Karachi Expo Centre of Export Promotion Bureau (EPB) will be ready by
the middle of April 2000.
This was announced at the meeting of the Board of Administrators of
Export Market Development Fund met on Thursday under the chairmanship of Minister for
Commerce Razzak Dawood who also took various other decisions.
PSMA to lift cane at Rs35 per 40kg
The Pakistan Sugar Mills Association (Punjab Zone) said here on
Wednesday that no sugar mill in the province was in a position to lift sugarcane from
growers at more than Rs35 per 40 kg.
It slated some farmers' organizations for artificially raising
sugarcane rate to Rs50 saying that mills could not be trapped in their ploy.
Trade gap to be discussed with IMF
Pakistan has lost about $1.1 billion in its external trade during the
last seven months alone due to adverse trade conditions and the issue will be taken up
with the International Monetary Fund (IMF), top official sources told.
To reduce the current account deficit to a reasonable level was one of
the conditionality of $1.6 billion Enhanced Structural Adjustment Facility (ESAF). Now the
government has decided to seek another strong development programme from the Fund related
to poverty alleviation, current account deficit mainly to figure in negotiations.
Pakistan to export tractors, rice to Iraq
Pakistan will export 2,000 tractors to Iraq to help develop mechanised
agriculture in the country. In addition to this Pakistan will also supply 25,000 tonnes of
This was revealed by Tariq Ikram, minister of state and chairman of the
Export Promotion Bureau (EPB), at a dinner hosted by Javed Chinoy, chairman, Prgmea, in
honour of the visiting Asean delegation at a local hotel on Tuesday.
He told the select gathering of Pakistani and Asean businessmen that
the export orders were secured during a visit to Baghdad recently by a high-level
Pakistani delegation led by Abdul Razak Dawood, Minister of Commerce, Industry and
The EPB chairman said that inspite of tremendous trade opportunities
between Pakistan and Asean the amount of joint trade is only 10 million dollars, which is
negligible. "As a marketing and sale executive, I am fully aware that trade could
only be developed with frequent exchange of visits among the two regions and cordial
relations and trust lead to signing of business deals.
Tariq Ikram said that to boost exports Pakistan would have to resort to
aggressive marketing and market oriented policies taking in view of our competitive edge.
Both the government and exporters will have to work together in harmony.
He said that interaction with the Asean delegation in last two days had
proved an eye opener for him. Business opportunities between Pakistan and the Asean region
had been identified during meetings with the visiting Asean delegation and now the main
issue was how quickly and effectively we could exploit these opportunities.
Potential exists to grow trade with ASEAN
Chairman ASEAN-Pakistan Business Council and Honorary Secretary General
ASEAN Chamber of Commerce and Industry, Syed Amin Aljeffri has expressed confidence that
with mutual efforts, trade and economic relations of Pakistan with ASEAN countries could
He was speaking at the inauguration of the first meeting of
ASEAN-Pakistan Joint Business Council (APJBC) on Monday at the Federation House
He said that there were many opportunities for business cooperation
between ASEAN and Pakistan, adding that the recent financial crisis in Asia has
underscored the importance of joint efforts and strategic partnerships for formulation of
effective policies. These policies, he said, can help our economies face or mitigate the
effects of future financial and economic uncertainties.
Plans on anvil to export 0.lm tons of urea
Pakistan intends to export 0.1m ton of urea fertilizer during the year
2000 following a surplus production of 0.554m tons in the country.
Sources said, the urea export will be done by the private sector, but
the modalities for the export will be worked out by an interministerial standing committee
in the ministry of Industries & Production.
Trade deficit with Malaysia
Pakistan suffered a huge deficit of $600 million in trade with Malaysia
during 1998-99, mainly due to heavy imports of edible oil, it was learnt.
The country's exports to Malaysia in the last fiscal year remained as
low as $33 million, but imports amounted to $633 million, resulting in the big trade
imbalance for Pakistan.
Only Pakistan's rice exports to Malaysia touched the double digit in
value (in million dollars) and the commodity fetched $12.274 million in 1998-99, while the
quantum of exports of other products to the said destination was very disappointing.
10 pc increase in power tariff likely
With the recent 15 percent hike in the furnace oil prices, Wapda and
KESC are likely to announce 10 percent increase in electricity bills.
"The recent 15 percent increase in furnace oil prices has pushed
both Wapda and KESC in a tight corner and there seems no way out except an increase in
power tariff," an analysts on power sector said.
Sources confirmed that Wapda had already approached the National
Electric Power Regulator Authority (Nepra) and the federal governnment for 10 percent
increase in the tariff.
Shipping lines raise freight charges
Major shipping lines providing container service from Pakistan to
European continent has decided to raise freight charges from April 1, 2000.
This is going to be a second increase in a period of four months
wherein all the member shipping lines of IPBC will be charging $300 more on 40 feet
container and $150 on 20 feet container.