Pakistan's Economy - News and Updates

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Canadian HC eyes various sectors as potential areas of cooperation

High Commissioner of Canada Perry John Calderwood has said that Pakistan and Canada have good potential to enhance cooperation in ICT, agriculture, energy, mining and other fields and private sectors of both countries have to play the leading role in exploiting these opportunities.

He said that Canada and Pakistan could complement each other in many areas by sharing expertise and developing partnerships. He said Canada was quite strong in oil & gas, hydro & solar power and Pakistan could benefit from its expertise to improve its energy generation. He was addressing the business community at Islamabad Chamber of Commerce and Industry.

Calderwood said that Canada was an advanced economy and Pakistan could achieve better results by developing close cooperation with it. He said Canada was providing development assistance to Pakistan for women economic empowerment and added that the new development policy of Canada would also benefit Pakistan. He said Pakistan was a potential country for business and investment, but due to security concerns, Canadian investors were avoiding to visit Pakistan. However, he said the security situation was now improving and he was hopeful that it will help Canadian investors to explore Pakistan.

Khalid Iqbal Malik, President Islamabad Chamber of Commerce and Industry, said that Pakistan and Canada enjoyed old friendly relations as they established diplomatic relations in 1947. However, bilateral trade of just over $1 billion in 2015 did not reflect the real potential of both countries. He said that trade in limited items was the main reason of low trade volume and stressed that both countries should focus on trade diversification to improve bilateral trade figure. He said that trade balance was in favor of Canada and it should enhance its imports from Pakistan as many Pakistan products could meet the needs of Canadian customers at affordable cost. He emphasized that Canadian businessmen should benefit from Pakistan’s IT-enabled services in animation and gaming, retail banking and finance, mobile content, document management and call centers.

ICCI President said that many sectors of Pakistan’s economy including oil & gas, infrastructure, power generation, information & communication technologies, mining, agro business, wood sector and science & technology offered great investment potential to Canadian companies and they should explore these sectors. He said Pakistan needed more oil rigs and mining equipment to exploit its vast natural resources and Canada should take benefit of these opportunities.

He said Canadian investors should also explore joint ventures and investment in CPEC projects in Pakistan. He said that Pakistani exporters have to face cumbersome visa formalities for attending trade fairs in Canada while its travel advisories discouraged Canadian businesspeople from visiting Pakistan.

Khalid Malik, Senior Vice President ICCI, welcomed Perry John Calderwood and introduced his profile to the business community. He urged that Canadian authorities should revisit business visa regime and travel advisory for Pakistan to facilitate more bilateral economic engagement between the private sectors of both countries.

http://nation.com.pk/business/19-Ju...om-canadian-expertise-to-up-energy-generation

 

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Pakistan keen to further strengthen its relationship with Russia

Pakistan cherishes its cordial relationship with Russia and is equally committed to promote the same on strong lines, said Governor of Sindh, Muhammad Zubair here on Wednesday.

Talking to the Consul General of Russia, Oleg N Avdeev, in a farewell meeting at the governor house, he said the rampant changes in the geo-political scenario in the world, since 2011, has renewed closeness between the two countries.

Appreciating the Russian C.G. for his role in promoting friendship between the two people, he said this has also led to series of partnerships in the spheres of technology, investment, trade and business.

Establishment of Pakistan Steels and technical assistance extended by Russia for Guddu and Muzaffargarh power plants, over the years, are the most prominent projects that can never be ignored by the people of Pakistan, said the Governor of Sindh.

Muhammad Zubair said Russian investment in the Thar Coal Project is also highly appreciable and that the people of Sindh and Pakistan look forward to more such partnerships.

Mentioning that Karachi, the commercial hub of the country has emerged to be a favorite destination for numerous multinational companies, he said Russia can take advantage of the potential that the city offers.

