Pakistan Economy - News & Updates - Archive

[Neo]

Tuesday, September 05, 2006javascript:; http://www.dailytimes.com.pk/print.asp?page=2006\09\05\story_5-9-2006_pg5_1

* Total exports last year were Rs 68.675b against exports worth Rs 71.2b in 2004-05

By Sajid Chaudhry

ISLAMABAD: Pakistan's exports to Afghanistan in previous fiscal stood at Rs 68.675 billion against the exports of Rs71.2 billion in fiscal 2004-05, showing a decrease of Rs 2.252 billion, a government official told the Daily Times on Monday.

Quoting official data compiled here recently, the official said Pakistan's exports during July-June period of last fiscal year 2005-06 were Rs 68.675 billion. Pakistan during this period exported wheat and flour worth Rs 5.856 billion against exports of Rs 8.260 billion in fiscal year 2004-05, showing a decrease of Rs 2.764 billion.

The export of rice during 2005-06 fiscal stood at Rs 2.641 billion against the export of rice worth Rs 2.421billion in 2004-05 fiscal, showing an increase of Rs 22 million in the last fiscal. The export of ghee to Afghanistan during fiscal 2005-06 stood at Rs 4.470 billion against the export of Rs 5.519 billion in 2004-05 fiscal year, indicating a decrease of Rs 1.049 billion in 2005-06 fiscal.

The export of sugar from Pakistan to Afghanistan during in fiscal year 2005-06 amounted to Rs 1.425 billion against the export of Rs 2.687 billion in 2004-05 fiscal, showing a decrease of 1.262 billion in 2005-06 fiscal. The export of cement from Pakistan to Afghanistan in 2005-06 fiscal remained at Rs 4.143 billion against the cement export worth Rs 3.343 billion in fiscal 2004-05, indicating an increase of Rs 790 million in the 2004-05 fiscal.

The export of paints and varnishes in 2005-06 fiscal stood at Rs 877.903 million against the export of Rs 2.989 billion in 2004-5 fiscal, showing a decrease of Rs 2.11 billion in 2005-06 fiscal.

Mild steel products' export in 2005-06 fiscal to Afghanistan remained at Rs 2.063 billion against exports worth Rs 4.179 billion in 2004-05 fiscal, indicating a decrease of Rs 2.116 billion in 2005-06 fiscal. Sanitary wares' export during 2005-06 fiscal to Afghanistan amounted to Rs 139.425 million against exports worth Rs 107.196 million in 2004-05 fiscal, showing an increase of Rs 32.22 million in 2005-06 fiscal.

The export of constriction materials during 2005-06 fiscal to Afghanistan was worth Rs 949.808 million against the export worth Rs 838.572 millions in 2004-05 fiscal, showing an increase of Rs 111.236 million in 2005-06 fiscal.

The export of electrical goods to Afghanistan during 2005-06 fiscal stood at Rs 2.209 billion against the export of Rs 626.663 million in 2004-05 fiscal, indicating an increase of Rs 1.582 billion in 2005-06 fiscal.

The export of electronic goods to Afghanistan during 2005-06 fiscal remained at Rs 18.088 million against the export of Rs 186.234 million in 2004-05 fiscal, indicating a decrease of Rs 168.146 million in 2005-06 fiscal.

Export of medicines to Afghanistan during 2005-06 fiscal amounted to Rs 653.960 million against the exports of Rs 525.572 million in 2004-05 fiscal, indicating an increase of Rs 128.388 million in 2005-06 fiscal year.

The export of other grains and pulses to Afghanistan during 2005-06 fiscal stood at Rs 882.503 million against export of Rs 256.612 million in 2004-05 fiscal, indicating an increase of Rs 625.891 million in 2005-06 fiscal.

The export of fruits and vegetables to Afghanistan during 2005-06 fiscal was Rs 1.665 billion against the export of Rs 1.514 billion in 2004-0-5 fiscal, indicating an increase of Rs 151 million in 2005-06 fiscal.

The export of milk and cereals to Afghanistan during 2005-06 fiscal stood at Rs 1.095 billion against such export of Rs 922.382 million in 2004-05 fiscal, indicating an increase of Rs 172.618 million in 2005-06 fiscal.

