demand for PSF is expected to remain strong in near future due to conversion of more
spinning units from production of 100 per cent cotton yarn to blended yarn. At present the
average capacity utilization of PSF industry is close to the designed capacity and there
is an urgent need to enhance this. Ibrahim Fibres has the potential and plans to expand.
The enhanced capacity is expected to come on line in the third quarter of the year 2002.
SBP has allowed foreign portfolio investors to remit funds outside
Pakistan without its prior approval with effect from March 30. Leading players at Karachi
Stock Exchange have described the decision, as it would send a positive signal to
international investors. Since Pakistan has plans to go into privatization of public
sector entities, incentives in the financial sector are needed to be competitive to
attract foreign investment in a big way.
Doha Bank Limited is expanding its operations in Pakistan. So far,
the bank was facilitating financing facilities only to export business including textiles
and fresh fruits. With the change of policy by the principal office, the bank will go into
project financing for small and medium enterprises. A formal policy announcement in this
respect is likely to be made public on the arrival of Sheikh Fahad Bin Mohammad Bin Jabor
Al Thani, Chairman, Doha Bank who is to visit Pakistan shortly.
Pakistan exported $ 91 million worth of sea-food during the first
eight months of the current fiscal ended February 29. The 15 per cent increase in the
sea-food export earnings over the corresponding period last year will help cross the $ 120
million in 1998-99. Tackling the environmental and hygienic issues to the staisfaction of
the US and EU, the two major export markets, is expected to restrictions-free shipments in
the years to come.