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Pakistan to increase trade volume with Iran upto $5 billion



Mohsin Soomro

ISLAMABAD: Prime Minister Nawaz Sharif Saturday emphasised to increase the volume of trade with Iran up to five billion dollars, saying that economic revolution in Pakistan will bring prosperity in the region.

The PM was addressing Pakistan-Iran joint business forum in Islamabad today (Saturday).

Referring to the Pak-Iran relations, the PM said Pakistan-Iran relations are based on mutual respect, culture and religion. The government is working to promote ties with Iran and all regional countries.

“We are constructing China-Pakistan economic Corridor for the promotion of trade among the regional countries,” he said.

In his speech, the prime minister said it is necessary to meet the challenges of terrorism and energy to bolster the economy.

“The government has taken effective steps for curbing the menace of terrorism,” said the PM.

On the Occasion, Iranian President Hassan Rouhani said Iran gives importance to Pakistan and we will also help Pakistan in meeting its energy and gas needs.

“Iran is ready to cooperate with Pakistan in Gas and Oil sectors. Economic stability of Pakistan is the economic stability of Iran,” said the president of Iran.

“Iran can also help in infrastructure, trade and tourism sector. Iran can also help Pakistan in construction of dams and roads,” said Rouhani while addressing the forum.

Moreover, the Iranian president said economic stability can be achieved by promoting Pak-Iran political and cultural relations.

President Rouhani also thanked Prime Minister Nawaz Sharif for extending him warm welcome during the visit.


‘Look Africa Campaign’ to augment trade with Africa!



ISLAMABAD: The Trade Development Authority has initiated ‘Look Africa Campaign ‘for increasing trade and investment ties with the African region.
“Look Africa Campaign” would play a pivotal role for bridging the trade gap between Pakistan and African region and provide a platform for enhancing the contact between the business communities of both sides, a senior official of TDAP told the Media here today. 
He said that Pakistan can promote trade with African countries in different sectors including textiles items, surgical and sports goods and agro- products for increasing exports.
Replying to a question, he said that we were working on the global value chain for promoting the demanded product in the international market to enhance the trade volume of the country.
He added that Pakistan ranks 107 out of 140 economies in the Global Competitiveness Index, which needs to be improved for economic stability and growth.
He said that for expansion of the trade infrastructure in the country, we were setting up expos centers at Islamabad, Quetta, Peshawar and other cities of the country.
He said that TDAP was planning to invite trade delegation and quarantine officers for rice from Mexico, meat regulation from China, Russia, and Mauritius and Indonesia and fisheries inspector from the USA for sharing the mutual expertise.


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Malaysian companies showing interest to invest in Pakistan: Chairman BOI



ISLAMABAD: Minister of State and Chairman, Pakistan Board of Investment (BoI) Haroon Sharif Tuesday said Malaysian Oil companies will open its offices in Pakistan as they were taking interest to invest in Pakistan for the growth of national economy.

In an exclusive interview, while hailing the upcoming two-day visit of Malaysian Prime Minister said it will be the first official visit of Malaysian premier Mahathir Mohamad to Pakistan and he will be the chief guest on Pakistan Day event as well.

The Malaysian PM’s visit would also open new corridor for economic development and further boost the trade volumes between the two countries.

He further said Pakistan and Malaysia would sign five Memorandum of Understandings (MoU) with each other in the support of Pakistan.

He added not only Malaysia but the whole east Asia is taking interest in Pakistani market.





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Investment in human capital imperative for development: Asad Umar



Asad assures businessmen of clubbing of taxes in next budget

ISLAMABAD: Finance Minister Asad Umar here on Tuesday said investment in human capital was very imperative and central to development of the country.

“Educating youth and investing in their development is both means to an end and end in itself,” the finance minister said this while addressing the Human Capital Summit here.

The minister said that investing in education and human capital was actually investing in economy as it yields high economic dividends, hence investments in these sectors was actually investing in economy.

He said the government was fully committed to work in this direction.

The minister said that there was need for going beyond monetary statistics when dealing with human development and poverty alleviation, adding that over the years success had been made in terms of poverty reduction and developing human capital as indicators were better today as compare to 20 years back.

However, the pace with which these developments have taken place in the other parts of the world have not taken place same way in Pakistan.

He said that Pakistan would be using multi-dimensional approach for measuring poverty and help alleviate it.

Asad Umar said that for the first time the government was integrating the social protection efforts instead of adopting the current fragmented approach.

Coordinated approach would be used for poverty alleviation and government would set up specific authority for this purpose.

He, however, was of the view that there was need for fiscal space, stressing the need for adopting innovative financial instruments.

He said that Pakistan looks forward towards institution, World Bank and private sector to introduce innovative financial instruments adding that if it required any legislation, the government would do the needful.

He said that government was also improving structure to internally strengthen its institutions while it was also establishing Public-Private Partnership Authority (PPPA) to work with private sector and mobilize funds for not only infrastructure projects but also for social sector.

Later talking to media persons the minister said that Pakistan economy was captured by elite culture and there was need for breaking this stranglehold by opening the economy, making it rule-based, ensure transparent decision-making, strengthen parliament and over-sighting mechanism, transparency and accountability.

Earlier, speaking at the summit, South Asia Region World Bank Group Vice President Hartwig Schafer said that progress has been made in poverty reduction in Pakistan.

He highlighted the need for adopting multi-dimensional approach for poverty measurement by including education, health and their quality in the measurement scale.

He said that women participation in work force was also imperative, saying that only one in three women was participating in labour forces in South Asia.

He also urged private sector and donors to play their role in promoting investments in human capital and lead the country towards sustainable development.





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