The export of miscellaneous goods to Afghanistan during2005-06 fiscal stood Rs 39.582 billion against such export of Rs 35.896 billion in 2004-05 fiscal, indicating an increase of Rs 3.686 billion in 2005-06 fiscal.

Pakistan imported from Afghanistan goods worth Rs 2.919 billion in 2005-06 fiscal year against the import worth Rs 3.488 billion in 2004-05 fiscal, indicating a decrease Rs 569 million in 2005-06 fiscal. Pakistan imported vegetables, fresh fruits, dry fruits, seeds, country drugs, spices, timber, scrap and miscellaneous goods.

 

[Neo]

Awareness of quality, environment care a must

LAHORE: Australian High Commissioner in Pakistan Zorica McCarthy has said that the awareness of quality, environment care and safety during production and service delivery are allied to stringent liability legislation and regulations and it is a happy sign that situation in Pakistan is now taking a positive turn in this regard.

She expressed these views while speaking at ISO certification ceremony, arranged by QMS Certification Services, an Australian International Certification body, to award ISO 9000/14000 certificates to various firms.

Quality certificates were awarded to Manzoor Textile Mills, Roberts Rice, Muridkey; Kashif Rice; Alipur Chatha and Prime Engineering Lahore.

Speaking on the occasion, the Australian High Commissioner said that awareness of quality creates a need for independent evaluation and approval of production processes and it is a satisfying factor that the desired awareness is increasing with every passing day.

The diplomat pledged to extend maximum cooperation to Pakistani companies so that they could be able to get due place at global market. She appreciated commitment of Pakistani industrialists to implement management system in true letter and spirit.

Provincial Minister for Environment Makhdoom Ishfaq highlighted the measures taken for environment-friendly business atmosphere. He said that establishment of industrial estates in Punjab is a step in this direction.

Speaking on the occasion, LCCI President Mian Shafqat Ali said that the textile industry is the backbone of Pakistan’s economy. It accounts for 27 per cent value addition in the manufacturing sector. It employs 38 per cent of the industrial workers and contributes 60 per cent to the foreign exchange earnings of the country.

He said that the progressive liberalisation of world trade has created opportunities and challenges for Pakistan. Although Pakistan has the capability of acquiring comparative advantage over many countries in many products access to such capabilities is sometimes hindered by failure to meet the quality standards and environmental safeguards demanded by the buyers.

He said that it is a good omen that there is a greater realisation emerging in Pakistan’s textile sector as it has not only to become competitive to export more but has to provide environmental safeguards also under compliance of ISO 9000-14000.

LCCI Senior Vice President Abdul Basit said that the Lahore Chamber would continue to play its role for creating awareness among Pakistani companies to get international certification.

 

[Neo]

ISLAMABAD, September 5 (RIA Novosti) - Russia is seeking to expand its economic presence in Pakistan, the head of a delegation that has arrived in the Asian country said Tuesday.

The Soviet Union maintained close ties with Pakistan and now Russia is moving to restore its influence in the region, including by re-establishing ties with its former partner.

Yelena Danilova, who is in charge of foreign ties with the Economic Development and Trade Ministry, said cooperation between the two countries was far from intensive despite a recent rise in trade.

"In 2002, trade between Russia and Pakistan was only about $100 million but in 2005 the figure rose to $278 million," she said, adding that Russian exports had doubled in the past year, according Pakistani sources.

The head of the Russian delegation, who will be in Pakistan until September 7, also said that her country was ready to join a multi-billion-dollar project to build a gas pipeline to transport Iran's natural gas to India and Pakistan.

Pakistan has invited Russia to join the 2,500-kilometer (1,555 mile) pipeline project, and Russian natural gas giant Gazprom showed interest in the offer when the company's chief executive, Alexei Miller, met with Pakistani President Pervez Musharraf last October. The project is set to get under way in mid-2007.

Danilova also said Russia was interested in building thermo-power and hydropower plants in Pakistan, which has a population of about 148 million.

"In this sector, we have presence in countries neighboring Pakistan, and now intend to enter this market too," Danilova said.

The delegation head said the governments of the two countries had agreed to set up a commission for trade and economic cooperation in 2000.

"But the commission has not been formed, and therefore the visit of our delegation is virtually the first event in the past six years designed to consider bilateral economic potential comprehensively," she said.

Danilova said her delegation, including officials from the Foreign and Economic Development and Trade ministries, had already met with Pakistani diplomats, and would also talk to representatives of other top ministries and leading companies in the country.

