.
The delegation was invited at the MAITEX 2014, an exhibition organD ized by Enterprise Mauritius from 21 to 24 August 2014. In his welcome
address, the President of the Mauritius-Pakistan Joint Business Council,
/
Mr. Shehzad Ahmed, recalled that since the last few years there has been
a strengthening of business relations between the two countries. He said that The frequent visits of the Pakistani
delegation to the MCCI and the high level of participation of Mauritian businessmen at the Expo Pakistan each year
are clear indications that both parties are very willing to explore further avenues of cooperation.
Pakistan-Mauritius bilateral relations stands at its best. So is the case with trade relations between the two countries.
Mauritius is one of those few countries with whom Pakistan has Preferential Trade Agreement. The two countries have
seventeen MoUs which provide base for mutual cooperation. Trade between the two countries (Pak Exports) has
increased by 35 per cent during the last one year. There is great potential to increase Pakistani exports and Mauritian
Exports. Mauritius exports have started to touch Pakistani soil during current year.
Pakistan and Mauritius are uniquely placed geographically and hence there is a need to exploit the gift provided by
Nature. Pakistan is the only country which provides connectivity to Mauritius via sea, air and land routes not only to
Pakistan but also to China, India, Afghanistan, Iran and beyond i.e. Central Asian Republics, Turkey and Russia. On the
other hand Mauritius provides the required facilities; serve as launching pad and as gateway to huge African markets
which needs to be explored to use its full potential.
One should expect that in the near
future the relationship between
Mauritius & Pakistan will become
stronger and productive in all
sectors inclusive of joint ventures,
industrial development, transfer of
technology, trade & commerce, etc.
To ensure the future relationship
Mr. Sohail Yasin Suleman invited
Members of the Mauritian business
community to participate in Expo
Pakistan to be held in Karachi in
October 2014 and earn benefits
from Pakistani products.
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Major Gen (R) Ulfat Hussain
Mr. Sohail Yasin Suleman
Maj Gen (R) Muhammad Siddique
Mr. Anjum Nisar
Mr. Mohamed Anverali Rajpar
Mr. Yayha Polani
Mr. Abdul Rehman Punjwani
Mr. Abdul Rauf Tabani
Mr. Syed Basher ul Hassan
Mrs. Yasmin Peermohammad
Mr. Agha Masood Hussain
Mr. Anis Yunus
Mr. Mehboob Ali Shakih
Mr. Amir Farooq
Mr. Danish Abdul Ghani Shekhani
Mr. Abdul Ghani
High Commissioner of Pakistan

High Commission of Pakistan, Mauritius
Honorary Consul of Mauritius in Sindh

Group CEO, World Wide Group
President
Pakistan Shipping Agents Association
President & C.E.O

I & M Group
Senior Journalist
News Link International
President
Pakistan - Mauritius Friendship Association
Chairman
Polani Travels
Chairman
Qasim Freight Station
GM
Swiss Air
Senior Journalist (Business)
Commerce Reporter
Express TV
Vice President
Pakistan - Mauritius Friendship
Association
Managing Director
Anjum Asif (Pvt) Ltd
Chairman
Tabani Trading International
Managing Director
EMBA Corporation (Pvt) Ltd
Director
Kaloodi Group
Pakistan
Delegation
Mr. Muhammad Sajjad Azam
Group Commercial Head,

Head of Secretriat
World Wide Group
Pakistan - Mauritius Friendship Association
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A man who never says no to good proposals!

Worldwide Group CEO
Honorary Consul of Mauritius in Karachi-Sindh
Mr. Sohail Yasin Suleman, Chief Executive Officer and

Chairman of World Wide Group, a corporate veteran in
Logistics and Aviation industry with a profound experience of over two decades in logistics and aviation.
Formed World Wide Group in 2001 and became Group

Chairman and CEO, caters to the demands of the modern
trends of the industries of Logistics and Aviation. Togetherwith a carefully selected team of dedicated professional
in Management, Sales, Marketing and operations. Mr.
He started his professional carrierin family business of Sohail managed to spread the network of WWG in all
Logistics in 1986 and credited with evolving the business major cities of Pakistan.
of orthodox logistics to the modern concepts of logistics
and supply chain management and took the stature of the Expanded the umbrella of World Wide Group internabusiness unit to the level of market leadership in a quick tionally and had successful business partnerships with
major businesses brands of Europe, Americas and Africassuccession of half a decade.
like Lufthansa Group of Companies, SDV/Bollor Group
of France, Yusen of Japan,and Air Tiger of USA etc.
Recently his company has been associated with the successful pilot project under the title German Pakistan Training
Initiative (GPATI) with German Consulate, Amantech,
iACT and Multinational Companies.
Appointment as Honorary Consul of Mauritius:
The Government of the Republic of Mauritius has
appointed Mr. Sohail Yasin Suleman as the Honorary
Consul of Mauritius in Karachi and he officially assumed
office as Honorary Consul with consular jurisdiction over
the Province of Sindh on 6th November 2013.
His Excellency Mohammed Rashad Daureeawo SC, High
Commissioner of Mauritius, officially handed over the
Letter of Commission and the Exequatur to Mr. Sohail
Yasin Suleman at a reception held in Islamabad on 6th
November 2013.
In his capacity as Honorary Consul, Mr. Sohail Yasin Suleman is expected to provide consular assistance on behalf
of the Ministry of Foreign Affairs of the Republic of
Mauritius, as well as, to promote Mauritian interests and
strengthen the bilateral and brotherly relations between the
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GPATI Success Celebrationes held at

World Wide Group Head Office
His Excellency Mohammed Rashad Daureeawo SC,

High Commissioner of Mauritius, officially handed over
the Letter of Commission and the Exequatur to
On the occasion of 46th Anniversary of the Mauritius
Republic of Mauritius and the Islamic Republic of

Pakistan.
He held a memorable reception to celebrate 46th anniversary of the Mauritius. Attendance was great, highlighted
by Consul Generals of Germany, France, Thailand, etc and
corporate executives and many others. Mr. Suleman, a
pleasing personality indeed, fully observed the protocols
for national anthems, cake cutting, and also offered two
free return tickets through lotteries. Prof. S.B. Hassan,
President & Chief Editor of I&M, the leading economic
and financial journal of Pakistan and Mr. Abdul Rauf
Tabani, Chairman of Tabani Tradings were the lucky
winners.
He took a first ever delegation of Pakistan to Mauritius in
2014 with confidence that it will open doors to exchange
of investment and economic and trading collaborations
between two countries. Mr. Sohail Yasin said that meeting
with important institutional heads in Mauritius was
extremely beneficial. He hoped that exchange of trade
delegations will definitely yield positive results.
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Countries with strong national identities

Yahya Polani
can prosper in the world
Chairman,
Polanis Group of Compaines
We all enjoyed our excellent visit to Mauritius. It was my achievement for any country to have such an enormous
first visit and I really appreciate that Mr. Sohail Yasin dem- amount of tourism. There are 17% Muslims, 32% Chrisonstrated confidence in us, and took us in a group of tians, 48% Hindus and others. Muslims are really doing
seventeen, with members from every walk of life. It was an well there. They have named a road as Mohammad Ali
achievement and an honor to meet all the higher dignitaries Jinnah Road and a market is named Jinnah Market. They
of Mauritius including the President, the Prime Minister, are really promoting Urdu language there.
the Deputy Prime Minister, the Commerce Minister, and
Officers of the Board of Investment. We were also We could not visit every place, obviously, but still the visit
delighted to meet with officials of Air Mauritius and was really good. Our Government should increase efforts
for building our relationship
Mauritius Chamber of Commerce.
D with Mauritius. There are
only three staff members at
We also attended the exhibition the Pakistan Embassy over
Maitex 2014. It was excellent. K there while the Indian
The most important thing is D- Embassy has hundred staff
members. This is really
that it is a really good country

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shameful for us. All top
among all the African countries.
countries have embassies
Their per capita income is
there. I salute our ambassahigher than the other African
countries. The population is about 1.2 million and the dor Major General (r) Ulfat Hussain. He is doing a good
number of tourists is about 1 million. This is a big job. Former ambassador Major General (r) Muhammae
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Siddique has done a very good job for Pakistan, but from
the Government of Pakistan side, they are not doing
anything to promote Pakistan in Mauritius. Our Ambassador is one of a kind. He is really active in his job. I pay
tribute to Former Ambassador Major General (r) Siddique
Sahib and current ambassador Major General (r) Ulfat
Sahab as they are doing a wonderful job. On the other
hand, I criticize our government. They should work for
developing a strong cultural and trade relationship with
Mauritius. There is lots of opportunity for export over
there. We have many items which can be exported there.
India has captured a large part of the Mauritian market. At
least we can aim for 17% share. I request our President,
Prime Minister and Foreign Minister to strengthen our
Embassy there. We should increase our exports to Mauritius. We should invite Mauritian people to visit Pakistan.
We should have culture display in the Pakistan Embassy in
Mauritius. We should have meetings with Mauritian
government officials. Pakistans government should
provide staff to Pakistan Embassy in Mauritius. The image
buildup which we have done in Mauritius of Pakistan is
one of its kind. There is a need for more delegation visits
like this.
I suggested to them to promote their airline in Pakistan.

Many groups have visited Mauritius from Pakistan
through our travel agency. Now I will promote Mauritius
further.
We should have terms and conditions to promote Air
Mauritius. They have shortage of aircrafts and they have
code-sharing with Emirates. So it will be a benefit for us
to travel through Emirates with fare that is equal to Air
Mauritius. It is also possible to have agreement between
PIA and Air Mauritius but the problem is that both have
shortage of aircraft. Population of Pakistan according to
me is about 22 crore (220 million) and we dont have a
total 100 aircraft including PIA and other private airlines
combined. Even Turkey whose population is much less
than Pakistan has around 400 aircraft including Turkish
Airlines and others private airlines. So where are we going?
No one give importance to tourism in Pakistan. We should
promote it for the welfare of Pakistan.
Mauritius is a genuinely patriotic nation. Having 17%

Muslim population and 53% Hindu population there is
no feeling of discrimination. Countries with strong
national identity can prosper in the world and Mauritius is
I really enjoyed the dinner at Islamic Centre in Mauritius. one of them.
The Prime Minister was there, Deputy Prime Minister was
there, all the higher dignitaries were there
and I liked one thing very much, which is
that they served only one dish, which was
biryani. In Pakistan, if we have this type
of event, we serve hundreds of dishes. So,
the system of one dish party is marvelous.
We should also introduce this system here
in Pakistan.
I had a chance to meet officials of Air
Mauritius. I think the issue with Air
Mauritius is that they have only six
aircraft. As Mauritius is a huge tourist
spot and a peaceful country, people like
to visit there. Officials of Air Mauritius
are really professional. I have not seen
people like them in the history of aviation.
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Each and every citizen of any country

plays the role of an ambassador
Abdul RehmanPunjwani
Chief Executive,
Qasim Freight Station

messaged me: you are
going with us to Mauritius, and I said, okay. I
knew nothing about Mauritius, but to see or explore
new places is always amazing and a businessman
never misses such opportunities. First of all, it was a
pleasure to meet with the
Mr. Usman Husein Punjwani
The Pillar of Seaboard Group of Companies members of the delegation,
to know each of them and
then to visit such beautiful and peaceful place likeMauritius has been a wonderful experience.
I realized that the way in which Mauritian people greet
their guests is different. They are really hospitable. There is
a sense of responsibility in each and every citizen. Even the
attitude of the President of Mauritius, the Prime Minister
of Mauritius and other officials of Government of Mauritius reflected that they possessed high sense of responsibility towards the people of Mauritius. The simplicity of
government officials and their sincerity towards their
country is reflected in every action of them. So is their
national character and personality which has led them
towards development.
them to even greater level of development.

Environment was good all over the country. People were
nice. So by and large, its a very attractive country. There
are people with different backgrounds and religions like
Hindus, Muslims, Christians and others. But for them,
Mauritius comes first. Citizens of Mauritius profess
different religious faiths but homogeneity is commendable.
There does not exist any iota of extremism in any section
of Mauritius society.
Exploring business opportunity in Mauritius, I see there
exists many options. Mauritius enjoys position of hub of
the entire African market. So there are openings to export
consumer goods. I realized that there were no super-stores
like we have Makro, Metro, Hyperstarand others in Karachi. Moreover there is a shortage of dairy products there.
So there are lots of business prospects in this sector.
I wonder how the President and Prime Minister of any

country can be so simple. Only one dish dinner was served
at Islamic Center where VVIPs were invited to celebrate
Eid Festival. Simplicity is their specialty. There is no VIP
culture in Mauritius. I felt so much positivity in the people
of Mauritius, whether we met governmentofficials or
Board of Investment executives or the representatives of
other organizations. I think this positive attitude will take As a professional in shipping and logistics sector, one feels
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there is a problem of low volume of exports/imports.

