Pakistan Economy - News & Updates - Archive

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Work on 18,000MW hydropower projects to start in next 2 years ​

Friday, January 18, 2008

LAHORE: WAPDA is vigorously working on the feasibility studies and detailed engineering designs of various hydropower projects with an accumulative generation capacity of about 18,000 MW and these projects would be available for initiating construction work by the next two years.

This was told in a briefing arranged for Special Assistant to the Prime Minister, Amar Lal during his visit to WAPDA House on Thursday. Pakistan Electric Power Company (PEPCO) Managing Director Munawar Baseer Ahmed, WAPDA Member (Power) Fazal Ahmed Khan, Member (Finance) Chaudhry Abdul Qadeer and other senior officers of WAPDA and PEPCO attended the briefing.

Speaking on the occasion, Special Assistant to the Prime Minister said that the Government is fully aware of the growing energy requirements of the country and taking all possible measures for reducing the gap between generation and consumption of electricity. He emphasized the need to tap all resources of power generation, particularly hydel, coal, wind and solar energy through coordinated efforts.

PEPCO MD, dilating upon the current power scenario, apprised the Special Assistant to the Prime Minister that short, medium and long-term strategies are being executed to overcome the problem of electricity shortage in the country.

He said that besides rehabilitation of the existing thermal power plants, rental powerhouses are also being established in the country for immediate relief. In addition to taking various measures for energy conservation, PEPCO would start distributing 100,000 energy saver bulbs amongst its consumers for replacement of ordinary bulbs of 60 or 100 watt, he added. The MD told that a special plan has been devised for smooth power supply to the domestic consumers during Ashura.

Work on 18,000MW hydropower projects to start in next 2 years

 

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Pakistan eyes $500m marble exports ​

Friday, January 18, 2008

ISLAMABAD: Pakistan is scouting for increasing marble exports from the existing $23 million to $500 million by 2011, as it has one of the world’s largest marble and granite reserves and clear edge over the neighboring countries i.e. India and China .

“Pakistan has a clear edge over India as well as China to excel in the marble industry as we have 64 types of marbles, which India and China lack, however, 85 percent of the marble is wasted due to blasting and lack of proper facilities.

The use of modern technology would reduce the losses 45 percent,” Shahid Rehman, Director Pakistan Stone Development Company (PASDEC) said briefing Federal Minister for Sports and Culture Sardar Sikindar Hayat Khan Jogezai on Thursday.

PASDEC plans to set up four marble cities in collaboration with the NIPS (National Industrial Parks Development and Management Company). One such marble city in Risalpur is ready for groundbreaking. Shahid Rehman informed the minister that 80 plots would be created in Risalpur, 200 in FATA and 200 in Karachi marble city respectively, he said.

Federal Minister Sardar Sikindar Hayat Khan Jogezai latter while addressing to the large gathering of All Pakistan Marble Association in Islamabad Chamber of Commerce & Industry (ICCI) said that Pakistan is rich in natural resources and has fertile agriculture, sea, hills, coal, gas, oil, and marble reservoirs.

Pakistan eyes $500m marble exports

 

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Govt to meet Rs 1.025tr revenue target for FY08​

ISLAMABAD: Ministry of Finance (MoF) has assured the President Pervez Musharraf that there is no need to revise downwards annual tax collection target of Rs 1.025 trillion.

A senior official at Federal Board of Revenue (FBR) told Daily Times on Thursday that this was assured during the presentation on overall economic targets of the country for the current fiscal year 2007-08. The meeting was informed that despite several difficulties faced by the economy the annual tax collection would cross Rs1 trillion marks by June 30, 2008.

The meeting was also informed about the revenue collection performance during the first half of the ongoing fiscal year. It was informed to the meeting that some Rs 36 billion revenue loss has been calculated till date for the current fiscal year and efforts are there to cross the Rs 1 trillion mark against the annual target of Rs 1.025 trillion.

Revenue forecast presented during the meeting was encouraging as there was no revenue loss of Rs 100 billion as had been indicated earlier. It was also informed that FBR has received some 11444 corporate tax returns by mid-January 2007 as compared to 9510 returns during same period July-mid January period of last fiscal year indicating an increase of 20 percent.

