Pakistan's Economy - News and Updates

[salman77]

Pakistan forms 15pc of global rice exports

Pakistan is exporting 70 percent of its rice production to various countries and it is 15pc of total world exports of the commodity, said Masood Iqbal, the chairman of Rice Export Association of Pakistan.
Flanked by some rice exporters, he was briefing a delegation of Russian traders and importers at a rice mills here about the produce in Pakistan. Iqbal said that Pakistan is an agricultural country and rice is its third largest agricultural product after cotton and wheat. Pakistan’s rice is exported to a number of countries including Middle East, Europe and America, he said.
Masood also said that REAP was the representative body of 1,500 rice exporters across the four provinces whose collective rice export was of 2 billion dollars in the last four years. “Annual rice production of the country is 6.5 million tonnes out of which approximately 4.5 million tonnes is exported and it is about 70% of total domestic production. Pakistan is 4th largest exporter of rice whose share in international exports is 15%,” he said.
On the occasion, the Russian traders said that rice is important part of Russian food and lion’s share of rice required by their country is imported from Pakistan. The rice imports from Pakistan in 2010-11 were 32,449 metric tonnes; in 2011-12, 34,420 metric tonnes and in 2012-13 were 27,206 metric tonnes, they said. The delegation also witnessed preparation and packaging of rice and quality control units. They vowed to increase rice imports from Pakistan and hoped that Pakistan would not compromise on quality and standard of production. An honorary shield was given to the Russian delegation at mills.

Pakistan forms 15pc of global rice exports

 

[Dubious]

Greece, Pakistan to improve eco relations: envoy

LAHORE: Ambassador of Greece to Pakistan Petros Mavroidis has said Pakistan and Greece need to improve their commercial and economic relations to promote bilateral trade and investment by taking advantage of new business opportunities.
Speaking at Lahore Chamber of Commerce and Industry (LCCI) Petros Mavroidis said cooperation in solar energy, LNG, tourism, agriculture and infrastructure could help strengthen economic relations between the two countries as current annual bilateral trade between Greece and Pakistan was very low that needed to be enhanced by exploring the areas of common interest.
Greece enjoys great experience in the tourism sector therefore Pakistani businessmen should avail this opportunity to create win-win situation for the two countries in shortest possible time.
The geographically and strategically, Greece is situated at very important place and any investment made there could help open up countless business avenues.
President LCCI Sohail Lashari said this was the right time to focus on non-traditional markets, adding frequent exchange of business delegations and establishing direct B2B contacts were the options, which should be used to exploit untapped bilateral trade and investment potential in both countries. He was of the view investment cooperation was another area in which both countries could collaborate for mutual benefits. Information technology, telecommunication, construction, automobile parts, food processing, fisheries, agriculture, hotel industry and real estate offer tremendous opportunities and potential for cooperation.
He said organising of joint cultural shows and frequent exchange of business delegations were the options which could bring people of both the countries closer to each other that would eventually enhance the mutual cooperation between Pakistan and Greece. The mutual trade in terms of value between Greece and Pakistan meagerly averages around $73 million having no significant impact on the volume of trade of the two countries.
Pakistan is in positive balance of trade with its exports to Greece averaging around $56 million and imports from Greece averaging around $18 million. It is required to make concerted efforts to exploit the untapped potential of each other’s markets.
This is not a healthy state of affairs especially when this meager trade is ranging way below even $100 million. A declining trend in exports from Pakistan is depicting and we need to critically review our strategy and come up with a solid plan.
We need to adopt modern and progressive marketing techniques substantiated with properly targeted research activities with result-oriented follow-up.
Greek import profile suggests Pakistan can satisfactorily cater to the requirements of the Greek market sourcing food items and consumer goods including items like frozen meat, dairy products, household electric appliances, fancy furniture and fashion industry etc in addition to more appropriate introduction of internationally renowned Pakistani products like sports goods and variety of textile products.
Both the sides should consider organising trade delegations composed of sector specialists. Chambers of commerce from both countries under the umbrella of the Greek Embassy can coordinate such events more efficiently.
Energy, oil and gas exploration, infrastructure and tourism development are some sectors where Greek investors can earn profits through sector related investments.
Pakistan exports to Greece comprise bed linen, woven cotton fabrics, polymers of styrene, articles of apparel and clothing, oil seeds, footwear, rice and garments, whereas the imports from Greece include cotton, ferrous waste and scrap, lifting machinery, air conditioning machines, preserved fruits and mechanical appliances etc.

