Saarc CCI lauds govt move to promote peace in region

Lahore (Staff Reporter): The Saarc CCI, appreciating the commitment of PM Nawaz to promote peace among regional countries who, while hoping to resolve all outstanding issues between the two countries, said that war with India was not an option. Pakistan wishes to resolve all outstanding issues with India through dialogues, as the PML-N govt believes the use of force could only worsen the situation, said SCCI VP Iftikhar Malik. He said the government desired friendly ties with India, all its neighbours and the world at large for sustainable development, as war with India was not an option. He reiterated Pakistan's resolve to have friendly relations with all the neighbouring countries for peace and prosperity in the region.

He said the US and world powers wanted Indo-Pak dialogue but alleged it was New Delhi, which was not cooperating.

He urged the private sector to come up for relief and rehabilitation of earthquake affectees in this difficult time.

He noted that work on different projects under China-Pakistan Economic Corridor was proceeding at a satisfactory pace and hoped that successful completion of the CPEC will usher in an era of unprecedented development and prosperity not only in Pakistan but in the entire region.

Iftikhar Malik said that under Prime Minister Nawaz Sharif country is moving away from terrorism. He said that directional change came after the 2013 general elections, which brought a new democratic set-up in the country. “Pakistan is now really going after enclaves of terrorists in North Waziristan and other areas. Those organisations are feeling tough pressure. They are fighting back on the Pakistani government because they are feeling that the Pakistani government is cracking down on them,” he added.

Iftikhar Malik said that that rising risk perception about investing into Pakistan is hitting hard the entire economy but government is tackling the issue through a comprehensive policy approach by involving Chambers of Commerce in the country.

He expressed hope that employment opportunities would increase following an increase in business activities, adding that once the country’s economy is put on the trajectory of growth and it would have a consequential impact on inflation.

Investment conference to bring new foreign investment

Lahore (Staff Reporter): The PML-N Traders Wing Lahore general secretary Shahid Nazir has said that two-day investment conference would not only bring new foreign investment in the country but would also provide an ample opportunity to the Pakistan businessmen to make their ties stronger with their foreign counterparts. He said that Nawaz Sharif government was making all out efforts to streamline the economic matters. He said that a huge loss occurred to the economy during last one decade but things are taking positive changes since govt has taken reigns in the hands. He informed that government was putting in its all efforts to bring economy back on track and utilizing its all resources to attract FDI in the country.

He said that Prime Minister Nawaz Sharif would visit China in the first week of November and sign various projects.

He said the government has already initiated meaningful discourse with the private sector to boost up Foreign Direct Investment (FDI) that is not up to the mark.

FY16 to be a milestone for

auto finance

LAHORE (Staff Reporter): The fiscal year 2015-16 is expected to be a milestone year for auto finance, with the record lowest level of interest rates in the country and improving economic indicators. As per the latest SBP released data, auto finance numbers stand at PKR89.5b for Sep 2015, the highest number in nearly seven years. Furthermore, auto finance as a share of consumer finance was higher at 32pc in Sep’15 as against the 28pc figure seven years ago. It is expected auto finance to grow in the coming quarters as the automobile industry stands to profit from the improved macroeconomics and banks’ appetite to lend. The middle class segment is expected to be the prime beneficiary of increased access to credit.

, as the buyer who was otherwise left out of the market can now be tapped.

PSMC is ideally placed to benefit from the positive outlook for the economy, favourable JPY trend and the enhanced share of auto finance that we foresee. At current price levels, the scrip offers an upside of 12pc and total return of 17pc with our target price of PKR530 per share.

Peshawar holds first-ever

automotive exhibition

PESHAWAR (Staff Reporter): Pakistan’s number one automotive Pakwheels arrived here on Sunday with a grand show of more than 300 latest cars and motorcycles at Islamia College Cricket Ground. The first-ever exhibition of its kind in the city, the show featured more than 300 of the latest cars, international brands and motorcycles in different categories. The Ford Mustang 2013, 1915 Ford Model T and Pakistan`s fastest Nissan GT-R and Mazda RX-7 cars were displayed at the show. It was attended by some 50,000 visitors. Different auto clubs from the adjacent areas also participated. Speaking on the occasion, Suneel Sarfaraz Munj, Chairman said is a leading online marketplace in Pakistan.

where people buy and sell cars, motorcycles and other vehicles.

“ provides people with easy access to relevant information so that they can make informed decisions when buying or selling their vehicles,” he said.

“Promoting a unique ‘car culture’ in the country, is much more than an online auto classified,” he added.

A musical night was also held where local folk singers and artistes performed traditional songs and dances. Many food and handicraft stalls were also set up at the show.

This is PakWheels 4th show of the year and the auto portal has already organised auto shows in Multan, Lahore and Islamabad.

Commerce Minister to visit

Sri Lanka tomorrow

ISLAMABAD (APP): Federal Minister for Commerce Engineer Khurram Dastgir Khan will visit Sri Lanka on a three-day official visit from Tuesday to boost bilateral investment and trade between the two friendly countries. According to a press release received here, the minister would be accompanied by a high powered business delegation consisting of cement, pharmaceutical, food and beverage, sugar, shipping, construction and manufacturing sector companies. The visit of the commerce minister is planned in furtherance to the understanding reached between Prime Minister Nawaz Sharif and Sri Lankan President Maithripala Sirisena, to take the bilateral trade and investment to new heights, during latter’s visit to Islamabad in April this year.

During his stay in Sri Lanka, Engineer Khurram Dastgir Khan is scheduled to meet Sri Lankan President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. The minister will also call on Sri Lankan Minister for Industry and Commerce Rishad Bathiudeen, Minister of Public Administration and Management Ranjith Madduma Bandara and Minister for Megapolis and Western Development Champika Ranawaka.

Khurram Dastgir will also participate in the first official high level Business Interaction Forum between the two countries organized by the Export Development Board of Sri Lanka. The Pakistan-Sri Lanka Business Interaction Forum is planned to be held in Colombo on November 11, with the participation of prominent business representatives of both sides.

The commerce minister has revitalized Pakistan’s trade diplomacy at the Ministry of Commerce. He spearheaded the successful campaign to obtain GSP Plus trade preferences for Pakistan from the European Union.

His vigorous diplomacy has led to start of Pakistan’s negotiations for free trade agreements with Turkey and Thailand.

Under his stewardship, the Ministry of Commerce has revamped national trade protection laws, obtained approval for Pakistan’s accession to TIR convention, and has successfully concluded institutional reforms of the Ministry itself as well as its attached departments. He has steered the drive for a qualitative shift towards value-addition and diversification in Pakistan’s exports.

Pakistan is the second largest trading partner of Sri Lanka in the SAARC region whereas Sri Lanka is the first country to sign free trade agreement (FTA) with Pakistan in July 2002 with its operationalization in June, 2005.

Pakistan is an important export market for tea, followed by copra, rubber, betel leaves and tamarind; similarly, for Pakistan, Sri Lanka is an important market for cement, GI Pipe, textiles, pharmaceuticals, machinery and agricultural items.

To showcase the whole range of Pakistan’s industrial sector to the Sri Lankan consumers, the Trade Development Authority of Pakistan is organizing Pakistan Single Country Exhibition in BMICH Colombo from January 15 to 17, 2016. More than 150 Pakistani companies are expected to participate in the exhibition.