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.
Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.
To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.
Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.
Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.
Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.
The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.
After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.
The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.
According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).
In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”
The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.
In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.
In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.
Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.
The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.
The nation’s economic team’s actions and performance were praised by the visiting officials.
Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.