profitepaper pakistanday 08th may, 2012

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If at first you don’t succeed…

profit.com.pk

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Tuesday, 08 May, 2012

ZARDARI’S DAY oUT

A day in life of Pakistan’s president g

President signs into law new measures to strengthen stock market ISLAMABAD ONLINE

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rESIDENT Asif Ali Zardari today gave assent to the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012 to further strengthen the country’s stock markets, in a ceremony in the Presidency that was witnessed by among others by Dr. Abdul Hafeez Sheikh, Minister for Finance and Economic Affairs, Ms. Fauzia Wahab, Chairperson, NA Standing Committee on Finance, Muhammad Ali, Chairman Securities and Exchange Commission of Pakistan, Imtiaz Haider, Commissioner SECP, Muneer Kamal, Chairman, Karachi Stock Exchange, Muhammad rahid Zahir, Chairman, Islamabad Stock Exchange, Mr. Nadeem Naqvi, Mian Ayaz Afzal, Mr. Aqeel Karim Dhadhey, Mr. Ali Ansari, Ms. Musarat Jabeen, Imran Inayat Butt, Secretary to President Malik Asif Hayat and other senior officials.

Spokesperson Senator Farhatullah Babar said that the Demutualization bill was earlier approved in a joint session of the Parliament on March 27, 2012 and enacted into law by the President signing it today. He said that the law requires the stock exchanges to be demutualized within 119 days of its promulgation in accordance with timelines specified for completion of various milestones involved in the demutualization exercise. Giving background he said that at present the Pakistani stock exchanges are operating as non-profit companies with a mutualized structure wherein the members have the ownership as well as trading rights.

This structure inherently creates conflict of interest as members predominantly control the affairs of the stock exchange which results in lack of transparency in the operations of the stock exchange and compromises investors’ interest.

Also, due to lack of resources the stock exchanges have not been able to grow to the expectations of investors as trading activity is mostly concentrated in three buildings of these exchanges with the dominant share going to the Karachi Stock Exchange, he said.

He said that the Corporatization and demutualization of stock exchanges would entail converting the stock exchanges’ structure from non-profit, mutually owned organization to for-profit entities owned by shareholders. Demutualization would result in increased transparency at the stock exchanges and greater balance between interests of various stakeholders by clear segregation of commercial and regulatory functions and separation of trading rights and

ownership rights, he said.

The Spokesperson said that demutualization is a well-established global trend and almost all stock exchanges worldwide operate in demutualized set up. The enactment of this law will bring the Pakistani capital market on par with other international jurisdictions like India, Malaysia, Singapore, USA, UK, Germany, Australia, Hong Kong and Turkey among others, he said. The new law will help expand market outreach, attract new investors, improve liquidity and enable the stock exchange to attract international strategic partners. Demutualization will also facilitate consolidation of brokers leading to financially strong entities, he said.

The development of this law depicts the Governments commitment towards promoting development of Pakistani capital market and its trust reposed in the stock market for continued growth of the economy.

The Demutualization law provides a framework for the corporatization, demutualization and integration of the stock exchanges and had been drafted after consensus with all the stakeholders. Farhatullah Babar said that apart from demutualization of stock exchanges, to make our capital market vibrant the government is revamping the Capital Gain Tax regime whereby calculation and deduction is being centralized and automated within the existing parameters of the CGT. He said that the revamped regime would not only address issues faced by the capital market but would also help in documenting the economy that would result in broadening the tax base and ensuring 100% coverage of all the taxable transactions in securities market while attracting foreign portfolio investment in the country.

PAk-JAPAN TRADE To ENhANCE: ZARDARI ISLAMABAD ONLINE

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rESIDENT Asif Ali Zardari said Monday that the trade volume between Pakistan and Japan is below the potential, which should be boosted by increasing economic relations of two sides. He was talking to the Japanese Ambassador in Pakistan Hiroshi Oe, who called on him at Aiwan-e-Sadr.