To a question, the official said that revenue collection to increase as per economic activity in the country despite many difficulties due to political and law and order situation in the country. However, he maintained that any increase in gas and electricity load shedding schedule might have an impact on revenue collection in months to come.

Daily Times - Leading News Resource of Pakistan

 

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Govt to meet Rs 1.025tr revenue target for FY08​

ISLAMABAD: Ministry of Finance (MoF) has assured the President Pervez Musharraf that there is no need to revise downwards annual tax collection target of Rs 1.025 trillion.

A senior official at Federal Board of Revenue (FBR) told Daily Times on Thursday that this was assured during the presentation on overall economic targets of the country for the current fiscal year 2007-08. The meeting was informed that despite several difficulties faced by the economy the annual tax collection would cross Rs1 trillion marks by June 30, 2008.

The meeting was also informed about the revenue collection performance during the first half of the ongoing fiscal year. It was informed to the meeting that some Rs 36 billion revenue loss has been calculated till date for the current fiscal year and efforts are there to cross the Rs 1 trillion mark against the annual target of Rs 1.025 trillion.

Revenue forecast presented during the meeting was encouraging as there was no revenue loss of Rs 100 billion as had been indicated earlier. It was also informed that FBR has received some 11444 corporate tax returns by mid-January 2007 as compared to 9510 returns during same period July-mid January period of last fiscal year indicating an increase of 20 percent.

To a question, the official said that revenue collection to increase as per economic activity in the country despite many difficulties due to political and law and order situation in the country. However, he maintained that any increase in gas and electricity load shedding schedule might have an impact on revenue collection in months to come.

Daily Times - Leading News Resource of Pakistan

 

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Pakistan Economy - News and Updates​

Continued from : http://www.defence.pk/forums/economy-development/1049-pakistan-economy-daily-update.html

 

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Remittances rise 19pc to $3.066bn ​

Friday, January 18, 2008

KARCHI: The remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,066.33 million was received in the first half (July-December 2007) of the current fiscal year 2007-08, showing an increase of $498.31 million or 19.40 percent over the same period of the last fiscal year.

The amount of $3,066.33 million includes $1.12 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The monthly average remittances for the period July-December, 2007 comes out to $511.06 million as compared to $428.00 million during the same corresponding period of the last fiscal year, registering an increase of 19.40 percent.

The inflow of remittances in the July-December, 2007 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $874.21 million, $563.06 million, $500.33 million, $457.21 million, $227.23 million and $88.99 million, respectively as compared to $659.27 million, $483.32 million, $397.03 million, $358.58 million, $218.67 million and $74.89 million, respectively in the July-December, 2006 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of the current fiscal year 2007-08 amounted to $354.18 million as against $374.92 million in the same period last year.

SBP said that during the last month (December 2007), Pakistani workers remitted an amount of $479.26 million, up $4.05 million or 0.85% when compared with an amount of $475.21 million sent home in December 2006.

The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to December 2006. According to the break up, remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $140.45 million, $81.25 million, $77.33 million, $77.21 million, $29.82 million and $12.90 million, respectively as compared to the corresponding receipts from the respective countries during December 2006, i.e. $125.81 million, $84.33 million, $78.91 million, $67.11 million, $38.57 million and $12.32 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during December 2007 amounted to $60.15 million as compared to $67.99 million during December 2006.

Remittances rise 19pc to $3.066bn

 

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Local firm to set up 48 megawatts power plant in Karachi ​

ISLAMABAD (January 17 2008): A Karachi-based firm will establish a 48-MW rental-based barge mounted power plant in Karachi. Informed sources quoting official documents confirmed to Business Recorder that Karachi Electric Supply Corporation, now a private entity, had declined to purchase power to be generated by the firm for certain reasons.

The sources said when the firm approached a caretaker minister at Lahore on November 26, 2007, they were assured that if KESC was not willing to purchase power, National Power and Dispatch Company (NTDC) of Wapda would procure power and sell it to KESC on an agreed tariff.

To accommodate this firm, the sources said that gas allocated to two of the Independent Power Producers to be established in Karachi has been shut off for setting it aside for the new project.

