KARACHI: Pakistan’s state-owned insurance company plans to create more than 500,000 jobs at home and abroad under its new marketing structure and Gulf operation plan, its top management said on Sunday.
According to industry stakeholders, the insurance penetration rate in Pakistan amounts to 0.6 percent of the Gross Domestic Product (GDP), which is much below the international average of 3.5 percent.
Given the country’s overall economy, experts say this rate should be somewhere around seven percent.
“Under the five-year plan, we intend to recruit 500,000 educated, unemployed youths in Pakistan by offering them various incentives under the new recruitment policy to enhance the insurance penetration rate,” Khalid Mahmood Shahid, divisional head of marketing at the State Life Insurance Company, told Arab News.
“Under the new policy, recruitment will start immediately and 50,000 people will be hired within the next four months,” he continued. “This number will be gradually increased to 100,000 and the target of 500,000 will be achieved in the next five years.”
The company, the only state-owned entity in the life insurance industry in the country, covers over half a million Pakistani workers in places like Saudi Arabia, the United Arab Emirates (UAE) and other Gulf countries.
Its management is also keen to enhance coverage of overseas Pakistanis by setting up new offices in the Middle East.
“We are going to revive our Gulf operations and establish new centers in Saudi Arabia, Kuwait and Bahrain under the expansion plan,” Shahid continued. “The same recruitment policy will be adopted in the Gulf region with the hiring of about 3,500 people from the next month.”
He said that his company wanted to increase its focus on Takaful-base insurance for the nationals of the Gulf region.
“We are targeting to increase our business in the region by more than 100 percent and offer job opportunities to those rendered unemployed in the region,” he added.
Other officials at the insurance company said the new strategic direction of the organization had been determined after considerable research.
“We have done extensive market research and are confident that our compensation plans remain highly competitive and attractive to our current, as well as, future agents,” Shoaib Javed Hussain, chairman and chief executive officer of the company, said in a statement on Saturday.
According to the Pakistan Credit Rating Agency (PACRA), the life insurance industry’s market size in the country with respect to the Gross Premiums Written (GPW) was about Rs291 billion in 2021 which was up by 25 percent on an annual basis.
The life insurance sector in Pakistan has a total of nine operational companies out of which the only public sector company, the State Life Insurance, possesses a sizeable share of about 61 percent.
The private sector players with Window Takaful Operations, two are dedicated to family Takaful while six operate as conventional insurance companies.
PACRA says the industry can create a bigger market for itself by introducing shariah-compliant products.
Pakistan’s state-owned insurance company aims to recruit 500,000 people, strengthen Gulf operations
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Pakistan’s state-owned insurance company aims to recruit 500,000 people, strengthen Gulf operations
- State Life Insurance Company plans to set up business centers in the Middle East and hire 3,500 people in the region
- The company hopes to increase insurance penetration rate in Pakistan by offering better incentives under its new policy
Islamabad and Ankara agree to strengthen media cooperation, battle Islamophobia
- Pakistan’s information minister meets Turkiye’s head of communications in Istanbul
- Minister says such measures would bolster public-level connections between both states
ISLAMABAD: Pakistan and Turkiye on Saturday agreed to strengthen media cooperation through joint broadcasts between their state-run television channels, and ways to combat Islamophobia and misinformation, Radio Pakistan reported.
The development took place during a meeting between Pakistan’s Information Minister Ataullah Tarar and Turkiye’s Head of Communications Professor Fahrettin Altun at the Turkish Presidency.
Tarar arrived in Turkiye on Dec. 13 for a three-day visit to the country where he is scheduled to take part in the Stratcom Summit 2024 in Istanbul.
During his meeting with Altun, Tarar discussed strengthening media cooperation, promoting public diplomacy and combating Islamophobia and misinformation by the two countries.
“The two sides agreed to joint broadcasts between PTV and Turkiye’s state-run television TRT, including airing popular Turkish dramas in Pakistan,” Radio Pakistan said in a report.