During meeting matters relating to bilateral relations and enhancing mutual cooperation in various sectors particularly promotion of trade and investment between the two countries were discussed.President Zardari said that Japan had always been in the forefronts whenever people of Pakistan faced any difficult time. He said that as Pakistan and Japan are celebrating 60th anniversary of their diplomatic ties, so it is the high time for the two countries to focus on broadening the scope of mutual cooperation and to extend it to the areas of trade, investment, energy and infrastructure development, fisheries and dairy sectors. The President said Pakistan was cognizant of the constructive role of Japan in the global and Asian affairs and it sees Japan as an important player for peace, progress, cooperation and stability in the world. He said that Pakistan with its

proven natural resources of 186 billion tons of coal and huge reserves of natural gas offered great opportunities to Japanese investors to invest in the energy and agriculture sectors in Pakistan. “We look forward to Japanese assistance in market oriented capacity building of Pakistani manufacturers, growers and designers in terms of internal level processing, packaging and designing standards”, he added. President Zardari also appreciated the Japanese response in providing relief to the flood victims in Pakistan as well as its role at the forum of Friends of Democratic Pakistan. Meanwhile, Zhang Hongwei, Chairman Orient Group of China, today called on President Asif Ali Zardari at Aiwan-e-Sadr. He was accompanied by Ms. Christine Fu, President United Energy Group (UEG), Mr. Song Yu, Vice President UEG, Mr. Tariq Khamisani, President UEG Petroleum Pakistan, Mr. Lin Yang and Mr. Zhang Wei. Chinese Ambassador in Pakistan Mr. Liu Jian was also present.Senator Dr. Asim Hussain, Petroleum Minister, Syed Naveed Qamar, Federal Minister for Water & Power, Mr. M. Salman Faruqui, Secretary General to the President, Spokesperson to the President Senator Farhatullah Babar, Pak Ambassador to China Mr. Masood Khan and other senior officials were present from Pak side.

Chairman Orient Group briefed the President about his company’s business ventures in Pakistan.

PEDDLING UNREALISTIC NUMBERS

Indian HC has officially lost it… g

‘India, Pakistan should target $12b trade in five years’ LAHORE

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APP

two-day 2nd Aman Ki Asha Economic Conference under the theme of “Dividends” started at a local hotel on Monday to discuss ways and means to improve and strengthen relations between Pakistan and India.

The moot is a joint initiative of Jang Group Pakistan and The Times of India in collaboration with Confederation of Indian Industry (CII), Pakistan Business Council (PBC), Trade Development Authority Pakistan (TDAP) and National Bank of Pakistan.

Addressing the moot, Indian High Commissioner Sharat Shabarwal said that India wanted to build a

relationship of friendship and mutually beneficial cooperation with Pakistan.

He said that there was a keen desire on both sides to improve trade and economic links, bridge the information gap between business communities and address each other’s concerns. “A number of business delegations have travelled in both countries to bridge the information gap and dialogue between the two commerce ministries has led to a number of important steps,” he added.

Shabarwal said the moot would enable businessmen of both sides to discuss modalities to expand trade and economic relations between the two countries, particularly in the light of opportunities arisen as a result of interaction between the

commerce ministries over the last one year.

The Indian high commissioner also appreciated the decision of the Pakistan government to accord an MFN (Most Favoured Nation) status to India, as well as to move from a positive list of imports from India to a negative list. “We hope that the negative list will be phased out by the end of the year, as planned. The step will also pave the way for preferential trade between the countries under the South Asian Free Trade Area Agreement or (SAFTA),” he maintained.

He said that significant steps had also been taken to address concerns and apprehensions of business communities on both sides, adding that India and Pakistan also initialed three agreements in areas of customs cooperation, mutual recognition of testing laboratories and redress of trade grievances and they would be

signed and put into effect in coming weeks. Shabarwal said, “We will like to carry the process of trade liberalization forward in a manner to create a win-win situation for both sides.” He added that in February India had supported approval of the European Union trade concessions package for Pakistan by the WTO General Council. “We are ready to commence discussion on reducing the size of sensitive lists under SAFTA. India has also agreed to Foreign Direct Investment (FDI) from Pakistan for which necessary procedures and requirements are being formulated,” he maintained.