The Russian official added that Pakistan was ready to cooperate in telecommunications, in particular, using Russian spacecraft for communication purposes, geological surveying and to provide early warning of natural disasters. About 80,000 people died in an earthquake that hit Pakistan last year.

Danilova also said Russia was interested in exporting agricultural equipment to Pakistan. "We had contacts in this area in Soviet times, and now we are set to revive them," she said, adding that Pakistan also needed Russian railroad cars, fertilizers and automobiles.

"A joint venture has been opened to assemble [Russia's] Kamaz trucks in Pakistan," she said. "A total of 200 trucks have already been made, and it is only the beginning."
She also said her delegation planned to discuss the legal aspect of further relations, including guarantees for Russian investors.
Pakistan has also proposed signing an agreement on a free trade zone but Danilova said that Russia was considering the idea.

http://en.rian.ru/russia/20060905/53538286.html

 

[Neo]

KARACHI, Sept 4: Pakistan Industrial Credit and Investment Corporation (PICIC) is preparing for a complete sell-out and ABN Amro has shown interest in the group, banking sources told Dawn on Monday.

The current wave of foreign investments in the financial sector of Pakistan could take a new turn if the PICIC like institutions are sold to an international bank.

“We have information that ABN Amro has shown interest and initiated a dialogue with the PICIC officials,” said a highly-placed banking source.

However, no official confirmation was available from both the entities involved in the initial talks for a possible deal.

Sources said that the PICIC as a development finance institute (***), PICIC bank and PICIC insurance company would be merged into one unit and then the whole group would be sold out.

Last month, the Standard Chartered Bank officially announced to buy Union Bank, which made it the largest foreign bank in the subcontinent. Financial experts said it was a vital deal for the banking industry in Pakistan, which also attracted more foreign banks to strengthen their roots in this sector.

The Standard Chartered Bank had acquired controlling stakes with 80.86 per cent interest in Union Bank with an investment of $413 million, which was the biggest-ever investment by a foreign bank in the financial sector.

The banking industry has been earning record profits for two and a half years and its share in GDP has unexpectedly gone up.

“The growth in the financial sector has changed the banking industry scenario and the foreign banks consider it the right time to invest for attractive results,” said a highly-placed government official.

Banking sources said that a number of banks from the western world were taking interest to sound ideas for investing in the financial sector of Pakistan.

The PICIC earned a profit (after tax) of Rs845 million in the first half of the current year 2006, which was higher than the corresponding period of last year when it earned Rs633 million.

However, the PICIC Commercial Bank posted a loss of 12 per cent during the same period. It earned an after-tax profit of Rs650 million compared to Rs733 million during the corresponding period of last year.

The bank is going to add 14 more branches during 2006, which will extend its network to 129 branches. Currently, it has 115 branches all over the country.

“If the deal is finalised, the investment could be bigger than the Standard Chartered Bank as the PICIC, as a group, is much larger than the Union Bank,” said a financial analyst.

ABN Amro was established in 1948 and was the first foreign bank to be granted a license by the Pakistan government. With total assets of over Rs66.5 billion, equity of Rs4.5 billion, and deposits of almost Rs52 billion, ABN Amro is placed well and positioned as one of the larger foreign banks in Pakistan.

The bank posted pre-tax profits of nearly Rs2.2 billion (December 31, 2005). Over the last four years, ABN Amro has significantly enhanced its profile in Pakistan, and is comfortably ranked amongst the top three foreign banks in the domestic market.

It has a network of nine online branches located in all the major cities.

---ABN Amro International is a prominent banking group--ranked eighth in Europe and seventeenth in the world on tier-1 capital-- with over 3,500 branches, a staff of 111,000 and total assets of 597.7 billion euro.

 

[Neo]

KARACHI, Sept 4: Pakistan will emerge as the first country on the world map of ports to have a deep-water container terminal with a draft of 18 metre. It will be capable of receiving and handling super post-Panamax container vessels with a loading capacity of over 14,000 boxes.

The container terminal with an estimated cost of $1.2 billion is being built at east of Keamari Groyne and is going to be operational within next three years wherein four berths out of total ten berths will be completed under phase-1.

The futuristic container port will not only bring in economic benefit to the country in the form of lower freight charges but will also entirely change the complex of shipping trade in the region.

