The seminar on "Export World Cup" was
held on Friday 22nd November 2002 at Professor Nabi Bakhsh Daudpota
Auditorium, IBA Building Institute of Business Administration
University of Sindh, Jamshoro. The Chief Guest was Mr. Mazhar-ul-Haq
Siddiqui, Vice-Chancellor, University of Sindh, Jamshoro. The
proceedings of seminar opened up with the recitation of Holy "QURAN".
Professor Dr. Anwar Ali Shah G. Syed, Director, IBA,
University of Sindh, Jamshoro introduced the guest speaker Prof. Dr.
Khowaja Amjad Saeed. The Director. IBA also highlighted the role of
Export in streamlining the world economy. He said the lower trend in
export of world has brought the low income countries (which consists of
65 countries of the world) to a point where entire nations are doomed to
economic stagnation, unable to meet their own essential needs and bogged
down in monstrous debts. Extension efforts also required if genuine
changes are to be made and a new world economic order established. Our
nation lags behind in export. To put the country on road to progress we
have to believe on this slogan export led growth as export is the main
engine of the economic growth. He further added that unless other
nations achieve their robust socio-economic growth the global economy
will languish. Yet the industrial nations also need growth elsewhere in
order to lift their own.
Prof. Dr. Khowaja Amjad Saeed delivered an
informative and motivating lecture He said that the idea for naming the
topic of lecture "Export World Cup" is on the ground that
world cup terminology has become enormously popular. So far several
cricket and football world cups have been played. A long way is needed
for our country to be a big winner of export world cup. This lecture
aimed at motivating all of us in SAARC region to receive a wake up call
and respond positively to start our preparations to achieve great
heights in export performance in global dimension to strengthen our
foreign exchange reserves and develop a solid capacity to finance
imports and achieve favorable balance of trade — industrialization
employment creation higher standards of living strong macro and micro
indicators. He showed a table depicting global export trends:
Excepted from World Development Reports 2001, 2002, 2003
It will be apparent from the above data that
declining trend persisted in the last three years. There is a need to
expand global exports to reap the consequential benefits. Efforts must
be made to boost global exports. He further added that several regional
blocks exist in the world to make contribution in the global exports
such blocks are OECD (High Income Economies), NAFTA. G-8, D-8 and SAARC.
OECD block contributes the most in global exports. The contribution of
SAARC especially needs to be augmented. The developing countries in
general and SAARC countries in particular should adopt Export Led Growth
or some other model to achieve high export levels. This noble effort
will result in an accelerated approach to economic development.
Consequently employment will be promoted, skills will be enhanced and
social justice backed with higher standard of living will be the
The worthy Vice-Chancellor, University of Sindh Mr.
Mazharul Haq Siddiqui. in his presidential remarks that lecture was
informative and illuminating which showed us round the global export. He
further said that the real resource on earth is Human Resource and we
have to make heavy investment in education to have a sustainable
development and reinvigorating growth. The meager contribution of our
country in global export gives us a depressing warning. We must work
hard to add more weight and a value in our quality of product. As far as
the improvement of quality is concerned the sky is limit.
The seminar ended with the vote of thanks offered by
the Director, IBA.
FAYSAL BANK'S NEW BRANCH
Faysal Bank opened its eighth branch in Karachi on
November 28, 2002 at Shahrah-e-Faisal. The branch was inaugurated by the
President of the Bank, Mr. Farook Bengali.
Faysal Bank's Shahrah-e-Faisal branch will be
catering to the adjoining residential and commercial areas. This branch
will be offering all retail banking services to its customers such as
cash deposit and withdrawal, local and foreign currency remittances,
travellers cheques, locker facilities and an array of high value
current, savings and term deposit accounts. Like other branches of
Faysal Bank, this branch too will be open for business between 9 a.m. to
5 p.m. Monday to Thursday and 9 a.m. to 12.30 p.m. on Fridays and
Saturdays. On Fridays the Bank opens again after Namaz from 3 p.m. to 5
Faysal Bank pays profit on all its savings accounts
on a daily balance basis. This means that every rupee in these accounts
earns a profit daily with the result that the customer gets more profit
in absolute terms than at other banks that mostly calculate profit on a
minimum balance for the month basis. This branch will also be offering
consumer finance facilities such as car lease and consumer household
item leases to its clientele.
While inaugurating the branch, Mr. Bengali said that
Faysal Bank is a known and trusted name in the market, the first Bank to
introduce the concept of Islamic Banking to the country. He said that
the highly professional and dedicated staff of the Bank made it what it
is today — one of the leading banks in Pakistan.
This new branch is very contemporary in outlook
portraying the Banks flexibility to changing market expectations and
tastes and seems geared to offer high value, high tech service to its
EMIRATES INTRODUCES SECOND SHANGHAI SERVICE
Trade between the Gulf and mainland China has been
given a further boost with the provision of Emirates SkyCargo's second
weekly freighter flight between Dubai and Shanghai. Emirates plans to
launch a passenger service on the route next August.
Both cities are leading commercial centres and the
flights provide shippers and freight forwarders at both ends of the
route with fast, convenient connections into each other's markets.
IMPROVING TREND IN GOLD DEMAND
The adverse factors affecting gold demand in the
first half of 2002 had a reduced impact in the third quarter, the World
Gold Council said recently in its quarterly review, Gold Demand Trends,
Gold demand in Q3 remained below year-earlier levels in tonnage terms
but the rate of decline was halved to 7% from the 14% experienced in the
first half-year. In dollar terms demand was 6% higher than a year
earlier and the fall in the dollar value of gold offtake which started
in 1997 appears to have halted.
Pakistan demand continues to rise In contrast to India, demand in
Pakistan continued to rise in Q3, being almost one third (up 32%
year-on-year) higher than the depressed level of a year earlier. The
price in Pakistan rupees stabilised after climbing through much of the
year while the economy remained relatively buoyant. As in India a higher
than normal level of purchases was funded by exchange and selling back
for cash was also high.
ABN AMRO GLOBAL TRADE & ADVISORY WINS EUROMONEY
AWARD FOR BEST TRADE FINANCE SITE
ABN AMRO Bank Global Trade & Advisory's global
trade portal, www.maxtrad.com, has been awarded the 2002 euromoney.com
internet award for best bank site for trade finance. ABN AMRO was one of
several top-tier banks whose trade finance websites were evaluated on
the basis of efficiency, reliability, functionality, and client usage.
The MaxTrad portal, which provides corporate and financial institutions
alike with access to a suite of online trade solutions, services and
support, was judged to offer the best functionality in the market.
APTMA APPRECIATES REDUCTION IN EXPORT REFINANCE RATE
Mr. Anjum Saleem, Chairman APTMA has appreciated
the decision of the State Bank of Pakistan to reduce the Export
Refinance Rate by 1% i.e. from 8% to 7%. According to Mr. Anjum Saleem,
this decision will have a positive impact on the Textile Exports of
the Country which presently account for over 67% of Pakistan's total
exports. As a result of ease in the availability of Export Refinance
through the banking system at a reduced markup, the competitiveness of
the textile exports of Pakistan is expected to improve. Chairman,
Aptma reiterated that the government should provide all genuine
facilitating incentives to the Textile Industry so that it can rapidly
increase its share in the competitive global textile market.