“As a result of two meetings held last year, both sides’ interior ministries were able to finalize the draft of a revised visa agreemment, containing, inter alia, liberal provisions for business visas. We hope it will be signed during a meeting of our interior/home secretaries in coming

weeks,” he added.

He said the Wagha-Attari trade gate was another mega achievement of the neighbouring countries that would boost the bilateral trade volume. “I will like to mention in particular the decision taken by the commerce ministers earlier this year to explore the opening of the Munabao-Khokhrapar route for trade. Such land trade routes, besides giving freight advantage to goods of both countries, will also contribute significantly to the economy of the regions on both sides of the border, “ he mentioned.

The Indian High Commissioner said that India and Pakistan should target $ 12 billion trade within next five years, asserting, “Our growing economic agenda also includes finalization of modalities of electricity trade between the two countries and trade in petroleum products.”

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Tuesday, 08 May, 2012

news WhAT’S UP WITh kBP?

Ladies and gentlemen, say hello to the corruption ‘whitepaper’

MASTER STATISTICIANS

If at first you don’t succeed…

LAHORE STAFF REPORT

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ISAN Board Pakistan (KBP) has started preparing a ‘white paper’ on corruption and irregularities being done by the officials of the provincial departments involved in the on-going wheat procurement drive. This was disclosed at an emergent meeting of the ‘wheat committee’ of the Board with KBP Central President Sardar Zafar Hussein Khan in the chair, said KBP spokesman here on Monday. The meeting alleged that farmers were facing lot of difficulties and hardships in disposing off their produce to the provincial food department in a smooth manner due to poor and wrong policy devised by the food, revenue departments and districts administration. The meeting alleged that fake records had been prepared by the provincial revenue department, there were long queues to get gunny bags and growers had to reach the center early in the

NAC to meet again today for reassessing GDP ISLAMABAD

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AMER SIAL

HE National Accounts Committee (NAC) will be meeting again on Tuesday to finalise the economic data for the current fiscal year on the basis of the old base of 19992000, as the earlier data finalised by the committee on the basis of new base year of 2005-06 was rejected by the government as it had downward projected the GDP growth rate at 3.2 percent from the official claims of 4 percent for the current fiscal year.

An official source said that the data on the basis on old base year was being finalised and will be submitted for the consideration of NAC on Tuesday. The government anticipates that the GDP based on existing system of national account on base year of 1999-2000 will be around 4 percent.

For the first time in country’s history, the government on May 4 nullified the economic data finalised by the highest forum, NAC on April 26 and ordered the Pakistan Bureau of Statistics (PBS) to reassess the economic figures on the basis on the old base of 1999-2000.

NAC on April 26 approved GDP growth figure of 3.2 percent on the basis of market price after rebasing

of GDP by fixing 2005-06 as base year. NAC, after rebasing, had pulled out about rs 2200-2500 billion from size of economy owing to which GDP size shrank to rs 18.50 trillion from rs 21 trillion mainly because of the contraction of manufacturing, services and financial and insurance sectors.

The governing council of PBS has refused to validate the re-writing of economic history of the country from 2005-06 onward saying PBS has taken the major initiative in violation of the laid down procedure. Under the law, PBS was bound to take the approval from the council, but its secretary did not take the governing council into confidence prior to taking the major and important initiative of rebasing the economy.

From the available data of last eight to nine months, NAC had estimated the provisional growth of 3.2 percent for the current fiscal year, as compared to growth of 3 percent last fiscal year. The increase has been made possible by growth in agriculture sector by 3.6 percent, while industrial sector grew by 3.4 percent and services sector by 2.1 percent. The government has earlier projected the GDP growth of 4.2 percent but later on revised it to 3.6 percent for the current fiscal year.

In the agriculture sector the

crops registered an increase of 3 percent, livestock 4.1 percent, forestry 4.1 percent and fishing 1.8 percent. The mining and quarrying category in industrial sector increased by 1.7 percent, manufacturing 2.4 percent, construction 2.8 percent and energy by 14.3 percent.