Greece, Pakistan to improve eco relations: envoy

Pak, Nepal enjoy bilateral trade ties: envoy

FAISALABAD: Nepal and Pakistan can enhance bilateral trade ties as there is vast potential of tourism in both the courtiers.
This was stated by Ambassador of Nepal in Pakistan Bharat Raj Poudyal while addressing a gathering of business community at Faisalabad Chamber of Commerce and Industry (FCCI) here Thursday.
He emphasized that single country exhibition of Nepalese products should be organized in Pakistan like businessmen of both the countries already organizing exhibition of Pakistani products in Katmandu.
Pakistan is very rich in agriculture sector so agro-based support can be enhanced to Nepal.
He said that its an honor to interact with the vibrant business community of Faisalabad. Nepal and Pakistan enjoy close and friendly relations nurture by friendship cooperation and mutual respect. There exist great potentials for increase volume of trade between two countries.
He urged to enhance bilateral trade by utilizing Finance Minister’s level ‘Joint Economic Commission’ for mutual cooperation.
In welcome address, President FCCI Engineer Suhail Bin Rashid said that Nepal and Pakistan has enjoyed diplomatic and bilateral relations over a period of half century. Since then both the countries have sought to expand trade, strategic and military cooperation.

Pak, Nepal enjoy bilateral trade ties: envoy

'US supporting sustained research in Pakistan’

ISLAMABAD - Findings of the US government-sponsored programme Pakistan Strategy Support Programme (PSSP) were featured in a two-day conference that commenced here on Tuesday. The PSSP programme, supported by the United States Government through the United States Agency for International Development (USAID), serves to promote economic growth and development in Pakistan.
“The United States is supporting vibrant and sustained research and development efforts in Pakistan. The U.S. and Pakistan joint efforts in the field of agriculture and economic growth will contribute to a stronger, brighter future for Pakistan,” said USAID’s Mission Director Gregory Gottlieb during his address at the event. “We look forward to our continued partnership with the Planning Commission and the Government of Pakistan as they chart this path to prosperity,” he added.
The United States strongly supports Pakistani researchers and the Government of Pakistan to make evidence-based policy reforms that address rural poverty. Professor Ahsan Iqbal, Federal Minister for Planning, Development and Reforms and Deputy Chairman of the Planning Commission, said that Pakistan must embrace a research-based policy to transform agriculture, enhance the rural economy, and ensure food and water security. “We need to improve research-based policy analysis, build capacity, and create networks of select government and non-governmental researchers and policy analysts, and then share results among diverse stakeholders,” he added.
The PSSP is one of many joint Pakistan and the United States initiatives to reduce poverty and increase workers’ incomes. Other examples in Pakistan’s agricultural sector include expanding irrigation by 200,000 acres to spur farming near the Gomal Zam and Satpara dams, and increasing the incomes of 250,000 farmers and female agricultural workers through training and increased access to market networks, allowing them to earn more for the crops they grow.

‘US supporting sustained research in Pakistan’

 

[salman77]

1,000 new utility stores to be set up across the country.

Utility Stores Corporation (USC) has decided to establish 30 new warehouses and 1,000 new utility stores across the country.

In this regard, under the directive of the government, USC to initiate work on the project aimed at facilitating the people living in far flung areas of the country with affordable edible items.

In the compliance with decision of the government, the corporation has submitted a proposal for opening of 1,000 new stores and establishment of 30 new ware houses, said USC Managing Director Khaqan Murtaza.

He said according to the proposal of the USC will open 400 stores and 14 warehouses in Punjab, while 250 stores and seven warehouses would be opened in Sindh.

Murtaza said that USC also established 100 stores and three warehouses in Balochistan province, adding that while in Azad Kashmir, 25 stores, one warehouse and 25 stores and one warehouse was also part of proposal for northern areas. He also confirmed that USC will also be established 200 stores and four warehouses in Khyber Pakhtunkhwa province.