Only big lines are working there like Maersk line. Entry in
the logistics market is difficult because of low economies
of scale.
I think the objective of this visit to Mauritius was

achieved, which was to explore Mauritius, to meet one to
one and to open the door to reciprocal investment. Thanks
to Sohail Yasin Suleman who organized the successful
delegation as Honorary Consul of Mauritius.
Tourism can be increased from Pakistan to Mauritius as it

is a very beautiful tourist spot and weather always remains
pleasant. Tourism always gives birth to new business
opportunities. It should always be promoted. About 1
million tourists visit Mauritius every year. If Pakistanis
have shops and display centers there, it can promote
business from Pakistan.
Each and every citizen of any country plays the role of an
ambassador. We have to build our countrys image by our
good behavior. As you know, the first impression is the last
impression. When you visit any country in the world, the
first impression is created by a taxi driver outside the
airport.The people of Mauritius are genuine &simple,
honest and friendly, whether serving as taxi drivers or as
member of the hotel staff.
SEABOARD GROUP OF COMPANIES

It was in 1979 when we founded the Seaboard Services as a partnership concern which over the years has become a
formidable Group of Companies and a leading shipping and logistic service provider backed up by a comprehensive
operational network at both Karachi and Port Qasim.
The group contains three major business units namely Seaboard Services, Qasim Freight Station and Seaboard Logistics
covering various shipping and logistics sectors since more than three decades.
Seaboard Services, the founder Company of the group established in 1979is rendering stevedoring services to the major
shipping lines calling at Karachi Port. It handles the vessels/ cars carriers, container handling, stuffing of export cargo,
de-stuffing of import cargo, empty stacking etc.
Qasim Freight Station as part of Seaboard Group of Companies is Pakistans first expeditious, efficient and economical
common user freight station in the private sector, was founded during August 1998 at Port Qasim to facilitate the movement of imports/ exports cargo through consolidation and deconsolidation and variety of other value added services
with an enviable unblemished track record.
Seaboard Logistics, established in 2008 is one of the important business units of the group. This unit is fully and well
equipped to handle import de-consolidation services on behalf of its customers undertaking movement of containers
from ports to Container Freight Station, de-stuffing of import cargo and ultimate delivery of cargo to the consignees.
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We appreciate and admire the

thoughtful initiative of the
Honorary Consul of Mauritius in
Karachi for taking the business
delegation to Mauritius.
Congratulations!!!
On the highly successful and
result oriented events &
meetings held in Mauritius.
SEABOARD GROUP OF COMPANIES
Head Office:C-33, Block 2, Kehkashan Clifton, Karachi 75600.

Telephone: (+92-21) 35866811- 14 Fax: (+92-21) 35861748
Email: seaboard@cyber.net.pk
Website: www.qfs.com.pk

Mauritius A Tourist Paradise

By Yasmin Peermohamed
GM, Swiss Air
Are you looking for a place to relax, to be rejuvenated by fresh air at seaside and
enjoy nature, then yes Mauritius is the place. A place where you can either do just
nothing or do everything that the nature offers. At the beachfront one is just enticed
to go for a long walk with soft waves touching your feet, the sound of waves music
to your ears.
A Pakistan Trade Delegation to Mauritius, was recently organised by the Hon.
Consul of Mauritius, Karachi, Mr. Sohail Yasin Suleman. As a member of this
Delegation (with profile in tourism), I will give a brief from a tourist point of view.
Indeed, the island is full of nature green hills surrounded by clear sea and blue sky
having its own effect. I felt the freshness as soon as I came out of the airport terminal.
Even for those looking to get away from the humdrum of city life, Port Louis offers a perfect spot of both hustle
bustle of a city as well as tranquillity of sea at its beautiful seaside resorts. The Island has its charm beyond
comparison.
Photo Courtesy: Yasmin Peermohamed
Photo courtesy: Anis H. Younus
Port Louis is the capital city of Mauritius the largest city of the Island. The western part also lies in the Black River
District. It is rich in its treasures blending the past with the present. One is overwhelmed by the rich and mixed culture
and the intense activity that is evident in the midst of the capital. The streets are usually crowded with cars, busses and
motorcycles, especially near the market place where hawkers are placed on both sides of the road. As a tourist one is
always attracted to a Market Place and Port Louis offers just the place; The Central Market where local made products, Mauritian spices, fruits, vegetables, textiles and souvenirs are available at economical prices. There is always someone ready to assist in any way they can to make your stay pleasant be it at the hotel or on the street.
Surrounded by sea from all sides, the coastal drive is breath taking specially the sunset. I was, with few members of
14

the group, at the seaside when the Sun set slowly and gradually changing the environment from bright sunshine to
amber twilight and then to total darkness. The sound of the waves changing alongwith the sun set, it was as if they
were both in harmony bringing in the nightfall together. I could feel the serenity with which the change took place from
brightness to darkness.
The island boasts about having its own volcano known as True aux Cerfs located at Curepipe. It is dormant with a
crater 80 meters deep. I walked along the pathway all around the top of the crater. It was just after the sunset. Sitting
high above the city - the view was breath-taking. It was drizzling and the cool breeze was so very refreshing. Coming
from the city of Karachi where we hardly experience any rains walking around the crater with light drizzle and the
twinkling of the lights from the city below was indeed an amazing experience.
While visiting the Tamarind Falls, we drove along the hill side. At one point, we drove through the road that was lined
with tall trees. It had lean trunks made of soft barks seemed to be lined with reams of paper and the foliage was thick.
The entire road formed a tunnel which had at the end a beacon of light the saying Light at the end of the Tunnel
is just right to describe this amazing work of nature.
15

At the Tamarind Falls, it was a view to behold. Surrounded by mountains, rivers, forests and waterfalls it is a perfect
spot for picnic and hiking. Even though overcast with clouds, the drive to the Tamarind Falls was indeed spectacular.
The island has various species of plants. I just could not help wonder at Natures work. Each plant has its own
character standing tall.
Ganga Talao Lake, which is situated in the district of Savanne, in the heart of Mauritius, Black River Gorges National
Park, Mauritius Safari Park are some of the places to visit. Obviously, being a nature lover, I can go on and on about
what nature has provided to Mauritius. However, there are other touristic attractions that one is able to enjoy.
Chatteau de Labourdonnais, Blue Penny Museum a stamp museum at Caudan Water Front in St. Louis, Eureka
House in Moka, the Sir Seewoosagur Ramgulam Botanical Gardens are places to visit.
Most of the seaside resorts offer all kinds of water sports like water scooters, undersea walking, rides on speed boats,
snorkeling, etc.
Weather is always on top of the list when finding the right spot for a vacation. Mauritius has winter months from May
to October when the average temperature is around 20C. Between November to April it is Summer months. For a
Pakistani traveler the right time to visit is between May to August when Mauritius offers cool weather whereas it is
hot and humid in Pakistan at that time.
I must say that when we went to Mauritius, all of us had only heard of its natural beauty, however, when we landed at
the Sir Seewoosagur Ramgulam International Airport, we were already taken in by the lovely landscape Mauritius
offered.
Once you have visited Mauritius, I am certain that it will definitely entice you to visit it again and again.
16

Pakistan Mauritius - Africa:

Huge Trade & Investment Potential
The relationship between Pakistan and Mauritius dates Pakistani Investors wishing to operate here. This includes
back long time and it is beyond doubt that the two coun- amongst others no withholding tax on interest and
tries are deeply bonded together.
dividends. Royalties paid to non-residents are exempt from
tax. In case the Pakistani company that operates ships or
The negotiations between Pakistan and Mauritius about aircrafts in international traffic namely transportation by
strengthening trade and economic relations, which apply sea or air of passengers, mail, livestock or good or any
to trade in goods and services, investment, economic and other activity connected with transportation wishes to
technical cooperation, are in process. Some of the agree- trade in or through Mauritius using its Freeport services, it
ments that have a particularly strong advantage for Paki- shall be taxable only in the State of operation which is
stani investors wishing to invest in and through Mauritius Mauritius.
have already been signed. These agreements are Double
Taxation Agreement (DTA) and Investment Promotion Mauritius has signed a wide network of treaties for the
and Protection Agreement (IPPA). They aim to cushion avoidance of double taxation with other 39 countries all
the tax burden for companies and protect investments over the world including major African countries that gives
from any instability. Relying on them, Mauritius represents Pakistani investors even broader possibilities of investa huge market for Pakistani-made furniture, pharmaceuti- ments.
cals, textiles, tiles, sanitary products, famous Pakistani
carpets and delicious mangoes.
Mauritius has signed agreements on the promotion and
protection of investments with 23 countries. The IPPA
To strengthen the partnership in 1994 the Governments between Pakistan and Mauritius was signed in 1997 to
of Mauritius and Pakistan signed a DTA that applies to create favourable conditions for greater flow of investresidents of both of the states for the avoidance of double ments made by investors for the development of business
taxation in either state and the prevention of fiscal evasion initiatives and to increase prosperity of both countries.
with respect to taxes on income. The DTA still in force, This agreement, among other things, provides for free
guarantees to both Mauritius and Pakistan residents repatriation of capital and profits, guaranteeing them
(individual or corporates) a maximum tax rate of 10% on against expropriation. Also it worth mentioning that in
dividends, 10 % on interest and 12.5% on royalties (it case of losses due to war or other armed conflict, revolufollows that the beneficial owners of those incomes are tax tion or riot, investments are protected and shall be
resident in either of these states).
restituted, indemnified, compensated or been offered other
settlement. Pakistani investments would have more preferIt is worth noting that the tax-friendly policies of Mauri- ential position and protection in Mauritius rather than
tius further the benefits of the DTA provided to Pakistani through and from countries with which there are no IPPAs.
investors. Mauritius will offer substantial tax advantage for
17

On top of advantages offered by bilateral agreements
between countries, Pakistani investors may notice that
Mauritius inherits also traditional offshore centre advantages: interests and service fees payable to foreign affiliates
are allowed as expenses provided they are reasonable and
correspond to actual expenses incurred. No estate duty,
inheritance, wealth or gift taxes. As well as there are no
stamp duties, registration duties and levy. Moreover, the
term of confidentiality in respect of the Companys shareholders is highly honoured and respected here.
sufficiently developed sectors of the economy like agriculture, technology, telecommunications and finance.
These areas attract a significant number of foreign direct
investment (FDI), the lion's share of which goes through
the international private equity investment. During the last
decade, FDI flows to Africa have increased significantly. In
this regard, Mauritius plays an important role since it is an
excellent springboard for investment in African states for
international investors.
In addition to the above, there are

JurisTax offers tailor-made
other factors that are attractive for
solutions to Pakistani clients by
The
foreign capital. Mauritius is a
analysing the requisites and risk
relationship
well-developed
international
appetite of the client and advisbetween
financial centre that is adherent to
ing on the most apt structure to
Pakistan and
Mauritius
international
standards
of
preserve and enhance the assets.
dates
back
business conduct. Among other
JurisTax assists in building the
long time....
advantages, along with political and it is
potential strategy of the
stability, it is worth mentioning beyond
companys development on the
that the Island has a "hybrid legis- doubt that
market. Strong expertise in
lation", combining the practice of the two
investment and tax advice allow
countries
are
the British common law and
JurisTax to build up a business
French Napoleonic Code. It is deeply
reputation
recognized
as
bonded
also important to notice that
responsive, knowledgeable and
together
although Mauritius forms part in
customer focused.
Africa, it is not a continental state. Its ideal geopolitical
situation prevents "neighbourly conflicts" spread to its Juristax cultivates the business opportunities offered by
territory.
Mauritius jurisdiction for our Pakistani clients by building
the bridge for their investments using various bilateral
Mauritian resident companies are generally subject to agreements.
corporate tax of 15%. However, the companies holding a
Global Business license category 1, which are regulated by
By Ms. Polina Belyaeva
the Financial Services Commission of Mauritius, may be
Development & Strategic Officer
qualified for a presumed foreign deemed tax credit of 80%
of the Mauritian tax payable, thus reducing the effective
tax rate at 3% of the chargeable income.
Being an African state with deep cultural attachment to
Asia, Mauritius has built up a reputation as an investment
bridge for Africa and Asia. Furthermore, Mauritius has
ensured membership in many international organisations
In addition to the minerals and energy sources that are

generally interesting for investors, the African region has
18

Fashion & Design Institute in Mauritius

History of FDI
The Fashion & Design Institute will soon be an awarding

body and be able to deliver its own certification.
Fashion and Design Institute The Premier institute in

design education in Mauritius
Our international Partners
The Institution alsohas a number of international partners

The Fashion and Design Institute whichoperate under the with which we work in close collaboration
&HQWUDO6W0DUWLQV8$/8.
aegis of the Ministry of Tertiary Education, Science,
One
of
the worlds leading Centres for art and design
Research, and Technology has been an education, a reputation based around the achievements of
excellent initiative by its graduates.
5DYHQVERXUQH8.
the Mauritian govern-
Ravensbourne
is driven by the creative use of digital
ment to create a
specialized
tertiary technologies and is a major supplier of talent to the Uks
education institution, creative industries.
+DXWH)XWXUH)DVKLRQ$FDGHP\0LODQ,WDO\
one of its kind in view
A
high
level
institution in the sector of High End Luxury
of providing the
manufacturing as well as the creative sector with the man- Fashion, Haute Couture and Concept Design in Partnership with the National Chamber of Italian Fashion in
power that it requires in the design industry.
Since its inception,the Fashion and Design Institute has Milan.
1DWLRQDO,QVWLWXWHRI )DVKLRQ7HFKQRORJ\
shown steady growth and now stands as a reference in the
field of creativity and design in Mauritius. The institute is ( NIFT ) India
committed to providing the best in design education, with Set up by the Ministry of Textiles in India, NIFT has
courses spanning many fields from fashion design, graphic emerged as the premier institute of Design, Management
design, Arts & Design , to interior design and develop- and Technology in India.