In the services sector, transport and communication increased by 3.2 percent, wholesale and retail trade 2.1 percent, financial and insurance declined by 11 percent, ownership and dwellings 3.4 percent, public administration and defence by 3.4 percent, and social and public services by 3.4 percent. About the decline in financial and insurance, PBS explained that it was calculated on constant term but on current prices they figure might be in positive. This was main issue of concern for the Ministry of Finance which asked PBS to recalculate growth in financial and insurance sector.

The members of the governing council raised many concerns regarding the methodology, the quality of primary data base on various sectors of the economy, analytical framework and the restructuring steps taken by PBS to adjust the GDP of the past 10 years. It directed the Statistics Division to provide the National Accounts on the old base as well as to facilitate comparison with the new base.

PREMIER PRoMISES

Let’s breath a sigh of relief… g

PM Gillani assures relief in budget ISLAMABAD ONLINE

Prime Minister Syed Yusuf raza Gilani has said that government would provide relief to the common man in the upcoming budget. He was talking to several personalities including Governor Khyber Pakhtunkhwa, Barrister Masood Kausar, Chief Minister KP, Ameer Haider Khan Hoti, Chief Minister Baluchistan, Nawab Aslam raeesani, Acting Prime Minister of AJK, Chaudhary Muhammad Yasin and Special Assistant to the Prime Minister Begum Shahnaz Wazir Ali that called on him at PM’s Secretariat on Monday. PM said that the law and order situation all over the country especially in Khyber Pakhtunkhwa, Baluchistan and FATA is not up to the mark but government is taking every measure for improving it. The Acting Prime Minister of AJK said that the announcement by the Prime Minister Syed Yusuf raza Gilani of Kohala Muzaffarabad Highway and International Airport at Mirpur have been widely welcomed by the people because it would result the changing the fate of AJK.

CoNCRETE CoNCERNS

ThAR TALE

Continuous failure to cement exports g g

Cement exports continue to cling on to their downward spiral Local dispatch increased by 3.3 percent LAHORE

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STAFF REPORT

HOUGH, cement sales in domestic market posted fifth straight month of increase as compared to last year, the industry is still passing through trying times as its exports registered third consecutive month of decline while its capacity utilisation is at its lowest since 2002-03. A spokesman of the All Pakistan Cement Manufacturers Association stated this while discussing performance of the cement industry during first ten months of the current fiscal. He said that the total cement dispatches up till April 2012 were 26.643 million tons which is 3.31 percent higher than dispatches during the corresponding period of last fiscal. He said domestic sales during this period increased by 8.51 percent but exports registered a decline of 8.91 percent. He said performance of North and South based mills depicted different trends both in domestic sales and exports. He said local sales of the North based mills increased by 7.77 percent to 15.928 million tons while the South based mills registered higher domestic consumption by 11.81 percent to 3.701 million tons. In exports, however, the mills in the North suffered comparatively less decline than in the South.

The North based mills exported 5.087 million tons of cement posting a decline of 6.23 percent over exports made during the same period last year. The exports of South based mills declined by 15.29 percent to 1.928 million tons.

Among the export markets, the Afghanistan market

morning but those responsible for distribution of bags were not arriving at the center in time. It said there was also information that procurement centers were changed over night and those in power had procurement centers near their homes and common growers were facing difficulties in reaching these centers. The meeting also alleged that lists prepared by the revenue department was only carrying names of influential and middle men while real grower had been ignored in it. The meeting said that the food department announced procurement date as May 05, 2012 and when growers reached the procurement centers they were told that now procurement would start from May 08, 2012.

Participants of the meting urged the provincial government to hold an enquiry in to irregularities and poor arrangements made by the provincial departments and districts administration. They said that growers reaching the procurement centers should be treated with dignity and respect and it is ensured that procurement should be transparent.

remained relatively stable as exports declined nominally by 0.15 percent to 3.778 million tons. Exports to India increased by 15.19 percent to slightly over half million tons.

