COVER

POWER

Sep 22 - 28, 2003  
ISSUE # 38  

Pakistan is making efforts to attract foreign investment and has set a target of $1.5 billion for the current financial year. As a matter of fact, the pace of investment especially in industrial projects was extremely slow in Pakistan for quite sometime. The trade and industry feels that the cost of electricity which has become the basic raw material for any industry is the major irritants in the way of long-term projects in Pakistan. The ground reality is that the existing investors are not happy over the quality as well as cost of electricity in Pakistan.

 

 

WTO
The failed Cancun conference hints at the emergence of a new power balance in a 146-member states of the World Trade Organisation. The 5th Ministerial Conference of the organization ended on the 14th of this month when Mexico's Foreign Minister Luis Ernesto Derbez presiding over the meeting announced that it no longer seemed possible that the member countries would finalise any agreements. The failure at Cancun round calls for "attention", as Argentina's permanent ambassador in Geneva and the chief negotiator at the WTO Alfredo Chiaradia said, because "we can no longer operate like we did before".

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TEXTILE OUTLOOK
There are indications of possible short supply of indigenous cotton as well as lower global production of silver fibre. This may keep the prices of cotton high and negatively impact export of textiles and clothing from Pakistan. However, local spinners can take the advantage of ample supply of locally produced PSF by producing various blends of yarn.