,QVWLWXWHRI $SSDUHO0DQDJHPHQW,QGLD
ment, just to name a few.
Under
the
aegis of Apparel Export Promotion Council
We strive for excellence in delivering high quality education and providing an enriching learning experience for our (AEPC), the Institute of Apparel Management IAM
students. A unique combination of academic theory and caters for the technological know-how and has hands on
hands-on experience ensures that all graduates possess the experience in the Apparel industry.
$)'$ 7KH 6FKRRO RI 0RWLRQ 3LFWXUH
design skills and knowledge required by employers glob-
Medium and Live Performance
ally.
We have currently an approximate of 400 students Founded in 1994, AFDA has become one of the leading
enrolled in full time courses. Our courses are also open to institutions of its kind in the world today. It has over 1200
international students;we have among us students from Sri students, a permanent staff of over 150 academics and
administrators and 3 fully equipped campuses in JohannesLanka, Madagascar, and Uganda.
burg, Cape Town and Durban. It has produced some of the
top film-makers and actors in South Africa today and has
Certification System
Our Courses are accredited by Pearsons, Edexcel UK, made a significant contribution to developing a sustainable
which is UK's largest awarding body offering academic and local entertainment industry. AFDA is a full member of
vocational qualifications for colleges & universities in the CILECT, the International Association of Film and TV
UK and internationally. Edexcel is recognized in all com- schools.
monwealth countries.
19

Employment

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From its start up till now the Fashion and Institute has
trained more than 1200 students and has experienced an
increase in its enrolment rate over the years. Our institution enjoys a high employability rate among students after
the completion of their studies, approaching nearly 90%.
Over the years some students who have graduated from the
school have become leading entrepreneurs in the field of
fashion and design in Mauritius and others are yet to An eventual collaboration will enable both countries to
strengthen their market position and achieve greater
become same if they have the necessary support.
heights in the field of tertiary education.
Below is a list of some of our ex-students achievements.
Zinaida Ramjan: Launched her own brand of lingerie
The Sublime Creation Ltd and today runs a boutique at

Grand Baie La Croisette Commercial Centre
Mrs Sadhna Juwaheer

Director, FDI
Nathalie Dache: Launched her Jewellery and accessories
brand, Nina Ltd and has even a branch in Madagascar
Jenny Sowambar: created her own enterprise in interior

decoration and runs a boutique at Central Flacq.
Sweetie Ramlagun: Launched the brand Possal and has a
portfolio of reputed local and international customers.
Fabien Fauzoo: Still a student and recently launched the

Fauzoo and Lionnet brand and dressed Miss England
2012 and Miss UK 2012
Departments and Programmes

Foundation Department
ReenaKissoon: Launch a graphic design company, the

Ree Designing Kraze ltd.

)RXQGDWLRQ'LSORPDLQ$UW GHVLJQ
( A Level holders)

([WHQGHG'LSORPDLQ$UWDQG'HVLJQ
( O Level holders)
Yogi Veerana: Managing Director of Fusion Ltd, a com-
Fashion & Textiles Department
Dinesh Gowry: Managing Director, Pink Dots Ltd, a
Media & Communication Department

pany specialized in ready-made casual garments
+1')DVKLRQDQG7H[WLOHV
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Animation (Top up)

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Entertainment Production
printing & design agency.
EmilienJubeau: Owns a business in Event and Design.
Areas of Collaboration with Pakistan
Art & Design Department
The Fashion and Design Institute would like come up with

collaboration with Design Universities in Pakistan in the
following areas:

([FKDQJHRIVWDIIPHPEHUV
+1'$UW 'HVLJQ
Built Environment Department

20
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Potential of Mutual
Growth & Development
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For further details, please contact:

Board of Investment, Head Office, Mauritius:
(00 230) 203 3800 or email Ms. Adeelah Aubdoollah on
adeelah@investmauritius.com
High Commission of Mauritius in Pakistan:
Mr Adam Koodoruth on mauripak@dsl.net.pk
The Honorary Consul of Mauritius in Pakistan:
Mr. Sohail Yasin Suleman on sohail@wwg.com.pk
M AU R I T I U S
The Manufacturing and Trading Base for Africa
Manufacturing activities allowed in the Freeport
0% Corporate Tax applicable in the Freeport
Preferential access to COMESA and SADC markets
Preferential Trade Agreement (PTA) with Pakistan
Free Trade Agreement (FTA) with Turkey
10th Floor, One Cathedral Square Building, 16, Jules Koenig Street, Port Louis - Mauritius
Tel: (230) 203 3800 Fax: (230) 208 2924 Email: contact@investmauritius.com
www.investmauritius.com

MAURITIUS
2014
Economics Outlook
Overview
The Mauritian economy has weathered the global slowdown relatively well in spite of its exposure to the euro area which
accounts for nearly 60% of its exports and tourists. Anchored by robust countercyclical policies, the economy has maintained annual growth rates of above 3%, although the momentum has eased as the crisis has evolved. In 2013, real GDP
growth rate slowed down to 3.3% from 3.4% in 2012, driven by weak sugar and textile exports and a fall in construction. Projections show a rebound to 3.5% in 2014 and 4.1% in 2015 on the back of continued strong performance in
financial intermediation, information and communications technology (ICT) and a modest recovery in tourism. Consumer price index (CPI) inflation remains within the policy target having declined from 3.9% in 2012 to 3.5 % in
2013. In June 2013 the Bank of Mauritius (BoM) reduced the Key Repo Rate (KRR) by 25 basis points to 4.65% per
annum to boost the slowing domestic economy as first quarter exports and tourist arrivals showed signs of slowing
down.
Sustained structural reform and prudent fiscal management during the global slowdown have served Mauritius well,
propelling the country to become the regions best business environment and most competitive economy. Benefiting
from strong institutions that have helped the economy to withstand a protracted global slowdown, the countrys sovereign credit rating at Baa1 further strengthens its competitiveness. To attain a High Income Country status, the authorities need to address a number of remaining bottlenecks to further bolster competitiveness and reinforce investor confidence. Plans to strengthen public sector implementation capacity and improve the regulatory framework for public
private partnerships (PPP) need fast-tracking to help accelerate implementation of public sector investment
programmes. Fiscal consolidation should accelerate in line with the medium-term macroeconomic framework so as to
achieve efficiency gains in budget execution and help achieve a more sustainable current account balance. Efforts to
enhance education quality and relevance and innovation capacity should accelerate to address the emerging problems of
skills mismatch and structural unemployment. The continued fall in the savings rate and its structural impact on the
current account deficit is a concern. The monetary policy authorities will need to consider normalising the repo rate to
help accelerate savings. Anti-corruption efforts should be strengthened to recapture the publics confidence and sustain
the countrys strong governance record.
24

With trade accounting for about 120.5% of GDP, the authorities would like to deepen the countrys participation in
cross-border value chains to drive growth sustainably. Their on-going efforts to position Mauritius as a regional hub for
manufacturing, financial services, trade and knowledge under their Africa Strategy strengthens the prospects for further
developing regional industry and services global value chains.
Recent Developments and Prospects

The soft euro area economy which accounts for nearly 60% of Mauritian exports and tourists continues to impact on
the domestic economy. Real GDP growth rate slowed to 3.3% in 2013 from 3.4% in 2012 due to weak external
demand and falling domestic investment.
Accounting for 72.4% share of GDP in 2013 and growing at 4.9%, the tertiary sector continues to drive growth
anchored by strong performance in financial services, ICT, wholesale and retail trade and a rebound in tourism. Financial
services benefited from a robust performance in banking services. Accommodation and food services recovered in 2013
to grow by 3.5% following no growth in 2012. Benefiting from a gradual recovery in some of the main source markets,
tourist arrivals are estimated to have reached the 1 million mark in 2013 up from 965 000 in 2012. A double digit
growth for arrivals from Asia partly compensated for the weak performance in the euro area market.
25

The secondary sector at 23.9% share of GDP continued to slow down, growing at 1.3% in 2013 down from 1.4% in
2012 as the euro area oriented sugar and textile sectors continued to perform below par. Manufacturing expanded by
3.0% in 2013 up from 2.2% in 2012 driven by the strong performance of the food sector. Contracting by 9.4%,
construction continued to decline for the third year in a row as major projects such as the airport and shopping malls
were completed while some major public sector road projects were delayed.
The primary sector registered a near zero growth rate as annual sugarcane production at an estimated 407 000 tonnes
fell by 1.3%. Sugar dominates the primary sector with sugarcane occupying about 90% of total land under cultivation.
A decomposition of aggregate demand shows that household consumption continues to drive growth, although its
contribution moderated from 2.8% in 2012 to 2.4% in 2013. Domestic investment as measured by Gross Domestic
Fixed Capital Formation (GDFCF) declined by 4.3% owing to a contraction in both private and public investment.
Private sector investment accounts for 76.2% of GDFCF. The investment rate has steadily fallen from 24% of GDP in
2010 to 21% in 2013 as capacity and regulatory bottlenecks in the public sector affect project take-off and muted
business confidence impacts on new investment projects. The savings rate has also declined during the period from
15.5% of GDP to 14%. The contribution of net exports of goods and services to GDP growth remained in negative
territory. Exports of goods and services grew by 0.5% to reach MUR 198.48 billion (Mauritian rupees) (USD 6.24
billion) with imports expanding at a faster rate of 2.9% to MUR 240.47 billion (USD 7.59 billion). To this extent,
the current account balance expanded to reach 10.8% of GDP 2013 but should start narrowing from 2014.
Foreign Direct Investment (FDI) has slowed down after a peak of MUR 13.9 billion (USD 0.46 billion) in 2010. In
the first quarter of 2013 it was estimated at MUR 4.74 billion of which 62% went into real estate. The main sources
of FDI were France (27%) followed by China (18%) and South Africa (15%). Africa was the main investment destination for Mauritius during the period, accounting for about 64% share of the MUR 1.6 billion total investments abroad.
Macroeconomic Policy
Fiscal Policy
Fiscal policy remains expansionary as the authorities seek to reinvigorate growth and bolster investor confidence. Stimulus measures during the slowdown have focused on accelerating both public and private sector investment. Nonetheless,
26

the authorities remain resolute in their determination to return to a more sustainable fiscal position in the medium term.
The 2013 budget outcomes show narrowing fiscal space as increase in spending outpaces growth in revenues. Total
revenues at MUR 78.21 billion (USD 2.43 billion) were 6% lower than the budget estimates and had marginally
decreased to 21.1% of GDP from 21.2% in 2012. Tax revenues at 87% were also below budget estimates by 4%. Total
spending increased by 13.7% to reach MUR 79.89 billion with a notable increase of 21.6% in compensation to
employees. Subsidiesand transfers increased by 28.2% and 19.8% respectively, compared to the corresponding period
in 2012. The budget deficit at 2.7% of GDP in 2013 had widened compared to 2012 but should start improving from
2014. The government is using domestic debt and concessional foreign borrowing to finance the deficit. To this extent,
the debt to GDP ratio reached the legal limit of 60% for the first time since December 2010, raising concern about the
governments ability to achieve the fiscal target of 50% by 2018. Nonetheless, Moodys Investors Service in June 2013
maintained Mauritius sovereign credit rating at Baa1 saying it reflects the demonstrated resiliency of the economy and
public finances to shocks, the governments pragmatic policy making, and the stable and investment-friendly environment, which encourages foreign direct investment (FDI).
The 2014 budget passed by parliament in November 2013 aims at invigorating investment and growth. The budget
statement carried some key reforms including the liberalisation of petroleum importation to achieve competitive tariffs
and the abolition of the Certificate of Primary Education exam, considered a source of exclusion in Mauritius due to
high failure rates among children from disadvantaged groups. Infrastructure development and economic integration
with Africa continue to be among the key focus areas. However, the authorities appear to be slowing down on some bold
reforms as reflected by a notable absence in the budget statement of earlier plans to secure a private sector operator to
improve the much needed efficiency in the water sector.
Monetary Policy
Monetary policy has complemented fiscal policy measures well to support growth while maintaining price stability.
Against the backdrop of narrowing fiscal space and moderating prices, the authorities intermittently used the KRR as
a policy instrument for accelerating domestic economic activity and reinforcing private sector confidence. In June 2013,
the Bank of Mauritius reduced the KRR by 25 basis points to 4.65% per annum to anchor the slowing domestic
economy. Thereafter the KRR remained unchanged amidst concerns about excess liquidity and the impact of prolonged
negative real interest rates on domestic savings and the banking sector. CPI inflation remains within the policy target
27

having declined from 3.9% in 2012 to 3.5% in 2013. Excess liquidity in the money market remained high with all
auctions of Government of Mauritius Treasury Bills (GMTB) between November 2012 and end November 2013
over-subscribed. In this context, the overall weighted yield increased from 3.09% t to 3.52% during the period.
In line with an increase in broad money liabilities increased private sector credit accelerated by 0.8% to reach MUR
403.33 billion (about 125% of GDP) in November 2013. To manage the excess liquidity in August 2013, BoM issued
securities for a total nominal amount of MUR 4.67 billion compared to MUR 2.05 billion nominal BoM securities
maturing. The Bank further increased the fortnightly average Cash Reserve Ratio (CRR) on rupee deposits and lowered
that on foreign currency deposits. To address the risks to financial market stability emanating from rising private
sector indebtedness, particularly in the property market, the BoM announced macro prudential policy measures and
guidelines with respect to: i) sectorial limits; ii) loan to value ratio; iii) debt to income ratio; iv) risks weighted assets;
and v) additional portfolio provision. The BoM continued to intervene in the foreign exchange market to bolster
reserves and smooth volatility. As at end August 2013 the dealt rupee exchange rate had appreciated by about 1.9%
against the US dollar and had depreciated by 1.7% against the euro. Benefiting from the BoMs Operation Reserves
Reconstitution, international reserves coverage improved significantly from 4 months of import cover as at end November 2012 to 5.3 months as at end November 2013.
Economic Co-operation, Regional Integration and Trade

