Magazine - Islamabad Chamber of Commerce & Industry

A monthly Magazine of ICCIBUSINESSMagnateto European fruitproduction. This year tillend of June, 3.9pc of lotshad been rejected. Due tothe volume of fruit beingrejected may buyers havesimply stopped buyingfrom Pakistan, fearinglosses? This responsibilityalso goes on the exporters; one must check the product withproper procedure or lab test before lifting the product.Pakistani mangoes are prized for their superior quality andretailers have shown an increasing interest in them. But lastyear, 6.3pc of 4,252 lots were rejected by Fera, comparedwith 2.4pc of 3,940 lots in 2011.BOI Chairman for attracting financial inflowsChairman Board of Investment, Mohammad Zubair hassaid that presently the country desperately needs to attractfinancial inflows to build up the foreign exchange reserves.he emphasized the officersof BoI to work as teamand urged them forproviding speedyfacilitation to foreign aswell as local investors andpromote Foreign DirectInvestment to achieve theobjective of economicdevelopment.To achieveFDI target of US$ 5.5 billion per annum assuming anaverage annual GDP growth of 5 percent, the FDI stockwould account for 20% of GDP, which is close to thecurrent global averageUS offer Pakistan help in biogas, wind energysectorThe United States on Tuesday offered Pakistan assistance ingenerating electricity through biogas and wind to overcomethe power crisis. Pakistan needs investment, particularly inthe most-needed energysector, Finance MinisterSenator Mohammad IshaqDar said while addressing ajoint press conferencealong with PresidentOverseas PrivateInvestment Corporation(OPIC), Ms Elizabeth L.Littlefield, who was heading the US delegation in talks withPakistan, said a PID press release.Flour mills demand immediate wheat importsThe government's inability to meet its wheat procurementtarget, wheat shortages and increasing prices have led tourgent calls by the Pakistan Flour Mills Association (PFMA)for the government to allow wheat imports on a prioritybasis.The PFMA chairman on Tuesday,July 16, 2013 said themove is necessary to avert likely wheat and flour crisis in thecountry.The landed cost of wheat from India will be22cheaper by Rs400-500 per100 kg than the localwheat. The landed cost ofIndian wheat is aroundRs2, 900 per 100 kilogramcompared to Rs3, 500 per100 kilogram of Pakistaniwheat. He said “Theimport will smoothen outthe supply of wheat in the country, while the step will alsobring the price of flour lower. This will ultimately helpconsumers to take benefit of wheat import,”Work on Neelum-Jhelum be expeditedThe Chinese contractor building mega Neelum-Jhelumhydropower plant has decided to deploy more engineers,technical staff to expeditework on 969MW project.Vice president of theChina Gezhouba Group ofCompanies (CGGC) Dengheld talks in Beijing withPakistani side and briefedabout deployment ofadditional Chinesetechnical staff.Theinduction of additional workforce will help complete theproject before given timetable,Importers face problems in cargo clearanceThe importers of heavy machinery and chemical are facingproblems in clearing their consignments as no collectorcustoms of adjudication – I, Karachi, has been assigned bythe Federal Board ofRevenue (FBR) since thelast 16 days. Importershave requested the FBRchairman to appointofficers for early clearanceof their consignments. OnJuly 9, the FBR hadnotified a major reshufflein Inland Revenue Servicesand Pakistan Customs and posted / transferred grade 20and grade 21 officers. However, no assignment was given anofficer for the position of collector adjudication – I.Enforcing discipline in car marketThe federal government isactively evaluating policyoptions to discipline a fewautomakers stated to bemanipulating the carmarket. They are accusedof using their dominantmarket position to floutnorms of fair tradingpractices.Source: Media Scanning