Turkish dramas are highly popular in Pakistan, especially historical and period dramas, for their cultural similarities and high-quality production. “Diriliş: Ertuğrul” remains one of the most popular Turkish dramas to have aired in Pakistan, amassing a huge following over the years.
The report said an agreement was also reached between the two to form a working group between Pakistan’s Ministry of Information and Broadcasting and Turkiye’s Directorate of Communications, with focal persons designated from both sides.
Tarar highlighted the vast potential for media cooperation between the two countries, noting that such collaborations would help strengthen public-level connections.
“The meeting also covered cooperation in the fields of entertainment and tourism, as well as the development of joint projects,” it added.
Altun acknowledged that the Turkish drama “Ertugrul” gained significant popularity in Pakistan, Radio Pakistan said.
“He said media cooperation between the two countries would help in the fight against Islamophobia and misinformation,” the report said.
Karachi Shipyard to build Pakistan’s first major commercial ship in 40 years
- Pakistan’s premier investment body SIFC revives 1100 TEU Container Ship Project, says state broadcaster
- Project to feature collaboration among navy, Karachi shipyard and Pakistan National Shipping Corporation
ISLAMABAD: Pakistan’s premier investment body has revived a shipbuilding project through which the Karachi Shipyard will build the country’s first major commercial ship in four decades, state broadcaster Radio Pakistan reported on Saturday.
The 1100 TEU Container Ship Project, which had been on hold for nine months, has been revived by the Special Investment Facilitation Council (SIFC), a hybrid civil-military government body formed in 2023 to facilitate foreign investment in Pakistan’s key economic sectors.
The cargo shipbuilding project will feature collaboration between the Pakistan Navy, Karachi shipyard, and Pakistan National Shipping Corporation, the state media said.
“Under this project, Karachi Shipyard will locally construct its first major commercial cargo ship after forty years,” Radio Pakistan said.
It said the 24.75-million-dollar contract provides an opportunity for Pakistan to build ships at a cost lower than international market rates.
“This is a key step toward reducing dependence on foreign shipping companies and promoting Pakistan’s economic self-sufficiency,” the state media said.
Pakistan has sought to reduce its dependency on bailout programs and aid from allies in recent years. The South Asian country has said it aims for export-oriented growth and wants to reduce its imports to save valuable foreign exchange amid a macroeconomic crisis.
After Wasim, Pakistan cricketer Amir retires from international cricket
- Amir came out of retirement in April after nearly four years to participate in T20 World Cup 2024
- Amir, 32, has played 36 Tests, 61 ODIs and 62 T20Is for Pakistan since his international debut in 2009
ISLAMABAD: Pakistani fast bowler Mohammad Amir has announced his retirement from international cricket, a day after all-rounder Imad Wasim did the same, the Pakistan Cricket Board (PCB) said on Thursday.
Left-arm pacer Amir, 32, returned to international cricket after nearly four years in April this year for the T20 World Cup. He has featured in 36 Tests, 61 ODIs and 62 T20Is for Pakistan since making his international debut in June 2009.
Amir has also taken 271 international wickets and scored 1,179 runs across the three formats. His retirement announcement follows a day after Wasim publicly said he was retiring from international cricket after putting much thought and reflection into the matter.
“All-rounder Imad Wasim and left-arm fast bowler Mohammad Amir have announced their retirements from international cricket,” the PCB said. “Both players last featured for Pakistan in this year’s ICC T20 World Cup held in the USA and West Indies.”
The PCB said Amir and Wasim have both been “key members of the Pakistan men’s cricket team” over the years and also represented the Pakistan U-19 team.
Amir was also part of the 2009 ICC T20 World Cup winning squad, and with Wasim, both were an integral part of the 2017 ICC Champions Trophy winning squad.
“It has been a great honor to play for Pakistan across all three formats,” Amir said. “I know this is a difficult decision, but I feel this is the right time for the next generation to take the baton and elevate Pakistan cricket to new heights.”
The Pakistani pacer thanked the PCB for extending “much-needed support” over the years and the Pakistani fans.
