"Patriotism consists not in waving the flag, but in striving that our country shall be righteous as well as strong" said the renowned American inventor, James Bryce. It appears his words are echoing across the globe, fifty years on as nations look to redress their social contracts in the wake of the current global economic slowdown.
The most remarkable thing about China is her resilience and ability to achieve just about anything. Buttressed by economies of scale, whatever sector China embarks upon, it impacts the global trade with a heavy blow.
Lotte Pakistan PTA Limited (LOTPTA), one of the most traded scrips at the Karachi bourse of late; announced record profits for the first six months ending June 2011, yesterday. The companys bottom line improved by a thumping 70 percent in 1HCY11 compared to the same period last year, despite a lacklustre second quarter performance.
One of the fundamental hurdles to expanding trade beyond conventional trade partners is lack of governmental initiative and diplomatic cooperation with other countries. Foreign policies of successive governments have oscillated between closer alignments with the United States followed by periods of distrust between Washington and Islamabad.
Following its growth pattern in recent history, ICI Pakistan painted a sales growth of 20 percent in 1HCY11 over 1HCY10 on account of higher selling prices. However, this increase was whitewashed by more-than-expected hike in cost of sales and other expenses.
After registering net profits earlier in March, Packages Limited is back at making losses again. Half-yearly company results put net loss at Rs209 million, owing to a dismal second quarter performance.
For any developing country that wishes to expand its industrial base, a trade policy is meant to support interest of local industries and smoothen supplies of imported material and goods necessary to strengthen local manufacturing base, as well as protect the interest of consumers.