Consul General Oleg N Avdeev on the occasion expressed his gratitude to the people of Sindh and its capital Karachi for extending him all respect and care.

http://www.brecorder.com/2017/07/19...her-strengthen-its-relationship-with-russian/

 

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Iran-Pakistan $5b Trade Target Optimistic



Pakistan is serious about its preferential and free trade agreement with Iran, in the quest of an elusive exponential increase in exports.

Pakistani policymakers hope for significant jumps in foreign trade, especially exports, as they enter round after round of negotiations with their international trading partners.

A report on the issue, published by Pakistan’s biggest financial daily Business Recorder on Tuesday, follows:

A case in point is the current PTA with Iran whose second phase of negotiations concluded last week. Pakistan and Iran hope to increase their $359 million trade in 2016 to $5 billion by 2021.

In 2004, Pakistan and Iran signed the PTA that came into effect in 2006. As per data from the International Trade Center’s Trade Maps, Pakistan’s bilateral trade with Iran increased from $622 million in 2006 to $1.2 billion in 2009, a 194% jump post-PTA implementation.

Despite the increase in trade, bilateral trade with Iran comprised just 2.5% of Pakistan’s global bilateral trade, with exports to Iran accounting for 1.4% of Pakistan’s total exports. The only significant export to Iran was that of rice with 12% of Pakistan’s exports finding a market in Iran.

In 2011, sanctions were placed on Iran and trade tapered off, not recovering even when they were lifted in 2013. For bilateral trade to increase from the current level to $5 billion in the next four years, the jump needs to be nearly 14 times!

Let us look at the exports to Iran for now. Going through the product lines, the highest potential of increase in trade is of rice exports to Iran. At the peak of Pakistan’s exports in 2009, the top export to Iran was $200 million of rice that constituted nearly 80% of Pakistan’s exports to Iran.

Pakistan produces roughly 700,000 tons of rice annually and is a leading producer of Basmati and non-Basmati rice regionally. While Basmati rice is considered a premium high-end rice, enabling Pakistan to earn more forex, Iran is also a market for non-basmati rice. Since the decline in non-Basmati variety has caused some concerns, the Pakistan-Iran PTA in the works may give it the much needed boost.

Pakistan’s top export in 2016 included $19 million worth of paper and paperboard while rice exports fell to $8.3 million due to the sanctions placed in 2011. On the other hand, Iran’s rice imports from the world stood at $517 million, 97% of which were from India, since India circumvented the sanctions by using a barter model of trade that would not suit Pakistan.

Currently, other than rice, Pakistan has the potential to increase exports of medical instruments, since Pakistan’s current exports to Iran are limited to $780,000 whereas Iran’s imports globally were $147 million in 2016. As Sialkot’s surgical goods industry is one of Pakistan’s success stories, reduction in tariffs of medical instruments should be negotiated to become a part of the PTA.

Another product that Pakistan has potential to export to Iran is cotton fabric. Woven fabrics of cotton are a significant export of Pakistan, but exports to Iran are non-existent, whereas Iran’s imports from the world were $42 million in 2016.

Similarly, there is a long list of Pakistan’s exports that the country is currently not exporting to Iran, but which Iran is importing from other countries. In the past, Pakistan’s exports have been limited to a single top export to Iran but the PTA is an opportunity for Pakistan to increase its basket of exports.

However, if Pakistan insists on putting all its eggs in one basket as it usually does, the PTA is not likely to give a significant increase in exports, much less reach the naively optimistic goal of $5 billion of bilateral trade.

https://financialtribune.com/articles/economy-domestic-economy/68621/iran-pakistan-5b-trade-target-optimistic

 

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Swiss telecom company likely to enter Pakistan

The Global Message Services (GMS) AG, a telecommunication services provider in Switzerland, is likely to enter the Pakistan's telecom market within few months, it is learnt.

In this regard, a delegation of the company led by its president and Chief Executive Officer (CEO) Iurii Makeranko recently visited Pakistan to explore good business opportunities, especially in banks & payment systems sector and held useful business-to-business meetings with various stakeholders in the Pakistan telecom industry.

