Pakistan Economy - News & Updates - Archive

[Neo]

Low tariff, easy import policy bode well for computer sales

By Imran Ayub

KARACHI: Pakistan has become the fastest growing personal computer market among emerging Asian countries, mainly driven by public sector purchases, as well as the telecom and financial services, reports an international organisation.

A latest report issued by International Data Corporation said the PC market in Pakistan, Bangladesh and Sri Lanka totalled 393,184 units in the second half of 2005, thus bringing full year 2005 shipments to 851,735 units, representing a 16 per cent growth for the year.

"With full year growth of 19 per cent, Pakistan boasted of highest growth rate among the three markets, while Bangladesh and Sri Lanka achieved respectable 13 per cent and 12 per cent growth rates respectively," said the IDC report.

"In Pakistan, encouraging government-led policies and structural liberalisation in the financial and telecom sectors helped lift the PC market there. Bangladesh, on the other hand, was relatively unaffected by the influx of second-hand PCs, thus allowing the market to move ahead."

The report said despite some dampers in 2005, such as risky peace talks and the after-effects of the tsunami, the PC market in Sri Lanka exhibited resiliency largely due to public sector and non-government organisation purchases.

The IDC is the premier global provider of market intelligence, advisory services, and events for the information technology, telecom and consumer technology markets.

With representation in more than 50 countries, IDC helps IT professionals, business executives, and the investment community to make fact-based decisions on technology purchases and business strategy.

It said the challenges in emerging Asian markets were numerous but they present many opportunities for current vendors and potential new entrants. It forecast even higher growth rate for Pakistani PC market.

"Over the long term, IDC predicts that the compounded annual growth rate from 2006-2010 for Pakistan, Bangladesh and Sri Lanka will reach 19 per cent, 22 per cent and 11 per cent respectively, largely driven by public sector purchases, as well as the telecom and financial services sectors," added the report.

"The compounded annual growth rates expected in these three countries make the rest of the Asia and pacific market look dull in comparison. In fact, Pakistan’s total market size could exceed the much more developed Singapore PC market in absolute terms as early as 2007."

Local dealers endorse the international recognition saying that the increase in PC imports mainly from South East Asian countries was due to relaxed trading rules and cheaper duty slab.

"The computer imports got a boost in 2002 when the government removed duties and relaxed trade rules," said Abdul Ghaffoor of Pakistan Office Products, one of the biggest importers of computers and accessories in the country.

"Since then the number has been increasing with each passing day with more variety and price range. PC is no more a machine or an office product. It has become a kind of household thing."

He said currently a PC could be acquired from Rs10,000 to Rs12,000 but price could go beyond Rs100,000 a piece depending on the variety and brand.

The 12-storey Uni Centre at I I Chundirigar Road, is the country’s biggest centre for new PCs and accessories with more than 200 shops. Dealers here, say the government in 2003 allowed PC import without any pre-permission from the Pakistan Telecommunications Authority.

"Before August 2003 we (importers) first had to get an NOC from the PTA and then place an order," said Khalid Shahab, a trader at Uni Centre. "But in August 2003 the PTA withdrew such condition, which encouraged imports of both new and used PCs."

http://jang.com.pk/thenews/apr2006-...business/b3.htm

 

[Neo]

LAHORE: The US Ambassador to Pakistan Ryan C Crocker has said that he would take up the matter of duty-free access of Pakistani products, to be produced in earthquake-hit areas, to the US market with his government.

The ambassador gave the assurance to the President Lahore Chamber of Commerce and Industry Mian Shafqat Ali, who took up the matter with him, at a luncheon hosted by the LCCI in his honour at Punjab Club.

President LCCI Mian Shafqat Ali, Senior Vice President Abdul Basit, Vice President Aftab Ahmad Vohra, former president Mian Misbahur Rehman, former president FPCCI/LCCI Iftikhar Ali Malik and Executive Committee members welcomed the ambassador. American Consul General Brian Heath was also present on the occasion.

The US Ambassador said that the suggestion regarding duty-free access to Pakistani products would help speed up the process of industrialisation in those areas.

The LCCI president, on the occasion, said that he would convince maximum number of businessmen from Lahore to set up their industry in those areas once the United States gives its endorsement to the proposal.

The US Ambassador also lauded the measures taken by the government of Pakistan in the hour of need. He said that Pakistanis as a nation showed an unprecedented spirit which would be remembered for a long time to come.

