The launch ceremony of CIPE Pakistan was held on 19 January 2006 in which was attended by about 300 business leaders, high ranking government officials, and media representatives. Minister of Commerce was the chief guest. He extended his full support to CIPE activities in Pakistan.
CIPE Washington officials, accompanied by Country Director have had meetings with key Ministers and Senior government officials to brief them about CIPE’s strategy in Pakistan.
The launch event as well as calls on the officials received coverage both in print and electronic media throughout Pakistan. 46 newspapers and magazines included a piece covering the event, some in English and others in Urdu. This high level of visibility has enabled CIPE to get a solid foothold in the country.
Following the launch, CIPE started to work in four different areas which include (1) Re-drafting of 1961 Directorate Trade Ordinance (2) Economic Journalism Training Program (3) Business Policy Roundtables and (4) Corporate Governance. Given below is the brief descriptive of each area of activity.
Trade Organization Public Law – 1961 Directorate of Trade Ordinance
Trade Organization Public Law (Ordinance No. XLV OF 1961), as amended in 1997 (NO.5(2/97-TO-I)) and including all regulations promulgated with it, is not complementary to the modern business environment and does not reflect the true voice of trade bodies in the country. As such, CIPE initiated a dialogue with FPCCI and the Ministry of Commerce to create momentum for and to work together in bringing the 1961 Directorate of Trade Ordinance (DTO) in line with today’s business world.
Media has started highlighting the importance of this and for the first time this issue was raised in the editorial printed on March 20, 2006 in the Business Recorder, a leading business daily, specifically referenced CIPE and Executive Director John Sullivan in its discussion of trade body configuration in Pakistan. As a result of continued deliberations by CIPE Pakistan with the Ministry of Commerce, the ministry has formed a committee to review and advice on the ordinance to bring it in line with the international best practice. In addition to that, the Federation of Chambers of Commerce & Industry has also appointed a lawyer to prepare a draft incorporating the regional best practice.
Economic Journalism Training Program
With the liberalization of media and the growth in the print and electronic channels, there is a greater need to promote quality economic journalism. Objective of this program is to conduct training workshops for economic journalists aimed at improving their skill-set required to understand, analyze, and report the issues of economic importance in a professional manner. In the second phase CIPE aims to develop a guide for economic reporting.
CIPE has signed an MOU with Pakistan Press Foundation to use PPF’s platform for imparting training workshops. First workshop will be organized towards the end of May to address the need to understand and analyze the budget document before the announcement of the next FY Budget. A roundtable will also be organized to prepare a need analysis to develop a guide for economic reporting. Based on the findings, a project to prepare a guide will be commissioned.
Business Policy Roundtables
Two successful Business Policy Roundtables were organized in FY05 one on “Corporate Governance” and the second on the “Financial Issues Faced by the Software Industry in Pakistan.” Both events were highly successful. Approximately 300 business leaders, top government officials and media representatives attended the first roundtable, whereas 46, including government officials, bankers, representatives from non-banking financial institutions, lawyers and media representatives, attended the second roundtable.
Since Pakistan’s software industry has a great potential to grow, CIPE will also continue supporting the Pakistan Software Houses Association in the policy advocacy project by sponsoring another roundtable and providing them technical assistance for this purpose.
Corporate Governance
CIPE has more than 10 years of worldwide expertise in corporate governance. Immediately after the launch event on January 19, 2006, CIPE organized a seminar on “Better Governance and Increased Competitiveness.” Keynote address was presented by Chairman of the Securities and Exchange Commission of Pakistan and the seminar was presided by former Governor of Sind and the President of the Employers Federation of Pakistan. Speakers included experienced corporate leaders and the event was attended by more than 200 business leaders. As a result of findings of this seminar, and to maintain the continuity of the reform process in the areas of corporate governance, CIPE will have the existing Code of Corporate Governance translated in Urdu (national language) and in association with the Institute of Corporate Governance and the Institute of Chartered Accountants Pakistan, will also work towards the development of a Soft Voluntary Best Practice Guide on Corporate Governance for non-listed companies.
For more information about CIPE activities in Pakistan please write to cipepk@cipe.org
Published Date: May 22, 2006