GMS is a global telecommunications company and network operator which specializes in SMS- and MMS- services, mobile marketing, and business Information Technology (IT) solutions. GMS was founded in 2006, is a GSMA associate member, a licensed telecommunications operator in Ukraine and an approved telecommunication services provider in Switzerland.

Responding to Daily Times, Chief Marketing Officer of GMS, Olga Velgus, said, "During our visit, we had a chance not only to conduct business meetings, but also to savour the culture and hospitality of magnificent country (Pakistan). We returned with a wonderful impression and hope to deepen our knowledge and reinforce the positive impressions in future visits."

However, Velgus refused to share details of meetings citing that due to confidentiality reasons.

"I am unfortunately unable to elaborate on any details of meetings for the time being, other than that I believe the trip was a success."

Velgus, who was part of the delegation, further added that this was an initial relationship-building visit and exploratory in nature.

"My team and I were simply overwhelmed at the friendliness, hospitality and generosity of all those we met in Pakistan. We were made to feel very special and cherished by each and every person. We are eagerly looking forward to our next trip, whenever that might be,"

GMS, through its cutting edge technology and service coverage in 200+ countries, provide receipt and delivery of personal and bulk messages to any destination worldwide in just milliseconds.

According to industry sources, the GMS, is interested to explore business opportunities in Pakistan's banks & payment systems sector as the GMS having expertise in mobile marketing technologies helps the clients to manage customer relationship starting with e.g. registration by SMS or using customized mobile applications under its brand.

GMS is a long-term partner of around 50 of the largest Ukrainian banks offering considerable advantages to these clients through direct interconnections with operators and a technological base by one of the world's leading suppliers: Boost your online business by communicating with your customers via mobile phone.

http://dailytimes.com.pk/business/21-Jul-17/swiss-telecom-company-likely-to-enter-pakistan

 

[Introvert]

UK confirms ambition to increased trade with Pakistan

Additional resources are being invested in helping UK-based companies looking to do business with Pakistan, in line with the UK commitment to increase trade between UK and Pakistan.

A new Deputy Director for Trade was appointed in Islamabad and the trade team has been increased in both Karachi and Lahore, with an ambition to supporting UK-Pakistan trade relations across the length and breadth of the country.

Matt Lister, the new Deputy Director for Trade, said: “I am really excited and honoured to have been appointed Deputy Director for Trade in Pakistan. Working with colleagues in Pakistan and in the UK, my aim is to fulfil the potential for trade between our two countries identified by the International Trade Secretary. My focus will be to help UK companies increase their trade with Pakistan, or to establish a presence in the market here.

“As Britain leaves the EU our aim is to strengthen Pakistan’s access to UK markets. The UK also has an ambition to expand our trade relationships with Pakistan in the future.

Director for Trade and Deputy High Commissioner, Belinda Lewis, said: “During their visits over the past year, the Foreign Secretary, Development Secretary and Home Secretary all talked about the potential for the UK and Pakistan to do more trade together. As Trade Director, I’m delighted to see more British companies winning business here, right across a range of sectors.

“With a shared history and shared future, we are well placed to support the increased prosperity of both our nations. The new (and growing) British trade team in Pakistan will help deliver the huge potential in the Pakistan market.”

Over the past year, UK Government trade services in Pakistan were largely delivered by the British Business Centre (BBC), whose Board decided it should cease operations on 30 June 2017. Going forward, trade support for UK-based companies looking to export goods or services, establish a presence in Pakistan or explore opportunities in the market will be supported directly by Department for International Trade officers and other HMG colleagues in the British High Commission Islamabad, Deputy High Commission in Karachi and by the trade officer in Lahore.

http://www.pakistanchristianpost.com/detail.php?communityid=788

 

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UK working to increase FDI in Pakistan

KARACHI:UK Deputy High Commissioner in Karachi Belinda Lewis has said that her government is working on plans to increase foreign direct investment (FDI) in Pakistan in a sustainable way.

