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Kihak Sung elected

as new ITMF President

In September, 2018 during the Annual Conference and Mr Rafael Cervone (Brazil) were re-elected as
2018 of the International Textile Manufacturers Board Members and the Committee of Management
Federation (ITMF) in Nairobi/Kenya, the Committee elected Mr Mohammad Kassem (Egypt), Mr Juan
of Management of the Federation elected the Parès (Spain) and Mrs Michelle Tjokrosaputro
members of the Board for the period 2018-2020. (Indonesia) as new Board Members. Mr Peter Gnägi
(Switzerland), Mr Andrew Macdonald (Brazil) Mr.
Mr Kihak Sung (Korea Rep.) was unanimously John Cheh (Hong -Kong, China) and Mr Muharrem
elected as the new President of the Federation, Mr Kayhan (Turkey) were coopted as Board Members.
Ruizhe Sun (China) and Mr. K.V. Srinivasan (India) Mr Jaswinder Bedi (Kenya) was appointed Honorary
were elected as Vice Presidents of the Federation, Life Member of the Federation in recognition of his
Mr Heinz Michel (Switzerland) was elected as the outstanding contribution to the Federation as Vice
new Treasurer, Mr Loek de Vries (The Netherlands) President (2012-2016) and ITMF President 2016-2018).

Government to set up Business

Advisory Council

Mr Asad Umar, Minister for Finance and Revenue said that the Government would soon introduce
said that the government is holding consultation for necessary changes in the Finance Act 2018 to make
setting the business Advisory council to ascertain a it more relevant to the current economic state of the
liaison between the government and the business country and reflective of the progressive vision of the
community in order to make Pakistan a business hub new Government.
for investors.
The Minister said that the government wanted to
Speaking to a delegation of Overseas Investors address the issues of twin deficits on a long term
Chamber of Commerce (OICCI) which was led by basis and he believed that the key to the problem
the President Mr Irfan Wahab Khan, Mr Asad Umar lies in promoting manufacturing industry and
commented that in the tax system latest technology creating jobs for the youth of the country and this is
will be introduced to reduce hassle and also bring in the area where Overseas Chamber could assist and
more transparency to the system. He said that the lead the way. He further assured the delegation of
Government is firm on its commitment to address his all possible support in improving business
the key structural issues of Pakistan’s economy. He environment in the country.

October/November 2018