Consolidating the countrys small domestic market through regional economic integration is one of the key elements of
the authorities growth strategy. The foreign policy aims at negotiating favourable access to other countries for its
exports and positioning itself as an economic hub in the region. As a member of the Common Market for Eastern and
Southern Africa (COMESA) and the Southern African Development Community (SADC), Mauritius actively takes
part in the Tri-partite Free Trade Area negotiations. It hosts the COMESA Infrastructure Fund. The Bank of Mauritius
has been designated the settlement bank for COMESA and prides itself in settling payments within time of application
t plus 2 days. Along with Seychelles, Madagascar and Zimbabwe in Eastern and Southern Africa, it signed an Interim
Economic Partnership Agreement (EPA) with the European Union in 2009. Mauritius has concluded double taxation
avoidance agreements with the 38 countries, among which are 14 African countries. Agreements with five more African
countries await ratification and signature. Over 60 Mauritian companies are already investing in 25 countries across
Africa. The publicly owned Regional Development Corporation has also leased about 2 456 hectares of land in
Mozambique for the development of food security and renewable energy investment projects. The 2013 OECD Trade
Facilitation Indicators rank Mauritius in first place amongst sub-Saharan African countries and upper middleincome
countries (MICS). Benefiting from wide-ranging structural reforms since 2006 and sound macroeconomic management
during the global economic crisis, in 2013 Mauritius overtook South Africa to become the most competitive economy
in sub-Saharan Africa.
Mauritius is progressing towards macroeconomic convergence under SADC having achieved targets on inflation, government debt and budget deficit. It is on the borderline on the current account balance and international reserves. To facilitate labour movement in the region, in 2012 Mauritius eased visa requirements for nationals of 29 countries from
Africa. The establishment of the Regional Multi-disciplinary Centre of Excellence under COMESA (Common Market
for Eastern and Southern Africa), the IMF Afritac South (Africa Regional Technical Centre, South) and the IMF Africa
Regional Training Centre seeks to position the country as a knowledge hub. The 2014 budget announced an expanded
Africa Strategy that aims at reinforcing regional economic integration through: i) creation of the Mauritius-Africa Fund
to participate in equity financing of businesses investing in Africa; ii) providing subsidy on freight cost of containers
and a Credit Guarantee Insurance Scheme for exports to Africa; iii) facilitating work placement of young Mauritian
28

technicians and professionals; and iv) continuation of the Scholarships Scheme for 50 African students every year.
Terms of trade shocks are impacting on external sector outcomes. The trade deficit widened by 19.4% in 2012 to reach
21.7% of GDP as the growth of imports outpaced that of exports. Mauritian exports to Europe declined from 61.3%
in 2011 to 58.9% in 2012. Exports to South Africa grew by 28% driven by the textile trade. India and China remain
the main import source markets. Ongoing diversification efforts should help narrow the current account balance
although a fall in price competitiveness in tourism could erode the momentum (Global Competiveness Report 20132014). FDI has slowed down after a peak of MUR 13.9 billion (USD 0.46 billion) in 2010. In 2012 it reached MUR
12.67 billion. In the first quarter of 2013 it was estimated at MUR 4.74 billion of which 62% went into real estate.
France at 27% share was the main source of FDI followed by China and South Africa. Africa was the main investment
destination for Mauritius during the period, accounting for about 64% share of the MUR 1.6 billion total investments
abroad. Fiscal consolidation along with improvements to the skills base and infrastructure should accelerate so as to
strengthen the countrys competitiveness and external sector position.
Debt Policy
The GoM public sector debt is sustainable and remains within the legal limit of 60% although it has slowly risen. A
rise in debt to GDP ratio to 59.1% of GDP as at September 2013 from 57.7% in 2012 raises concerns about the
governments ability to achieve the fiscal target of 50% of GDP by 2018. The share of external sector debt at 15.7%
had also increased during the period. As a proportion of exports of goods and services external debt reached 29.1%.
Domestic debt of central government stands at 41.5% of GDP of which about one-third has a maturity of less than
a year. The government is keen to deepen the domestic debt market and improve capacity for its management. In this
context a debt management strategy is being finalised. The strategy attempts to meet the borrowing needs of the government in a manner that avoids market disruption to minimise the cost of the debt portfolio within an acceptable level of
risk. It envisages lengthening the maturity profile of government debt by partly increasing the share of external debt in
the total portfolio, increasing the issuance of long-term domestic debt instruments and increasing liquidity in the
domestic market for government securities.
The IMF Article IV Consultation of 2013 concluded that the debt outlook is positive. The sovereign credit rating
remains at Baa1. The authorities are paying particular attention to corporate indebtedness.
29

Economic and Political Governance

Private Sector
Ranking 20th out of 189 economies in the World Bank report, Doing Business 2014, Mauritius continues to consolidate its position as the easiest place to do business in sub-Saharan Africa for the seventh year running. In Doing Business
2013 the country ranked 19 out of 185 economies. The 2014 report shows that Mauritius made notable improvements
to coverage, scope and accessibility of credit information, helping the country improve 10 places to rank 42 globally on
this indicator. In addition, the country made property transfers faster following the implementation of an electronic
information management system at the Registrar-Generals Department. Nonetheless the pace of reforms needs to
accelerate if the country is to continue reducing the Distance to Frontier (DTF) (highest performing economy). In
dealing with construction permits, for example, Mauritius lags behind the sub-Saharan Africa average. It takes 16 procedures and 248 days to deal with constructions permits in Mauritius compared to an average of 15 procedures and 171.1
days for sub-Saharan Africa. This is largely attributed to the lengthy periods it takes to deal with the Central Water
Board and Waste Water Management Authority. On this indicator, Mauritius fell eleven places to position 123 in the
2014 report. Further comparative analysis shows that Mauritius is making much slower progress towards the frontier
compared to other high performing sub- Saharan African countries. Rwanda, which improved by 5.37 percentage points
in the measure of DTF compared to 0.78 percentage points for Mauritius, is credited as having made the most progress
in sub-Saharan Africa since 2005, jumping 20 places, to 32nd.
The Mauritian Code of Corporate Governance (revised October 2004) forms a key part of the legal and regulatory
framework. The World Economic Forum, Global Competitiveness Report 2013-2014 noted that private institutions in
Mauritius are highly accountable, ranking Mauritius 14th globally, with effective auditing and accounting standards and
strong investor protection. According to the International Financial Corporation (IFC) in 2013, regulations in the
country are consistent with the World Trade Organizations (WTOs) Agreement on Trade Related Investment Measures (TRIMS). Being a small island economy, maintaining a conducive business regulatory environment is key if Mauritius is to remain globally competitive and continue attracting private investment.
30

Financial Sector
The Global Competitiveness Report 2013-2014 ranks the Mauritian financial sector 26th out of 148 economies, up
from 35th a year ago, putting the country second in sub-Saharan Africa, behind South Africa and overtaking Kenya in
the process. Banks are well capitalised, with 15% of Regulatory Tier I capital to risk-weighted assets well above the
proposed Basel III requirements. They are profitable with 20% return on equity, despite low leverage ratios. Nonperforming loans (NPL) have increased slightly to 3.7% but remain low. The significant improvements in the
financial sector have seen the Mauritian private sector increase investment in off-shore financial services, particularly in
India and some countries in the Southern Africa region.
The Stock Exchange of Mauritius Ltd (SEM) is one of the leading Exchanges in Africa and the only African Exchange
to have a multi-currency trading platform. The market capitalisation of the SEM stood at USD 5.67 billion at end
2012 representing 51% of GDP with a price market earnings ratio of 11.30%. The domestic stock market recorded
net investments by foreigners of MUR 192.3 million at end December 2012 compared to a disinvestment of MUR
80.8 million at end Sep 2012. Overall, the SEMDEX lost ground over the 12 months to Dec 2012, falling by 8.28%.
The Mauritian ranking on access to credit has improved from 78 out of 183 economies in 2012 to 54 out of 185
economies in the World Bank report, Doing Business 2013. The country improved access to credit information by starting to collect and distribute payment information from retailers and beginning to distribute both positive and negative
information. Small and medium enterprises (SMEs) are benefiting from government credit facilities. By end December
2013 commercial banks had approved an estimated MUR 1.56 billion under the SME Financing Scheme since its
launch in December 2011. Two Special Lines of Credit to Small and Medium Planters and to Exporters in Foreign
Currency provide additional credit facilities to domestic investors. Overall, domestic credit grew at an annual rate of
17% to reach MUR 434.80 billion as at end of August 2013.
Public Sector Management, Institutions and Reform

Mauritius has strong governance institutions based on the rule of law. Over the past six years, the country has consistently ranked top among sub-Saharan African countries on the Mo Ibrahim Index of African Governance. Mauritius is
ranked the highest performer on the continent on safety and the rule of law. Property rights are protected and reasonably transparent. The country is in the top half of the Global Competitiveness Report 2012-2013. It does particularly
well on strength of investor protection where it ranks 12th out of 139 economies.
The public sector is the biggest employer in Mauritius, accounting for 20% of capital formation and 25% of GDP.
Public Finance management (PFM) systems are strong and well-functioning and reforms are progressing. To strengthen
transparency and objectivity in the horizontal allocation to sub-national governments, in 2012 the government
embarked on a review of local and regional authority legislation on budgeting process and established a rules-based
formula for allocation of grants. They have also adopted two schemes to improve tax administration, namely the Tax
Arrears Settlement Scheme (TASS) and the Expeditious Dispute Resolution of Tax (EDRT). On the Mo Ibrahim
Index for African Governance, although the country ranks first on the business environment indicator, it ranks fourth
on public management with a score of 68.5 out of a 100 in 2011, which is a gradual decline from 68.9 in 2010. In
fact, the countrys performance on accountability has marginally fallen from a score of 80.5 in 2010 to 79.3 in 2011.
Public confidence in the governments anti-corruption efforts has fallen over the past year as prosecution of some public
figures charged with corruption in 2011 drags on. Mauritius ranking on the Transparency International, Corruption
Perceptions Index (CPI) declined from 39 in 2011 to 43 in 2012 out of 183 countries.
31
Martha Phiri, Asha Kannan

African Economic Outlook
16th MAP Convention 2014
re-Think
Management
Management Association of Pakistan(MAP) organized its

16th convention at Movenpick Hotel Karachi on 1st and
2nd September 2014. The two day conference focused on
the big idea of RE-THINK MANAGEMENT attended
by an influential gathering of businessmen from across the
country and international speakers.
Mr. Wajahat Hussain, President & chief executive Officer,
united Bank Limited, Mr. Tony Buzan, Inventor of Mind
Maps, Ms. Lucy Cornell, Chief Inspirational Officer,
Voice Coach, Mr. Khalid Awan, Co-Founder & Chairman
TCS Pvt. Ltd. Mr. Furqan Qureshi, Chief Marketing
Officer, PTCL, Dr. Zsuzsanna Fajcsak, Founder & Director Alive International, Mr. Naeem Zamindar, Chairman
& founding Volunteer Teacher, Art of Living Foundation
were the speakers to the convention.
Panel Discussions were graced by Mr. Asif Jooma, Chief
Executive Officer, ICI Pakistan Ltd. Mr. Nadeem Naqvi,
Managing Director, Karachi Stock Exchange, Mr. Sirajuddin Aziz, President & Chief Executive Officer, Habib
Metropolitan Bank Ltd. Mr. Ali Hasnain, Head Retail
Banking, United Bank Ltd, Mr. Kimihide Ando, Chief
Executive Officer, Mitsubishi Corporation Pakistan, Dr.
Zeelaf Munir, Chairperson Executive Management Board,
English Biscuit Manufacturers, Mr. Paul Keijzer, Chief
Executive Officer & Managing Partner, Engage Consulting, Ms. Pouruchisty Sidhwa, Director Human Resource,
Glaxo SmithKline Pakistan, Mr. Etsko Schuitama,
Founder & Leading Partner, Schuitama Associates, Ms.