“We plan to have long-term mutual benefits through trade and investments,” she said in an interview with The Express Tribune.

Governments of both Pakistan and the UK are trying to increase bilateral trade, but trade and investment numbers have not reached desired targets.

Currently, bilateral trade is close to $2 billion, which is heavily in favour of Pakistan. The two countries targeted to push trade to $4 billion in 2015, but slowdown in global economy mainly due to record low oil prices hit both economies in recent years.

In 2017, Pakistan has become a $300-billion economy after achieving 5.3% economic growth, the highest in a decade. However, its exports have declined more than 20% from the peak and it desperately needs FDI to create new jobs.

Pakistan received $2.41 billion in FDI in fiscal year 2017, up 5% compared to the previous year, but much lower than the record high of $5.4 billion received in fiscal year 2008.

FDI from leading western economies has been on the decline in Pakistan for the past few years and the UK is no exception. FDI coming from the UK fell to just $69 million in FY17, down 54% from $151 million in the previous year.

Talking about UK’s declining investment in Pakistan, the deputy high commissioner said, “it would be interesting to see if the UK’s FDI is declining generally (in other countries as well) or is it specific to Pakistan. I would be surprised if it would be just Pakistan.”

Despite a slow improvement in bilateral trade, Lewis believes the two countries can increase trade ties due to the inherent potential that has not been tapped yet.

For instance, she said, British companies generally do not know that the situation in terms of regulations has improved in Pakistan and it is easy to do business here than it used to be.

When representatives of British companies come here for the first time, they desire to come again to find out right partners for businesses.

About 120 British companies – many of them world renowned – operate in Pakistan in different sectors like consumer goods, banking, energy, pharmaceutical, education, etc.

Tesco Plc – UK’s largest and world’s third largest retailer in terms of turnover – in February 2017 partnered with Alpha Supermarkets to launch its food and non-food products in Pakistan.

Currently, Tesco is not investing in Pakistan, but its local partners say it may enter the market if its experience goes well.

Lewis believes Tesco can come to Pakistan independently due to its fast growing retail market, growing middle class and the overall size of population.

Speaking about major concerns of UK investors, she said regulations and legal framework came on top when new investors looked towards Pakistan as an investment destination.

“Finding a right partner is also very important, there are some new UK companies that are entering Pakistan because they have partnered with their partners of choice,” she added.

The immediate challenge for both the countries is to maintain the current trade volume in the wake of the UK’s departure from the European Union (EU), also known as Brexit.

The UK has already assured Pakistan that it would provide the same trade benefits that Pakistan currently enjoys under the Generalised System of Preferences (GSP) Plus in the EU.

Within EU, about 25% of Pakistan’s exports go to the UK, so it is a very important market.

“Our first priority is to maintain current trade access to Pakistan after Brexit,” Department for International Trade Deputy Director Trade Matthew Lister commented.

“Once we succeeded in maintaining the current trade volumes, we will enhance our relationship even further.”

https://tribune.com.pk/story/1465025/uk-working-increase-fdi-pakistan/

 

[Turingsage]

Talking about UK’s declining investment in Pakistan, the deputy high commissioner said, “it would be interesting to see if the UK’s FDI is declining generally (in other countries as well) or is it specific to Pakistan. I would be surprised if it would be just Pakistan.”

Not according to the Chamber of British Industry (CBI)

UK strengthens position as largest G20 investor in India – CBI/PwC
The UK has strengthened its position as the single largest G20 investor in India, and supports close to 800,000 jobs, according to the CBI’s second Sterling Assets India report, supported by PwC and the UK India Business Council.

