Tag: PBF

  • Agricultural boom: Pakistan’s farm exports surge by more than 70%

    Agricultural boom: Pakistan’s farm exports surge by more than 70%

    In October 2023, Pakistan experienced a notable surge in exports, marking a 13.5 per cent increase to reach $2.7 billion, as reported by the Pakistan Business Forum (PBF).  

    Simultaneously, the trade deficit saw a 4.5 per cent reduction during the same period, indicating positive economic developments. 

    Chaudhry Ahmad Jawad, the Vice President of PBF, highlighted the remarkable 73 per cent growth in the agriculture sector for October.  

    Notably, exports of rice and sesame seeds played a pivotal role in this expansion, showcasing a diversification of the country’s export portfolio and underscoring the robustness of the agricultural industry. 

    Jawad emphasised the imperative for Pakistan to boost its service exports, particularly in information and communication technology (ICT), to address the balance of payment deficit.  

    Drawing a comparison with India, he noted India’s remarkable achievement in ICT exports surpassing $140 billion in fiscal year 2022–23, contrasting with Pakistan’s stagnant growth at $2.6 billion in fiscal year 2021–22.  

    The key differentiator, as Jawad pointed out, is the focus on technology and engineering in India over the years, leading to a skilled labour pool. 

    While acknowledging the challenges in the short to medium term, Jawad expressed optimism about Pakistan’s potential for growth in the ICT sector. He suggested addressing the skills gap by offering crash courses to enhance the capabilities of IT graduates. 

    Jawad further underscored concerns raised by IT companies in Pakistan, stating that despite an abundance of talent, the technology sector faces difficulties due to a lack of demand and challenges in remitting money outside Pakistan.  

    He called for government intervention to tackle these issues, pointing to the State Bank of Pakistan’s efforts in 2020 and emphasising the need for ongoing attention to restore confidence. 

    Finally, a PBF official commended the caretaker IT minister’s goal of increasing ICT exports to $10 billion and bringing renowned payment gateways like PayPal and Stripe to Pakistan.  

    However, he raised concerns about existing limitations on exporters’ remittances, urging the finance division to address this critical issue. 

  • Boxer Muhammad Waseem talks about how he was forced to ‘bribe’ the Pak Boxing Federation

    Boxer Muhammad Waseem talks about how he was forced to ‘bribe’ the Pak Boxing Federation

    Pakistan Professional Boxer Muhammad Waseem has made a shocking revelation about how he was forced to pay a bribe to the Pakistan Boxing Federation (PBF).

    In an interview with Daily Scoop TV, Waseem talked about the tournaments he has won and about where he did his training. He also revealed that he was forced to sign an agreement with the federation’s president in order to get the nod for his contract with Korean Promoter Andy Kim.

    As per the deal, 20 percent of whatever money Waseem earned, from prize money, monthly allowance or anything else, went to the federation.

    “Fraud and deception are commonplace in all facets of life in Pakistan,” said Waseem. “When I found the Korean Promoter, he [Andy Kim] told me that he would be happy to sign contract with me and help me become a professional boxer. But he said that he wanted to have a chat first with the President of Pakistan Boxing Federation and only then could he share the contract with me.”

    “When I approached the federation’s president, he asked me to sign a contract with him as well. I didn’t have any other option but to accept. I could not say no to him because then it was likely that my talent would also go to waste. So, I agreed to it and they even took my thumb impression. It happened here in Karachi,” he added.

    Waseem, who recently won the World Boxing Council (WBC) silver flyweight title for a second time, also lamented the lack of support for local boxers in Pakistan.

    “Unfortunately, in Pakistan not much attention is paid to sports other than cricket. I have reached a point in my career, thanks to Allah Almighty, where I don’t need any help or sponsorship from anyone in Pakistan,” he said. “But there are so many fighters of Pakistan, from Lyari, Quetta and elsewhere, whose talents have gone to waste. They didn’t get an opportunity like I did. If they had gotten similar opportunities, they would have been giving interviews now as well.”

    The boxer also urged parents to allow their children to play and participate in different games. He said that they take sports as a non-serious thing but they should also let their children play sports. He said this is the reason why Pakistan is behind in sports.

    It is pertinent to mention here that Waseem has 12 wins in his professional boxing career, eight through knock-outs, and only one defeat.

    Celebrities like Fakhr-e-Alam and director Nabeel Qureshi called out the boxing federation while Alam urged the authorities to take notice of this fraud.