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Last update: Sat, 23 Apr 2016 06pm

Business and Economy: Pakistan

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Pakistan, at the crossroads of Asia, offers an ideal destination for investments with one of world's best rates of investments, a thriving middle class of 50 million people and a per capita income of nearly US $5000 per head if calculated in term of purchasing power as well as workforce aged under 30 years, Consul General Faisal Niaz Tirmizi has said.
Trade Development Authority of Pakistan (TDAP) on Friday condemned the allegations levelled by Senator Saleem Mandviwala that he made in his resignation from the membership of TDAP board. TDAP's rebuttal said: "The authority is strongly involved in export promotion and market diversification. Some 2000 exporters are supported in 120 exhibitions throughout the world. Single country exhibitions such as Aalishan in India and Sri Lanka have proved extremely successful bringing in strong orders, which will certainly be reflected in trade figures next year.
The participants of a consultative session resolved to derive a unified definition of SME through countrywide consultation with the stakeholders. The session was organised by the Small and Medium Enterprises Development Authority (Smeda) and attended by the Lahore Chamber of Commerce and Industry (LCCI) Senior Vice President Almas Hyder, FPCCI Vice President Mian Rehman Aziz, Senior Vice President Women Chamber of Commerce and Industries Rukhsana Khan, Senior Vice President of Islamabad Chamber of Small Traders Imran Shabbir Abbasi, Deputy Secretary Ministry of Industries and Production Abdul Jalil Khan and representatives from the National Bank of Pakistan, Securities and Exchange Commission of Pakistan, and Federal Board of Revenue.
To achieve sustained higher growth, Pakistan will need to continue to implement structural economic reforms - including broadening the tax base - and to alleviate power shortages, the Asian Development Bank (ADB) said. The "ADB and Pakistan: Fact Sheet" updated on its website stated that in the medium to longer-term, a faster and more sustained rate of economic growth is required to generate sufficient employment for a rapidly expanding labour force. The pace of reforms needs to be accelerated to reinforce recent macroeconomic gains for sustainable growth momentum.
Iranian Ambassador Mehdi Honardoost while visiting Lahore Chamber of Commerce and Industry on Friday said he is confident that his country's relations with Pakistan will touch "new heights" consistent with their respective potentials. Iranian Consul General Muhammad Hossain Bani Assadi was also present on the occasion. He said Iran and Pakistan had gained important achievements from a recent visit by their presidents which also started a new era of cordial relations.
Chief Minister of Balochistan, Sardar Sanaullah Khan Zehri on Friday called on Prime Minister Muhammad Nawaz Sharif at PM House. The Chief Minister apprised the Prime Minister on the status of various development projects and welfare schemes presently undertaken across the province. In the wake of revival of peace and stability in the province, the focus has been converged to bring the province at par with rest of the country, the CM said.
Parliamentary leaders and representatives of different political parties of the Khyber Pakhtunkhwa have called for the formation of a representative jirga comprising of the central leadership of the political parties in the province to frame a joint line of action and compel federal government for concentration on western route of the China Pakistan Economic Corridor (CPEC). The meeting was arranged under the auspices of a local a non-governmental organisation here in the Conference Room of the provincial assembly with Speaker, Asad Qaiser in the chair here Friday.