Click here to read Sterling Assets India 2

Between 2000 and 2016, the UK invested $24.07 billion in India – increasing its investment by $1.87 billion between 2015 and 2016 – representing 8% of all foreign direct investment (FDI) into the country. The UK also managed to see off tough competition from Japan to remain the largest of all foreign investors into India after Mauritius and Singapore, and significantly ahead of the USA.

British business interests in India span a broad spectrum, both in terms of firms – with several medium-sized businesses taking their place alongside larger companies to do successful business – and sectors, with India attracting investment from industry to services. The chemicals sector receives the lion’s share of British investment in India at $6.1 billion (25% of UK FDI), followed by drugs and pharmaceuticals at $4.1 billion (17%) and food processing at $3.2 billion (14%).

The top reasons British firms invest in India are the size and growth potential of the market, the easy availability of talented workers and the stable political system.

The UK also remains the largest job creator in India via FDI. Between 2000 and 2016, British FDI created 371,000 jobs – 10% of all jobs created by FDI. The total number of people employed by British companies in India currently stands at 788,000 – representing 5.3%, or one in twenty, of private sector jobs.

Carolyn Fairbairn, CBI Director-General, said:

“It’s really encouraging to see the vibrant economic relationship between India and the UK continues to flourish.

“These figures reflect the thriving commercial links that Britain’s businesses – large and small, and from a whole host of sectors – have built in India, and which the Prime Minister saw on her first visit outside the EU.

“From strengthening the UK’s leading position as the largest G20 investor in India to being the biggest Indian job creator through direct investment, it’s clear the country is a magnet for British firms.

“As UK companies grow, they also create jobs and drive prosperity here at home. So, as new opportunities spring up in India – from its rapid digitisation to more young people wanting to study at the UK’s world leading universities – our firms will be looking to take full advantage. Further reductions in India’s corporate tax rates and improvements to the ease of doing business will see the relationship between India and the UK go from strength to strength.”

Kevin Burrowes, executive board member and head of clients and markets at PwC UK, said:

“India offers excellent opportunities for UK businesses looking to engage in a fast-growing emerging economy. Building ever closer business ties with India will be critical, especially at this current time, given the changing global and European stage.

“It is encouraging to see that confidence among British and Indian business leaders has increased in comparison to last year. According to PwC’s latest CEO Survey, 75% of Indian CEOs are ‘very confident’ about their company’s prospects for revenue growth over the next three years, compared to 41% globally, adding to India’s attraction as a place to invest.”

Rt. Hon. Patricia Hewitt, Chair of the UK India Business Council, said:

“It is great to see the UK solidifying its place as the number one G20 investor and job creator in India through FDI.

“The Indian Government’s efforts to improve the business environment are clearly bearing fruit, and British businesses of all sizes and from across sectors have continued to spread right across this exciting and fast-changing market.

“The bilateral business relationship is certainly strong, and it is important to both economies. The fact that Prime Minister May’s visit to India in November was her first bilateral destination showed how much India matters to the UK.

“Indeed, the findings of this report also show how much the UK matters to India in terms of investment and job creation. As Prime Minister Modi said, the UK and India are an “unbeatable combination”.”

UK investment continues to be spread across India, with significantly more firms choosing to invest in Delhi as of late. Between April 2015 and September 2016, nearly a quarter (22.35%) of British investments went to Delhi. The state of Maharashtra, with the city of Mumbai, attracted the largest share of British investment (($7.47 billion) between 2000 and 2016.

http://www.cbi.org.uk/news/uk-strengthens-position-as-largest-g20-investor-in-india-cbi-pwc/

 

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USAID holds gala to promote Pakistani mangoes

ISLAMABAD: A "Mango Gala" event organized by US Agency for International Development (USAID) was held.

USAID Missional Director Jerry Bisson and Chairman, Pakistan Agricultural Research Council (PARC) Dr. Yusuf Zafar (T.I) Attended the event and paved the way for 13 Mango Farmers to receive Mango Graders worth more than $750,000/- which will greatly increase Pakistan Mango Production and Exports.