After rising as one of the most promising talents in international cricket in 2009, Amir was one of three Pakistan players banned from cricket for five years for spot-fixing during a Test match in England after being caught in a newspaper sting.
He was later jailed in the UK for six months.
He returned to the squad years later and proved instrumental in helping Pakistan win the ICC Champions Trophy 2017 in England.
Pakistan launches scholarships for 300 Bangladeshi students amid push to forge closer ties
- Pakistan, Bangladesh have sought to improve bilateral ties since former PM Hasina’s ouster
- Fully funded scholarship program supported by NUST, Comsats and LUMS, says state media
ISLAMABAD: Pakistan’s government this week launched a new program through which it will provide fully funded scholarships to 300 Bangladeshi students, state-run media reported, as Islamabad establishes closer ties with Dhaka under a new Bangladeshi administration.
The scholarship program is backed by Pakistan’s education ministry and supported by leading universities such as NUST, Comsats, and Lahore University of Management Sciences (LUMS), the Pakistan Television News reported.
“During a recent meeting, officials urged universities to promote the program in Bangladesh through events and an online portal,” PTV News said on Friday.
“The scholarships seek to enhance educational exchanges and cultural connections between the two countries.”
Established together as one independent nation in 1947, Bangladesh won liberation from then-West Pakistan in 1971. Relations between the two countries continued to deteriorate during former Bangladesh prime minister Sheikh Hasina’s administration, which prosecuted several members of the Jamaat-e-Islami (JI) party for war crimes relating to the 1971 conflict.
However, relations between Pakistan and Bangladesh have improved since Hasina was ousted in a bloody student-led protest in August. Islamabad’s ties with Dhaka have also improved as Bangladesh’s relations with India, where Hasina has sought refuge, have deteriorated.
Pakistan’s foreign office said in September that Islamabad sought “robust, multifaceted, friendly relations” with Bangladesh to ensure peace and stability in the region.
Sharif met Dr. Yunus in New York in September at a ceremony hosted by the Bangladeshi leader to mark the completion of 50 years of Bangladesh’s membership in the United Nations.
Both sides agreed to forge stronger ties and enhance bilateral cooperation in various fields during their meeting.
Pakistan PM calls for shutting down outdated power plants with higher fuel consumption
- Pakistan produces expensive electricity due to outdated infrastructure, reliance on imported fuel, and substantial transmission losses
- PM Shehbaz Sharif calls for expediting implementation of ongoing reforms and modernization of the country’s power transmission system
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday called for shutting down inefficient and outdated power plants that produced less power with higher fuel consumption, Pakistani state media reported.
Pakistan produces expensive electricity due to a combination of factors, including outdated infrastructure and inadequate power plants, reliance on imported fossil fuels, inefficient energy mix, substantial transmission and distribution losses, and chronic issues like circular debt and regulatory inefficiencies.
Additionally, fluctuations in foreign exchange rates and complex tariff structures contribute to higher electricity prices, while underutilization of domestic resources such as hydropower and coal add to the problem. High power cost is one of the key factors that leads to inflation in the South Asian country.
On Friday, Sharif presided over a meeting in Islamabad to evaluate and discuss future plans for power generation in the country and said only low-cost power projects should be prioritized in the future, the Radio Pakistan broadcaster reported.
“The closure of such [outdated] power plants will not only save valuable foreign exchange spent on fuel imports, but also reduce the cost of electricity for consumers,” he was quoted as saying.
The prime minister called for expediting implementation of ongoing reforms and instructed officials to modernize the power transmission system as per international standards, according to the report.
In October, Sharif said his government was terminating purchase agreements with five independent power producers (IPPs) to rein in electricity tariffs as households and businesses buckled under soaring energy costs.
The need to revisit power deals was part of reforms for a critical staff-level pact in July with the International Monetary Fund (IMF) for a $7-billion bailout. The program was approved in September.
Pakistan has also begun talks to reprofile power sector debt owed to China and structural reforms, but progress has been slow. It has also promised to stop power sector subsidies.
