Pak B2B Trade - News updates : Page 2

The details of the news updates on Homepage are as under:

Collective efforts to enhance Pak Korean-trade

The Ambassador of Republic of Korea to Pakistan Un shin recently addressed the members of Sialkot Chamber of Commerce and Industry (SCCI). He informed that Korea, being a member of Friends of Pakistan, would extend the required support for the rehabilitation of Malakand division, He also said that joint efforts should be made by both Pakistan and korea to promote bilateral trade.
A proactive approach is needed to enhance trade, he said. The ambassador further stated that the two countries were finding ways to further strengthen economic ties.
On the occasion, President SCCI, Hassan Ali Bhatti pointed out that the commercial and economic ties between Pakistan and Korea were improving at a fast pace and bilateral trade had crossed the US$ 1 billion mark.
Exports from Pakistan were worth US$ 208 million and imports from Korea US$ 707.5 million during 2008, he said.
The SCCI President emphasized that Korean investors should invest in Sialkot Export Processing Zone. He highlighted that the SEPZ provides extraordinary facilities and benefits for domestic as will as foreign investors, and added that Korean investors should concentrate on establishing joint ventures in SEPZ.

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Pakistan-Iran trade crosses 1 billion dollars

Bilateral trade between Pakistan and Iran has crossed the figure of US$ 1 billion for the first time. It has increased from US$ 773.53 million in 2007- 08 to US $ 1,251.37 million in 2008-09. Previously, Pakistan-Iran economic and trade relations have been over-shadowed by various political and non-political factors and the two countries were unable to fully tap bilateral trade potential.
However, the situation has improved since last year. During the last one and a half years, President Asif Ali Zardari has twice visited Iran and Iranian President, Mahmoud Ahmadinejad has also visited Islamabad. These visits have paved the way for promotion of trade and economic relations between the two countries. The two governments have taken several steps to improve bilateral co-operation in these areas. Pakistan’s exports to Iran have increased fro US$ 214.20 million in 2007-08 to US$ to US$ 399.04 million in 2008 09, showing an increase of 86 percent.
The Government of Pakistan took an initiative in December 2008, due to which Iran agreed to provide 60,000 barrels of crude oil per day on 90 days interest free deferred payment. Now Pakistan’s imports have increased from 15,000 barrels per day (july 2008) to 50,000 barrels per day (july 2009). These account for 33 percent of Pakistan’s crude oil imports.

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Increase in cement export

Cement exports witnessed a sudden increase during July, The first month of the current fiscal year 2009-10, They rose to 1.160 million tones in July from 0.838 million tones in June 2008-09. Around one million tones of cement have been exported in the past two years but during the month July the figure crossed the mark, which shows a revival in the global demand for cement. Cement export to India by sea route picked up in July and stood at 21,558 tones. Similarity, export of cement to India by train increased to 49.104 tones in July from 38,560 tones in the previous month.
There was some decline in cement consumption by the construction industry in India due to slow economic activity but the on-going construction of Commonwealth games complex sustained the demand of cement. There was also strong demand for Pakistani cement in Africa and the Middle East, which helped enhance exports. About 0.742 million tones of cement were exported during July to African countries like Sudan, Tanzania and Ethiopia, 0.347 million tones of cement were exported to Afghanistan.

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Canceling cattle export licenses

The sindh government is planning to approach the federal government for canceling the licenses issued to allow the export of cattle, which have led to a price- hike of meat in the domestic market.
Sindh Minister for Bureau of Supply and price, Syed Shoaib Ahmed Bukhari disclosed this while addressing a meeting of traders and wholesalers. Looking at the shortage of cattle and price hike of meat, the provincial government will approach the federal government for cancellation or withdrawal of licenses allotted to influential persons for cattle export.
Exporters have not met the conditions attached to the licenses, the minister said. “Under the conditions, the exporters are bound to sell 60 percent cattle in the domestic market, while the remaining 40 percent can be exported,” he highlighted, adding that exporters were violating this condition.

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