NailaKassim, Head Corporate Communication & HR,
Engro Corporation Ltd.
Mr. Masood Hashmi, Vice President, Management Association of Pakistan (MAP)inaugurated the convention. In
his Speech, Mr. Masood Hashmi, said that: MAP, as you
aware is the
national apex
body of the
management
professionals in
Pakistan
and
this year marks
the
Golden
Jubilee Celebrations for the
Association He
further introduce MAP to those who are not aware that the primary
objective of the Association is to stimulate interest and
disseminate knowledge about, modern management practices and techniques. The Association is purely nonpolitical and not-for-profit body. Over the last five decades
MAP has contributed immensely to excellence in management through human capital development, creating awareness and recognizing best management practices to
enhance competitiveness. Our Vision is to lead the change
process towards best management practices.
33
Mr. Masood Hashmi told that this year MAP launched

another 1st in Pakistan; in collaboration with AAMO,
MAP introduced the online Asian Management Games
2014 in the country. 3 individuals were selected after
careful scrutiny of their applications to participate and
represent Pakistan in these simulation games. Pakistans
team participants showed the remarkable performance and
reached the finals.
About 16th MAP Convention, he said that it brings
together the best of the business minds from across the
globe to further build on the successes of our past events.
The theme of the convention is re-Think Management,
for which we have an impressive lineup of international
and national speakers. The 16th MAP Convention has
today provided a platform and an opportunity for corporate stakeholders to analyze the key trends on a national
and international level
that will shape the
future of the business
world.
UBLs inroads into the traditional Pakistani bankinglandscape with technologically ground-breaking products. He
also stressed on the fact that businesses need to think
outof the box and come up with more innovative ideas and
techniques to incorporate into their offerings while at the
sametime ensuring that internally they follow sound management practices.
Mr. Khalid Awan,
Co-Founder
&
Chairman TCS Pvt.
Limited also spoke to
the audience about
management
and
shared his success
story.
English Business Manufacturer was the founding partner,
Jubilee Life Insurance was the gold partner, EFU Life
Assurance was the silver partner While PTCL, ORIX,
TCS, CDC, SIGPA, and NAFA are the associate partners.
Academic partner was IoBM and Jang group was the media
partner. The event is organized by lead partner Octara.
At last he thanked all

the key speakers and
important corporate
leaders from Pakistan
& abroad who will graced the panel discussions. He also
thanked all the partners of the 16th MAP Convention for
their support; The MAP secretariat and lead partner
Octara for their hard work culminating in an excellent
gathering of great minds from Pakistan and abroad.
United Bank Limited was the lead partner of the event.
Mr. Wajahat Husain in his keynote address touched upon
34
The conventions objective was to encourage

contemporary management practitioners to
re-think and embrace
the ideaof being innovators in their professional
settings. Mr. Salah
Uddin, Executive Director, MAP had given
closing remarks.
Glimpses
35
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39
Mr. Furqan Qureshi

Chief Marketing Officer, PTCL
attracted the onlookess with his

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Global
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Technology
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Workforce
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Workplace
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Trend 1
flexibility@work
Trend 2
stress@work
Trend 3
freelancing
Trend 4
Employee Engagement
Trend 5
Collaboration
Trend 6
Mobility
Trend 7
Global Workforce
Trend 8
Multigeneration
Trend 9
Work-Life Balance
Trend 10
Gamification
Trend 11
Informal Learning
Trend 12
Virtual Workplace
Trend 13
MOOCs
Trend 14
Crowdsourcing
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Brain-inspired chip fits 1m 'neurons'

on postage stamp
THANK YOU

furqan.qureshi@ptcl.net.pk
0332-829-3935
www.ptcl.com.pk
SCIENTISTS HAVE PRODUCED A NEW COMPUTER CHIP THAT MIMICS

THE ORGANISATION OF THE BRAIN, AND SQUEEZED IN ONE MILLION
COMPUTATIONAL UNITS CALLED "NEURONS".
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42
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You. On Stage. Your Audience Waits.
to
The most interesting session of the 16th MAP Convention was led by Lucy Cornell, Chief Inspirational
Officer, Voice Coach.
The interactive session emphasized on the use of our vocal tones to connect and inspire people around us.
Lucys amazing energy combined with the audiences enthusiasm made the session a hands-on learning
experience.
According to Lucy, as a leader, you have the privileged opportunity to change the world. With that comes
the responsibility to voice your vision with integrity and power to bring about this change.
Lucy helped the audience to invoke their voice, body, heart and mind to deliver business content with inspiration to truly connect with audience.
Few key lessons from Lucys session included:
Speak with the primal instinct to connect not just with the minds but with peoples emotions too.
Decide what reaction you want from your audience and set your tone accordingly.
Speak not just with words but with your body and breaths
Communication Model presented by

Ms. Lucy Cornell at 16th MAP Convention
43
The truth is your voice can change your world.
It is a rare privilege to have the right to express yourself and to claim your voice in your world. For many of you
reading this book, you will have this privilege as a result of your birth, education and upbringing or perhaps through
determination and sheer hard work.
The question now is: What are you doing with your right to speak?
Your voice has the power to move people into action and influence their hearts and minds. It can bring warmth to
loved ones, re-inspire businesses, re-shape communities and heal nations.
The power of the voice can be witnessed in the astounding sociopolitical shifts of 2011 in Tunisia, Yemen, Egypt
and Libya, which came from the raising of a communal voicethe Arab Spring.
At the extreme end, the power of the human voice can be seen in the courage of individuals, who have dared to speak
up for human rights. With a strong desire and unbelievable courage they dared to raise their voice against oppression
and seemingly insurmountable conflict.
>>Martin Luther KingLeader in the African American Civil Rights Movement 1960s.
>>Nelson MandelaAnti-Apartheid activist and President of South Africa 19941999.
>>Muhammad Ali JinnahElaborates his vision for the future of Pakistan in 1947.
Having an expressive voice is your birthright
The skills required to express yourself, connect and inspire are, in fact, natural
to everyone.
The problem is that most adults have lost access to their natural, vocal expressivity.
Babies and toddlers are a good reminder of how expressive our voices can be; a full range connected to our emotional
and intellectual needs. And, we were all babies once.
At around three years, we learn to pull it together, be quiet, tone it down, big boys dont cry, little girls speak
sweetly, toughen up, princess. Here is the birth of the civilized voice; a less authentic expression of you and shaped
by psychological and emotional learnings that we adopt in order to survive within our society.
Over time, these learned behaviours, that limit the freedom of your voice, compound. So the voice you inhabit as
an adult in business finds it hard to express you inspirationally, emotionally and authentically. This will be discussed
in more detail in the section called Your vocal rites of passage.
To be expected to simply step up and inspire a client or, to connect to 300 delegates at a conference, is not immediately accessible to many. The good news is that it is a deeply embedded basic human instinct inside us all.
44
Z
Listen for the times your authentic, expressive voice comes to life: at a sporting event, singing in the shower,
rumbling with your kids or playing with your dog at the park.
The natural voice is spontaneous and responds to playfulness and freedom.
In order to reclaim your authentic voice, you need to disarm from your physical, psychological and emotional
protective mechanisms and tap into your internal power, voice, spirit, energy and intuition. Mostly people are numb
to the behaviours that inhibit their voice and that stop them accessing their fertile, inner, energetic world.
The first step is to become sensitive to these behaviours and then undo the ones that are limiting your selfexpression. Having an authentic voice depends on revealing yourself and being vulnerable. This may be a daunting
thought. However, take solace that vulnerability is strength. It is where you are not conflicted by your protection
mechanisms and where you can hear clearly and respond truthfully. It is where you canshare. It is when you connect
and COMMUNE-icate.
Consider speaking as your chance to change your world. Here is your moment to step into this responsibility. Grab
the opportunity. Elevate your purpose.
Your voice can change the world.
Begin your ripple.
Prof. S. B. Hassan, President & Chief Editor, I&M

and Ms. Lucy Cornell at the 16th MAP Convention
45
Re-thinking Leadership and Leading minds
A panel discussion on re-Thinking Leadership and Leading Minds included some of Pakistans established leaders who
shared their years of experience and learning on how to be a better leader in Pakistan.
Some points worth noting included:
Transformational leadership is about making employees think and believe they can do the inconceivable. Ali Hasnain, Group Executive, Retail Bank, UBL
A leader is not there to communicate the message. A leader is a message himself. Dr. Zeelaf Munir,
Chairperson, Executive Management Board, English Biscuit Manufacturers
A leader is about an inspired vision plus relentless commitment to it-Mr. Khalid Awan, Co-Founder &
Chairman TCS Pvt. Limited
There are no text book solutions and a leader is a person who leads people who are professionally
better than him. Mr. Kimilhide Ando, Chief Executive Officer, Mitsubishi Corporation Pakistan
A good leader has the capability of capturing your attention. Nadeem Naqvi, Managing Director,
Karachi Stock Exchange
46
I&M also engased in a brief intevaction with Mr. Kimihide Ando and Dr. Zeelaf Munir asking, questions about
leadership:
I&M Interview: Mr. Kimihide Ando, Chief Executive Officer, Mitsubishi Corporation Pakistan
I&M: What is your idea/definition of Leadership?
Mr. Kimihide Ando: Leaders are those who motivate everybody in the organization, and make
them deliver positive results. Everybody include those who are better than you professionally.
Then by doing so, leaders eventually achieve short term / long term objectives of the organization he/she leads
I&M: What are the most important values a leader should possess?
I do not consider myself as a leader. I am still on a learning curve. I am still on the quest of
being a leader.
I&M: What characteristics do all leaders share?
Mr. Kimihide Ando: Frankly I do not see common characteristics among successful leaders. Only common things I
witness is that all successful leaders somehow find how they can optimize their unique mixture of strong inherent competencies they possess to become leaders.
Also leaders eventually need to deliver. Without eventual success, leader is failure so no leader.
We live in competitive real world so it eventually is pretty much result-oriented.
I&M: Would you like to give a message to our young generation?
Mr. Kimihide Ando: Few tips from me would be; When going gets tough, the tough gets going., Do not waste time
by listing up reasons why you cannot do, spend time on figuring out how you can do.
I&M Interview: Dr. ZeelafMunir, Chairperson, Executive Management Board,

English Biscuit Manufacturers
I&M: What is your idea/definition of Leadership?
Dr. Zeelaf:Leadership in its essence is the ability to create clarity for those intended to be led. You can say it is the ability
to clearly articulate a vision and be able to make people understand and follow that vision. Such ability must also be
future-proof , in the sense that the vision of the leadership must have sustainability. Leadership must bring a level of
certainty about the path forward and foster a sense of purpose for the team. Authenticity is a vital leadership competency in a changing business environment.
I&M: What are the most important values a leader should possess?
Dr. Zeelaf:To start with, a leader must have a practical vision and thorough knowledge of
whichever field he is in. Either vision or knowledge on its own is not sufficient. But vision and
knowledge together develop wisdom, which is what differentiates true leaders from subject
experts. Wisdom enables a leader to take the right decisions and think well ahead. The other key
value or attribute a leader should possess is courage courage to lead with confidence, courage
to take on all challenges and courage to take a stand when it is required to do so. A leader who
is able to combine wisdom and courage will easily win the loyalty, trust and confidence of followers, and be able to motivate followers to higher and higher levels of performance.
47
I&M: What characteristics do all leaders share?

Dr. Zeelaf:True leaders emerge from a self-realization of a higher purpose in life. They are uncompromising on their
principles and ready always to lead by example. Some characteristics that perhaps all leaders share include a strong commitment to the cause, untiring energy, objectivity and an extremely strong will that just does not take no for an answer!
Most leaders are also inspiring role models personally and have keen foresight.
I&M: Would you like to give a message to our young generation?
Dr. Zeelaf:Most leaders belong to a generation, or even two, older than the present generation they are expected to lead.
Thus a leader today needs to have a clear understanding, and even acceptance of the thought-process of the generation
to be led, and not impose on it what worked a generation or two ago, as this will surely not work for the future.
My message to the young generation is to focus on creating change that is sustainable, devising new ways to live and
work that fit with the needs of a rapidly changing world. Sustainability will be a major differentiator for a leaders
success in the future. At an organizational level, leaders who can ensure sustainability for the long-term survival of an
organization will serve to also reshape the overall business climate.
And as you develop yourself into a leader, remember that a leader doesnt just get the message across a leader IS the
message! And the biggest message a leader of the future can give his people is that of confidence and positive forward
momentum.
(9(176
EFU General Insurance Limited was awarded 3rd position

in the Best Corporate and Sustainability Award
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48
Dr. Zsuzsanna Fajcsak

