Despite clinching world-class
projects from bluechip companies around the globe, the Pakistani IT industry remained the
best kept secret until recently. What has put the country on the world IT map is the
listing of Netsol, a fully locally owned company, on the Nasdaq. Netsol has become the
first Pakistani company, and the third in the sub-continent, to get listed on to Nasdaq to
give international exposure not only to itself but also to boost the image of Pakistan as
an upcoming IT prowess.
SBP REPORT
Increase in import bill
due to rising oil prices, stagnant new investment in the private sector and restrained
public sector investment due to budgetary considerations are some of the negative points
indicated by the SBP report.
Upsurge in the Stock Exchange activity, a noticeable pick up in the credit to the
private sector, impressive increase in industrial production and in a number of
agriculture crops have been described as some of the important positive economic
developments.
FURNACE
OIL
While a handful of share
holders are jubiliating over unprecedented 90 per cent final cash dividend declared by
Pakistan State Oil (PSO), the poor masses are being crushed under the ever growing oil
prices causing multiplier effects on general prices whenever they are enhanced in
Pakistan. It is believed that PSO has posted profits for the year 1998-99 at Rs2,617
million because the monopoly it enjoys in the regulated oil market in Pakistan.
MAP SEMINAR
Long-term consistent
economic policies, expeditious privatization, maintenance of law and order and an
effective curb on smuggling were termed prerequisite for industrial development at a
seminar organized by the Management Association of Pakistan.