Appreciating the role of Cooperation as a price moderator, the government has directed for expansion of the USC, he added.

1,000 new utility stores to be set up | Pakistan Today

 

[salman77]

Textile Ministry to train cotton growers for maximizing GSP+ benefits

Monday, February 03, 2014 - Islamabad—Ministry of Textile Industry will train cotton growers for harnessing the full potential of Generalized Scheme of Preference Plus (GSP Plus), granted by European Union to Pakistan for free market access to its textile products in EU markets.

The Ministry will start training programmes in electronic media to provide training to the farmers living in far flung and remote areas of the country to introduce them with modern technologies of cultivations and crop management, said Cotton Commissioner in Ministry of Textile Industry, Dr Khalid Abdullah.

Talking to APP, he said that in this regard the Ministry of Textile industry was negotiating with Radio Pakistan and PEMRA to initiate training programmes from FM radio stations to educate and equip the farmers with latest information about cotton crop cultivation.

Besides this, he said that the government in collaboration with the research stations will also provide first-hand training to cotton growers technology transfer, pest and crop management to enhance crop output in the country.

Dr Abdullah further said that Federal Government in collaboration with the provincial agriculture departments had started programme on “Clean Cotton Picking” and trained about 2,700 female trainers to introduce the farmers with clean cotton picking mechanism to enhance the prices of their produces.

He informed that the programme was further extended for one more year to train more staff for the training and avoiding the cotton crop from different pollution which minimize the prices of the cotton crop in local as well as international markets.

The Cotton Commissioner said that after getting the GSP Plus status, demand of cotton is expected to increase by 28 percent which will also enhance the area under crop cultivation in the country.

In this regard, he said that all other departments including seed certification, bio-safety were also directed to work closely to fulfill the domestic requirements of seeds and pesticides to increase per acre crop production in the country.

He said that final targets of the crop would be fixed in the meeting of Federal Cotton Committee who is scheduled to met in the second week next month. Dr Abdullah further said that Federal Government in collaboration with the provincial agriculture departments had started programme on “Clean Cotton Picking” and trained about 2,700 female trainers to introduce the farmers with clean cotton picking mechanism to enhance the prices of their produces.

Besides setting the production targets of cotton crop,the FCC will also take stock of availability of other inputs including water, seeds, fertilizers, pesticides, weather conditions and credit availability during the crop sowing season.

Textile Ministry to train cotton growers for maximizing GSP+ benefits

 

[salman77]

Canada is ready to help Pakistan develop agri sector
ISLAMABAD, Feb 3 (APP): Canadian High Commissioner Greg Giokas, during his recent three-day visit to Karachi, held extensive discussion with Sindh Chief Minister Syed Qaim Ali Shah and experts to mull over ways to improve Pakistan’s agriculture. During his separate meetings with the chief minister, agricultural and social leaders, Greg expressed his country’s desire to share expertise in economic development with special emphasis on providing technical know-how to Pakistan’s agriculture sector, said a statement issued by Canadian embassy here on Monday.
He said Canadian agriculture exports now exceeded to $47billion “as a result of comprehensive policy development, private investment and meaningful consultation with sectoral stakeholders, “A key element of Canada’s agricultural success has been its willingness to explore new markets, including opening up trade relations with large competitors, and ensuring a business-friendly investment climate,” he said.
Greg Giokas said Canada and many friends of Pakistan wished only for its increased economic prosperity and stability.
The agriculture sector could be a strong pillar for economic Pakistan’s development and its excellent agriculture sector “is well positioned to be a leader in economic development in the region.
There is every reason for Pakistan to succeed,” he added

Associated Press Of Pakistan ( Pakistan's Premier NEWS Agency ) - Canada is ready to help Pakistan develop agri sector

 

[salman77]

4,000 orange fruit containers exported

KARACHI: The former chairman and spokesman of All Pakistan Fruit & Vegetable Exporters, Importers and Merchant Association (PFVA) said on Monday that the export of orange fruit was on full swing to the global markets as 4,000 containers worth USD $88.90 million had been exported, while possibility of export of potato to Russia during current week had also been brightened.
Wahid further said that the export volume of orange fruit to Russia had been restricted to 30% as compared to last year and the exporters were facing huge financial losses despite availability of good quality of Moroccan's oranges. The Russian market has been flooded with Pakistani oranges amid low price offered by this market. On other hand, a ban on import by Iran has further mutilated problems of the exporters.