In order to meet the economies of scale major shipping lines would prefer to avail the ultra-modern facility and use it as a hub for transhipment purposes.Above all, the rapidly growing economies of Asia and ever-increasing volume of containerised cargo of the region prove a boon for shipping companies and port operators, who are equally faced with rising costs of operation.

Even today shipping lines are confronted with rising cost and on an average a ship having loading capacity between 2,000 to 8,000 Teus incur a fix and permanent cost of around $50,000 per day.

Shipping companies are frequently changing their vessels to bigger-size vessels, which could accommodate large volumes of containers for haulage and also ensure freight competitiveness.

Presently large size vessels operating in the world have the capacity to carry around 5,000 to 8,000 Teus but only two months back a first super post-Panamax vessel with a loading capacity of over 9,000 boxes made a maiden voyage to a European port.

However, the deepest draft of any port in the world is not more than 17 metre.

By taking lead in providing deep-water container terminal facility the country would also manage to attract cargoes of other countries, besides, helping its own trade by reducing cost and transit time. Presently most of the cargo destined for Pakistan first goes to other regional ports and then carried by feeder vessels to Karachi.

However, after the establishment of the new container terminal the entire process will be reversed as mother-ships (super post-Panamax vessels) will not only discharge country’s cargo directly but will also bring in transit cargo meant for other ports of the region.

According to ports and shipping experts the deeper-draft container terminal will greatly influence the shipping activity in the region and countries like China and India could also benefit from this facility. India’s north-western provinces could get a big margin in freight as compared to Mumbai Port, which is further to the south of Karachi. Similarly, Chinese provinces to south-west could also cut their cost as this terminal can reduce their distance by 500-km.

The experts said that only those ports would remain in the limelight, which keep pace with the changing environment and technology and there are many instances where some leading world ports diminished with the time and were reduced to regional ports. If the Karachi Port is to keep itself abreast of the changes it will have to upgrade its facilities and improve efficiency, they added.

The Karachi Port Trust (KPT) chairman Vice Admiral Ahmad Hayat told Dawn that already many lines had shown interest in starting their operation in Pakistan in anticipation of upcoming deep-water container terminal. He said that the KPT would take full care to ensure that the container port start its operations under first phase on June, 2009, and the progress of the project will be monitored on hourly basis.

He said under phase-I the cost would come to around $530 to $550 million and out of this the KPT will be spending around $350 million with $200 million coming through investment from the private sector.

He further said that the 1,500 metre long four-berth terminal quay wall, designed at 18 metre depth, together with separate navigable approach channel, 700 metre wide harbour basin, navigational aids and the protection works will be constructed by the KPT at Keamari Groyne.

However, he said the private sector will be asked to build and equip the 65-hectare backup area as a high throughput terminal, including container yards, storage and transfer areas, operational buildings, STS cranes, RTGs and all supporting equipment and facilities to handle a minimum of 1.5 million Teus per annum in phase-II.

The KPT chairman said that the terminal will be connected with the cargo village being developed on an area of 13.3 acres. This will provide all sorts of facilities including container freight station (CFS), warehousing complex, container storage complex, bonded warehouses, dangerous goods storage and disposal facility, marketing and commercial zone, cold storage and food processing plants etc.

Responding to a question Ahmad Hayat said that the second phase of the container terminal will be completed by 2010-12 and this will enable the terminal to handle up to 1.5 million boxes per annum.

 

[Neo]

KARACHI, Sept 4: The cement industry managed to export a total of 0.24 million tons, which represented the highest-ever export of cement in a single month.

Figures released by the All Pakistan Cement Manufacturers’ Association on Monday showed growth of 26.2 per cent in exports during August over the July exports of 0.19 million tons.

A.R. Thaplawala, executive director of Lucky Cement Company, claimed that his company had a share of 41 per cent in the exports, which stood at 97,210 tons. “We are exporting mainly to the Middle East and Afghanistan,” Mr Thaplawala said.

Overall cement sales (local plus exports) increased by 26 per cent to 1.80 million tons for August, from 1.43 million tons in July. Local sales rose by 6.5 per cent to 1.51 million tons in August from 1.44 million tons in the earlier month.

Sales growth was despite the slowdown in construction activity due to heavy monsoon rains. In comparison to the same month last year (Aug 2005), sales represented an increase of 19.3 per cent in Aug 2006.