Nepalese Ambassador Sew Lamsal Adhikari also attended the event to learn more about the Pakistani Mango Sector. He expressed his great pleasure to attend the event and said that Pakistan is the largest producer and the largest exporter of mango in the world. Its soil and climatic conditions enable production and market supplies of good quality fresh mango. Pakistani mangoes therefore enjoy a prominent position in the international market.

USAID Mission Director Jerry Bission that the U.S Govt. through USAID is determined to increase access to new markets for Pakistani mango farmers, while ensuring compliance with international grading standards and export protocols and want to make Pakistani mangoes as competitive as they can be in the international market.

Chairman, Pakistan Agricultural Research Council (PARC) Dr. Yusuf Zafar (T.I) expressed his appreciation for the generous contribution from the United Stated in supporting this sector of Pakistan's Agriculture Industry.

It is pointed out that USAID launched the U.S Pakistan Partnership for Agricultural Development in 2015 to increase Pakistan's Commercial Agriculture and livestock sectors competitiveness in International and national markets in four product lines: Meat, High Value and off-seasons vegetables, Mangoes and citrus. This partnership acts as a catalyst for development and investment and promotes cooperation among farmers, processers, exporters and buyers of agricultural products from Pakistan. Under the project's grant program, USAID has provided 13 state of the art, custom made, automated mango grades.

These Mango graders are bring utilized for the first time to grade export quality mangoes during 2017 season.

http://dailytimes.com.pk/business/25-Jul-17/usaid-holds-gala-to-promote-pakistani-mangoes

 

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Pakistan, China in rice research tie-up

KARACHI: The scientists of Pakistan and China will join forces to promote collaborative research for producing high yielding and high quality rice varieties, a statement said on Monday.

“Conducting research for the developing new high yielding, disease resistant, and high quality varieties of rice is extremely important for ensuring food security,” said Prof Dr Cheng Shihua, DG China National Rice Research Institute (CNRRI) of Hangzhou, China, in a sitting with Prof Atta-ur-Rahman, at Karachi University (KU). The meeting, which was also attended by Prof Iqbal Choudhary, a rice expert, and Dr Fida Abbasi of Hazara University, was held at Dr Panjwani Center for Molecular Medicine and Drug Research (PCMD) in KU.

Prof Shihua, who is leading the delegation of Chinese scientists, said it was imperative for the researchers of both the countries to compare notes. “We are resolved to promote further collaborative research between the scientists of two countries,” he said while talking to Prof Att-ur-Rahman, the former minister for science and technology. Giving his input, one of the visiting scientists said that China was the largest producer of rice in the world, but Pakistan produced a number of high-quality varieties of rice in the world.

https://www.thenews.com.pk/print/218598-Pakistan-China-in-rice-research-tie-up

 

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Pakistan, Maldives agree to increase bilateral cooperation in diverse fields

ISLAMABAD: Pakistan and Maldives have agreed to increase bilateral cooperation in diverse fields.

Addressing a joint news conference in Male today along with Maldivian President Abdulla Yameen Abdul Gayoom, Prime Minister Nawaz Sharif said both countries are unanimous in combating common challenges.

He said both the countries are unanimous in enhancing cooperation in all areas including trade, education, defence, tourism, and people-to-people contacts.

The prime minister said both the countries share common views to make the South Asian Association for Regional Cooperation a vibrant organization for regional development.

He expressed best wishes for the prosperity and development of the people of Maldives.

Earlier, Muhammad Nawaz Sharif arrived in Maldives on a three-day official visit to the country.

On arrival, he was received by Abdul Gayoom and cabinet members.

Nawaz Sharif will be chief guest at the celebrations of 52nd Independence Day of Maldives being celebrated on Tuesday.