Sharing good news, he stated that due to an increased demand of Pakistani potato in Gulf, Sri Lanka, Far-East, the export of potato had now reached 65,000 tons and out of the total production of 50 million ton, an additional three million ton was expected to be exported.

Chance of withdrawal of ban by Russian Quarantine on import of Pakistani potato was quite fair and it was strongly anticipated that the export of potato to Russia would commence in the current week, he further added.

The price of potato in local market is thrice of last year since it is being exported via land to Russia through Afghanistan, Iran and Iraq, and if price of potato is reduced locally, then 50,000 tons are expected to be exported to Russia, he further stated.

Despite low price of potato from India & Bangladesh, we are still striving hard to achieve export target of potato this year, Wahid said.

4,000 orange fruit containers exported

 

[salman77]

Pakistan, Oman firms finalise joint venture accord


LAHORE: Due to the efforts of Punjab Board of Investment and Trade (PBIT), a joint venture agreement has been finalised between a Pakistani and Omani trading firm.
This agreement has been signed between Green Spring Fruits, a Pakistani SME which manufactures value added products from fruits such as fruit leather and fruit pulp etc and Al Kharusi Trading, Oman.
According to the agreement, Green Spring Fruits will supply its products to the Omani firm. It is worth mentioning that PBIT sent a delegation comprising of businessmen from the food and agriculture sector to World Trade Bridge Summit 2013 in Istanbul. The delegation also comprised businessmen from Green Spring Fruits.
Turkey hosted international business summit, the 19th World Trade Bridge 2013, organised by the Turkish Confederation of Businessmen and Industrialists in Istanbul. Turkey-World Trade Bridge 2013 had a sectoral focus and covered sectors of food, agriculture, fast moving consumer goods and related machinery.

Pakistan, Oman firms finalise joint venture accord

 

[Devil Soul]

Pakistan forex reserves rise to $8.017 billion
REUTERS
Published 2014-02-07 19:50:45
KARACHI: Pakistan's foreign exchange reserves rose to $8.017 billion in the week ending January 31compared to $7.994 billion in the previous week, the central bank said.

Remittances from Pakistanis abroad rose 9.46 per cent to $7.8 billion in the July-December first half the 2013/14 fiscal year, from $7.11 billion in the same period last year.

The fiscal year runs from July to June.

 

[salman77]

Nigerian market has huge potential for Pakistani products: Danladi

Saturday, February 08, 2014 - Lahore—The Nigerian High Commissioner in Islamabad Dauda Danladi has said that Nigerian market has huge potential for Pakistan Rice, Textile products, Pharmaceuticals and Agricultural machinery including tractors, therefore Pakistani businessmen should avail opportunities in these areas. The High Commissioner was speaking at the Lahore Chamber of Commerce and Industry on Friday. LCCI President Engineer Sohail Lashari presented address of welcome while Chairman LCCI Committee for Pakistan-Africa Trade Promotion Zafar Mehmood, LCCI former Executive Committee Member Rehmatullah Javaid also spoke on the occasion.

The High Commissioner said that the President of Pakistan and the Chief Minister Punjab had promised to take business delegations to Nigeria that would pave way for frequent business exchanges between the two countries. Mr Dauda Danladi said that Chief Minister Punjab had formed a committee to finalise modalities for a high-powered visit to Nigeria. The High Commissioner expressed the optimism that the trade between Pakistan and Nigeria would get a new boost as both sides were planning to sign various trade-related agreements including Preferential Trade Agreement very soon.

Speaking on the occasion, the LCCI President Engineer Sohail Lashari said that Pakistan’s business community was well aware of the market size of Africa and Nigeria could serve to be the best destination to exploit the potential. The LCCI President said that the continuity of organizing Africa Show every year in Lahore is a clear sign of LCCI’s commitment towards bridging the gaps and upsizing the current level of two way trade. Engineer Sohail Lashari said that it is encouraging to note that Nigeria is one of the major member states of African Union and classified as an emerging market rapidly approaching to middle income status.