This includes exports by sea, as well as, through Wahga border. Exports to other destinations through sea however decreased by 16.96 percent to 2.699 million ton. Cement industry sources says that cement is one the major commodities that is abundantly available in Pakistan and can be exported to India through the land route. Despite tall claims to increase bilateral trade, the respective governments failed to remove non-tariff barriers imposed on Pakistani products. Industry leaders pointed out that Pakistani exporters were facing multiple hurdles in smooth export to India. They indicated that only 10 wheeler trucks from Pakistan are allowed to cross the border and maximum weight may not be more than 40 tons per truck.

Unfortunately, most of the available transportation for cement has a loading capacity of more than 40 tons.

Availability of 10 wheeler trucks with a loading capacity upto 40 tons for cement is limited; resulting in the cement industry being unable to export its surplus capacity. There is only one scanner installed at the new gate at Wahga border resulting in long queues creating hurdles and delay for Pakistani exports to India. The Pakistani exporters have demanded of the government to look into the matter and allow trucks with a loading capacity upto 80 tons instead of 40 tons. “The Pakistani exporters should also be provided all necessary facilities at the border points so that they could easily clear their consignments”.

2.5kMW! g

Power generation projects from Thar coal to produce 2,500MW ISLAMABAD APP

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HE government, in view of meeting increasing power demand in the country, is working on power generation projects of around 2500 MW from Thar coal reserves. Giving present status of power generation projects from Thar Coal, an official on Monday said one of the major initiatives of present government was to enter into a joint venture with leading industrial group - Engro Group (40 percent Sindh Government and 60 percent Engro) for Block-II of Thar coal fields. The official said the company plans to develop an open pit mine of 6.5 million ton per annum capacity and power generation of 1200 MW at the cost of US $ three billion. He said bankable feasibility has been completed in August 2010 and this flagship project of Government of Sindh is part of the projects, taken up by Pakistan-China Joint Energy Working Group (JEWG). Chinese financial institutions are willing to finance this project provided they get a green signal from the government of China. Next

meeting of JEWG is scheduled to be held this week at the capital. The second project is BlockVI Oracle Coal fields PLC United Kingdom for which detailed feasibility study has been completed and approved by Technical Committee of Sindh Coal Authority. The official said they planned to construct five million ton per annum mine and 300 MW Power Plant in first phase.

Oracle has also entered into agreement with Karachi Electricity Supply Corporation (KESC) for power plant. The pre-development ground work for mine will commence this month and mine development would begin by first quarter of 2013. The third project is Block-I: SinoSindh resources (Pvt) Limited. Block-I of Thar Coal field was allocated to Sino-Sindh resources, a subsidiary of Global Mining of China through International Competitive Bidding last year. They have completed the detailed feasibility study recently. Sino-Sindh intend to construct 10 million ton per annum mine and 900 MW power plant in first phase by 2015. The official said the fourth project is Block-V Underground Coal Gasification Project. Planning Commission approved the project and engaged renowned scientist, Dr. Samar Mubarakmand to develop a local technology and execute the pilot project. He said the project is for production of Syngas from Thar. Based on Syngas Power Plant of 100 MW can be established and added an amount of rs. 984.93 million has already been released for production and purification of Syngas. The test burn was ignited few months back. Syngas is being coming out from underground cavity created by drilling, casing, cementation and reverse combustion. As decided by TCEB, an international EOI for establishing 100 MW, is being floated to attract foreign investment.

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Tuesday, 08 May, 2012

03

news Major Gainers

ANoThER RAMBo MoMENT

If LCCI had a gun we could’ve had a bullet blitz yesterday g

LCCI decries power outages LAHORE

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STAFF REPORT

HE Lahore Chamber of Commerce and Industry has expressed deep concern over awful prolonged load shedding and demanded of the government to seriously solve the energy crises that are hitting all sectors of economy including trade, industry and agriculture.

