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May 01 - 07, 2000

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

Raw cotton grading can fetch $2bn

In the absence of grading and standardization of raw cotton the country is losing over $2 billion in foreign exchange on export of poor quality cotton, yarn and textile made-ups. "Once we adopt standardization system the price of Pakistani cotton in the world market would rise between 5 to 7 cents per pound," observed deputy secretary ministry of food, agriculture and livestock (MINFAL) Mr Ziauddin here on Thursday.

Speaking as chief guest at certificates awarding ceremony of 16th cotton selectors course organized by Pakistan Cotton Standards Institute, he said, that it was strongly felt that the future gains in cotton production were possible through vertical expansion and quality control.

After analyzing the present cotton pricing and marketing system, he said, it was found out that the main problem area in the system was deficiency in quality management. Independent assessments also revealed, he pointed out, that it might be difficult to upgrade Pakistani textile products if the quality of raw cotton remained as it was now.

He said that cotton standardization programme was in fact highly desirable in view of the growing competition and for ensuring credibility in the world market. Consequently, introduction of scientific and internationally recognized cotton grading and standardization system would help in improving the image of Pakistani cotton in the world and local market, he added.

Mr Ziauddin who attended the ceremony on behalf of secretary MINFAL, Dr Zafar Altaf who could not come due to preoccupation in Islamabad, said that local textile industry would benefit the most from the application of grading and standardization system as it would provide the spinners with graded and technically classified lint cotton. This would also cut losses during processing and reduce cost through the provision of clean, graded and uniform lint cotton, he maintained.

NetSol Internet services

NetSol International, Inc., first Pakistani company listed at the Nasdaq, is launching nationwide Internet services in Pakistan through its wholly-owned subsidy eReady, according to a press release.

With the brand name of NetSolCONNECT's. eReady plans to commence its operation in Karachi from June 2000 and expects to develop the same ISP infrastructure in another seven cities of Pakistan, the company's chief executive Naeem Ghauri said.

"We believe NetSolCONNECT will offer Pakistan superior technology and Internet services. Using an aggregate connection close to 6 megabytes and scaling to 48 megabytes, eReady's first phase will provide a network that we believe will be 20 times faster than the competition," Naeem said.

NetSol is the first Pakistan and third regional company listed at the Nasdaq with market capitalization of $ 500 million. It specializes in creating eBusiness and web-based solutions for blue-chip customers worldwide.

Economic ties with Greece

There exists great scope of expanding economic relations between Greece and Pakistan to the benefit of both the countries.

This was stated by the leader of visiting 7-member Greek businessmen delegation Mr. Minos Kyriakou during a meeting with the Acting Secretary Board of Investment, Mr. Ahmad Shamsul Huda here on Saturday.

Tea processing project revived

The federal government has decided to revive the dormant black tea processing plant project at Mansehra and has approved release of Rs32 million for its execution.

The ministry of food, agriculture and livestock will be the executing agency of this project. A foreign exchange component of Rs10 million has also been earmarked for the project.

Tax-free zone for e-commerce

Managing Director, Social Process Development Centre, Dr. Hafiz Pasha has said that setting up of tax free zone has become most important for the promotion of e-commerce if Pakistan is interested to increase its exports.

Addressing a 2-day seminar on e-commerce at the IBA, he said the country has the ability to move into the era of electronic trade, but there is a need for a regulatory system and awareness in the general public.

According to an IBA's release, he said the issue of e-commerce has come up in a big way that is why most of the countries have no option but to move on e-commerce.

PTCL messaging service

After launching messaging service from Islamabad, Rawalpindi and Peshawar, the Pakistan Telecommunication Company Limited (PTCL) as a part of its expansion programme is set to introduce the messaging service in Karachi, Hyderabad and Quetta. This was stated by the Director General (operations) South Karachi, Irfan Ali Khan.

Drought resistant crop

Minister for Food and Agriculture, Dr. Shafqat Jamote has asked the scientists to develop drought and heat resistant varieties to meet the challenge of water shortage.

Underlining the present water shortage across the globe, in general, and Pakistan, in particular, Dr. Jamote also asked them to work out water requirement for each and every newly developed variety for future planning.