“By way of having good banking network and stock exchange, Nigeria seems fully poised to lead the acceleration of Africa’s economic development.” He said that the joint efforts in the form of organizing Africa Show on regular basis from the last three years or so have started paying off.

Nigerian market has huge potential for Pakistani products: Danladi

 

[salman77]

Berlin finds Pakistani fruits to be sweet

As many as 13 Pakistani companies participated in the world’s leading international fresh produce trade fair Fruit Logistica-2014 in Berlin, Germany which ended on Saturday.

The Pakistani exhibitors were optimistic of substantial increase in export of fresh produce from Pakistan as they made good contacts with the international buyers of fruit and vegetable products.

Buyers from Russia showed keen interest in Pakistani potatoes whereas Pakistani mangoes have also made inroads into EU market with increase in shelf life through better processing technology and other corrective measures, says a message received here from Pakistan Embassy in Berlin.

About 2,566 including 2,311 foreign exhibitors from 84 countries presented a comprehensive overview of all levels of fruit and vegetable production and marketing and more than 58,000 trade visitors from 130 countries, besides a large number of general public/end consumers visited the venue.

Earlier, Pakistan Ambassador to Germany Abdul Basit visited Pakistan pavilion along with commercial counsellor Dr Erfa Iqbal and met Pakistani exhibitors. He also held a meeting with the delegation of mango growers and exporters of Pakistan, who put up their stalls under the umbrella of UNIDO and the USAID.

Both the organisations are running projects of increasing income through improvement of quality and better yield and generating additional employments in the major mango-growing areas of south Punjab and northern Sindh.

The ambassador said that the world’s leading trade fair provided great opportunity for promotion, development and marketing of fresh fruit and vegetable products. He emphasized the need of intensive interaction between farmers and exporters to up-grade the quality and increase yield of fresh products.

Berlin finds Pakistani fruits to be sweet | Pakistan Today

 

[salman77]

Pakistan invites Saudi telecom companies to 3G auction

Pakistan’s Telecommunication Authority (PTA) has extended an invitation to Saudi telecom companies and entrepreneurs to participate in the auction of 3G telecommunication licenses, which is expected to be held in March 2014. Pakistan expects to earn an estimated $2 billion with the auction of these licenses.
Syed Ismail Shah, chairman of PTA, recently extended the invitation in his meeting with Abdulaziz A. Alsugair, chairman of the board of Saudi Telecom Company (STC). Commercial Attaché of the Pakistani Embassy, Waseem Hayat Bajwa was also present.
Norwegian telecom conglomerate Telenor, China Mobile and Pakistan-based Mobilink have already shown interest in bidding for the 3G licenses.
Highlighting the opportunities, the PTA chief mentioned that Pakistan has an untapped data market, with less than two percent penetration that can be captured by new companies who obtain the 3G spectrum.
He said: “The government is considering not only to auction spectrum in the 1900/2100 MHz range but also in the 1800 MHz band for deployment of long term evolution (LTE) in the country, thus making it a very attractive option for investors.”
The STC chairman showed his enthusiasm in the upcoming auction, acknowledging that statistics pertaining to opportunities in Pakistan were highly attractive. He also appreciated the efforts being undertaken by Pakistan and agreed to continue the dialogue with PTA.
According to reports, Pakistan’s mobile sector has been increased with more than 129 million mobile subscribers as compared to 13 million in 2005.
The total tele-density is climbing up to around 75 percent with the widespread use of smart phones, while the launch of 3G and LTE services is expected to result in exponential growth in broadband subscribers in Pakistan.

Pakistan invites Saudi telecom companies to 3G auction | Arab News — Saudi Arabia News, Middle East News, Opinion, Economy and more.

 

[Chak Bamu]

@salman77, I really appreciate your posting of news in this thread. That is how it should be, instead of opening threads like:

(OMG) Pakistan's reserves Fall (rise) to xyz B $
xyz project for 2.2 MW started test run
xyz country interested in investing in Pakistan
xyz politician expressed hope that abc project would be completed in 123 time frame with only 789 Rupees

You may feel that others get more attention because they open threads faster than breeding Bunnies on Viagra. But I am sure there are others who appreciate your correct approach.

