Digital banking boosting paperless economy

ISLAMABAD (APP): The emerging trends of digital transactions offered by various banks vitally contribution towards boosting paperless economy. Cashless transactions are becoming the most favorable mde of transactions throughout the world and the effects are also visible in Pakistan. A spokesperson Information Technology ministry Saghair Watto said," Availability of 3G and 4G service and new technology becomes available to improve data storage and electronic communication has shifted toward a paperless environment that increases each year." Economy experts view that paperless economy is eco-friendly, reducing the cost of production of cash and saving the paper used for making cash and it saves individuals from carrying a large amount of cash in their wallets, reducing the possibilities of theft. Risks of counterfeit money are also absent in electronic transactions. A house wife Shumaila Inaam said, Digital banking is so convenient for a women who's husbands are settled abroad and they can't leave the house due to other responsibilities.

She said online banking also allows you to transfer money between accounts, abroad and bill payments and online shopping more easily and quickly without leaving homes.

A very important influence in the running of such an economy is the self-confidence that the people's money is safe in banks and reliable online store and convenience provided to public offered by various bands and telecom operators., she added.

Paper based transactions remained less than half of digital and other electronic related transactions during the second quarter of FY18, according to a statement released by the State Bank of Pakistan (SBP).

$8b trade signifies Pak-UAE ties: Saleem

ISLAMABAD (APP): Senate Deputy Chairman Saleem Mandviwalla in a meeting with Ambassador of United Arab Emirates, Hammad Obaid Ibrahim Al Zaabi has said that a high trade volume of 8 billion dollars between Pakistan and UAE not only signifies the close relationship between the two countries but also calls for exploring this trade potential even more.  The Ambassador called on the Deputy Chairman Senate here at his chamber in Parliament House Thursday. Deputy Chairman Senate observed that at this juncture,"we are able to build on the historic relationship by encouraging investors on both sides to make use of the business and cooperation opportunities."  The Ambassador also proposed having a dialogue with business community in both the countries and make room for having more agreements to launch new initiatives. The Ambassador assured Pakistan of his all out support in the challenging times and termed stability of Pakistan, a key factor for stability of the region.

 Deputy Chairman Senate expressed hope that with democratic setup getting smoother and a successful transition for third consecutive term, Pakistan is gradually moving towards a stable governance structure.

Both sides agreed on having bi-lateral Parliamentary exchanges and visits to enhance the relationship.

 Research to promote industries: ICCI

 ISLAMABAD (APP): The Islamabad Chamber of Commerce and Industry has become first chair organisation of National Cleantech Platform (NCTP) set up by United Nations Industrial Development Organisation (UNIDO).  Chairing the first meeting of NCTP here Thursday, President ICCI Sheikh Amir Waheed said that the advanced countries have achieved the phenomenal economic growth by focusing on applied research in universities and he urged upon the incoming government to give special attention to promoting demand driven research in universities for fostering rapid industrialization in the country.  The NCTP shall perform its functions under the Innovation and Entrepreneurship Forum (IEF) of ICCI.  Amir Waheed stressed for academia-industry linkages, policy reforms and applied research to meet the needs of local industry.  The UNIDO has set up NCTP in collaboration with ICCI, National Productivity Organisation, Pakistan Institute of Renewable Energy, Pakistan Institute of Management, Higher Education Commission and Ministry of Science & Technology.

The purpose of NCTP is to promote research, innovation, entrepreneurship and commercialization in SMEs in clean technology areas, said a statement issued here on Thursday.

An advisory board of NCTP would be formed comprising of representatives of key public and private sector financial institutions, academia and other stakeholder organizations.

The ICCI has taken the lead with UNIDO to form the NCTP that would bring all stakeholders at single platform to discuss and promote research, innovation, entrepreneurship and commercialization in clean technology fields in Small and Medium Entrepreneurs (SMEs).

National Program Coordinator, UNIDO Dr Shahina Waheed said that UNIDO-GCIP was working for inclusive and sustainable industrial development in Pakistan through various initiatives and it wanted to work with ICCI for fostering innovation and entrepreneurship ecosystems in SMEs, especially in clean technology areas so that these businesses could contribute effectively to leapfrog Pakistan towards a cleaner and more resilient economy.

She thanked ICCI for collaboration with UNIDO-GCIP in setting up NCTP and hoped that this platform would be instrumental in creating industry-academia linkages and would support innovations in promoting clean technology products in the country.

 Rs58 million released for transit trade

 ISLAMABAD (APP): The government released Rs58 million for the development of Integrated Transit Trade Management System (ITTMS) under the Public Sector Development Programme (PSDP) 2018-19. The ITTMS is being developed under the Asian Development Bank's (ADB) Regional Improving Border Services Project for which an amount of Rs840 million has been allocated in the federal PSDP 2018-19, including foreign aid of Rs550 million. The project envisages establishment of state-of-the-art facilities at Wagah, Torkham and Chaman border crossing points, official sources said adding that once completed, it would enable significant reduction in processing times at the border crossing points. "The project is of great strategic importance from both a security and trade point of view," they added. The total cost of the ITTMS project has been estimated at Rs31,626.2 million which included the foreign exchange component of Rs26049.7 million. The project was approved by Executive Committee of National Economic Council (ECNEC) in September 2015.

Pakistan had a great importance in the region owing to its unique geostrategic position and all the potential to become the most preferred corridor for trade in South and Central Asia.

However, due to very weak and almost rudimentary trade related infrastructure, Pakistan missed the opportunity to channel the trade from and to the landlocked neighboring countries and other emerging economies of the world, including China and India to become part of the massive global supply chain.

The ITTMS was being executed under Central Asia Regional Economic Cooperation-Regional Improving Border Services (CAREC-RIBS).

The project would help upgrade the infrastructure at border crossing points, in the context of CAREC Corridor for trade to support a modern supply chain.

The project included development of one-window ICT based systems and procedures. The cargo movement from and to Karachi going upcountry for internal consumption within the country or for transit movement destined to exit from Chamman, Torkham and Wagha would be processed and routed through an integrated system to reduce dwell time for cargo clearance and onward dispatch.

It would ensure proper exit of outbound cargo, keeping check on the backward flow of goods, decrease incidence of smuggling for keeping a strict check on passengers' baggage, pave the way for one-window operations at country and regional level and pave way for introduction of Authorized Economic Operators.

It is pertinent to mention here that Federal Board of Revenue (FBR) is an executing agency and a project management unit has been established at the FBR which would act as project owner.

It has been providing guidance and oversight to the overall implementation and performance of the project.