He particularly appreciated the performance of LCCI Research and Development wing, saying that the department is providing useful service for the economic sector of the country.

 

[Neo]

State Bank gets $1.3 billion from dollar bonds, PTCL sell-off
KARACHI (April 05 2006): The State Bank of Pakistan on March 31 received the dollar proceeds of the recently floated sovereign bonds worth about $800 million, and another $500 million from Etisalat in connection with PTCL privatisation, it is learnt.

It is also reported that against the rupee proceeds of these receipts the government has retired the State Bank''s debt worth about Rs 80 billion.

Meanwhile, according to the latest update released by the State Bank, budgetary borrowing by the government stood reduced to Rs 154 billion on March 18, after reaching an all-time high figure of Rs 168 billion, during the year, on March 11.

With borrowing under commodity operations and other heads still showing credit retirement of about Rs 34 billion, net government borrowing receded by Rs 14 billion, to Rs 122 billion, compared with Rs 135 billion of the previous week. Since the effect of foreign receipts on budgetary borrowing would have materialised during the week ended on April 1, it is hoped that, other things remaining constant, budgetary borrowing as on that date would have stood reduced to Rs 74 billion, or well below the Credit Plan target of Rs 98 billion.

Private sector borrowing, in the meantime, crossed the full-year credit target, albeit marginally, and stood at Rs 330.5 billion on March 18, though compared with last year''s corresponding period figure, it was still lower by Rs 16.5 billion. Bank credit to PSEs also rose this year to about Rs 2 billion compared with a retirement of Rs 10 billion last year. The only difference in terms of utilisation or retirement of credit was that this year the expansion in credit occurred exclusively on account of major autonomous bodies like Wapda, KESC, OGDC, PTCL, PIA and Pak Steel, whereas last year''s retirement of credit occurred mainly on account of ''Other PSEs''.

Other items of the banking system, however, exerted a contractionary impact of over Rs 91 million (indicating higher liabilities than assets) which was more or less matching with last year''s contractionary impact.

These movements in government and private sector borrowings led to an overall credit expansion of Rs 362 billion during FY06, so far, which adjusted for net draw-down of foreign assets or reserves by the economic agents (viz. Rs 94 billion) during the year resulted in overall monetary expansion of Rs 267.5 billion.

Last year, during this period, overall credit expansion was lower, at Rs 256 billion, mainly because of very low credit off-take by the government sector (viz Rs 11.5 billion only), though money supply was higher, at Rs 312 billion, mainly because of accumulation of reserves with the banking system (viz., plus Rs 56 billion).

 

[Neo]

KARACHI (updated on: April 06, 2006, 15:14 PST): Pakistan expects its cotton crop to increase by over six percent to 13.82 million bales in the 2006/07 crop year due to an increase in sowing area and higher yields, a government minister said on Thursday.

Agriculture Minister Sikandar Hayat Bosan said better availability of irrigation water during the sowing season also encouraged hopes of higher output, along with an estimated 3.8 percent increase in the area under cultivation.

Last year Pakistan planted cotton on 3.13 million hectares and harvested 13 million bales.

Cotton sowing usually starts in April and ends in June, while the harvest normally takes place in June/July in Sindh and September/October in Punjab.

"We expect output per acre would increase to 733 kg compared to this year's 706 kg," Bosan told Reuters.

He said the government had also ensured supplies of certified seed, fertiliser and pesticides, as well as timely distribution of loans to farmers.

A precise estimate of the new harvest would be made in October, but Bosan said the crop would certainly be bigger than the current year because farmers were getting good returns on cotton.

"Returns on cotton are far better then other crops, so we are hoping that the production next year could even exceed our target," he added.

Industry officials said average price of cotton in the domestic market remained at 11,000 rupees per maund (37.25 kg) compared to last year's average price of 900 rupees.

Cotton and textiles account for around two-third of the country's exports and a healthy cotton crop is vital to economic growth prospects, forecast over 7 percent this year.

Pakistan expects domestic consumption of 15 million bales in the season that will begin in July, in line with recent years.

Despite being the world's fourth-largest cotton producer, Pakistan annually imports around 1.5-2.0 million bales of high-grade cotton to meet growing demand from local textile mills.

Bosan said the government planned to give incentives to growers to produce a crop free from contamination, such as dust and dirt, which leads to quality problems.

"We have targeted that at least 10 percent of our cotton next year should be contamination-free, which will help cut imports," he said.