 

[salman77]

Pakistan cotton yarn exports crosses $1 billion mark first half of FY14

Despite some decline in overall exports of Pakistan cotton yarn, it still is in the one-billion-dollar club. During the first half of this fiscal year, with stiff competition going on in the world markets, Pakistan cotton yarn exports managed to cross one billion dollar mark. Exporters told Business Recorder on Friday that there are only four sectors, with a turnover of over $1 billion during the first half of this fiscal year and cotton yarn is one of them.
According to official statistics, Pakistan exported cotton yarn worth $1.072 billion during the first half of FY14 compared to $1.1 billion in the corresponding period of last fiscal year, depicting a slight decline of $34 million or 3 percent. Month-on-month basis, cotton yarn exports presented some improvement and posted an increase of 35 percent. With current surge, cotton yarn exports reached $178 million in December 2013 up from $132 million in November 2013, showing a rise of $46 million.
China is one of the world’s largest buyers of cotton yarn. Presently, there is some slowdown in the Chinese market, which resulted in a slight decline in the export of the commodity during the first half; however Pakistan’s cotton yarn exports are likely to increase in coming years.
As China is the major buyer of Pakistan’s cotton yarn and approximately some 80-95 percent of the commodity is being supplied to neighbouring country, said Yasin Siddik, Chairman All Pakistan Textile Mills Association (APTMA). India is stands as their major competitor and one of the leading exporting countries of cotton yarn as it gets government subsidy. Presently, India has adopted an aggressive marketing strategy to capture the world market.
The major reasons for slow growth in Pakistan is the high cost of doing business followed by rising power rates, labour wages, and gas crisis. However, he said, it is good that the overall textile exports are gradually increasing; and these have posted an increase of 8 percent in the first half of this fiscal year.
For the last few years, they are insisting on a level playing field that could help cotton yarn exporters to compete in the world market. The Pakistan government is also being urged to support the textile sector particularly textile mills and remove hurdles such as sales tax and higher power tariff to see Pakistan cotton industry grow over the years.

Pakistan cotton yarn exports crosses $1 billion mark first half of FY14

 

[avrilcory]

These events provide an opportunity to put the country’s economy on the right track and enable it to overcome stiff challenges of persistent energy. he economy has shown itself to be much more resilient than many people would like to admit. With necessary structural reforms, Pakistan has all the potential to rise above its current low growth trap shortages.

Thanking You
Latest News

 

[salman77]

Russia lifts ban on Pakistani agricultural products

ISLAMABAD: The Russians Federation Service of Sanitary and Phytosanitary has lifted the ban on Pakistani food products from February 24, said a notification of the service issued in Moscow.
It may be noted that the Embassy of Pakistan in Moscow made consistent efforts for removal of the blanket ban on all Pakistani agricultural products by Russian Federal Service 'Rosselkhoznadzor' since September 30, 2013, in view of unsatisfactory compliance of sanitary rules and procedures by Pakistani exporters, a message received here Tuesday from Moscow said.
In this connection, embassy officials held several meetings with the head of 'Rosselkhoznadzor', Dankvert Sergey Alexeevich for the removal of ban from all Pakistani agricultural products. As a result of these meetings, the partial lifting of the ban had been agreed upon as a first step and the import of the citrus allowed forthwith by the Russian side.
This partial lifting at the start of citrus season was not only unprecedented but very beneficial for Pakistani exporters who annually export citrus worth $20 million to Russia.
In his regard, a delegation of Russian Federal Service for veterinary and Phytosanitary Surveillance visited Pakistan in the 3rd week of January, 2014 to resolve all the issues related to the import of Pakistani agricultural products to Russian Federation and to enhance collaboration between the two countries in this field.
In a related development the Phytosanitary Surveillance informed the Ministry of National Food Security and Research, Government of Pakistan regarding its decision of lifting the temporary restriction on all plant products of high phytosanitary risk from Pakistan except potato from February 24, 2014.
It is hoped that the ban on potato import will be soon lifted as the embassy is actively engaged with the Russian authorities to resolve the issue.

Russia lifts ban on Pakistani agricultural products