In a press statement issued here Monday, The LCCI President Irfan Qaiser Sheikh said that the private sector was engine of the growth and in the developed countries it is facilitated to the maximum but in Pakistan circumstances is quite different. Irfan Qaiser Sheikh said that LCCI has repeatedly warned the government of massive lay-offs and industrial closures if it fails to immediately stop power outages but people sitting on the helm of the affairs are playing the role of silent

spectators. The LCCI President5 said that government would not be able to control the situation triggered by the demonstrations and strikes called by the angry industrial workers against their retrenchments as a result of these power outages. “How the government would establish its writ and from where it would collect revenues to run its day-to-day affairs when the industrial wheel is coming to a grinding halt.” The LCCI President said that the government should understand that economic well being is a must for democracy. Unemployment, price-hikes, industrial closures always gives birth to lawlessness and anarchy. Therefore, the government should understand the ground realities and reset its priorities regarding provision of electricity to the industry. Irfan Qaiser Sheikh said that the industry needs continuous supply of electricity to keep the units operational and to complete

the export orders well within the given timeframe but only because of the shortage of electricity the exports are not up to the mark.

Irfan Qaiser Sheikh said that Pakistan had already lost a number of global markets and the new power cuts would further aggravate the situation. The LCCI President said that cheaper and uninterrupted power supply is only way to achieve economic targets set for the year 2012-13 but neither the government is sharing its future plans to this regard nor paying any heed to the difficulties being faced by the trade and industry. Irfan Qaiser Sheikh said that it is astonishing that on the one hand the government circles were talking of economic stability in 2012 while on the other hand they were not sharing any kind of roadmap to achieve this goal.

The LCCI President also feared a surge in street crimes, saying that law and order situation is bound to aggravate in the coming days as repeated power outages in the industrial estates is jacking up the graph

ChAMBER CoNNECTIoN

DAIRY DIARIES

ICCI follows LCCI’s lead

A potentially groundbreaking moo-ment

ISLAMABAD APP

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SLAMABAD Chamber of Commerce and Industry (ICCI) has signed an agreement with an event management company to organize an Industrial Expo in September this year in the Federal Capital titled ‘Expo 2012’ to showcase the country’s industrial products and promote exports. A Memorandum of Understanding signing ceremony was held at Chamber house, in which it was decided that the appointed event management company will manage all the activities of industrial expo. The initiative is aimed at promoting a soft image of the country and give boost to trade and exports.

Foreign delegations from many countries would also be invited to Expo 2012. Moreover, in order to introduce Pakistani products in international market, the Expo Committee of ICCI would organize exhibition of Pakistani products in foreign countries. President ICCI Yassar Sakhi Butt said that Expo 2012 would be a landmark initiative in accelerating economic activities as it would provide an ideal platform where the industrialists of Pakistan would put up stalls and showcase the potential of their products to local and international visitors. Munawar Mughal, Chairman, ICCI Exhibition Committee said that Expo 2012 and Shopping Festivals would provide industrialists and traders good opportunities of promoting business activities and increasing trade & exports. ICCI is also planning to organize shopping festivals in commercial centers of Islamabad on the pattern of Dubai Shopping Festival to accelerate business activities and provide customers an opportunity to buy quality products at affordable prices.

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2.7b developing countries consumers touted as the next big opportunity for dairy sector LAHORE STAFF REPORT

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new research has identified 2.7 billion lowincome consumers in developing countries as the global dairy industry’s next big growth opportunity due to an expected rise in prosperity, purchasing power and desire for packaged liquid dairy products (LDP).

Study shows that consumption by low-income consumers in developing markets is forecast to increase from about 70 billion litres in 2011 to almost 80 billion litres in 2014, according to the Dairy Index, which tracks worldwide facts, figures and trends in the global dairy industry. Many of these consumers are expected to switch in coming years from drinking loose milk to packaged milk.

The study was conducted by the Tetra Pak, the world’s leading food processing and packaging company. Tetra Pak President and CEO Dennis

of unemployment particularly hitting the daily wagers hard.

He said that the most of industrial units had already reduced their working to single six-hour shift from the previous three shifts system. This had led to increased level of raw-material wastage leaving production process non-profitable.

Now the leading industrial units were experiencing losses despite being managed professionally. The crisis in industrial sector is not only causing flight of capital and relocation of industrial units to the countries like Bangladesh and Malaysia but had also reduced government revenues drastically.

