Mar 11 - 17, 2002
Razak hints at allowing import of used cars
Commerce Minister Abdul Razak Dawood has hinted at
opening import of second hand cars if local assemblers fail to ensure
proper supplies to the market to meet the rising demand.
"I have been facing a lot of pressure to
liberalize import of cars," he said in a launching ceremony of
Zabardast Truck, introduced by Adam Motor Company in collaboration
with China. He said the delivery time of new cars had once again gone
up owing to surging demand of cars. "If this situation persists
for a long time, pressure will increase on us to open import of second
hand CBU cars," he said.
Sounding like a warning to the local assemblers,
Razak urged the local industry to gear up its efforts in increasing
the production so that the rising demand of cars could be met. He said
that cars were now being sold on premium due to shortage in the
The government had imposed a ban on import of used
cars in February 1994. Second hand car dealers have been putting
pressures on the successive governments to open import of used cars so
that customers could get cheaper cars as compared to costly locally
On other issues, he said the Engineering Vision was
coming out next month, which would provide a roadmap to the local
engineering industry specially the auto industry. "The vision was
not fully approved yet as we intend to take the draft of the vision to
the President shortly for approval," he added.
On indeginization, he said the government would not
allow any assembler to roll back its deletion programme. Every
assembler should now focus on its deletion programme to complete it
within the given time frame.
Talking about export of auto parts and vehicles, he
said it was good to hear that Zabardast vehicle would soon be exported
to Bangladesh. Mr Razak said next week he was going to Japan to seek
further technology transfer in the auto parts and engineering
Cars being sold at premium price
Locally assembled cars have started selling on
premium prices due to higher demand from the buyers and slow delivery
from the manufacturing plants.
Authorized dealers of Suzuki, Toyota and Honda in
various areas told on Tuesday that they are now selling on premium
prices, ranging between Rs25,000 to Rs125,000, depending on engine
They said that the demand of cars has outstripped
lesser arrivals from the companies, resulting in upward price spiral.
They added they have limited units available and the companies are not
providing enough stocks.
WTCA to identify 4-5 key industries
The World Trade Centre Association (WTCA) of Los
Angeles and Long Beach area has agreed to identify 4-5 key industries
for trade mapping with Pakistan and a delegation will soon visit the
country to do a survey.
The agreement was reached during a Sunday meeting
between Sindh Governor Mohammedmian Soomro and senior officials of
WTCA at the Wells Fargo Centre in Los Angeles. The meeting was
arranged by Safi Qureshey, a member of Board of Investment (BoI) and
Honorary Consul General of Pakistan and was attended by key
entrepreneurs, including Barry R. Sedlik, President and CEO of WTCA's
Los Angeles-Long Beach area — the third largest industrial and
business complex in the world, having over 88 cities.
Ghee, cooking oil exports to Kabul allowed
The government has allowed exports of all kinds of
items, including vegetable ghee and cooking oil under duty drawback
scheme to Afghanistan.
The government also notified negative list of items
for exports to Afghanistan under duty drawback scheme, including dyes
and chemicals, yarn all types, PVC and PMC materials, polyester
materialized film, ball bearings, cigars, cheroots, cigarillos and
cigarettes of tobacco or of tobacco substitutes, vegetable ghee and
cooking oil (if exported from export processing zones or manufacturing
EPB to hold export convention
The Export Promotion Bureau will organize an
'export convention' in April for promotion of Pakistani exporters,
Minister of State and EPB Chairman Tariq Ikram said on Wednesday.
Speaking as chief guest at inaugural session of the
EC-Saarc workshop on the European Union's Generalized Scheme of
Preferences (GSP) and Regional Cumulation, Tariq Ikram said more
export conventions would be held in other cities soon.
Exporters get Rs.50bn refund in 8 months
The Central Board of Revenue paid Rs.50 billion
refund/rebate to exporters during the eight months of the current
financial year against Rs35 billion paid in the same period last year,
an increase of 42.85 per cent.
On the other hand, the tax authorities have paid
Rs.4.5 billion during February this year against Rs4.3 billion it paid
during the same month last year, showing a rise of 4.6 per cent.
The CBR paid the highest rebate/refund of Rs.7.05
billion to exporters during December 2001 against Rs.3.55 billion it
paid during December 2000, showing an increase of 98.59 per cent.
Romania wants close trade links
A trade & industry delegation from Romania on
Monday stressed the need for establishment of close links between the
business communities of their country and Pakistan in the areas of
investment and trade.
The prospects of such collaboration were discussed
during a meeting between the delegation, comprising eight businessmen
and senior officials of Romanian ministry of industries and resources,
and Board of Investment chairman Waseem Haqqie.
Drug makers see 50pc rise in supply
Pharmaceutical manufacturers expect at least 50 per
cent increase in supply of locally produced drugs to the war-torn
Afghanistan this year. A large number of local manufacturers have
already geared up their efforts to take a major slice in Afghanistan
despite tense competition with Iran, China, Taiwan and Korea.