The plan is very much in progress and the concerned ministry is extending all possible help towards the execution of the project. "We are thankful to you for informing us that it has been decided to accept 48-MW barge mounted power plant and to make the corresponding gas allocation," said, the firm in a letter to the minister on November 27, 2007.

According to the letter, the owners of the barge are making necessary arrangements for relocating it for which the shipping company requires details of the disembarkation port in Pakistan.

The barge mounted gas turbine generator station consists of one 48-MW (ISO) Siemens-Westinghouse W 251B11 distillate or gas fuelled turbines deriving 11.5 kV, 50 Hz brush air cooled alternators with switchgear, parallel systems and all auxiliaries, mounted on a common barge. The barge is fitted with 11/132 kV step-up transformers, which could be changed if any alternative grid voltage is required.

The foreign associates of the company, Messrs. Blue Crest Capital Management, one of the largest hedge funds in Europe had to met the minister in December but it was not confirmed if they had called on him to say 'thank you'.

The firm, in its letter further said that it was doing everything possible to cut the commissioning time after the signing of the contract on the lines as per the understanding reached between NTDC and Alstom Power Rental. In 2008, Karachi's minimum electricity demand is expected to hover around 2,640 MW against KESC supply of around 1,810 MW.

Business Recorder [Pakistan's First Financial Daily]

 

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Remittances rise 19pc to $3.066bn ​

Friday, January 18, 2008

KARCHI: The remittances sent home by overseas Pakistanis continued to show a rising trend as an amount of $3,066.33 million was received in the first half (July-December 2007) of the current fiscal year 2007-08, showing an increase of $498.31 million or 19.40 percent over the same period of the last fiscal year.

The amount of $3,066.33 million includes $1.12 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The monthly average remittances for the period July-December, 2007 comes out to $511.06 million as compared to $428.00 million during the same corresponding period of the last fiscal year, registering an increase of 19.40 percent.

The inflow of remittances in the July-December, 2007 period from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $874.21 million, $563.06 million, $500.33 million, $457.21 million, $227.23 million and $88.99 million, respectively as compared to $659.27 million, $483.32 million, $397.03 million, $358.58 million, $218.67 million and $74.89 million, respectively in the July-December, 2006 period. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the first half of the current fiscal year 2007-08 amounted to $354.18 million as against $374.92 million in the same period last year.

SBP said that during the last month (December 2007), Pakistani workers remitted an amount of $479.26 million, up $4.05 million or 0.85% when compared with an amount of $475.21 million sent home in December 2006.

The inflow of remittances into Pakistan from most of the countries of the world increased last month as compared to December 2006. According to the break up, remittances from USA, Saudi Arabia, UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), UK and EU countries amounted to $140.45 million, $81.25 million, $77.33 million, $77.21 million, $29.82 million and $12.90 million, respectively as compared to the corresponding receipts from the respective countries during December 2006, i.e. $125.81 million, $84.33 million, $78.91 million, $67.11 million, $38.57 million and $12.32 million. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during December 2007 amounted to $60.15 million as compared to $67.99 million during December 2006.

Remittances rise 19pc to $3.066bn

 

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Work on 18,000MW hydropower projects to start in next 2 years ​

Friday, January 18, 2008

LAHORE: WAPDA is vigorously working on the feasibility studies and detailed engineering designs of various hydropower projects with an accumulative generation capacity of about 18,000 MW and these projects would be available for initiating construction work by the next two years.

This was told in a briefing arranged for Special Assistant to the Prime Minister, Amar Lal during his visit to WAPDA House on Thursday. Pakistan Electric Power Company (PEPCO) Managing Director Munawar Baseer Ahmed, WAPDA Member (Power) Fazal Ahmed Khan, Member (Finance) Chaudhry Abdul Qadeer and other senior officers of WAPDA and PEPCO attended the briefing.

Speaking on the occasion, Special Assistant to the Prime Minister said that the Government is fully aware of the growing energy requirements of the country and taking all possible measures for reducing the gap between generation and consumption of electricity. He emphasized the need to tap all resources of power generation, particularly hydel, coal, wind and solar energy through coordinated efforts.

PEPCO MD, dilating upon the current power scenario, apprised the Special Assistant to the Prime Minister that short, medium and long-term strategies are being executed to overcome the problem of electricity shortage in the country.