A Change Maker
The 16th MAP Convention ended with an
insightful session on Re-think Work-Life
Balance, New Age Lifestyle conducted by Dr.
Zsuzsanna Fajcsak and Naeem Zamindar
who is the Founder of the Art of Living.
Dr. Zsuzsanna Fajcsak, as a change maker works in three
areas: Health/lifestyle, Coaching/inspiration and Mobile
phone based education. Her mission is to make a difference and facilitate changes in peoples lives reaching
sustainable health and wealth.
a really good work in this country, and I found that people

are really amazing. Whatever little bit I did and little bit I
do, I was really appreciated. I found incredibly nice and
hospitable people. After coming and going for a year, I
started to look into to move into this country and today
almost 4 years later I call Pakistan my home."
It feels good when a foreigner say something good about

your country. Dr. Zsuzsanna is living in Karachi for some On the occasion of 16th MAP convention she presented a
time now and she considers it like her home. She told I&M very lively session in which onlookers enjoyed and learned
about her journey to Karachi.
about meditation. She was satisfied with
the management and arrangements for her
The first time she came here is in Decemsession. She said that the Octara and
ber 2010. Mr. RehanAllahwala, the CEO
MAP did amazing work to bring together
and President of Super Technologies Inc.
three hundred really top people who can
brought her to Pakistan as a corporate
make difference for this country through
coach. She told that off course "I didnt
their organizations, through the changes
want to come. But Mr. Rehan worked
they can make. Dr Zsuzsanna said -- "I
I
started
to
look
into
to
move
very hard on me. He sent me pictures of
found in the session that people were very
the northern areas and when I saw that into this country and today opened minded. I also had to work really
almost 4 years later I call
how Pakistan really is, I looked onto that
hard to get close to them and it actually
Pakistan my home."
I should come. So, I actually came. I did
happened. Once the breakthrough
my corporate training for his company
happens, people listen and mind set
Super Technologies. In the meantime I
changed is one of the biggest things in
found incredible people who Rehan
this country which will bring further
introduced me in health, in corporate
results if we can install that into peoples
world, in the social sector, in education. I
mind. I believe that I called a session with
found after the first three days that everyNaeem Zamindar that was successful in
where I was looking There is the possibilthis because people opened up and they
ity in this country. I didnt think that is
lost their so-called ego and drop back to
anything wrong here. Bit underdeveloped, may be some- their hearts. They learned a new way of living and they
thing's behind time but nothing is wrong with that. I actually touched the space where they can learn a new way
realized that all the knowledge that I have, can be put into of living where humans are working with humans, friends
49
working with friends and basically brothers and sisters healthier foods and choices for the people, how are they
working together. For that, a very first thing is that you going to choose it. So one of my suggestions is if anyone
allow yourself to feel deserving and you can love your from the corporate world is in hotel business or any corposelves, because if you can build this into yourself then rate sector which host conferences and training, they need
basically you will be able to love and treat everyone the very to look into better food options so that people can really
same way how you treating yourselves and how you want to be
To all Pakistanis live your life alive, get out, move,
treated."
laugh, and love. Enjoy your life, allow your children to

Dr. Zsuzsanna holds her doctorate in Nutrition. She thinks that

Healthy food brings healthy
minds. On the food served in
convention she said that the
Convention was really well organized. The flow was very smooth. Everything
was
great, only one thing what was out of their
hand is
they ordered to have healthier foods and
fruits
prior to the session and that couldnt
r e a l l y
happened, know that was not in the hand's of the
organizers. dr Zsuzsanna
said -- "
However this is
another opportunity
I
see that corporates,
like
hotels needs
to be able to
change and
provide
healthier foods
for conventions.
Because if we are
not
providing
stay healthy and get more learning from trainings because

there focus will just better."
She spends her every Sunday mornings early at the sea view
beach in Karachi teaching yoga publicly. She stresses upon
the importance of exercise and meditation to live an active
and healthy life. She gave a message to everyone that once
you start moving your body, it helps you to move your
mind. Dr Zsuzsanna said -- "Stagnation and laziness is the
end of you. So if you realize that you must stay active every
single day, do little bit of exercise that keeps your body fit
and little bit of meditation that take care of your mind.
Since, you know we are in the age of the intelligence; your
mind is your greatest value so you should take care of that.
Your mind lives in your body so basically now everything is
integrated in health and in complexity as in simplicity you
have to take care of yourselves. "
50
BEST CORPORATE AND SUSTAINABILITY

REPORT AWARDS 2013
jointly by the Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management of
Pakistan (ICMAP). Best Sustainability Report (BSR)
Awards were introduced in the year 2011 with an aim to
create awareness in local business about the rising trend
reporting other than financial information. Since their
inception, both the awards have been received very well and
Corporate reporting matters: it plays an essential role in have contributed in enhancing the quality of reporting in
the effective functioning of the market economy. It should Pakistan.
make an important contribution to our understanding of,
and respect for, business and the financial sector as creators Companies amongst the BCR winners are nominated for
of value by explaining what drives that value now and in South Asian Federation of Accountants (SAFA), Best
the future.
Presented Accounts and Corporate Governance Disclosure
(SAFA BPA & CG) Awards. SAFA Criteria is slightly
Today the corporate world is even going beyond govern- different from Pakistan Criteria. Companies from Pakiance and financial reporting. Stakeholders needs of corpo- stan, India, Sri Lanka, Bangladesh, and Nepal compete.
rate reporting are changing. Global social, environmental The SAFA BPA Awards Ceremony for 2012 was organized
and human capital challenges have broadened the govern- on May 3, 2013 at Islamabad. Twelve Pakistani companies
ance thinking from single bottom line financial perfor- were nominated in eight categories. Engro Foods Limited
mance to triple bottom line performance or the concept and The Citizens Foundation secured first position in their
called Sustainability. During the past few years the corporate reporting in Pakistan has experienced rapid developJoint Committee of ICAP & ICMA Pakistan
ment in the area of Sustainability or Corporate Responsi
-DZHG0DQVKD&KDLUPDQ
bility reporting.

<DFRREY6XWWDU0HPEHU

$EGXO.KDOLO0HPEHU
In order to encourage and give recognition to excellence in

0RKDPPDG0DTERRO0HPEHU
corporate reporting in Pakistan, the Best Corporate

6KDK]DG$KPHG$ZDQ0HPEHU
Report Awards ceremony was launched in the year 2000
The Institute of Chartered Accountants of Pakistan
(ICAP) and the Institute of Cost and Management
Accountants of Pakistan (ICMAP) jointly held for the
thirteenth consecutive year the Best Corporate and
Sustainability Report (BCSR) awards ceremony on
September 19, 2014.
51
respective categories. Askari Bank Limited managed to secure second

runner-up position amongst the category of Private Sector Banks.
These results show the strength of our corporate reporting that has
improved tremendously since the awards were initiated.
An Evaluation Committee constituting of members from both the
Institutes, regularly updates BCR and BSR Criteria to make them in
line with International best practices. The objective is to encourage
entities to make the corporate information more users friendly and
transparent.
Transparent Evaluation System:

6HFUHWDULDWRIWKHWZR,QVWLWXWHVSHUIRUPVWKHPDUNLQJ
Supervisory Review is done by the Committee Members
7KH&RPPLWWHHPHPEHUVUHYLHZWKHILQDOVFRUHVDQG
identify any inconsistency or abnormality.
Every year a sizeable number of annual reports are submitted for evaluation. The annual reports are put through a transparent evaluation
process, where marking is done by both Institutes under supervision of
the Evaluation Committee. Utmost care is taken to avoid any potential
conflict of interest.
Joint Evaluation Committee Members

ICAP Nominations
Muhammad Farid Alam
Omar Mustafa Ansari
1DUHVK.XPDU

HenaIrfan
Ahsan Ghaffar Mehanti
Naveed Abdul Hameed
ICMAP Nominations
Syed Fahim-ul-Hasan
Shaukat Zaman
0XKDPPDG/XNPDQ
Mustansir Zakir
Shafqat Ali
Sayyid Mansoob Hasan
The concern for sustainability in the corporate sector in Pakistan is

gradually increasing which can be gauged from the fact that in the
present day business operations, the COOs and CFOs are also being
held accountable to their companys Board for sustainability issues.
This award encourages the companies in Pakistan to put effort in
corporate and sustainability reporting.
52
The awards were distributed by the Guest of Honors, Mr. EbrahimSidat (past President
ICAP) and Mr. Sher Afghan (past President ICMAP). Maple Leaf Cement Factory Limited was declared the overall winner. Following companies were given Awards and Certificates in their respective sectors for the Best Corporate Report 2013 Awards:
53
In continuation with the order from the Supreme Court of Pakistan related todecreasing smuggling by tracking containers, FBR has launchedSTEP (Safe Transportation Environment Project) in May, 2013. TPL Trakker has tracked more
thanfifty six thousand containers for the Afghan Transit Trade. The key objective of the STE project is to reconcile cargo
leaving Karachi ports and arriving at Torkham and Chaman borders on real-time basis. Moreover the transit time has
decreased thereby improving logistical efficiencies.
STE Project - Afghan Transit Installations Dashboard

3,972
3,483
3,113
3,300
3,096
3,249
3,020
3,500
50%
35,000
3,000
36.08
%
40%
30,000
2,500
30%
25,000
2,000
May 17, 2013

56,613
65,209
8,504
6,679
49,876
150
143
Project Commenced
Total Containers Tracked d
Total Alarms'
Door Alerts
Route Deviation
Unusual Stoppage
Out of Sync
Major Incidents Recorded
51.49
%
45,270
40,000
Project Update
Port of Installation
60%
50,000
45,000
3,015
4,000
3,596
3,499
4,500
4,622
Container Destinations
4,728
Monthly CSD Installations

5,000
Trips % Alarms %
15.02%
13.04%
11.80%
10.24%
88.10%
76.49%
0.26%
0.23%
0.31%
20,000
1,500
20%
15,000
1,000
11,343
10,000
500
Total Prime Mover Devices Installed

Total Prime Mover Trips Kd
Completed Trips
11.42
%
10%
5,000
Sep-14
QICT
Chaman
Total Trips - Monthly
1,000
3,882
800
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Feb-14
Jan-14
300
863
794
250
295
319
277
Last
228
4,000
205
177
143
150
200
400
600
635
800
6.72
1.00
3.00
5.00
25-Sep
26-Sep
27-Sep
28-Sep
Trips Started
Chaman
29-Sep
2.00
3.00
30-Sep
Door Alarm
Route Deviation
Unusual Stoppage
Out of Sync
US
49,876
RD
6,679
DA
8,504
O
4.00
1-Oct
CSDs Installed
3.10
1.00
820
3.30
Torkham
1,486
1,000
10 10
Average Over Days Duration
7.00
2,000
45 55
CSDs Installed
6.20
Torkham
3,000
133
116
86
Current
5,210
5,000
274
50
Average Trip Duration (Days)

Chaman
569
Monthly Alarms
6,000
100
Trips Started
671
319
200
551
452
Previous
Sep-14
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Mar-14
Jan-14
Non-Containerized XMLs
44
323
-
Feb-14
Enroute
999
0
Dec-13
Completed
dd
Total Trips - Daily
200
Oct-13
350
1,092
400
671
KPT
600
Nov-13
5,000
PICT
1200
1000
500
10,000
KICT
dd
En-route Trips
Total Trips - Weekly

2,906
1,500
15,000
2,558
20,000
2,773
2,000
2,656
25,000
2,714
2,500
2,532
3,000
30,000
2,419
3,500
35,000
3,150
4,000
40,000
2,902
45,000
Torkham
4,500
45,61
9
2,835
50,000
0.00%
0%
3,764
Total Trips - YTD
Aug-14
Jul-14
Jun-14
May-14
Apr-14
Feb-14
Mar-14
Jan-14
Dec-13
Oct-13
Nov-13
5,000
46,290
45,619
5.00
150
10,000
20,000
30,000
40,000
50,000
60,000
This article covers a detailed overview and performance of STE operations. According to Customs directives, monitoring operations were done only on one category of cargo - Containerized Traffic of Afghan Transit (AT). Other categories of cargo mentioned in tracking rules have yet to be included in STE.
An important objective of STE projects is to have reconciliation of cargodepartinga certain location and arriving to its
destination. It is taking place on real-time basis. The scope of STE operations remains restricted to containerized AT
cargo. A total 56,062 containers have moved since the inception of project. The number of containers reconciled by
routes and destinations is as follows: a total of44,788 containers left for Torkham and 11,274 for Chaman. Most of the
containers departed from KICT (51%), followed by PICT (37%) QICT (11%) and only 1 departed from KPT /
East-Wharf area.
54
The tracking system has detected 64,813 en route alerts of various categories. Each alert was reported to Customs via
various delivery channels text messages, emails, paper-mails and phone-calls. Most of the alerts were Unusual Stoppage counting 49,604, followed by Door Alarm 8,429 and Route Deviation 6,631. The tracking system detectswhere
most unusual stoppages have occurred, and areas where most route-deviations were made.
As part of tracking, monitoring and reporting processes, our staff has maintained communication and liaison with all
Customs Collectorates. Centralized Control Room (CCR) has been established on the 6th Floor of Karachi Custom
House for 24 X 7 operations and an addition of eight control rooms have been established in Pakistan Customs Collectorates across Pakistan to facilitate the project.Customs mobile squads in respective Collectorates of jurisdiction (where
goods were physically present during journey), have been instantly informed about incidents.
In order to ensure availability and continuity of tracking and monitoring services adequate IT infrastructure has been
maintained at TPL Trakker and a dedicated IT Team for maintaining HW , Software application. Our communication
network is in place to ensure connectivity through GPS, GSM and internet to meet real-time monitoring and tracking
requirements of the FBR.
An important segment of tracking system is communication between Customs IT System and TPL tracking system.
XML/EDI messaging exchange between Customs system (WeBOC) has been functional. XML messaging mechanism
is accordance to parameters mutually agreed between IT Team of Customs (PRAL) and TPL Trakkers IT Team.
An important output coming out of STE project is Logistics Service Quality provided by licensed Bonded Carriers.
It is now measurable. Overall efficiency is as follows: An average period of duration is 6.94 days. It may be noted that
law and order situation has also been a key factor. There were 169 containers which indicated that trip was completed in
more than 30 days due to law and order situation in the country.Besides, overall efficiency, now service quality of each
authorized Bonded Carrier is ascertainable to customs. Average trip duration varies from carrier to carrier, with the best
performance averaging at 5.3 days and lowest at 20.6 days.
The analysis of tracking of AT consignments hasprovided valuable insights, which Customs can benefit from and utilize
for its operational planning. Customs now has information about hot-spots (risky areas) and can best leverage their
resources accordingly. Use of technology can at best support enforcement, not replace it.
One basic objective of STE project, which it has adequately met, was managing risk of cargo moving under Customs
control, both domestic transits (locally named as TP) and international transits (i.e. AT Cargo). It is essentially an
enforcement support to anti-smuggling activities in the country, occurring through commercial transit channels. TPL
Trakker has carried out extensiveresearch into this aspect.
The above analysis suggests that STE has enabled Customs to use advanced risk management techniques based on compliance measurement and supply chain analysis. Bonded Carriers compliance is now measurable, both in terms of
efficiency and compliance to Rules. This factor combined with other risk indicators such as Customs Agents profile,
smuggling prone commodities and value of goods can be used for selectivity and focus.
Customs can now optimize their enforcement resources. Customs may relocate resources at places en route where most
needed. Customs MEUs and Customs Intelligence may focus on hot-spots. Presently Customs treats every box on equal
risk, irrespective of value or commodity, whether goods are worth fifty thousand or fifty million. With risk management techniques, Customs can focus on containers posing high risk.
Logistics System Efficiency can be considerably improved. Customs may encourage and incentivize efficiency & Service
55
Quality in logistics sector. Service Standards & KPIs may be set. KPIs can now be set, measured and monitored for each
operator and overall.
TPL Trakker would like to congratulate FBR Pakistan on the successful roll out of the STE project as this is one of the
most advanced projects, ever done in the region for cargo tracking. The development, implementation and supervision of
the project reflectgreat thinking and leadership on part of Pakistan Customs. So far this project has only been done in
developed countries. We are not only tracking but also synchronizing prime movers with containers to minimize the
pilferage attempts, identifying routes, hot spots, developing logistical efficiency and taking necessary measures based on
the learning are the key areas of this project. This project is a great milestone for FBR and should be showcased as a role
model in other parts of the world. TPL Trakkercan provide all the required assistance to showcase this model.
The report gives conclusive evidence that STE system has met great success and fulfilled its desired objectives which
include curbing, smuggling and minimizing pilfering. In all remaining categories given in rules of Tracking and Monitoring of Cargo Rules, 2012, i.e. transshipments, POL exports to Afghanistan and Safe Transportation. We hope the
success of this project will encourage FBR to roll out this project completely.
PSO Announces Financial Results for Q1 FY2015:

Operational Profit Increases by 39%
Karachi, October 28th, 2014:
The Board of Management
(BoM) of Pakistan State Oil
Company Limited (PSOCL)
convened on Tuesday at the PSO
headquarters, to review the
Companys performance for the
first Quarter (Q1) of the financial year 2014-15 (FY2015).
In the period under review, PSOs Profit After Tax (PAT) has been Rs 5.2 billion, which is 59% higher than the budgeted
PAT of Rs 3.3 billion for Q1 FY 2015. The budget was based on the fact that a bulk of interest income from IPPs
received in the first quarter of last year is expected to be received in a steady stream on a sustainable basis during this year.
Therefore, PAT including interest income from IPPs had been lower than that during Same Period Last Year (SPLY) (Rs
5.2 billion vs. Rs 7.8 billion). However, profit from operations (excluding IPP interest income) was Rs 9.11 billion, 39%
higher than that if Rs 6.55 billion during SPLY.
PSO retained its market leadership in Black Oil and White Oil, and successfully met the demand of fuel across the country despite the hardships and supply chain disruptions faced because of the power sectors inability to pay for fuel in a
timely manner. Accordingly, the turnover of Rs 355 billion during Q1 FY15 has been 5% lower than that of Rs 364
billion during SPLY largely due to the effects of circular debt, floods and civil disturbance in certain areas on the vast
retail network of PSO. The sales portfolio was managed by restraining fuel oil sales in view of liquidity issues posed by
increasing power sector receivables, and no discounts on sale of HSD were given during the period under review. Despite
improvement in gross profit as percentage of sales, the bottom line of the Company was negatively impacted upon by the
burden of increased mark-up of Rs 2.3 billion vs. Rs 0.5 billion during SPLY on account of the circular debt. The
impact was mitigated by the lower exchange loss of Rs 875 million vs. Rs 3.7 billion during SPLY due to devaluation of
the Pak Rupee. The Board expressed concern over increasing receivables from the power sector despite best efforts for
recovery thereof made by the Company and the relevant Ministry. The matter is under resolution.
56
SECP Approves Renewal of Service Contract of Mian Ayyaz Afzal, MD, ISE
Securities & Exchange Commission of Pakistan (SECP) has approved
renewal of service contract of Mian Ayyaz Afzal, Managing Director,
Islamabad Stock Exchange Limited (ISE).
The ISE Board of Directors in its recent meeting had approved the renewal
of the contract of the MD ISE expiring on October 30, in recognition of his
meritorious performance subject to concurrence of the SECP which has
been accorded by the SECP.
Mian Ayyaz Afzal has been Managing Director/Chief Executive Officer of
the ISE since 2011. Under his dynamic and sterling leadership, ISE has made
notable progress. He has also been very instrumental in the demutualisation of ISE. Mian Ayyaz Afzal also serves as Director on the Boards of
Central Depository Company of Pakistan Limited, National Clearing
Company of Pakistan Limited, Pakistan Institute of Corporate Governance and JCR-VIS Credit Rating Company
Limited. His contributions towards improving operational efficiency, governance standard and effectiveness of
these institutions have been acknowledged.
He has also served as Director of Pakistan Mercantile Exchange Limited. He has participated in many national and
international courses on securities markets including institutes organised by US Securities & Exchange Commission
and OIC forums as well. Mian Ayyaz Afzal holds a Master degree in Economics from North-eastern University,
Boston, US. He is also a certified director from Institute of Cost and Management Accountants of Pakistan.
Shazad Dada New CEO of Standard Chartered Bank

Shazad Dada, is the new Chief Executive Officer of Standard Chartered
who was associated with Barclays Bank Pakistan prior to his new responsibility. A seasoned banker and a prominent capital market professional with
over 20 years of diverse experience with renowned financial institutions in
the United States and Pakistan. Prior to working at Barclays, he spent more
than 15 years at Deutsche Bank in New York where he specialised in the
Mergers, Acquisitions and Corporate Advisory Group and was Head of
Media M&A practice in the Americas.
He then moved to Pakistan as Chief Executive Officer of Deutsche Bank in
Pakistan. Upon joining, Shazad Dada said, Pakistan is well-placed to be a
key market for Standard Chartered. As a leading International bank with
a strong commitment to the country, we are well positioned to participate
in the continued growth of the industry
59
Pakistan State Oil Joins Elite Club of Worlds Largest Public Companies
Pakistans oil market leader and dominant state-owned company Pakistan State Oil
(PSO) has joined the prestigious club of worlds biggest publicly traded companies on
the Forbes 2000 list in the wake of initiatives undertaken by the present management.
Forbes has screened the company in four categories sales, profits, assets and market
value with a minimum cut-off value paving the way for it to qualify for inclusion in the
list.
The official pointed out that the high performance benchmarks were achieved without
any rise in margins during the year and despite an escalating financing cost because of
higher receivables from power plants. The company optimised sales of its products to strike an effective balance
between growth and profitability while realising substantial cost efficiency, Managing Director AmjadParvezJanjua commented.
A member of PSO board linked the company entering Forbes 2000 to efficiency in administration, distribution and
marketing, restricted increase in expenses to 3% compared to average rise of 14% over the last three years and inflation rate of 8.5% in 2013-14. The board unanimously resolved to place on record its commendation for the management, particularly Amjad Parvez Janjua, the MD, for achieving outstanding yearly results, he added.
Being aware of its corporate social responsibility and to support relief activities, PSO contributed Rs40 million to the
Prime Ministers Relief Fund for Internally Displaced Persons from North Waziristan in addition to donating part of
its employees salaries for the IDPs.
ZTBL and ICMA Pakistan Signed MoU

ZaraiTaraqiati Bank Limited (ZTBL) and the Institute of Cost and
Management Accountants of Pakistan (ICMA Pakistan) signed a
Memorandum of Understanding (MoU) under ICMA Pakistans
corporate partnership scheme for business organization.
A signing ceremony in this regard was held here in ZTBL, Head
Office. The MoU was signed by Syed TalatMehmood, President
ZTBL and Mr. Zia ul Mustafa, President ICMA Pakistan. The Banks
executives were also present on the occasion. The two organizations
agreed to mutually collaborate in the areas of Human Resource,
Training and CPD, R&D, Mutual Recognition and Promotion, Infrastructure and Logistics Support and Corporate
Social Responsiveness.
In this connection, ZTBL will accept and specify the part and full- qualification of ICMA Pakistan which match the
knowledge set taught in ICMAP courses of studies in all its job advertisements and any other recruitment material
for all job vacancies. The ZTBL shall provide nationwide training and internship opportunities to fresh qualified
CMAs of ICMA Pakistan on biannual basis (every 6 months) on Rs.20,000/- p.m.**
60
EBM to Empower Youth at the YLC 2014

Pakistans leading biscuit manufacturing company, English Biscuit
Manufacturers (Pvt.) Limited (EBM), has focused this year on supporting and empowering youth from across Pakistan at the School of
Leaderships (SOL) annual Young Leaders Conference (YLC).. EBM has
been a supporter of several youth initiatives of SOL, and especially the
YLC, of which it has been a leading sponsor since 2004.
The theme of the conference this year is Future Here, addressing the
youth as the Future and the driver of positive change in the country. EBM strongly believes in the mission of YLC to
empower the young generation with skills that will shape them into becoming the leaders of tomorrow. This year,
30 young people are being sponsored by EBM to attend YLC 2014, and these include talented youngsters from
across Pakistan, who otherwise has no possibility to participate in an event of this nature. EBM is a classic case study
of pioneering entrepreneurship leading the packaged biscuit industry in Pakistan.
Soneri Bank Corporate Branch Opening at Bahria Complex III

Soneri Bank is pleased to announce the commencement of Corporate
Branch Bahria Complex-III. The Branch opening was inaugurated by
the Chairman of Soneri Bank Limited, AlauddinFeerasta along with
President & CEO of Soneri Bank Limited, Mohammad AftabManzoor
accompanied by Chief Risk Officer Amin Feerasta.
The launch of Soneri Banks Corporate Branch is a step towards the
success of our valued customers who maintain their trust with us, and to
ensure that they receive all the financial facilities and hassle free services
under the ambit of Soneri Bank Ltd
PTCL has Launched an Exclusive WiFi Service

Pakistan Telecommunication Company Limited (PTCL) Managed WiFi service
provides organizations with secure, reliable and fast wireless LAN access. This
service is available across multiple locations without the hassle of associated
hardware and maintenance costs. The service also comes with efficient centralized management, advanced analytic tools, web based management portal
and application inventory.
Kamal Ahmed, Chief Digital Services Officer (CDSO) PTCL said at the occasion,
PTCL is committed to deliver affordable and scalable one window connectivity
solutions in Pakistan. The Managed WiFi service is an efficient solution that
enables organizations and businesses of all sizes to lower the total cost of ownership and improve efficiency by
tapping into the vast ICT infrastructure of PTCL.
The service provides organizations with highly secure premium internet bandwidth with download speed upto
1Gbps. The speed may vary and is dependent upon the number of laptops, smart phones, tablets or other devices
connected to the access point at any given time.
61
ICAP Organizes Seminar, Job Fair 2014

The Institute of Chartered Accountant of Pakistan (ICAP) organized CA Pakistan seminar and job fair 2014 at ICAP Houses (Karachi and Lahore) recently.
The initiative has been taken to set up a unique networking opportunity that
puts different employers, qualified CAs and trainee students under one roof and
provided them an opportunity to listen to the Industry experts and clutch
advice for entering into the corporate world.
The seminar facilitated them to stay up to date on the latest changes in the
modern corporate world and maintain a dialogue with industry professionals.
They seminar emphasized the key aspects of todays workplace change and underline the essentials that with the
increased competition, how recently qualified CAs will need to plan well and take extra care to secure their position
in corporate arena.
The seminar was a comprehensive guide for them and the speakers provided them the capacity to learn incisively.
At the end of the seminar Young CAs inquired about the working milieu of Corporate World and pursued meaningful questions. Renowned Companies like Unilever Pakistan, Shell Pakistan, Total Parco, PEL, MCB, Herbion
Pakistan (Pvt) Ltd, AJM Pharma, UBL Funds, Meezan Bank, Arif Habib Commodities, The Recruiters, A. F. Fergusons, KPMG and Deloitte Pakistan have participated in the job fair.
The job fair was a source of information, contacts and interview experience for the young CAs as to meet the potential employers face to face provided them a multitude of benefits.
Jubilee Life gets 2nd FPCCI Achievement Award