Adviser on Foreign Affairs Sartaj Aziz is accompanying prime minister during the visit.

https://arynews.tv/en/pakistan-maldives-agree-increase-bilateral-cooperation-diverse-fields/

 

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Textile sector to get Rs15 billion under PM’s package by August 14

ISLAMABAD: The National Assembly Standing Committee on Textile Industry on Wednesday emphasised the importance of value addition and promoting and facilitating garment exports in order to enhance the country’s overall shipments.

Members of the committee came up with recommendations in an attempt to offer incentives to the garments industry and its small units, which would help them enhance their value-addition capacity. The move comes at a time when Pakistan’s overall exports have gone down from around $24 billion to around $20 billion per annum over the past few years of which textile exports constituted more than half of the total shipments.

The committee meeting, held at the Ministry of Textile Industry and chaired by MNA Haji Muhammad Akram Ansari, discussed the current situation of textile industry and proposals floated by exporters. Federal Minister for Commerce Engineer Khurram Dastgir Khan insisted that the government was committed to resolving the issues of electricity tariffs and sales tax on a priority basis.

He revealed that Rs15 billion would be given to the textile sector under the prime minister’s trade enhancement package by August 14, 2017.

The minister said the government gave priority to facilitating the textile sector and helping it gain competitiveness in order to enhance the country’s exports.

“We want to revive confidence of the textile sector through the trade enhancement package worth Rs162 billion. We are committed to providing an enabling environment for the sector,” he said.

Committee members underscored the need for protecting the domestic textile industry and enhancing export volumes of the country.

All Pakistan Textile Sizing Industries Association Chairman Mian Zahid Rasheed, while speaking during the meeting, emphasised that the government must support the textile industry for an export-led growth of the national economy.

He pointed out that now the fast widening trade deficit is a big challenge for the country and asked the government to provide facilities for the textile industry. He called for competing effectively in textile trade with regional countries and sought the resolution of genuine woes of the industry.

He also demanded proper implementation of the prime minister’s export enhancement package for facilitating the textile industry.

Compared to regional countries, Rasheed said, member mills of his association were concerned about the high cost of doing business, including the burden of surcharges in electricity bills and levy of taxes on the export-oriented industry.

https://tribune.com.pk/story/1467365/textile-sector-get-rs15-billion-pms-package-august-14/

 

[Introvert]

TURKISH BUSINESS COMMUNITY SHOW GREAT INTEREST IN PAKISTANI MANGOES

The business community in Turkey showed great interest in Pakistani mangoes at a Mango festival organized by the Pakistani Embassy in Ankara.

Speaking at the opening ceremony of the festival, Pakistan's ambassador in Ankara, Sohail Mahmood said they want to popularize Pakistani mangos, and facilitate their availability in Turkish markets.

He said Pakistan was the fifth largest producer of mangos, out of over 100 countries, with a production of 1.8 million tons per year.

http://www.radio.gov.pk/03-Aug-2017...nity-show-great-interest-in-pakistani-mangoes

 

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Japanese companies to double their investments in Pakistan

TOKYO: Ajinomoto Co Inc., a leading food and chemical firm in Japan is keen to increase its investment in Pakistan to capitalise on the demand of halal-certified seasonings, an envoy said.

“Ajinomoto, Pak Suzuki and several other Japanese companies have agreed to double their investments in Pakistan,” newly-appointed Pakistani Ambassador to Japan Asad Majid told The News in an interview.

“We are working to bring more investment from Japan to Pakistan,” Majid said. Ajinomoto’s products are already being marketed in the country through a joint-venture company. Japanese firm holds majority stake in the venture, selling meat-flavored coating and fried chicken seasoning.

Pak Suzuki, which is a subsidiary of Japanese Suzuki, is the biggest automaker in terms of economical passenger cars. Majid said Pakistan’s exports to Japan amounted to $200 million, while Japanese exports to the country stood at $1.8 billion in 2016.

“Pakistan is working hard to reduce this trade gap between the two countries,” he added. The bilateral trade volume is much below the actual potential. Japanese government had also proposed Pakistan to sign a free trade agreement and wanted to extend cooperation in information technology and textile sectors.