He said that besides rehabilitation of the existing thermal power plants, rental powerhouses are also being established in the country for immediate relief. In addition to taking various measures for energy conservation, PEPCO would start distributing 100,000 energy saver bulbs amongst its consumers for replacement of ordinary bulbs of 60 or 100 watt, he added. The MD told that a special plan has been devised for smooth power supply to the domestic consumers during Ashura.

Work on 18,000MW hydropower projects to start in next 2 years

 

[Neo]

Pakistan eyes $500m marble exports ​

Friday, January 18, 2008

ISLAMABAD: Pakistan is scouting for increasing marble exports from the existing $23 million to $500 million by 2011, as it has one of the world’s largest marble and granite reserves and clear edge over the neighboring countries i.e. India and China .

“Pakistan has a clear edge over India as well as China to excel in the marble industry as we have 64 types of marbles, which India and China lack, however, 85 percent of the marble is wasted due to blasting and lack of proper facilities.

The use of modern technology would reduce the losses 45 percent,” Shahid Rehman, Director Pakistan Stone Development Company (PASDEC) said briefing Federal Minister for Sports and Culture Sardar Sikindar Hayat Khan Jogezai on Thursday.

PASDEC plans to set up four marble cities in collaboration with the NIPS (National Industrial Parks Development and Management Company). One such marble city in Risalpur is ready for groundbreaking. Shahid Rehman informed the minister that 80 plots would be created in Risalpur, 200 in FATA and 200 in Karachi marble city respectively, he said.

Federal Minister Sardar Sikindar Hayat Khan Jogezai latter while addressing to the large gathering of All Pakistan Marble Association in Islamabad Chamber of Commerce & Industry (ICCI) said that Pakistan is rich in natural resources and has fertile agriculture, sea, hills, coal, gas, oil, and marble reservoirs.

Pakistan eyes $500m marble exports

 

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Tullow leaving Pakistan for better returns in Africa ​

Saturday, January 19, 2008

KARACHI: Tullow Oil, the European oil and gas exploration and production company, is selling off its assets in Pakistan to concentrate on more lucrative regions in Africa.

The company will sell off its fields in Pakistan and divert investments for oil and gas exploration to Africa, Stewart Brown, Country Manager of Tullow Pakistan Development Limited, told The News on Friday.

“Financial returns in Africa are higher than what the company gets from Pakistan,” he said by phone from Islamabad. “So the shareholders have decided to sell off the assets as a going concern.”

The company has two producing fields, Suri and Chachar which produce approximately 19 million cubic feet per day (MMCFD) of gas. It has stakes in two other fields as well. Analysts believe Tullow’s departure from Pakistan would not leave any drastic impact on oil and exploration scene of the country, which produced 3,873 MMCFD in 2006-07. But it signifies a drifting interest of foreign companies even after introduction of a new petroleum policy that offers better returns.

Saad Bin Ahmed, head of Research at Capital One Equities, says that record surge in crude oil prices has made companies to cash in on the opportunity by increasing production rather than going for fresh exploration.

“Response to the new petroleum policy was below our expectations even though the cap was raised to $45 per barrel from $36,” he said referring the benchmark crude oil price at which the gas could be sold.

Oil industry officials also argue that the rising price of oil and gas the world over has diluted the incentives offered by the government in Petroleum Exploration and Production Policy 2007. The policy states that companies will be entitled to 50 percent of the cost if crude oil goes beyond $45 per barrel, the rest would go to the government.

“Price of gas in Pakistan is still below what the companies can get elsewhere,” said Masood Siddiqui, former Vice Chairman of Pakistan Petroleum Exploration and Production Companies Association (PPEPCA).

“Cost of gas to be imported from Iran will be $8 per MMBTU (million British thermal unit) and local gas is being bought at only $4 per MMBTU,” he said and added that better returns could encourage the companies to stay and expand their operations.

About the position of government that the policy was in line with what other countries in the region offered, he said security concerns in Pakistan necessitates need for offering more incentives.