He said that a similar situation had erupted about two years ago but that was resolved with the help of the business community who lent a lot of input in developing a viable load management plan. The LCCI President urged the President and Prime Minister to take notice of this grave situation and act promptly to save industrial and social fabric of the country.

Jönsson said, “Low-income consumers represent one of the biggest growth opportunities for the dairy industry. The key to tomorrow’s success is reaching these consumers today,” he maintained..

“They make up almost 40 percent of the world’s population and live in economies driving our industry’s growth and they are growing more affluent.”

These low-income consumers live on rs180 to rs750 a day and are virtually untapped by today’s dairy processors. Called Deeper in the Pyramid (DiP) consumers by Tetra Pak, they make up about 50% of developing countries’ population and consume 38 percent of LDP in developing countries. The Tetra Pak research focused on Pakistan, India, Indonesia, Brazil and Kenya, which together account for more than 76 percent of LDP consumption by DiP consumers in developing countries. Many DiP consumers are expected to grow in affluence, shifting from low to middle incomes by the end of the decade, boosting their purchasing power and the range of products they buy. As they gain the increase in spending power along with greater awareness of food safety and a need for convenient, ready-to- drink solutions is expected to increase the demand for packaged products. “Today’s low-income consumers are tomorrow’s middle class,” said Azhar Ali Syed, Managing Director Tetra Pak Pakistan, noting “this is a golden opportunity for dairy processors to cultivate consumer loyalty among a new generation of dairy consumers in developing countries such as Pakistan.” Tapping into this market is not without its challenges, according to the report. Tetra Pak has identified three key challenges for dairy processors seeking to reach consumers in this growth market. They need to make products which are affordable, available and attractive to consumers on limited incomes. That means dairy processors must produce healthy, safe and nutritious packaged dairy products without adding unsustainable costs. They must also make them available in small traditional stores in remote rural areas or congested cities where low income consumers shop.

‘Workers are the force that manoeuvre the industrial wheel’ LAHORE

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STAFF REPORT

USINESS community has urged the government to ensure maximum facilities for the industrial workers as they are the force keep moving the industrial wheel. Their prosperity would give strength to the trade, industry and economy.

In a press statement issued here Monday, Chairman Lahore Township Industries Association Iftikhar Bashir and Chairman Auto Parts Manufacturers & Exporters Association Tahir Javed Malik said that though increase in minimums wages of labours by the Prime Minister Yousuf raza Gilani and Chief Minister

Mian Mohammad Shahbaz Sharif were appreciable initiatives of the federal and provincial governments but they have to evolve a long-term strategy to resolve all the problems faced by the workers. They said that a facility package should be announced for the workers and labourers as they have rendered a lot sacrifices. They said that the concept of industrial and agricultural development was incomplete without contribution of labourers and industrial workers. They said that the global strides in industry and agriculture are owed to the hard work of labourers and farmers. They said that government should keep it in mind that secret of any country’s development lies in the value of hard work and its human resources. That country

could not develop that does not address the basic needs of its working class. They said that government should solve the issues being faced by the industry as the industrial sector was main source of earning of the industrial worker and its progress and prosperity would ultimately make the workers wealthy. They said that industrial sector was facing more than 12 hours load shedding in a day and industrial wheel is stagnant while high mark-up rates and deteriorating law and order situation adding fuel to the fire.

Government should ensure provision of cheap and sufficient electricity for the industrial sector and also resolve the other issue so that industrialist could play their due role for the wealth of their workers.