Sector analysts calculated that the sales of concrete during the first two months of the current fiscal year (July-Aug) had posted a growth of 18.8 per cent to 3.49 million tons as compared to 2.94 million tons in the comparable two months of last year.

Sales in the local markets stood at 3.06 million tons for July-Aug 2006, representing an increase of 15 per cent, whereas exports at 0.42 million tons depicted a growth of 48.1 per cent for two months vis-à-vis same time last year.

 

[Owais]

$30.822 million Afghan goods transported to India in 2005-06


ISLAMABAD (September 05 2006): Goods from Afghanistan worth $30.822 million were transported to India through Pakistan during 2005-06. The total value of goods, which Pakistan imported from Afghanistan, was nearly Rs 3 billion during the tear, whereas the value of goods transported to Afghanistan through NWFP and Balochistan under Afghan Transit Trade (ATT) was Rs 21 billion.

According to month-wise break-up, the value of Afghan goods which reached India via Pakistan was $0.962 million in June 2006; $1.590 million in May; $2.014 million in April; $2.339 million in March; $3.011 million in February; $2.438 million in January 2006; $4.640 million in December 2005; $2.766 million in November; $4.537 million in October; $3.520 million in September; $1.848 million in August; and $1.158 million in July 2005.

The data further shows that major imports from Afghanistan included vegetables, fresh fruit, dry fruit, seeds, spices, timber, scrap and other items.

Out of Rs 3 billion imports from Afghanistan, goods worth around Rs 1.19 billion were imported via Torkham, and about Rs 1.8 billion via Chaman in 2005-06.

Month-wise data shows that Rs 188.310 million worth imports were made from Afghanistan in June 2006; Rs 158.781 million in May; Rs 150.091 million in April; Rs 144.202 million in March; Rs 182.756 million in February; Rs 158.187 million in January 2006; Rs 263.922 million in December 2005; Rs 296.972 million in November; Rs 461.996 million in October; Rs 390.112 million in September; Rs 290.370 million in August; and Rs 233.766 million in July 2005.

The value of goods transported to Afghanistan under Afghan Transit Trade (ATT) via Torkham was Rs 13.1 billion and via Chaman Rs 7.9 billion in 2005-2006.

Monthly data shows that the value of goods in transit to Afghanistan was Rs 2405.655 million in June 2006; Rs 2207.516 million in May; Rs 687.376 million in April; Rs 2186.538 million in March; Rs 1963.682 million in February; Rs 897.008 million in January 2006; Rs 2060.133 million in December 2005; Rs 1761.214 million in November; Rs 1708.645 million in October; Rs 1910.663 million in September; Rs 1801.257 million in August and Rs 1310.746 million in July 2005.

 

[Owais]

ICCI demands price control in Ramazan


ISLAMABAD (September 05 2006): Islamabad Chamber of Commerce and Industry (ICCI) on Monday demanded of the government to ensure availability of essential daily use consumer items at reasonable prices during Ramazan. In a statement issued here on Monday, Abdul Rauf, ICCI president urged the government to make sure the availability of daily consumption products.

He further said that due to the high consumption of pulses, rice, onion, tomato, potato, dates, vegetables and spices, their prices increase during Ramazan. There is no shopkeepers body leverage to regulate the prices he said and added the district administration is responsible to keep proper check of prices.

He recalled that the government provides relief to the consumers through utility stores in every Ramazan but it is matter of concern that only one percent consumers have access to these relief centres which neutralises the positive impact of this package.

 

[Owais]

Turning a liability into an asset


EDITORIAL (September 05 2006): Presiding over a meeting of the National Commission for Human Development in Islamabad last Thursday, President General Pervez Musharraf vowed to achieve 85 percent literacy by 2012. The federal as well as provincial governments, he said, were fully committed to the plan and all necessary financial allocations would be made available to achieve the target.

This might evoke some skepticism since successive governments in the decade of the '90s had made similar, in fact, even taller promises. In a particularly improbable claim, one education minister, Syed Fakhar Imam, had declared that 100 percent literacy would be attained by 2000. For a while General Musharraf has also been showing a lot of interest in improving literacy rates, yet not much progress is in evidence.

The official figure of 46 percent literacy has not moved up at all during the last three years. It is generally believed that this figure too is hugely inflated since it is not based on universally accepted standard as set by UNESCO.

