Call to protect local industry

 

LAHORE (Staff Reporter): The PHMA Standing Committee on Anti-Smuggling and FBR Chairman Sheikh Abdul Mannan on Friday stressed the need for protecting local industry and said that there should be level-playing field to help promote local industry. He also asked the Federal Board of Revenue (FBR) to devise a mechanism in consultation with the business community to overcome the issue of smuggling and under-invoicing within the shortest possible time. He said the government needs to weed out the menace of smuggling and under-invoicing before implementing any tax avoidance measures. He said that the menace of smuggling and under-invoicing was not only eating up huge government revenue but also hitting the genuine businessmen very hard. He urged the Customs chief that the up-country businessmen should be taken on board while determining the value of the goods as the higher valuation of goods and raw materials is not only jacking up cost of doing business in the country but encouraging corruption and smuggling.

 

Foreign companies to invest in Pakistan's LNG sector

ISLAMABAD (APP): World’s major players are showing keen interest to invest in liquefied natural gas (LNG) sector of Pakistan after seeing immense business potential of the commodity here. "LNG is the cheapest source of fuel and the world's major players are showing interest to invest in LNG sector of Pakistan by setting up their own terminals and developing transmission network to supply the commodity to consumers," official sources in the Ministry of Petroleum and Natural Resources told APP. They said the government wanted to involve private sector in this sector and there would be a 'good news' in next few weeks in this regard. Currently, the sources said, 600 million cubic feet per day (mmcfd) LNG was being imported, which greatly helped in meeting the country's energy requirements as all gas-based power generation plants were now functioning fully, 1200 CNG stations restarted their operations, industrial and fertilizer sector was getting uninterrupted supply.

Before LNG import, they said Pakistan was importing one million ton fertilizer per year and now it was exporting six million tons fertilizer, adding entire power generation sector was getting smooth gas supply, besides Nandipur power plant had also been converted on LNG.

They said Pakistan was importing 2.7 million tonnes (mt) of LNG whereas India was importing 9 mt and South Korea, Japan and China were importing 60 mt LNG from Qatar.

Pakistan, the sources said, was already negotiating LNG import deals with countries including China, Turkey, Russia, Malaysia and Oman, adding "Pakistan will strike LNG deals with potential exporters."

 

 

 

 

All-out efforts on to enhance exports of carpet industry: PCMEA

LAHORE (NNI): Pakistan Carpet Manufacturers and Exporters Association (PCMEA) Chairman Riaz Ahmed on Friday said that all-out efforts are being made to enhance the exports of the carpet industry. Chairing a meeting of the PCMEA in Lahore, he said, “In order to achieve hundred percent results, cooperation of the government was indispensable.” He said, “PCMEA is striving for promotion of Pakistan’s carpet industry but the carpet manufacturers are facing immense problems in Pakistan as well as the international market.” He stressed that, “It is necessary to address the problems being faced by the carpet manufacturers and exporters to improve the exports.” He urged the government to cooperate with the carpet industry. He requested to extend the duration for achieving export target up to six months or reduce the export target set under State Bank of Pakistan’s (SBP) policy. The Chairman advised to devise a new policy for the carpet industry after consensus with all the stakeholders.

 

 

Punjab paying special focus on cotton crop

 

MULTAN/SARGODHA (APP): Punjab Additional Secretary Agriculture (Task force) Abdul Rehman Ijaz Gondal on Friday said the Punjab government was paying special focus on cotton crop and all possible resources were being utilised to achieve crop target. He expressed these views while presiding over a meeting of cotton crop management group here on Friday. He said Rs 13 million fake pesticide was seized from January 1 to till now while 30 accused were arrested. Director General Agriculture (extension) Syed Zafar Yab Hiraj, while giving briefing to participants, said cotton crop was cultivated at 5,755,000 acres this year and it was cultivated on 31 per cent extra land as compared to the previous year. “The government is introducing modern technology in the agriculture sector and utilising all resources for welfare of farmers,” stated PML-N MNA Dr Zulfiqar Ali Bhatti while talking to APP in Sargodha. He said provincial and federal governments were ensuring relief for farmers and Kisan packages were introduced in this regard.

He stressed farmers to have links with departments for getting information and guidance about the latest techniques of farming to get the best production of their crops.

He said interest-free loans had also been sanctioned for Kharif and Rabi crops while subsidy was also being ensured on agriculture equipments.