Company

Open

High

Low

Close

Change

UniLever Pak Ltd Unilever Food Rafhan MaizeSPOT Colgate Palmolive Wyeth Pak Limited

7042.00 2712.08 2650.00 820.00 778.34

7394.10 2847.68 2782.00 861.00 800.00

7025.00 2847.68 2698.00 820.00 785.00

7394.10 2847.68 2764.38 861.00 800.00

352.10 140 135.60 15 114.38 72 41.00 303 21.66 269

Turnover

Major Losers Nestle Pakistan Ltd. 4331.69 Island Textile 234.56 Indus Motor Company 305.00 Sapphire Textile 120.27 Pak Oilfields 394.75

4450.00 222.84 297.05 114.60 399.00

4199.00 222.84 296.00 114.55 389.11

4218.88 222.84 296.51 114.55 391.15

-112.81 3,564 -11.72 356 -8.49 2,801 -5.72 43,000 -3.60 566,035

Volume Leaders P.T.C.L.A 15.34 D.G.K.Cement Telecard Limited Jah.Sidd. Co. Engro Corporation

16.25 44.38 2.20 16.02 104.47

15.50 46.59 2.50 16.69 109.27

16.12 44.70 2.15 15.85 104.85

0.78 34,556,963 46.59 2.21 19,601,267 2.19 -0.01 15,079,443 16.28 0.26 14,182,549 108.07 3.60 11,111,247

Interbank Rates US Dollar UK Pound Japanese Yen Euro

90.7940 146.6233 1.1373 118.1957

Dollar East US Dollar Euro Great Britain Pound Japanese Yen Canadian Dollar Hong Kong Dollar UAE Dirham Saudi Riyal Australian Dollar

Buy

Sell

91.10 118.43 146.84 1.1304 90.99 11.58 24.74 24.24 92.25

91.80 119.44 148.06 1.1397 92.25 11.75 24.92 24.41 94.48

BRIEF CORNER hearing regarding tariff protection to jute yarn, twine on 28th ISLAMABAD: The National Tariff Commission (NTC) will organize a public hearing regarding Tariff protection to the Indigenous Industry Manufacturing Jute Yarn and Twine on the issue on May 28, at 11.00 a.m. here in the Committee room of National Tariff Commission, 11th Floor, State Life Building No. 5, Blue Area. A statement of the NTC issued here on Monday, said that Pakistan Jute Mills Association (PJMA) applied National Tariff Commission (NTC) for tariff protection to the domestic industry of jute yarn and jute twines, falling under PCT main heading No. 7307. The association requested NTC to enhance present customs duty of 10% to 25% on import of jute yarn and jute twines to protect the domestic industry. Applicant claimed this enhancement of customs duty on the following grounds:- Yarns and twines are made from both jute and sisal plants and are of same nature and use for similar purposes. The product, yarn and twines of jute are imported at 10% CD while yarn and twines of sisal are imported at 25% CD. The applicant therefore, taking plea that the product, yarn and twines of jute may be imposed 25% CD instead of present 10% to bring uniformity in both the products and protect the domestic jute industry against cheaper imports of yarn and twines. The NTC thus initiated the inquiry on request of the association and invites views comments and other information, relevant and helpful in this study from all interested parties having business of jute yarns and jute twines. APP

TIkA, JIkA delegation visit MPTT ISLAMABAD: A joint delegation of experts from Turkish International Cooperation Agency (TIKA) and Japan International Cooperation Agency (JIKA) visited Ministry of Professional and Technical Training and met with Federal Secretary Qamar Zaman Chaudhary. Tika’s Chief Programme Coordinator of Turkish Ministry of Education, Kenan Uysal offered the Ministry, the training programme in Industrial Automation and for this purpose initially they have asked ten teachers from Pakistan whom they would train in Turkey. Federal Secretary welcome them for this joint venture to increase Pakistan expertise in the related field and told that he would collaborate with all four provinces and federating units to select the teachers at merit.

JICA’s Chief Programme Coordinator Takujiro also offered her country’s cooperation for developing curriculum for NAVTTC that is policy formulating institute for vocational and technical training in the country. Federal Secretary Qamar Zaman chaudhry also invited the attention of TIKA and JICA to visit National Centre for rural Development (NCrD) and explore new avenues for green Technology at which already United Nation Industrial Development Organization is working. Federal Secretary told the joint delegation that first time the Government of Pakistan has made this focal Ministry to bring all the Organizations of Vocational and Technical Training, in the country to bring under the umbrella of the Ministry. Joint Delegation will also visit the National Training Bureau to increase the training capacities of the country. NNI