Pakistan's foreign exchange reserves fall below $7 billion mark
RECORDER REPORT
KARACHI
(October 31 2008)
Country's foreign exchange reserves have further plunged by some 401 million dollars during the last week and fell below 7 billion dollars mark aggravating the threat to the economy. State bank of Pakistan on Thursday informed that country's foreign reserves have declined to 6.9218 billion dollars during the week ended October 25, as against the 7.3233 billion dollars a week earlier, depicting a decline of 401.5 million dollars during the week.
A major decline has been witnessed in the State Bank's reserves, showing a decline of 323 million dollars during the previous week and came to below the four billion dollars mark. The SBP reserves stood at 3.7138 billion dollars on October 25, as compared to some 4.0368 billion dollars on October 18, 2008.
The reserves held by bank also show a negative trend during the last week and banks overall foreign reserves declined to 3.208 billion dollars that previously stood at 3.2865 billion dollar a week earlier. Depicting a decrease of 78.5 million dollars during a week.
It may be mentioned here that after the imposition of the state of emergency in the country, foreign reserves have been continuously on decline and now has been reached at lowest level of 6.91 billion dollars. Economists said that declining trend in the foreign reserves need some new and speedy measures to maintain the foreign reserves.
Copyright Business Recorder, 2008
Expo Pakistan may yield $100 million export order
RECORDER REPORT
KARACHI
(October 31 2008)
Chief Executive Trade Development Authority of Pakistan (TDAP) Syed Mohibullah Shah has said as a result of Expo Pakistan, international buyers would ink export agreements of $100 million. Addressing a press conference on concluding day of Expo Pakistan, he said that the international importers have signed memorandum of understandings and trade agreements of $50 million, while $50 million deals would be matured later.
"In addition to this a Korean company has inked $10 million trade agreement of ethanol," he added. He said that the delegated from Sweden, US, Spain, South Africa, France, Malaysia, Romania, Bangladesh, Argentina, Morocco, South Korea, Hong Kong and others have shown their interest in textile, handicraft, rice, lather, industrial garments, surgical instrument and other sectors.
Regarding the law and order situation, Mohibullah Shah said, the delegates have expressed their satisfaction, adding that even the delegates went for shopping and picnic, which negates the international propaganda regarding the law and order situation of Pakistan.
He asserted that it also proved the travel advisories issued by different countries to their citizen as wrong. He said that TDAP arranged visits of the foreign delegates to other industrial cities including Lahore, Gujranwala, Sailkot and others. He said that the exhibition brought largest number of exhibitors from every nook and corner of the country and it has also brought in large number of buyers from over 50 countries.
"For the first time the entire commercial space for stalls were occupied by 408 exhibitors, who have displayed a wide range of agricultural, industrial, engineering, textile, jewellery, minerals and a wide range of handicrafts including rugs carpets, surgical instruments, sports goods and many other products of Pakistan," he added.
Chief executive TDAP said this year Expo Pakistan also introduced several new exporters especially SMEs, who are real backbone of country's economy being the largest employers. He said that Expo Pakistan provided "direct marketing" opportunities to Pakistani producers and exporters by bringing in large number of foreign buyers and local sellers under one roof for four days.
This method of direct marketing eliminates 2nd and 3rd tire of middlemen, adding by providing this direct marketing opportunity in Expo Pakistan, TDAP had enabled Pakistani producers to get better prices. "Expo Pakistan has also opened up new opportunities for expanding trade and investment and exports from Pakistan, while the numbers of foreign buyers have shown keen interest in investment in export oriented products of Pakistan," he added.
This interest has been confirmed in their meeting with TDAP in areas such as agro food and food processing, halal food, industrial garments, cold storage, packing, canning and processing of new food products, processing of new product developed from fruits and vegetables, surgical instruments etc.
Shah said that some foreign delegates have also shown interest in setting up showrooms and warehouses of Pakistani products in their own countries and they are willing to make their own investment in setting up such facilities.
He informed media that number of foreign buyers also indicated their interest in setting up their own subsidiaries companies in Pakistan so that they could regularly keep purchasing Pakistani products round the year, in addition to attending these exhibitions.
He said that TDAP is mulling to construct a new exhibition hall, so that congestion in future is avoided and many more exhibitors of Pakistani products could be accommodated. He said that keeping interests of buyers in exhibition especially in textile sector in view, TDAP would hold textile and clothing exhibition. "The next Expo Pakistan would be held in month of October 2009," he informed.
Copyright Business Recorder, 2008
Wide scope to increase trade with Pakistan: Turkish CG
RECORDER REPORT
KARACHI
(October 31 2008)
The bilateral trade volume between Pakistan and Turkey has touched $600 million mark and there is much potential to increase the economic relations. These views were expressed by Fethi Etem, the Consul General of Turkey in Karachi while talking to media at a ceremony on the occasion of 85th anniversary of the proclamation of the Republic of Turkey held at his resident here on Wednesday.
He said that Pakistan and Turkey are two brotherly countries and enjoying very good relations. He said that the event is being held on the occasion, when the Prime Minister of Pakistan Syed Yousuf Raza Gilani was in Turkey on his official visit. He said that this visit would increase the already good relations between the two brotherly countries.
He said that there are many sectors, in which bilateral trade could be increased by both sides. Sindh Governor Dr Ishratul Ebad Khan was the chief guest. Speaker Sindh Assembly Nisar Khuro, Provincial Minister Agha Siraj Durrani, a number of diplomats, political leaders and other dignitaries attended the event.
Copyright Business Recorder, 2008