Nearly half of this number includes people who can barely write their names. In fact, not long ago, General Musharraf himself had lamented that whatever the official literacy figures might say, the real literacy was around 15 percent. That figure may have improved somewhat during the last few years, but not to a significant level.

Unfortunately, education has never received the priority it should have had in governmental planning. The combined budgetary allocations of education and healthcare sectors have, over the years, been a minuscule 2 percent, whereas UNESCO recommends a minimum of four percent of the GDP for education alone. However, the situation, it seems, is about to change now.

General Musharraf averred that the federal as well as provincial governments are fully committed to make the necessary financial allocations. That may not mean the government is ready to make major sectoral shifts in money spending, but that it would be helped by outsiders to promote education and channelise the energies of this country's children and youth in productive endeavours.

Notably, President Musharraf did not make an empty sounding claim of attaining 100 percent literacy in the next six years, but set the target at 85 percent. Even the 85 percent mark, though not completely unrealistic, seems difficult to achieve unless, as we have been repeatedly saying, the government grapples with it on a war footing.

Provincial as well as district governments must place basic education on the top of their respective priority lists. Provision of basic education to all may act as a stimulant for many to go on to pursue the quest of knowledge at higher levels as well, and realise the full potential of their talents. Mass education would widen the talent pool that this country badly needs to fight ignorance and backwardness.

Our economic policy makers never let an opportunity go by to point to the country's vast population to argue that it constantly annuls a large part of their developmental successes.

What is seen as a liability can be turned into a valuable asset through a sound strategy for human resource development. The two obvious start areas are literacy and skills training. It is not enough to have just a literate workforce devoid of technical skills since the modern economy is becoming more and more knowledge-based. Education and skills training must cater for the market place so that it contributes to an increase both in the quantum and level of economic activity. The thrust of government policy must be to popularise education at all levels of formal learning.

 

[Owais]

Boosting the handmade carpet industry


(September 04 2006): Addressing the inaugural ceremony of Regional Handmade Carpet Exhibition-2006, in Lahore, on August 28, Minister of State for Commerce Hamid Yar Hiraj gave an assurance to the Pakistan Carpet Manufacturers and Exporters Association that the government would take steps for facilitating the exporters, while also formally announcing setting up of a Carpet City in Lahore.

At the same time, the Chairman of Export Promotion Bureau of Pakistan, Tariq Ikram, urged the carpet exporters to explore new markets to enhance their share in the international trade. Speaking on the occasion, Indian delegate O.P. Garg, lauded the effort for organising carpet exhibition and making it a successful show.

Saying that such exhibitions also provide an opportunity to buyers to view the quality, standard and design of the products under the same roof, he also announced holding of a handmade carpets exhibition, in Delhi, in October, and invited Pakistani exporters to participate in it and to exhibit their products in India. On his part, the PCMEA's chairman of the organising committee of the exhibition, Major Akhtar Nazir Khan (Retd), said that Chobi design of Pakistani carpet was gaining popularity world-wide and that foreign buyers had also shown their interest in it.

He further said that the exhibition received an encouraging response from national and international buyers, expressing optimism that the exhibition would yield 20-30 percent additional foreign exchange earnings, while noting that the carpet industry provides direct and indirect jobs to over 1.5 million people in the country.

At the same time, he urged the government to provide necessary facilities to the carpet industry in order to help it maintain its share in the international market.

Earlier, addressing a press conference, on the eve of the Regional Handmade Carpet Exhibition-2006, which ended in Lahore, on August 31, he had made the heartening revelation to the effect that representatives of the carpet industry from Pakistan, India, and China had signed a Memorandum of Articles, for development and promotion of handmade carpet exports, through the World Handmade Carpet Organisation that was set up, last year, in China. More to this, he disclosed that all its member countries have already agreed to revitalise this forum, understandably, with a view to developing products compatible with the demand potential in the importing countries.

Coming in the midst of stiffening competition with machine-made varieties, Iran's keen interest in joining it, should be seen as further brightening the prospects of its role in so boosting the handmade carpet industry as to meet the challenges of globalisation too.

