Chinese commercial counselor

calls on SBI chairperson

KARACHI (Staff Reporter): Chinese Economic and Commercial Counselor in Karachi, Guo Chunshuo on Thursday called on Sindh Board of Investment (SBI) Chairperson Naheed Memon at SBI office here. Chairperson SBI told Guo Chunshuo that Chinese Special Economic Zone which will be built on 1000 acres at Dhabeeji near Karachi will be incorporated in the Pakistan China Economic Corridor (CPEC) on priority basis. The feasibility report of the economic zone will be prepared within 90 days for, which contract has already been awarded, she said. She called upon the Chinese Counselor that the Chinese Commercial Office should promote and publicize the project of Chinese Special Economic Zone Dhabeeji in the whole China so as to create awareness among Chinese companies regarding incentives and benefits which are being offered to the industrialists in the Zone. She said that we want that a cluster of various industrial units should be established at the Special Economic zone.

She also expressed her desire that the Special Economic Zone should appear as a great model of cooperation between the companies of Chinese and Pakistan.

Importers call for lower duties

to discourage smuggling

LAHORE (Staff Reporter): Pakistan FMCG Importers Association has urged federal finance minister Ishaq Dar and the Federal Board of Revenue (FBR) to bring down the customs duties on different consumers goods as higher rates are contributing to an increased influx of smuggled goods. Patron in Chief of the Association Naseem Chawla and President Anjum Nisar in a joint statement issued here on Thursday urged the government to curb the menace of smuggling by lowering duty tariff on items which are heavily smuggled. They said that smuggling had emerged as a menace to economic growth and not only was local industry suffering at its hands but also the law abiding importers while itcauses a loss of billions to the national exchequer. They claimed that smuggled goods through the borders of Afghanistan, Iran China, India and the Afghan Transit Trade form a big chunk of the informal economy, volume of which ranges between 50 to 60 percent of the formal economy.

Petroleum production up by 1.67pc

ISLAMABAD (DNA): The petroleum production grew by 1.67 percent during 10 months of current fiscal year from July to April compared to the corresponding period of last year. The petroleum products that contributed in the positive growth included, jet fuel, production of which grew by 3.08 percent during July-April (2016-17), officials sources said. The output of motor spirits grew by 11.61 percent during the period under review while there has been 3.06 percent growth in the output of high speed diesel. The production of jute batching oil surged by 37.71 percent while the production of Liquified Petroleum Gas (LPG) increased by 9.59 percent. While, production of furnace oil witnessed 1.76 percent increase. Meanwhile, the products that witnessed negative growth in production during the 10-month period of current fiscal year included kerosene oil, output of which declined by 13.19 percent, while the output of diesel oil witnessed negative growth of 28.90 percent.

There has been 17.68 percent decrease in production of Solvant Naptha while the lubricating oil produce also witnessed 1.60 percent downfall in production.

Similarly, the production of petroleum products, on year-on- year basis witnessed an increase of 13.48 percent in April 2017 when compared to the same month of last year.

The products that witnessed positive growth in production on year-on-year basis, included motor spirits, high speed diesel, diesel oil, furnace oil, lubricating oil, jute batching oil LPG, output of which increased

by 27.73 percent, 16.34 percent, 161.63 percent, 22.48 percent, 4.27 percent, 52.05 percent and 20.98 percent respectively.

The production of jet fuel oil during the month under review decreased by 3.59 percent, kerosene oil 6.48 percent and Solvant Naptha 19.96.

Punjab govt putting agri sector

on modern lines: Agri secy

LAHORE (APP): Secretary Agriculture Punjab Muhammad Mahmood on Thursday said the Punjab government was putting agriculture sector on modern lines to enhance per acre yield. Talking to APP, he said that 'promotion of high-value agriculture' project through the provision of climate smart technology would change the fate of agriculture sector in the province. He said the government had allocated Rs 20 billion for agriculture sector during the fiscal year 2017-18. Mehmood said that modern technology was being promoted for enhancing per acre yield and development of agriculture. He said the role of farmer was very important in agrarian economy, adding the PML-N government was protecting the interests of the farmers. To a question, he said the government had provided relief to farmers by announcing subsidy on electricity for agri-tubwells and fertilizers in the budget. To another question, Muhammad Mehmood said that modern solar based agro-system and revolutionary steps would help alleviate poverty in the province.

The secretary agriculture further said the Punjab government was revamping the agriculture sector to tap its full potential to drive prosperity in the province for well-being of farmers.