June 11 -
Country likely to earn $9.16 billion in exports
The country's exports during first 11 months of the present
fiscal totalled around $8.25 billion as against $7.69 billion, during the
corresponding period of last year, showing an increase of 7.2 per cent or $1.2
Minister for Commerce, Industries and Production, Abdul Razak
Dawood while giving the details at a press conference on Thursday, expressed his
confidence that the country will realize around $9.16 billion of exports this
year, coming close to budgetary target of $9.2 billion. He, however, added that
as per the target of $10 billion set by himself, the country has achieved around
92% of that target.
The minister said, the crossing of $9 billion mark in exports
will be a record in the history of country. The exports in the month of May, the
minister informed, amounted to $793 million showing over 93 per cent achievement
against the target. The exports of $793.1 million in May are also up by 7.8 per
cent and 4.4 per cent when compared to previous month and the corresponding
month of last fiscal, respectively.
The minister underlined global slowdown with less industrial
activity and fall in commodity prices as the major factors of not exactly
meeting the exports target. "We have lost at least $100 million due to fall
of commodity prices in terms of rice exports." Razak Dawood said, the
country registered 30 per cent increase in rice exports in terms of quantity
this year, but 3 per cent decrease in value terms, adding, "we have
exported all of irri-6 and irri-9 this year, and the new crop will have no
The minister in response to a question informed the newsmen
that the Trade Policy for 2001-2002 will be announced on June 29. Dawood said,
in the backdrop of Chinese Premier's recent visit to Pakistan we are hopeful of
having enhanced bilateral trade with China, adding, a Chinese delegation is
coming here in this respect. To a question, he said, polyester fibre and grey
cloth are among the items to be exported to China, adding, our exports to China
will register increase next year.
Pakistan emerges on wheat export map
Pakistan emerges on the world wheat export map on Friday when
loading of the first consignment of 35,000 tons begins aboard mv Iran at Port
Qasim. This loading marks the beginning of shipment of 100,000 tons of wheat to
Iraq for which, the Chairman of Trading Corporation of Pakistan Syed Masood Alam
Rizvi said, full arrangements have been made to ensure "quality and
delivery on schedule".
Addressing a press conference in his office on Thursday in
presence of senior executives of TCP, officers of Passco, the official wheat
supplying agency, representatives of the shipping company and the pre-shipment
inspection contractor, Syed Masood Alam Rizvi expressed complete confidence that
Pakistan's 'hard winter' quality wheat would conform to the requirement set for
this staple food by the Iraqi government.
Iran to buy 45,000 tons rice
The Government Trading Corporation (GTC) of Iran has asked
the Trading Corporation of Pakistan (TCP) to submit offers for supply of 45,000
metric tons of rice. The demand is for three rice varieties, in equal quantity.
The GTC has requested the TCP to make arrangement for the
supply of 15,000 metric tons each of Irri-9, Basmati-385 and long grain 386
rice. In this connection, the Chairman TCP, Syed Masood Alam Rizvi immediately
called a meeting of Rice Exporters Association of Pakistan (REAP), on Wednesday.
The chairman TCP discussed the modalities and details with the REAP members
about the requirements of GTC, Iran.
After detailed deliberations it was decided that rice
exporters should be asked submit their offers to TCP for all three varieties by
1600 hours (4pm) on Thursday, (June 6), along with 2 per cent bid bond of their
offered price through bank pay order.
Duty-free import of plants envisaged
Duty-free import of plants and machinery will be allowed to
private sector to boost its production for fulfilment of growing requirements of
the agriculture sector. According to official sources new fertilizer policy
envisages long-term measures to enhance production of fertilizers to meet ever
increasing needs of the growers.
Besides the raw material for the use in fertilizers would
also be duty-free and the investors may avail the opportunity to boost their
production. However, the government is considering to gradually reduce subsidy
on gas supply rates for the factories to lessen extra- financial burden on the
Orix signs joint venture
ORIX Corporation, Japan's largest leasing company signed a
joint venture agreement (JVA) with Majid Al Futtaim Investments LLC of UAE —
one of the leading business groups in the UAE — to form a leasing company in
the UAE, a press release issued by ORIX Leasing Pakistan Limited on Tuesday,
Pakistan, Italy to boost defence cooperation
Pakistan and Italy reached a consensus on Thursday to boost
cooperation in the field of defence production. The signing of minutes ceremony
was held in the Defence Production Division between Pakistan and Italy, marking
the cooperation between the two countries.
The minutes were signed by Admiral Giampaolo Di Paola,
Secretary-General and Director-General, National Armament, on behalf of Italy
while the Secretary, Defence Production Division, Air Marshal Zahid Anis(
retired), represented Pakistan. Both sides expressed the view that this was the
first step towards increasing defence cooperation between the two countries.