The huge influx of cheaper goods imported by two
leading home appliances makers has led to a 'price war' in the market
between Korean and Chinese products. The ultimate beneficiary of the war
is general consumers who get items of their choice at more affordable
rates. They sometimes do get confused by frequent fall in prices and
introduction of galore of designs and varieties after every three to
"We are doing business in a fashion that suit us
better. There is no restriction for any assemblers or manufacturers to
engage in the trading," said a leading home appliances manufacturer
who is importing microwave oven, iron, toaster, sandwich-maker, vacuum
cleaner, juicer blender, etc. He said "It is not feasible to run a
manufacturing unit when cheap Chinese products have already made deep
inroads by grabbing a good market share."
Besides legal imports from China, a sizable quantity
is also arriving through illegal channels and under-invoicing. In such
circumstances, it would not be a wise decision to set up an assembly
plant of such products with huge capital, he said.
A random market survey reveals that some shopkeepers
of local domestic appliances are confusing the buyers by convincing them
that toaster, microwave oven, iron, sandwich-maker, etc., are being
produced locally by same companies engaged in manufacturing
refrigerator, deep freezers, washing machines and air-conditioners.
COUNTRY'S ECONOMY NOW SOUND, SAYS MUSHARRAF
President Pervez Musharraf has said that economy of
Pakistan has greatly improved and urged the overseas Pakistanis to
invest in the country.
Addressing Pakistanis living in Canada at Ottawa, the
President, on an official visit here, said the country's economy was
extremely weak four years ago. "However, now the situation has
changed. The national economy has been revived but it needs to be
further strengthened," he observed.
President Musharraf noted that foreign exchange
reserves of the country had gone up to $11 billion. The debt has also
been reduced by $3 billion. The investment had increased by 70 per cent
as compared to last year and exports had crossed the target of $11
billion during the last fiscal year, he said.
PROVINCES ALLOWED TO MARKET WHEAT
The government has decided to allow all the four
provinces to release wheat from their stocks in the open market to
fulfil public demands from Oct 1.
This decision was taken by Wheat Disposal Committee
in its meeting held recently, keeping in view the satisfactory stock
position of wheat and in wake of coming holy month of Ramazan.
Federal Minister for Food, Agriculture and Livestock,
Sardar Yar Muhammad Rind presided over the meeting which was largely
attended by representatives of provinces besides senior officials of the
Ministries of Food and Agriculture, Finance and Commerce.
PIA MAY GET 2 BOEING 777 IN JANUARY
Pakistan International Airlines is likely to get the
first two Boeing 777 planes in January next year out of the eight that
it is set to receive in next five years under a deal signed with Boeing
"Initially we were to get the delivery of one
Boeing 777 each in January, February and March 2004 but there are
indications (from Boeing Co) that we may get two in January," said
the source. A third plane would be delivered in February or March.
ONGOING NWFP PROJECTS TO GET FUNDS IN BULK
The ongoing development schemes will receive funds in
bulk on top priority basis during the current financial year, according
The provincial government will now divert major
proportion of its total development funds to the ongoing development
schemes in line with policy guidelines suggested by the World Bank — a
major lender to the Frontier province.
The NWFP government's decision to incorporate about
1,000 new development schemes in the Annual Development Programme (ADP)
raising the total number of schemes to well over 1300, had elicited
strong reaction from within the development planners and the World Bank.
STATE BANK MODIFYING FINANCING FOR LMM
The State Bank may come up with an improved version
of its scheme for financing locally manufactured machinery. The SBP is
reframing the scheme to make it simpler and tag it with a more
market-oriented interest rate, said a senior State Bank official. A SBP
circular issued to all banks said that for the time being the rates of
finance/refinance announced in March this year would continue to apply
on financing under this scheme.
DE-FREEZING OF LAND ALLOTMENTS
In the year 2000, the allotment of Sindh Board of
Revenue lands over a period of 15 years by civilian governments, between
1985 and 2000, were frozen because the military officials reckoned that
these were sold at below the prevailing market price. Though the main
beneficiaries were estate developers, they also included a few
industrialists with plans to expand their manufacturing facilities. Many
had bought these lands at market price from the original allotees.