For, although mass production of machine-made carpets has, evidently, outstripped the demand for handmade varieties, it is the preservation of the exquisite craftsmanship of the latter down the centuries past that has continued to give it an edge over the former. Pakistan, India and China apart, excellence in handmade carpets belongs to a much wider region, which was referred to as the Orient. For to it also belong a number of countries in Central Asia, extending to Afghanistan.

As such, it is not for nothing that brightly coloured and patterned carpets, traditionally made by hand from high-quality wool in the Mid-East and Far East, have been identified as Asian carpets. Now that renewed efforts are being made to bolster the industry with involvement of WHCO, it should be a matter of pride for Pakistan.

For under the stipulated arrangements, Pakistan has been tipped as the founder chairman of WHCO, while general secretary would be taken from China. Notably, the organisation's head office has been planned to be located in India. As many as five members from each country would represent WHCO. That Pakistan's vital role in preservation and promotion of excellence of the handmade carpets has been acknowledged by the other members of the fraternity should leave little to doubt from the tremendous response to the carpet exhibition.

 

[Owais]

Indus Motor earns record profit

KARACHI (September 05 2006): Indus Motor Company has achieved impressive results for the year ending June 2006 with record production, sales and profit after tax. This was announced at the annual meeting of Indus Company's Board of Directors, held here to review the company's financial and operating performance for the financial year ending June 30, 2006.

The production of Toyota and Daihatsu brands combined were 42,000 units, an increase of 20 percent over 35,000 units, while the sales revenue increased to Rs 35.2 billion up 28 percent over Rs 27.6 billion achieved last year. The after tax profit was Rs 2.6 billion (Rs 1.4 billion in 2005), primarily due to increase in sales volume and favourable exchange rates.

The board of directors expressed satisfaction with the company's performance and recommended a final dividend at the rate of 70 percent or Rs 7 for the year ending June 2005, which together with the interim dividend of 50 percent or Rs 5.00 already paid will result in a total dividend for 2005-2006 of 120 percent.

Overall, the countrywide market for locally manufactured passenger cars and light commercial vehicles for twelve months ended June 30, 2006 grew an impressive 22 percent to 187,000 units compared to 153,00 units for the same period 2005. The total production of CKD units for the period was approximately 193,000 units up 27 percent over twelve months ended June 2005.

All major auto makers enhanced production of CKD units to meet customer demand. The government decision to liberalise imports of new and used vehicles through reduction in custom duty caused CBU imports to rise by 640 percent to over 46,000 units, creating pressure on the sale of locally produced models.-PR

 

[Owais]

UAE group offers modern housing scheme near Port Qasim

ISLAMABAD: A major trading group of United Arab Emirates (UAE) has offered investment worth billions of dollars in modern housing scheme envisaged on the two islands near Port Qasim.

Emar Group has expressed its interest in investing in modern housing projects on Bandal and Bado islands near Port Qasim and authorities were engaged in talks with the Emar Group in this regard, reports said.

The Group has offered investing billions on these islands in the next 15 years, following 12000 acres of land given to them on lease for construction of a modern housing scheme equipped with power plant, golf course and other state of the art facilities.

 

[Owais]

Economic growth to sustain its fast pace

ISLAMABAD: The foreign and local investment in Pakistan is on he rise and its economic progress is expected to sustain its rapid pace during the current fiscal year.

The officials of International Monetary Fund (IMF) said this after the meeting with Pakistani officials here.

According to IMF, the foreign investors have growing interest in Pakistan.

Advisor to finance ministry, Dr. Ashfaq Hasan told Geo News that IMF is satisfied with Pakistan’s economic growth and economic measures taken up by the government.

IMF officials had been apprised of all related details.

During the last fiscal year, the economic growth was at 6.6 per cent; whereas, the government, in current fiscal year, is trying to achieve the goal of 7 per cent economic growth, Ashfaq Hasan said adding that inflation rate is being attempted at lowering from 7.6 per cent to 6.5 per cent.

 

[Neo]

Mod note:

Owais,

Please try not to post the whole 'business section' of news papers here.
Instead, be selective and provide only news articles with significant information.

Thanks!

Neo

 

[Owais]

Mod note:

Owais,

Please try not to post the whole 'business section' of news papers here.
Instead, be selective and provide only news articles with significant information.

Thanks!

Neo

I didn't post that whole section. I m slective in posting and already reduced per day posting . I only posts those news which I think are related to macroeconomics. if you want me to reduce more, ok I will.....