"The government will give additional price incentives to those growers who would respond to our plan."

 

[Neo]

ISLAMABAD (April 06 2006): The United States on Wednesday attributed the economic turnaround in Pakistan to the government's reforms based on deregulation and privatisation.

US Assistant Secretary of State for South and Central Asian Affairs Richard Boucher said this during separate meetings with the Senate Chairman Mohammadmian Soomro and the National Assembly (NA) Speaker Chaudhry Amir Hussain here at the Parliament House.

During the meeting, Soomro and Amir briefed the US senior diplomat about the working of the Parliament and democracy. Boucher lauded the legislation against money laundering and drug-trafficking.

Boucher acknowledged Pakistan's turnaround in economic field, saying that the relations between the two countries were moving in the right direction and their mutual co-operation was improving in different fields.

He hinted that the US could extend legislative support to Pakistan by helping the country to set up a legislative study centre to enhance parliamentary co-operation between the two countries.

Soomro said that Pakistan and US enjoyed strong and special relationship, which would contribute to peace, stability and economic growth at the regional and global levels.

He said the main purpose of the Senate's creation was to ensure equal representation to all the federating units, as the membership of the National Assembly was based on population.

"The Senate aims at promoting national cohesion and harmony among the federating units", he added.

The NA Speaker told the US diplomat that democratic institutions were strong and the masses had been empowered at the grassroots level under the new local government system.

He also apprised Boucher of the Press freedom, empowerment of the woman and protection to minorities.

Chaudhry Amir Hussain pointed out that the opposition was strong and played an important role in the parliamentary process.

Pakistan, he said, abhorred terrorism in all its forms and manifestations and as the US frontline state was playing an appreciable role in the anti-terror war.

He said that majority of Pakistanis was moderate and believed in enlightened moderation. The NA Speaker made it clear to the US diplomat that the government was committed to alleviating poverty and curbing inflation.

Boucher lauded Pakistan's role in the fight against terrorism, saying the US wanted to build long-term and multi-faceted strong relations with Pakistan.

 

[Neo]

Privatisation worth $10-15 billion in next five years: adviser
ISLAMABAD (April 06 2006): Adviser to Prime Minister on Finance, Dr Salman Shah on Wednesday expressed the hope that privatisation worth $10 to $15 billion would be made in next five years.

There is power sector, oil and gas sectors and there are a lot of shares of banking and telecom sectors which would be brought in market gradually, Salman Shah told a private TV channel.

He Said efforts were being made to further deepen the stock markets to ensure better float in them. The expansion of business in stock markets would help attract substantial amount of international portfolio investment, he added.

 

[Neo]

LAHORE (April 06 2006): Educational institutions run by the private sector should provide quality education to a wider cross section of society at affordable fee, said chairman Pak-US Business Council and former president FPCCI, Iftikhar Ali Malik.

Speaking as chief guest at the annual proclamation day of Customs Public School, Gulberg here on Wednesday, Malik urged the private sector educational institutions to keep their tuition fee and other charges at a reasonable and affordable level, so that children from all social strata, including the less privileged, might be able to avail quality education.

He said the future of any nation always depends on the young generation, which must be groomed in all disciplines and fields of knowledge, and excel in modern sciences and technologies to meet future challenges.

The Higher Education Commission of Pakistan (HECP) under the present government is offering record merit scholarships for studies abroad, up to Ph.D level in science subjects, to promote academic excellence in all areas of specialisation.

Malik referred to the various education reforms introduced for the first time in the country's history, and said the government was taking effective measures like the facility of free education, free books and scholarships provided to government school students throughout the Punjab province.

He urged philanthropists and well to do people to supplement the efforts of the government in providing better education to the masses.

Later, Iftikhar Malik awarded prizes, including 10 gold medals to the top achievers in different subjects, and announced a donation of Rs 100,000 for upgradation of the school library.

Dean Customs Public School, Muhammad Aslam presented the annual performance report of the school.

Collector Customs, Lahore, Zaheerud Din, Collector Sales Tax, Nazim Saleem, Additional Collector, Large Taxpayer Unit, Zahid Khokhar, other officials as well as parents of the students were present at the ceremony.