Jubilee Life, Pakistans largest private sector insurer, has been awarded 2ndFPCCI Achievement Award by The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for introduction of Micro-insurance services for low
income people (life and health). Jubilee Life is the only life insurance company
to be honoured with the prestigious FPCCI Achievement Award for the second
consecutive year.
The award was presented at the prestigious FPCCI Achievement Awards
2013ceremony, organized by the federation. Mr. Javed Ahmed, Managing
Director & CEO of Jubilee Life received the award from the honourable President of the Islamic Republic of Pakistan Mr. Mamnoon Hussain, who was the
chief guest at the occasion. The ceremony was also attended by renowned
foreign diplomats, businessmen, social workers, entrepreneurs and other dignitaries from across the country.
It is an honor for Jubilee Life to be recognized and acknowledged by the
FPCCI for our commitment to providing financial security to the Pakistani
people. Jubilee Lifes Micro-insurance initiatives are aimed at improving the quality of life of customers and to
contribute towards the uplift and welfare of the less privileged segments of the society by developing insurance
solutions which are within their financial reach said Mr. Javed Ahmed.
62
NBP Launches Foree Remittance Account

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Balochistan Economic Forum

October 24th 2014, Movenpick Hotel Karachi.
Message-Sardar Shoukat Popalzai

The province of Balochistan has gained a new
importance in the region with its vast natural
resources, and with the realization of its economic
importance, many mega projects have been launched
on macro level and many are in the pipeline, moreover, the strategic energy related projects will provide
further boost to create a robust economy and investment environment in the province of Balochistan.
Presently, province of Balochistan provides enormous
opportunities for business and economic development.
The Balochistan Economic Forum, since its inception has been striving to promote the economics of
the largest province of Pakistan, to achieve these goals, we have organized several International conferences on various
economic related topics, including executive & corporate briefings, diplomatic exploratory missions, outward & inward
foreign investment missions.
In continuation to our efforts, which have proved to be supportive to the economic development of Balochistan, the Balochistan Economic Forum is organizing China - Pakistan Economic Corridor & Gwadar - Opportunity Conference, on
Friday the October 24th, 2014 at Movenpick Hotel (Formerly Sheraton Karachi Hotel), Karachi, in an effort to explore
development and business opportunities corridor offers, the aim is double edged - being to attract the expertise knowledge
and for appealing to prospective investors.
The Pakistan-China Economic Corridor is demonstrating further commitment to more closer bilateral economic
relations with the recently signed agreements between which will benefit an already well-established relationship that saw
bilateral trade over $12 billion in 2012. These agreements also come in conjunction with Chinas significant investment
in Gwadar port.
For Pakistan, this investment could offer an economic boost to the underdeveloped province of Balochistan, it could help
create the infrastructure needed to capitalize on the resource rich province and give much-needed support to Pakistans
$225 billion economy and for China the projects offer improved regional connectivity through road, rail and sea, as the
Gwadar port will provide the shortest possible route to International trade. The Pakistan-China Economic Corridor
opportunities would include Free Trade Zone at Gwadar, Motorway - Roads , Railway, Fibre Optic Link and Pipeline
etc. to link Xinjiang (Kashgar) with Gwadar Port city. I welcome you to this significant event.
65
Balochistan Economic Forum

October 24th 2014, Movenpick Hotel Karachi.
Speech Dr. Abdul Malik,

Chief Minister, Balochistan
Gwadar is a window of opportunity for economic activity
and strategic importance. We know the strategic importance
of Gwadar and we know the economic importance of
Gwadar. The present government, which is a coalition
government, encourages investment in Balochistan, especially
on the coast, in fisheries, agriculture, and mining. But we have one demand: The investment must be pro-people. If
there is no share of local people, then it is a colonial attitude and this government will not accept it. We know that
today Balochistan is facing the challenges of illiteracy, health, communications. If you look at UN Millennium goals,
unfortunately, Balochistan is lowest in education and human development. Unfortunately, out of 31 districts, 30
districts are under poverty level. Balochistan is the poorest place on the globe, leaving aside some parts of Africa some
parts of Afghanistan.
With these subjective conditions, our government invites investment for development.
We are poor, but resources-wise, we are very rich. Recently, I
met delegation on Reqo Diq in Paris. The Chairman of Antofagasta Chile, one of most important figures in Chile, said that
Reqo Diq is one of the 10 top deposits of the world. We have
so many deposits. Chinese representative of Saindak is present is
here. The sharing of Saindak is 50% to China and 48% to
federal government. We received only 2%. In Chagai, the place
were Saindak and Reqo Diq are located, the people dont have
drinking water. As Chief Minister of Balochistan, I am protector of Balochistans resources. I encourage any investment, but it
should be pro-people.
No doubt we have law-and order problem. We have 31 districts
and we are facing law and order problem in 3 districts. Remaining 28 are better than any district of Pakistan. Gwadar is one of
them. We are concentrating on law and order situation and
protection of Chinese. As Chief Minister, it is my duty to
protect any investor.
The people of Gwadar are getting nothing. They dont have
health, dont have education, they dont have sewerage. I put one
66
question to all the delegates here. Pakistan is getting $32 billion for the Pakistan-China Economic Corridor, but what
will be the share of Balochistan? I asked this question when I accompanied the Prime Minister of Pakistan, Mian Nawaz
Sharif, to China.
The port is changing the life of Gwadar. The Chinese have a lot of technical capacity. We need technical capacity building. They can give Balochistan technical education. They can cure education system, and they can cure technical system.
My message to investors through this forum, with the help of Sardar Shoukat Popalzai, is that dont forget the people of
the area. General Musharraf spent Rs. 23 billion on Mirani Dam, Makran Coastal Highway, and other projects, and he
got nothing in return except hate. The reason was that the people of the area were not on-board. This is my humble
recommendation to you. When you come to invest in Gwadar, dont forget the local people. You have the time to build
the technical capability of the people of the area. Minerals need a huge investment. We have a lot of Reqo Diqs, not just
one that has been found. We need expertise, we need investment. We have only 3 districts with a law and order problem,
the others are peaceful. Panjgur is safer than any
district of Pakistan.
This government is a pro-investment government. It
is pro-people govt. As Chief Minister, I know my
rights. I know the rights of the people of Balochistan. I never compromise on the rights of the
people. I again say, I welcome investors and all who
contribute to the development of Balochistan.
I am thankful to Sardar Shouakt Popalzai for inviting
me. I have shared my thoughts, right or wrong, but I
speak from my heart. These are the core problems of
Gwadar. We need your help . Thank you very much.
67
Meezan Bank Celebrating the

Acquisition of HSBC Pakistan
69
70
Speech:H.E. Shaikh Ebrahim Bin Khalifa Al-Khalifa

Chairman, Board of Directors, Meezan Bank
His Excellency Mr. Ashraf Mahmood Wathra,Governor State Bank of Pakistan, His Excellency SheikhTaqiUsmani
Chairman of the Shariah Supervisory Board,distinguished guests and colleagues from Meezan Bank.
As Salam Alaykoum
I would like at outset to thank you and extend my sincere appreciation to you for joining us on this important and
happy occasion of the acquisition of HSBC Pakistan. It is mainly due to your support that Meezan Bank is now not
only the largest Islamic Bank of the county but also the 8th largest bank in Pakistan out of more than 30 banks that
operate here. Not many of you would know that Meezan Bank also played a tremendous role in development of
Islamic fund management in Pakistan and today its subsidiary Al MeezanInvestments is the largest among the 21
asset management companies in Pakistan in the private sector.
As the founding Chairman of the Bank I have overseen the growth of Meezan Bank since it became a commercial
bank in 2002Irfan will talk more about the banks history.. but for me it is matter of great personal satisfaction that we have established Meezan Bank as the Shariah compliant bank while at the same time adhered to high
banking standards in Pakistan anddeveloped a wide range of products.
I would also like to share with you that we have not only set for ourselves very high standards but very high targets as
well and you will see in the chart that we are InSha Allah targeting to achieve deposit base of 1 trillionin the year
2020.
Let me also share with you that the Board has recently approved the Banks third5 years Strategic Plan what we internally refer to as our Vision 2020 that will InSha Allah seethe Bank maintain its high growth track record.
We will continue to open new branches while at the sametime focus on our Alternate Distribution Channels. We are
focused on technology and have invested very heavily in world-class systems that ensures not only high quality of
service but also that your money is safe at all times. Use our internet banking and mobile banking products.they
allow you the convenience of managing your money 24/7 and I assure you it is very safe. I know because it has been
tested very rigorously by independent consultants.
Let me also add here that the ingredients of this success of the bank have been the blessings of Almighty Subhan-uWaTaalaand the adherence to the mission and core values of the bank, and we will InshaAllah continue to mobilize
71
and promote investments in the areas of infrastructure development, industries and agriculture and most importantly
MSM, which is micro, small and medium enterprises.
The bank today has at this time Shariah compliant solutions for all your banking and investment needsWe have
to give our tributes to Shariah Supervisory Board of the bank, who have done a remarkable job in supervising development of the banking products and services for all your needs in strict compliance of Shariah principles. At the
same time, the bank has built a strong Shariah Compliance and Product Development Department mainly to structure financial instruments fully compliant with Shariah guidelines. The bank is also providing advisory to both
domestic and international institutions to confirm their operations to Shariah guidelines and to set up Islamic financial institutions in many markets outside Pakistan. I am proud to tell you that the department stands out as one of
the most renowned think tank of Islamic structured finance and instruments.
Ladies and Gentlement, Excellencies,
You all know that the Board of directors of Meezan Bank has played a tremendous role in this achievement. The
board as a group carries with it a wide spectrum of expertise and carries a collective experience of over 100 years. I
would like to thank the Board members for their utmost devotion and guidance. Not only the board has played an
important role in supervision, it has also provided the management, the flexibility to work aggressively for the expansion and development of the bank and its product portfolio.
The foreign shareholders of Meezan Bank are all financial institutions that believe in Pakistan. Total Shareholders
Equity is over 20 billion and the Bank is on very strong footings with a very high AA credit rating and a Tier 1 capital
adequacy ratio of approximately 13%. The Board and shareholders are committed to ensuring that the future capital
requirements, as prescribed by the State Bank of Pakistan from time to time, are met at all times. We have a strong
professional management team in place with a proven track record and we are confident that they can deliver on the
aggressive targets that have been set by the Board.
The Government of Pakistan and State Bank of Pakistan have provided us the guidance, support, clean and honest
banking environment for promotion of Islamic banking Pakistan. We are very confident that the penetration of
Islamic banking in Pakistan, which is currently about 10%, will increase to 20% by 2020 due to the collective efforts
of every one of us, InSha Allah.
I must add here that we are here for the very long term and we are here to help, achieve and share in the prosperity of
Pakistan and its people.
On a personal note, I love coming to Pakistan in general and Karachi in particular. Your hospitality and warmth will
keep bringing me back so I hope to see you very soon again InSha Allah.
JazakallahKhair.
72
HANSAMANAGEMENT&MARKETINGSERVICES
(GeneralSalesAgentforPakistan)
HeadOffice:Suite#102,10B,Block6,P.E.C.H.S,Karachi75400,PakistanPhone:+922134555495/7,Fax:+922134371481
Email:info@hansamanagement.com

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Mauritius & Pakistan

PAKISTAN & MAURITIUS

Mauritius & Pakistan: Rejuvenate with Cooperation............................................

SPECIAL REPORT: 16th MAP CONVENTION 2014

Summary & Glimpses...........................................................................................

FEATURE: CORPORATE & SUSTAINABILITY REPORT AWARDS 2013

Mauritius & Pakistan

Mauritius & Pakistan: Rejuvenate with Cooperation

Mauritius & Pakistan

The Pakistani delegation met with His Excellency Mr. Rajkeswur

Mauritius & Pakistan

ritius Pakistan-Mauritius Friendship Association in Pakistan and Friends

Mauritius & Pakistan

Major Gen (R) Ulfat Hussain

Mr. Sohail Yasin Suleman

Maj Gen (R) Muhammad Siddique

Mr. Anjum Nisar

Mr. Mohamed Anverali Rajpar

Mr. Yayha Polani

Mr. Abdul Rehman Punjwani

Mr. Abdul Rauf Tabani

Mr. Syed Basher ul Hassan

Mrs. Yasmin Peermohammad

Mr. Agha Masood Hussain

Mr. Anis Yunus

Mr. Mehboob Ali Shakih

Mr. Amir Farooq

Mr. Danish Abdul Ghani Shekhani

Mr. Abdul Ghani

High Commissioner of Pakistan

Honorary Consul of Mauritius in Sindh

President & C.E.O

Senior Journalist (Business)

Mr. Muhammad Sajjad Azam

Group Commercial Head,

Mauritius & Pakistan

A man who never says no to good proposals!

Mr. Sohail Yasin Suleman, Chief Executive Officer and

Formed World Wide Group in 2001 and became Group

Mauritius & Pakistan

GPATI Success Celebrationes held at

His Excellency Mohammed Rashad Daureeawo SC,

On the occasion of 46th Anniversary of the Mauritius

Republic of Mauritius and the Islamic Republic of

Mauritius & Pakistan

Countries with strong national identities

Mauritius & Pakistan

I suggested to them to promote their airline in Pakistan.

Mauritius is a genuinely patriotic nation. Having 17%

Mauritius & Pakistan

Each and every citizen of any country

Mr. Sohail Yasin Suleman

them to even greater level of development.

I wonder how the President and Prime Minister of any

Mauritius & Pakistan

there is a problem of low volume of exports/imports.

I think the objective of this visit to Mauritius was

Tourism can be increased from Pakistan to Mauritius as it

SEABOARD GROUP OF COMPANIES

We appreciate and admire the

SEABOARD GROUP OF COMPANIES

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