Business

Pakistani startup declares war on climate change

Published

12 months ago

Farwa

Suftech Innovations, a Pakistani startup, has put on the war paint to launch a groundbreaking assault on climate change by introducing disruptive technology to most efficiently reutilise resources, reduce marine and soil pollution, and plug greenhouse gas emissions to a measure that matters.

Suftech — which leads the transition from a linear plastics economy to a truly circular and sustainable plastics economy — is a climate tech startup with state-of-the-art patent-pending technology that can create pristine polymer from plastic waste. The resultant product is of such a premium quality that it can be used as a replacement for virgin polymer.

This directly takes the firm a step closer to the Net-Zero emissions goal, promotes circularity and sustainability and helps commercial organisations fulfil their commitments related to recycling and reusing plastics responsibly.

It should be noted that the technology is replicable, and scalable and can be relocated to any global destination.

“The reason for doing something related to climate change was very simple, it was something that is very close to our heart,” Ahsan Ejaz, the co-founder and chief executive officer of Suftech Innovations Private Limited, told Geo.tv.

The logo of Suftech Innovations. — Twitter/@suftechi

With the focus on being able to help solve global environment-related issues, the founders of Suftech believe “the Earth is our only home and if actions weren’t taken now, this home will not be liable for our future generations”.

With no investors on board, the founders of the startup kick-started their operations after they were awarded the Green Challenge Fund by Karandaaz Pakistan, the implementation partner of the UK’s Foreign, Commonwealth & Development Office (FCDO) in 2021.

The funding helped them set up their commercial scale plant and they now aim to make Suftech Innovations as a regional company in the next five years with at least two manufacturing facilities located in the MENA region.

Ejaz claims that Suftech has already brought a revolution within Pakistan and they aim to expand to the US and the UK markets in the next ten years.

He elaborated that within a few months, the firm has prevented 30,000+ kilograms of plastic waste from entering the environment and causing soil/marine pollution. “The technology helped reduce greenhouse gas emissions by a whopping 450,000kg and helped save $60,000 of precious foreign exchange by replacing virgin polymer with our product,” he added.

While most of the startups are struggling to continue operations, Suftech hasn’t been affected by the economic crunch that others are facing.

Ejaz believes every crisis is also an opportunity. “Due to the unfortunate economic scenario in Pakistan that has put restrictions on import and made everything imported extremely expensive it has at the same time created opportunities for businesses that rely on local materials,” he said.

“At Suftech we create virgin-like polymer from plastic waste which is readily available in Pakistan therefore we were not impacted by the shortage of raw materials ensuring the availability of our product and cementing our position as a reliable supplier for our customers,” he added.

The co-founder, however, added that the very high cost of electricity and the taxation system in Pakistan for startups needed to be simplified.

“This would allow startups like ours to reach our potential much more quickly and efficiently,” he maintained.

Business

Over 500 points are lost by PSX stocks during intraday trading.

Published

10 hours ago

Farwa

The market saw a bearish trend as it dropped more than 500 points, just hours after Pakistan’s Stock Exchange (PSX) reached a new milestone by reaching the 73,000 mark.

As compared to the previous close of 72,742.75 points, the KSE-100 index dropped to 72,177.22 points, or 565.52 points, or 0.78% lower.
Expectations of an interest rate drop of up to 100 basis points during today’s Monetary Policy Committee (MPC) meeting, according to Intermarket Securities director of research CFA Muhammad Saad Ali, are driving market confidence.

The market is also being driven, he continued, by favourable news flow on upcoming negotiations with the International Monetary Fund (IMF) for a new programme.

Last Friday, the late-session purchasing fueled a 1% advance in the stocks, which helped them close close to 73,000 points. Dealers reported this.

Closed at 72,742.75 points on Friday, the benchmark KSE-100 index saw a gain of 771.35 points, or 1.07%.

Notwithstanding the turbulent session, according to Chase Securities analyst Muhammad Rizwan, “the market rebounded with a strong start and achieved a new all-time high.”.

“This impressive performance was driven by significant contributions from various sectors: fertiliser added 386 points, commercial banks contributed 174 points, the power sector provided 112 points, and cement added 93 points, collectively reversing the previous negative close and boosting market sentiment.”

Business

Despite global tides, Pakistan’s economy is recovering, according to Governor SBP

Published

11 hours ago

Farwa

Ahmad, who was speaking at the ICMA Pakistan Members Convocation, emphasised the country’s economy’s outstanding development while also highlighting the difficult macroeconomic environment of the previous year, which was marked by rising inflation, depleting foreign exchange reserves, pressure on exchange rates, and increased uncertainty.

Nonetheless, in the present times, the PKR has stabilized and the stock market is rising to unprecedented heights, reserves have increased to around US$8 billion despite large debt repayments, and inflation is dramatically decreasing.

Ahmad gave the government and SBP credit for their unwavering commitment to addressing macroeconomic difficulties head-on for this reversal.

Ahmad emphasized that the government’s efforts to reduce spending and achieve fiscal consolidation, together with the need for unpopular but necessary actions like the SBP’s increase of the policy rate to 22%, are producing beneficial results.

As global shocks like climate change, technology improvements, and cyber threats become more complex, he emphasises the significance of new viewpoints and creative solutions in tackling long-standing economic concerns.

Congratulating the graduating accounting professionals, Ahmad emphasized the importance of having a thorough understanding of accounting, finance, and economics in order to create workable solutions. He also urged the professionals to take a proactive approach to addressing new difficulties.

Ahmad emphasized the value of leadership abilities in policymaking and urged graduates to positively impact Pakistan’s economic landscape by working hard, being devoted to excellence, and contributing their full effort.

Along with giving a hearty welcome to Governor Jameel Ahmad and other SBP dignitaries, ICMA Pakistan President Shehzad Ahmed Malik also praised the SBP team’s efforts to stabilize the currency. With that, Ahmad presented the graduating CMAs with their degrees.

Business

The IMF board is anticipated to approve Pakistan’s $1.1 billion payout today.

Published

11 hours ago

Farwa

The IMF executive board meeting is scheduled to go until May 3, according to specifics. Based on the sources, it is expected that the international lender will approve Pakistan’s $1.1 billion payout today.

The State Bank of Pakistan is anticipated to obtain the final tranche from the IMF tomorrow, following approval, they added.

On July 12, 2023, Pakistan took advantage of a $3 billion loan package offered by the International Monetary Fund (IMF).

Thus far, Pakistan has been granted two installments totaling $1.9 billion: $1.2 billion in July and $700 million in January 2024.

On the last assessment of a $3 billion loan plan, Pakistan and the International Monetary Fund (IMF) came to a staff-level agreement last month.

Following their week-long visit to Islamabad, which ended on March 19, the IMF delegation made the announcement.

Global lender expressed its optimism that the incoming caretaker administration and central bank of Pakistan would persist in their efforts to stabilize the country’s economy, complimenting them on their “strong program implementation.”

In order to further solidify economic and financial stability, the new government is dedicated to carrying out the policy initiatives that were initiated under the existing Stand-By Arrangement for the balance of this year, the IMF official stated.

In June of last year, the IMF granted Pakistan’s economic stabilization program support through a critical nine-month agreement.