Majid said Japan is a biggest manufacturing partner in Pakistan and its companies provide employments to thousands of workers. “Pakistan has a long historical relation with Japan. Some of Japanese banks and trading houses operated in Karachi before the country came into being,” he added. “Japan is running a lot of aid projects in the country as well.”

The ambassador denied the perception that Pakistan was experiencing a cold business relation with Japan. “We just started exports of Pakistani mangoes to Japan and are optimistic that positive results would come in,” he said.

Pakistan’s embassy is trying to bring a delegation of Japanese investors to Pakistan and invite Pakistani manufacturers to visit Japan, which may increase Pakistani exports to Japan, he added.

https://www.thenews.com.pk/print/220590-Ajinomoto-plans-to-double-investment-in-Pakistan-envoy

 

[Introvert]

Pakistan exports surgical good, medical instruments worth $339.19 million

ISLAMABAD, Pakistan: Pakistan exported surgical goods and medical instruments worth US$ 339.19 million during the last fiscal year ended on June 30, 2017 as against the exports of US $ 358.766 million of the corresponding period of last year.

The exports of above mention goods were recorded at US$ 358.766 million during the financial year 2015-16.

According the data of Pakistan Bureau of Statistics, the cutlery exports grew by 2.52 percent and reached at US$ 82.436 million in fiscal year 2016-17 as compared the exports of US$ 80.404 million of same period last year.

Meanwhile, the exports of chemical and pharma products increased by 9.21 percent as chemical and pharm products valuing US $ 878.463 million exported as compared the exports of US $ 804.337 million of same period of last year.

During the period from July-June, 2016-17, about 44,250 metric tons of fertilizers manufactured valuing US$ 10.158 million exported as compared the exports of the same period last year.

During the last financial year ended on June 30, 2017, exports of fertilizers manufactured grew by 100 percent as compared the corresponding period of last year, the data added.

According the data, about 9,029 metric tons of pharmaceutical products worth US$ 212.291 million exported which was up by 3.63 percent against the exports of last year.

The country had earned US$ 204.846 million by exporting about 11,112 metric tons of pharmaceutical products during the year 2015-16, it added.

https://dnd.com.pk/pakistan-exports-surgical-good-medical-instruments-worth-339-19-million/132720

 

[ghazi52]

FY 2018 : Cement industry capacity utilisation to stand at 90 percent.

LAHORE - The capacity utilisation of the cement industry in fiscal year 2017-18 will likely stand at 90 percent versus 87 percent in fiscal year 2016-17. According to industry experts, this utilisation is after incorporating 1.2 million tons of additional combined capacities of Attock Cement and Lucky Cement, coming online in second half of FY18. Even after taking into account DG Khan Cement’s 1.5 million tons of capacity in Second half FY 2018, utilization of the industry will come down to 86 percent. However, this is far off from the levels seen in FY09-FY 2010 when capacity utilization stood at average 75 percent that led to price war among manufacturers.

According to expert, Pakistan cement sales kick start the new fiscal year on a positive note where it is expected that total dispatches would post 32-36 percent growth in Jul 2017. On monthly basis, sale is likely to grow by 13-17 percent. This buoyed sale is due to low base effect owing to fewer working days as a result of Eid holidays in Jul last year.

Local dispatches will post 44-47 percent growth during the outgoing month. Despite lower number of working days last year, no improvement in export dispatches is possible in the backdrop of dull sales to Afghanistan market and manufacturers’ increased domestic concentration as compared to same month last year. Resultant, exports to fall by around 15 percent YoY. Despite recent shuffle in politics, as Supreme Court of Pakistan disqualified former Prime Minister Nawaz Sharif on 28 Jul 2017 on corruption charges and former petroleum minister Shahid Khaqan Abbasi has succeeded the throne, it is believed that local cement sales will remain sanguine in FY 2018.