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Day: November 30, 2020

Former governments damaged energy sector beyond repair

Business, English
Islamabad, November 30, 2020 (PPI-OT): The Pakistan Economy Watch (PEW) on Sunday said former governments inflicted irreversible harm to the power sector by signing highly controversial power purchase agreements with the private sector that crippled masses, industry and agriculture. The deals not only resulted in unbelievable profits for the private power sector but also increased tariff by 25 to 30 percent as compared to regional countries badly hitting the economy, it said. The former governments violated PPRA rules, third party audit system and established power plants hundreds of miles away from the source resulting in phenomenal losses, said Dr. Murtaza Mughal, President PEW. He said that power production was focused while transmission and distribution was ignored that resulted in pro...

Call to help increase carpet exports in international market

Business, English
Lahore, November 30, 2020 (PPI-OT): Pakistan Carpet Manufacturers and Exporters Association (PCMEA) has said that country’s carpet industry has great potential to dominate global markets with innovative designs. This was stated by Senior Vice Chairman PCMEA Riaz Ahmed during a meeting at Carpet Training Institute on Sunday. Several other members of the association also participated in the meeting through video link to avoid spread of Covid-2019 pandemic. They also submitted their proposals to increase the exports of Pakistani carpets in the international market. On the occasion, Riaz Ahmed said that social media could be used as a tool for suitable marketing to increase exports of the country in a befitting manner. He said that the industry could contribute substantially to country’s...

Prime Minister’s corporate farming initiative lauded

Business, English
Islamabad, November 30, 2020 (PPI-OT): Former President ICCI Shahid Rasheed Butt on Sunday lauded the decision of the Prime Minister Imran Khan to introduce corporate farming which will improve the food security situation in the country. The move may attract huge investment which will improve the struggling agriculture sector and provide edibles to masses at a reasonable price, he said. Shahid Rasheed Butt also lauded the move of the government to downsize state-run-enterprises wasting trillions of rupees annually. Around 4500 employees of the Pakistan Steel Mills have been terminated which will reduce salary burden by 50 percent to Rs170 million, he said. The business leader said that the remaining staff of the steel mills should also be terminated as the unit is closed since 2015 but emp...

Decision to unbundle SOEs lauded

Business, English
Islamabad, November 30, 2020 (PPI-OT): Former President ICCI Shahid Rasheed Butt on Monday lauded the decision of the Prime Minister Imran Khan to downsize state-run-enterprises wasting trillions of rupees annually. Around 4500 employees of the Pakistan Steel Mills have been terminated which will reduce salary burden by 50 percent to Rs170 million, he said. The business leader said that the remaining staff of the steel mills should also be terminated as the unit is closed since 2015 but employees are enjoying salaries and other perks resulting in a total loss of over Rs300 billion. He said that retrenchment should also be initiated in Railways which has wasted hundreds of billions of rupees while there are 14500 employees in the PIA causing colossal losses therefore almost half of the staf...

Agreement with IMF must to improve economy: Mian Zahid Hussain

Business, English
Karachi, November 30, 2020 (PPI-OT): Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday said forex reserves have hit an all-time high of 13.5 billion dollars during the tenure of current government due to the prudent policies of the central bank. The forex reserves can jump to 14 billion dollars by the end of December while the efforts to continue strengthening foreign exchange reserves should continue, he said. Mian Zahid Hussain said that an agreement with the IMF, issuing Euro and Sukuk bonds and improved exports are central to continue strengthening forex reserves Talking to the business community, the veteran business leader said that the c...

Trade and Investment Conference held in Nanning to highlight potential of Pakistan’s market for China ASEAN Region

Business, English
Nanning, November 30, 2020 (PPI-OT): Commercial Section, Consulate General of Pakistan Guangzhou on second day of CAEXPO has organized an exclusive Trade and Investment Promotion Conference in Nanning, capital city of Guangxi-Zhuang Autonomous Region of China on the sidelines of the ongoing 17th China-ASEAN Expo (CAEXPO). CAEXPO is the largest government sponsored, trade and investment oriented expo in China-ASEAN region representing 11 regional countries with combined GDP of nearly 17.5 trillion US Dollars and a consumer market of 2 billion people. Pakistan is attending this year’s session as special partner country for the first time since its inception in 2004. Adviser to the Prime Minister on Trade and Investment Abdul Razzak Dawood opened the conference with a recorded video speech. E...