Militant-led insurgencies in gas-rich Balochistan province and North West Frontier Province (NWFP) have hampered the oil and gas exploration activity in recent months. But it is unlikely that government will flex its position as the opening lines of the petroleum policy 2007 state: “The importance of domestic petroleum industry to the economy of Pakistan cannot be over-emphasized as an issue of national security, national self-reliance and as a major source of government revenue.”

Tullow leaving Pakistan for better returns in Africa

 

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FTSE defers of removing Pak from global index ​

Saturday, January 19, 2008

KARACHI: FTSE Group the global index provider has deferred its earlier decision of removing Pakistan from its FTSE Global Equity Index Series (FTSE-GEIS) from June 2008, Securities and Exchange Commission of Pakistan Chairman Razi-ur-Rehman stated at a press conference on Friday.

FTSE on September 20, 2007 had announced removing Pakistan from its FTSE-GEIS from June 2008 and almost a year ago (i.e. on September 12, 2006), it had placed Pakistan on its Watch List for possible removal from its global index, which is used by institutional investors worldwide, he recalled. Pakistan is again on watch list till September 2008.

Since FTSE announced removing Pakistan from its global index, the Securities and Exchange Commission of Pakistan (SECP) was in consultation with it for change of its decision. And SECP has eventually achieved its target, as FTSE Group was convinced to defer its decision of removing Pakistan from its global index, he added.

The FTSE had decided to remove Pakistan from its index on technical grounds and SECP convinced it on technical grounds as well, he said and added that SECP informed FTSE about the recently introduced revised Risk Management System (RMS), Unique Identification Number (UIN) allotted to each customer, transparency in transaction and up-gradation in KATS and hardware in this regards. In light of such significant reforms in the Pakistan’s capital market, it came as a surprise that Pakistan was being excluded from the FTSE GEIS, he said.

The SECP taking immediate action approached FTSE and held a series of dialogue which included personal representation by the SECP Chairman at the London office of FTSE, as well as arranging an international conference call with the FTSE Index Review Committee wherein key market participants of Pakistan capital market also participated.

As far as the issue of corporatisaion, demutualisation and integration of local bourses is concerned then the summary of the concerned law was lying in caretaker prime minister’s office and was required his approval. After the signing of this document by PM, the local bourses would be liable to stand demutualised within 110 days, he said.

FTSE defers of removing Pak from global index

 

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Pakistan changing accounts base year to 2005-07 ​

Seeks subscription to IMF Special Data Dissemination System that requires timely dissemination of data on employment, central government operations

Saturday, January 19, 2008

ISLAMABAD: Pakistan has informed the IMF that quarterly national accounts would be released after changing the base year to 2005-2006.

According to the IMF report on Pakistan’s data related issues, the country’s data is broadly adequate for effective surveillance, but further improvements in the availability and timeliness of key economic statistics would help policy analysis and formulation.

The authorities have pointed towards the progress in their efforts to subscribe to the fund’s Special Data Dissemination System (SDDS). In addition, a recent update of the Report on the Observance of Standards and Codes (ROSC) published in February 2007 identified significant improvements in the monetary statistics.

Pakistan participates in the General Data Dissemination System (GDDS) since 2003, meeting the recommendations for the coverage, periodicity, and timeliness of most GDDS data categories. The only exceptions are the timeliness of the GDP and the lack of annual data on wages/earnings.

For subscription to the Special Data Dissemination Standard (SDDS), Pakistan will need to disseminate (a) quarterly employment and unemployment data with a timeliness of one quarter; (b) monthly data on central government operations wiith a timeliness of one month (c) quarterly data on the national accounts, wages/earnings, and external debt, all with a timeliness of one quarter; (d) more detailed breakdown of data on central government debt and external debt; and (e) update and expand the metadata on compilation and dissemination practices.

In 2004, the Federal Bureau of Statistics (FBS) completed a revision of the national accounts statistics to bring them in line with the concepts and definitions of the 1993 System of National Account. As noted by the December 2004 data ROSC, informal economic activities need to be better captured, while newly emerging activities, such as in the information technology sector, continue to pose challenges.