 

[Neo]

Wednesday April 05, 2006 (2353 PST)
ISLAMABAD: Minister for Information Technology, Investment and Privatization Awais Ahmad Khan Leghari Wednesday said Pakistani possessed a good IT talent which if groomed well could take top-niche positions in any global IT player.
He said the ministry of information technology had already spent Rs. 200 million from its research & development to provide 60 scholarships to promising university students to pursue MS and PhD programme abroad while interaction with the local IT industry was also afoot to pinpoint three to four basic-skill areas in which the young IT graduates could be trained and subsequently absorbed in the industry.

The minister was talking to a delegation of Cisco Systems, a US multinational, which is currently visiting Pakistan to recruit six Pakistani computer science graduates to train them for over a year in their graduate training program in Amsterdam. Once trained, these graduates will be part of the global operations of the company.

Earlier the ministry of information technology had been engaged in discussions with Cisco Systems for over a year now, and a Memorandum of Understanding had been signed some months ago between the Pakistan Software Export Board and the company. As a follow up to this agreement, officials of the company are currently interviewing students at the top universities in the country, and the top ten will be flown to Dubai at company expense to be put through a rigorous selection process, after which the successful candidates will be offered jobs within the global corporation.

"This is a clear indication of the skills and talent that we have within the country and I am glad to see that foreign multinationals have also recognized that they can benefit from the training that our Universities are imparting in Pakistan," said Mr Leghari.

He said Pakistan produces over 5000 IT graduates every year, the majority of which find work within the country. The top few are recruited directly into the global IT industry by companies such as Cisco and others, who send teams of recruiters to search for the best talent across the globe. "Conventional wisdom now is that recruitment is not seen as "brain drain", on the contrary we think that these graduates will be able to help Pakistan in the longer term, as they grow in their professional careers and reach positions of responsibility within their respective companies," said the minister.

 

[Neo]

United News of India

New Delhi, April 5, 2006
Russia is interested in becoming an active partner in the Iran-Pakistan-India gas pipeline that would help India to meet its energy needs to a great extent.

The Russian proposal to be a partner in the proposed pipeline project was conveyed by Prime Minister Mikhail Fradikov during his visit here, Russian Ambassador to India Vyacheslav I Trubnikov informed at a seminar on "Indo Russian Relations in New Global Scenario" here on Tuesday evening.

The seminar, was organised by the Unity International Foundation and the Gandhi and Darshan Samiti, was inaugurated by former prime minister IK Gujral.

Russia has recently supplied 60 tonnes of low enriched uranium for the first and second reactor of the Tarapur nuclear plant.

The Ambassador said there was a great potential of cooperation in nuclear and energy sectors and the excellent ties between the two countries could help further consolidate cooperation in the nuclear field.

Gujral in his speech described Russia as a time tested friend, which had always stood by India at the time of crisis. He stressed the need for intensifications of cooperation in energy and fight against terrorism.

Former governor Bhishma Narain Singh also lauded the Russian leadership for their support to India on all critical issues.

Former Foreign Secretary Lalit Mansingh said the relations between India and Russia are not merely based on buying and selling, but have acquired new dimensions in the defence technology and space research.

 

[Neo]

ISLAMABAD (April 07 2006): High inflation rate and widening current account deficit are gray areas that would dip Pakistan's growth rate down to 6.5 percent in 2006, an Asian Development Bank's (ADB) outlook for South Asia released here on Thursday said.

However, the outlook gives better picture of Pakistan's economy in 2007 to again take its growth rate up to 7.3 percent. The outlook indicates that Pakistan grew 8.4 percent in 2005, the fastest rate of growth in the last two decades, but inflation and current account that slipped from surplus to deficit emerged as big challenges for Islamabad.

The outlook adds that tightening of monetary policy is expected to bring inflation down to 8.5 percent this year and to 7.6 percent in 2007. According to the bank, Pakistan's medium-term outlook is favourable for growth in the range of 6-8 percent, assuming continued robust performance in economic management, greater investment to ease infrastructure bottlenecks, continued security and political stability.

The outlook gives encouraging picture of the South Asian countries and expects increase in growth to 7.3 percent by 2007.

INDIA India's growth has averaged more than 8 percent over the last three years driven by broad-based domestic demand and expansive business dynamics. Its GDP is projected to grow by 7.6 percent in 2006 and 7.8 percent in 2007, as consumption and investment demands are slightly held back by price adjustments to reduce domestic petroleum subsidies and somewhat higher interest rates.

AFGHANISTAN Afghanistan continued its solid track record of macroeconomic and structural reforms in 2005 and elections were held without major disruptions. Its growth is projected to remain strong at 11.7 percent in 2006 and 10.6 percent in 2007.

