Govt committed to resolving

energy crisis: Sher

LAHORE (APP): State Minister, Ch Sher Ali on Sunday said the govt was committed to resolve energy crisis which was hampering the country’s economy. Talking to this news agency, he said, the government economic team was fully prepared with pragmatic strategy to cope with all challenges facing the country.  He said, govt was determined to overcome all crises through courage and steadfastness. He said, the government was working on war-footing to bridge the gap between demand and supply of electricity in the country.    He said, a strategy has been adopted to cope with challenges and in this connection, short, medium and long term projects have been identified.

He hoped, duty free access to European markets would give impetus to value-added exports, which would help generate significant economic activity in the country. He said, the government had also pursuing a strategy to get full advantage of expected GSP plus status.  The Minister said, first phase of Nandipur power project had been completed and would become operational in May next.

Cottage villages to be set

up for women

SIALKOT (APP): The Punjab government has evolved a multi-pronged programme for the economic empowerment of women in the province. Under the plan, a cottage village will be set up in every labour colony for marketing and sale of products such as handcrafted, handmade cloth and jewelry for women’s economic empowerment, official sources told.  They said under the programme poultry and cattle among rural women would be distributed for their economic empowerment and increase the production of meat and livestock.   The livestock sector plays a vital role in the uplift of the rural population of the country and is considered the backbone of the rural economy in Punjab.

The government will distribute heifers, sheep and goats among poor women in 36 districts of the province at a cost of Rs.2160 million.

Under the project 36,000 heifers (1000 in each district) and 72,000 sheep and goats (2000 in each district) will be distributed among poor women.

ICCI urges govt broadening

tax net for growth

ISLAMABAD (APP): President ICCI Shahban Khalid urged the government to broaden tax net and make reforms in the taxation system to get sustainable economic growth and development. President ICCI said that government should set the annual tax target on equality basis and impose taxes on all industries on performance basis. Business community had never opposed the levy of tax,however it demanded tax should be imposed with its consultation to help promote tax-friendly atmosphere in the country.Replying to question, he said that roadshows led by the Finance Minister Ishaq Dar in Dubai ,London and New York got encouraging response from the foreign investors.

He saidthat Pakistan’s roadshows for the issuance of Euro Bonds has presented the soft image of country at international business markets to attract the investors in domestic market.

President ICCI said the government should adopt economic diplomacy to have access to international markets for economic growth.

President ICCI urged the government to consult the business community to devise a joint strategy for addressing economic challenges of the country.  Shahban said, “Pakistan could exploit its geo-strategic position by providing trade routes at regional and global level that would help make Pakistan a trade hub,” he added.

He said the relations with world economic powers should be maintained on the basis of mutual respect and equality to ensure dignity of the country.  He vowed for regional economic integration to make cordial relation with all regional countries for strengthening mutual trade and investment in the region.

He said the trade and economic relations with Afghanistan would promote the country’s access towards the energy-rich Central Asian States to resolve country’s energy issues.  Shahban Khalid urged for devising a long-term energy policy to resolve the energy crisis on sustainable basis.

Replying to another question, president ICCI asked the government to legalize the money transaction to the Pakistani students studying abroad in order to discourage the illegal methods of transactions including hondi or hawala. He said the government must focus on alternate energy sources like hydel, coal, solar and agro to shift from oil.  He also underlined the importance of maintaining law and order situation in country to attract the foreign and local investment.

PEW lauds prudent policies to

strengthen rupee further

ISLAMABAD (INP): The Pakistan Economy Watch (PEW) on Sunday said government policies would further strengthen rupee and stabilise the economy while dollar will witness additional retreats.   The confidence of local and foreign investors has been steadily increasing which will result in around $13 billion of forex reserves by the year end, it said.  Manufacturing, construction and remittances are picking up while the stock market is getting better reflecting sentiments of the investors, said Dr Murtaza Mughal, President PEW. He said that pace of economic development is linked to the pace of reduction in terrorism, energy scarcity and illiteracy. 

Successful foray back into the international bond market after a gap of seven years and oversubscription has proved that international investors have pinned high hopes in the future of Pakistan, he said.

Mughal said that those who have criticised the high interest rate offered to investors have overlooked the ground realities. Foreign investment, sale of telecom licences, World Bank’s loan, and inflows from multilateral agencies would not only improve situation but help government reduce borrowings from the central bank, he opined.

Pakistan exports 1209.1m ton

oranges in six months

ISLAMABAD (APP): Pakistan has exported 1209.1 million ton of oranges during first six months of current fiscal year which contributed millions of dollar to national kitty. Pakistan has more than 250 processing plants in production areas of citrus to keep the taste, aroma and enhance shelf life of citrus fruit.  Ministry of Commerce sources on Sunday said no country has contacted for export of oranges during the year 2013-14, as normally the importers approach directly to the exporters. They said PHDEC, established with mandate to work for production, development and export of horticulture products has conducted trainings for capacity building of growers, processors and exporters.