The FBS is currently working on producing quarterly national accounts (QNA), which would be completed with a rebasing of the national accounts to the year 2005/06. In mid-2005, an IMF mission provided technical assistance on the development of QNA and the consumer price index (CPI). With respect to labour market statistics, the FBS has recently started to compile quarterly employment/ unemployment data (although not with the frequency required for subscription to the SDDS) and is investigating the feasibility of disseminating data on wages/salaries. The FBS produces three price indices: the CPI, the wholesale price index (WPI), and the sensitive price indicator (SPI). The CPI and WPI are compiled on a monthly basis. The SPI is compiled on a weekly basis and consists of 46 essential commodities that are consumed by the lowest income group.

The concepts and definitions of the CPI and WPI follow international guidelines. Plans have been made to introduce the classification of individual consumption by purpose (COICOP) and to complete the work to develop a Producer Price Index (PPI), with base year 1999/2000; an IMF mission also provided some advice in this regard.

Pakistan changing accounts base year to 2005-07

 

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PC achieves $2bn privatisation target ​

Saturday, January 19, 2008

KARACHI: Pakistan has achieved the record target of US$2 billion privatisation proceeds through the privatisation of public sector entities in fiscal year 2006-07, the Privatisation Commission (PC) spokesman said on Friday.

He recalled that during the current year (2007-08), from July 2007 to November 2007, an amount of US$446 million (ie Rs27 billion) has been received through privatisation proceeds by the PC. The proceeds are included of UBL-GDRs ($85 million), HBL-IPO ($201 million), M/s Etisalat tranche (received on November 07, 2007) for PTCL privatisation ($133.217 million) and Rs1.6 billion from other privatisation proceeds.

He further stated that the target for fiscal year 2007-08 would hopefully be achieved through GDR of NBP, HBL, KAPCO and privatisation of NPCC, SME Bank, PTDC Motels, HEC, and HPFL.

Giving details of the ongoing transactions, the spokesman stated that National Power construction company (NPCC), Small & Medium Enterprise Bank, motels and restaurants of PTDC, Heavy Electrical Complex and Hazara Phosphate and Fertilizers, Pakistan Machine Tool Factory etc were at an advanced stage of privatisation as EOIs for most of these transactions have been received and now the next phase to receive Requests for Statement of Qualification (RSOQ) was being processed while the work on GDRs of HBL and NBP were also targeted before the close of the current financial year, he added.

The spokesman further explained that besides the ongoing transactions the PC has an ambitious program ahead, which include PMDC (salt and coal mines), Services International hotel, Printing Corporation of Pakistan, FESCO, PESCO, JPC, IPO of PSML, GDR of PPL.

PC achieves $2bn privatisation target

 

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Iran seeks increase in bilateral trade volume ​

Saturday, January 19, 2008

LAHORE: The Iranian Consul General Saeid Kharazi has said that Pakistan and Iran should enhance their economic cooperation as the existing two-way trade volume has so far failed to benefit from the huge existing potentials between the two countries.

He stated this during his meeting with the Lahore Chamber of Commerce & Industry (LCCI) president Mohammad Ali Mian at the. He said that both countries should evolve a strategy to solve the problem of high tariffs and remove bottlenecks and hurdles in the way of bilateral trade.

He said that the LCCI should urge the government to organise a high-powered delegation to Iran to discuss tariff related issues with the Iranian government. He said that a lack of information was also an obstacle in the way of bilateral trade between the two brotherly nations and this goal could be achieved by frequent exchange of trade delegation and holding of joint trade exhibitions.

He said that a branch of the Iran Central Bank would soon start operations in Pakistan. Kharazi said that the present volume of bilateral trade does not signify a very healthy performance. For the 2006-07 period the total volume of trade was around US$ 573.30 million, out of which imports from Iran were worth US$ 405.8 million and Pakistan’s export to Iran accounted for US$ 167.5 million, reflecting a considerable trade gap of US$ 238.3 million against Pakistan.

Mohammad Ali Mian said that an analysis of bilateral trade shows that Pakistan is constantly in the negative balance. Cereals were the largest export items to Iran, which accounts for 44.89 percent of total exports.

The LCCI President said that businessmen of Pakistan and Iran could initiate joint ventures in the sectors of agriculture, dairy & food processing, SMEs, oil & gas exploration, hydel & coal based energy projects, paper & paper board, sugar, cement, chemicals, transport and communication etc.

Iran seeks increase in bilateral trade volume