BANGLADESH The GDP growth in Bangladesh has been forecast at 6.5 percent in 2006, reflecting a steady increase in domestic and external demand, with moderation to 6 percent in 2007.

BHUTAN Bhutan has established a record of sustained solid growth based on utilisation of its vast hydropower resources for export, sound policies, and strong support from development partners. Its GDP growth is expected to rise about 2 percentage points each year to 10 percent in 2006 and 12 percent in 2007, as production from the 1,020 megawatt Tala hydropower project is phased online.

MALDIVES The Maldives was hit hard by the 2004 tsunami and its GDP fell to 5.5 percent in 2005. This followed a strong performance in 2004 with robust growth, increasing per capita income and macroeconomic indicators that reflected prudent policies. Its GDP is expected to grow 9 percent in 2006, moderate to 6 percent in 2007.

NEPAL In Nepal, the economy faltered in 2005, reflecting a weather-related decline in paddy production, disruption caused by insurgency, a downturn in tourism and continued weak growth in the industry. Its GDP growth is likely to slow down to 2 percent in 2006 because of poor weather affecting production of both winter and summer crops. The growth is projected to pick up to 3.4 percent in 2007.

SRI LANKA The economic impact of the tsunami on Sri Lanka was muted, despite its devastating human cost. Talks between the government and the Tamil Tigers in February 2006 have improved the overall climate on the status of the cease-fire.

 

[Neo]

Friday, April 07, 2006

LAHORE: The World Bank (WB) has offered $100 million to the Punjab government to improve the irrigation system of the province. The offer was made by a delegation of the bank in its meeting with Punjab Irrigation Minister Amir Sultan Cheema at his office on Thursday.

The bank’s members said that the organisation would launch initiatives to improve Punjab’s canal system, which was the biggest in the world. The money would be spent on improving the efficiency of the irrigation system, projects to save water wastage, national drainage schemes, the regulation of underground water and tube wells, and upgrading irrigation technology, they said. The minister praised the World Bank’s financial and technical support for irrigation projects, saying that the Punjab government had allocated record funds for irrigation.

He said that farmers were being included in Punjab Irrigation Water Regulation Advisory Board

 

[Neo]

ISLAMABAD (April 08 2006): Reconstruction, Rehabilitation Authority (Erra) Chairman Altaf Saleem has expressed the hope that international pledges worth $6.2 billion for reconstruction and rehabilitation in earthquake affected areas would be materialised.

"We believe that we will face no difficulty in getting the amount", the Erra chief told a private television channel in an interview telecast on Friday.

He said the shortage of funds would not restrict the rehabilitation activities, adding that Erra has adopted a strategy under which the projects would be presented before the donors to get the required funds which will ensure efficient and effective utilisation of funds.

He said the seismic zoning report about all the affected areas would be available during the current month. About Muzaffarabad, this report has already been completed and the same has been shared with the AJK government, he said, adding it is up to them now to evolve a strategy regarding the building code.

It is pleasing that 70 percent area in Muzaffarabad has been declared clear and the areas that have been identified in danger zone have sparse population.

Under the basic principle, no construction is made within 750-meter distance of fault line and there will be marginal relocation of the residential place in Muzaffarabad.

To a question, he said the fresh survey of the earthquake damages is being conducted so that damages occurred due to after shocks could also be listed and the affected persons be compensated. Altaf Saleem said the compensation amount for house construction would be paid to all quake-survivors within two months.

He said according to fresh data, there are around 6,004,000 damaged households in quake-affected areas of AJK and NWFP. He hoped the quake survivors would have some sort of shelter other than tents before arrival of next winter.

 

[Neo]

LAHORE (April 08 2006): Punjab Chief Minister Chaudhry Pervaiz Elahi has said that M-3 Industrial City project, over an area of 4,500 acres, in Faisalabad would prove to be a milestone towards accelerating the pace of industrial development in the country.

This project would generate as many as 1 million direct and 3 million indirect job opportunities and an investment of Rs 300 billion would be made in this project.

He was presiding over a briefing meeting of Faisalabad Industrial Development and Management Company (FIDMC) here on Friday, disclosed an official. Khurram Iftikhar, FIDMC Chief Executive, gave the briefing.

