China’s Anhui group to invest in Pakistan

BEIJING (INP): Anhui Foreign Economic Construction Group Co Ltd (AFECC) has shown its willingness to launch the mega projects in Pakistan and other South Asian countries, under China Pakistan Economic Corridor (CPEC). One Belt One Road (OBOR) has provided opportunities to Chinese entrepreneurs to invest in Pakistan at a large scale, taking advantage of CPEC. AFECC Vice president Li Huifang told a visiting media delegation that the group, since its establishment in 1992, has been actively responding to the strategic call for “going global” and successively undertaken nearly 100 large-medium projects in around 30 countries of Africa, Europe, Asia, Central and South America. She said that investment climate in Pakistan is very attractive and their group was keen to tap investment and business opportunities in different sectors, especially in infrastructure development. The Chinese companies appreciate Pakistan’s efforts for providing friendly environment for international investment in the country.

Admore continues upward growth trend

KARACHI (Staff Reporter): Admore Gas Pvt Ltd has executed a massive turnaround since last year, which have set the oil marketing company on an impressive trajectory of growth and development. As a result, Admore recently achieved a year-on-year sales growth of 7 percent for Premium Motor Gasoline (PMG), 24 percent for HSD and a phenomenal over 500 percent for Lubricants. The company has also undertaken major capital expenditure to comprehensively build its storage capacity in the North and South regions of the country, said Admore CEO Nadeem Jafarey at a press conference here on Wednesday. In April 2017, it had successfully inaugurated Shaheed Khalid Bin Walid Storage Terminal at Daulatpur, Sindh. Built with an investment of more than Rs370m, the terminal will cater to Admore’s retail network requirements in Upper Sindh and Balochistan. Admore has also extensively upgraded its Machike Terminal in Punjab; and plans to further enhance its storage capacity and build storage facilities in Shikarpur, Sindh and in Mehmoodkot and Sahiwal, Punjab, in future.

Furthermore, in less than a year, Admore has paid close to Rs1 billion out of total defaulted legacy liabilities of Rs2 billion, thereby clearing half its financial liabilities in a very short period of time, the CEO said.

Focusing on customer service, Admore has also recently improved the range of lubricants offered at its 450 plus retail outlets. Catering to the high-end lubricants market, these products are currently available at selected Admore outlets, he added.

Cotton sowing witnesses 12pc increase in current season

ISLAMABAD (APP): Cotton, which is the major cash crop of the season and a biggest source of raw material for the textile value addition sector of the country, has witnessed 12 percent increase during the current sowing season as compared the sowing of same period of last year. Crop cultivation has been completed over 88.2 percent area against the targets set for current sowing season (17-18), said Cotton Commissioner in the Ministry of Textile Industry, Dr Khalid Abdullah. Talking to APP here on Wednesday, he attributed the increasing cotton cultivation to series of steps taken by the federal and provincial governments including provision of subsidy on fertilisers, pesticides and electricity. In order to enhance the crop cultivation and enhancing its productivity, he said that textile Ministry in collaboration with the other stakeholders had organised a series of training programmes for farmers and held field seminars for creating awareness among the farmers.

He said that the government had set a target to produce 14.4 million cotton bales by cultivating the crop over an area of 3.11 million hectares.

 Readymade garments worth $2.7billion exported in last 11 months

ISLAMABAD (APP): Readymade garments worth $2.073 billion were exported during last eleven months of financial year 2016-17 as compared the exports of the corresponding period of last year. The exports of readymade garments from the country during the period from July-May, 2016-17 grew by 4.10 percent as against the same period of last year. According the data of Pakistan Bureau of Statistics, during the period under review about 30.689 thousand dozen of the readymade garments valuing $2.073 billion were exported. The readymade garments exports from the country in eleven months of last financial year were recorded at 29,584 thousand dozen valuing $1.992 billion, it added. Meanwhile, bed wear exports from the country grew by 3.22 percent and reached at $1.922 billion as compared the exports of $1.86 billion of same period of last year. In last eleven months of financial year 2016-17, about 318,070 metric tons of bed wear exported as compared the exports of 303,054 metric tons of same period of last year.