Punjab Chief Secretary Salman Siddique, IG Police Zia-ul-Hassan Khan, Faisalabad Industrial Development and Management Company Chairman Mian Muhammad Latif, Faisalabad Industrial Development and Management Company members of Faisalabad Industrial Development and Management Board Musaddaq Zulqernain, Malik Muhammad Anwar, Asim-ul-Haq, Mian Muhammad Hanif, Shahzad Ahmad Sheikh, Chairman P&D Salman Ghani, Senior Member Board of Revenue Safdar Javed Syed, Secretary Industries Javed Majeed, Secretary Labour Hassan Nawaz Tarrar, Secretary Environment Sh. Muhammad Iqbal and Special Secretary Finance Rao Iftikhar Ahmad were present on the occasion.

The Chief Minister said that Value Addition City is in the final stages of completion and the process of construction of roads and provision of gas, electricity, water and other infrastructure is underway expeditiously.

He said that value addition city will generate as many as 100,000 direct and 300,000 indirect job opportunities. He said that chemical, pharmaceutical, textile engineering, cement and other industries would be set up in Value Addition City and M-3 Industrial City.

He also gave approval to installation of combined effluent plant in Faisalabad at a cost of Rs 1 billion. He said that this project would ill help in overcoming environmental pollution and provision of better conditions for industrialisation.

"A model police station besides a police patrolling post would also be established near M-3 Industrial City for security purposes. This project would also promote foreign investment and all out facilities would be extended to Chinese investors for setting up industrial zones," he added.

Earlier, Faisalabad Industrial Development and Management Company Chairman Mian Muhammad Latif said that due to measures taken by the Chief Minister industrial sector is rapidly progressing. He said that Value Addition City and M-3 Industrial City projects are in line with the revolutionary industrial vision of Chief Minister Punjab.

 

[Neo]

RAWALPINDI (April 08 2006): Liberalisation of trade and economy, deregulation measures and improvement in macro economic framework, Pakistan has now emerged as an investment friendly country, said Jalil Ahmed Malik, President Rawalpindi Chamber of Commerce and Industry (RCCI) here on Friday.

He was addressing a seminar as chief guest on "Latest Material Testing Trends" organised by Star Business Systems International. The seminar was also addressed by UK and Germany businessmen John Pillar, Hellefried Kroller and Shahzad Alam, Director PCSIR laboratories.

Lauding the economic reforms of the present government Malik said that these reforms in economic sector have helped country to gain economic stability and opened various vistas of investment. "Economic stability was attained due to the liberalisation of its economy, deregulation measures, improvement in macro-economic indicators and continuity in policies", he added.

"Government offers a level playing field to all investors, local and foreign, in various sectors, including agriculture, tourism, telecom, education, oil and gas with liberal incentives, hassle-free investment environment and economic ratio of profits", President RCCI said adding that Pakistan today was on its way towards economic stability and greater prosperity.

"We achieved the target of 8.2 percent annual growth and crossed the export target of 12.1 billion dollars last year, despite major challenges, such as imposition of 14.1 percent anti-dumping duty on bed linen by the European Union. This year we will cross 18 billion dollars", he said.

Malik said that material testing was no doubt a backbone of quality production process adding that in the era of cut throat competition, manufacturers have to focus each and every aspect of production cycle, further should remain in touch with latest trends and technologies.

He said quality has become such an attribute of the product that without this anybody can even think to throw his product in the market. "Now customer demands beyond Quality. You cannot think that you can sell your low quality product in the market. Quality is the ongoing process of building and sustaining relationships by assessing, anticipating, and fulfilling stated and implied needs of the customer", he added.

 

[Neo]

Saturday April 08, 2006

KARACHI: The growing number of travel agencies catering to specialized needs of this new breed of big-spending tourists and Asia’s burgeoning medical tourism industry, expected to be worth at least $4 billion by 2012, is proving a windfall for the travel and hospitality sector.
This was informed in a report issued by Abacus International here on Friday.

"The lure of low-cost, high quality healthcare in Asia is estimated to be attracting more than 1.3 million tourists a year to the key locations including Thailand, Singapore, India, South Korea and Malaysia," said Abacus International President and CEO Don Birch.

"This is a new breed of travelers, who have particular needs. They are going to these locations for a specific reason, and reports are showing that their daily spend is more than double that of other tourists."

Government research on this rapidly growing business shows a medical tourist spends average $362 a day, compared with the average travelers’ spend of $144.

http://www.paktribune.com/news/index.php?id=140028