10 BUSINESS
Saturday, 15 February, 2014
DASTGIR BLAMES INDO-PAK FOREIGN MINISTRIES FOR STALEMATE IN TALKS INDIAN COMMERCE MINISTER CANCELS LAHORE VISIT TO INAUGURATE ‘INDIA SHOW’ LAHORE/NEW DELHI
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OMMERCE Minister Khurram Dastgir Khan has blamed the foreign ministries of India and Pakistan for the current stalemate in bilateral trade talks as they refuse to resume the composite dialogue. The minister, however, was optimistic that talks would resume soon and Pakistan would be able to deliver on the promise of removing all bans on Indian exports and open up the land route further. “When you are talking trade, you can go to a certain extent and then trade
talks hit a wall when other ministries get involved,” the minister said while talking to media persons at the ‘India Show’ jointly organised by the FICCI and the commerce ministry. When asked which ministry he had in mind, Khan said it were the foreign ministries which refused to resume the composite dialogue for improving relations between the two countries. The composite dialogue was suspended last January following violence at the Line of Control. “Today is Valentine’s Day. Instead of giving each other messages of love, the two foreign ministries are not even resuming the composite dialogue,” Khan said on a lighter note. But the minister categorically specified that there were no pre-conditions to resuming the trade dialogue. The Indian commerce ministry had written to the Pakistani government demanding that the country should specify by when it planned to offer it non-dis-
criminatory market access before talks could proceed further. It also said a timeline should be given for allowing trade of all goods through the Wagah border. The commerce ministry faced pressure from the foreign ministry which argued that there was no point in talking on trade till Pakistan delivers on the promises that it has made. Indian Commerce Minister Anand Sharma had to cancel his visit to Lahore to inaugurate the ‘India Show’ as the foreign ministry was not keen on it. India and Pakistan started negotiations for liberalising bilateral trade in February 2012 following which both sides took a number of steps to open up their markets. Pakistan, which allowed only about 2,000 items to be exported from India, now allows more than 6,000 goods from the country. An export ban, however, continues on about 1,000 items, which it had promised to dismantle by December last year. Pakistan also needs to deliver on its promise for allowing Indian goods through the land route. At present, most items from India have to be exported along the sea-route via Mumbai and Karachi, which is very expensive. Khan also stressed on the need for a more liberal visa regime to boost trade. “We may keep talking about tariff and customs barriers, but till business people are allowed to travel freely to each other’s countries, they would not be able to see for themselves what opportunities they can exploit,” the minister said.
PM woos Turkish investors ISTANBUL INP
Prime Minister Nawaz Sharif while meeting here on Friday with the Chairmen/CEOs of leading Turkish business groups assured the government of Pakistan’s full support and maximum facilitation for investment in Pakistan. He urged them to become development partner of Pakistan. The prime minister informed the Turkish businessmen about measures taken by his government that resulted in increasing the GDP quarterly rate from 2.9 percent to 5 percent, about 17 percent rise in the Karachi Stock Exchange, increased foreign remittances and more business activities. “Our government plans to rise the GDP growth rate to above 6 percent and bringing more foreign investment in the energy, infrastructure, low cost housing, municipal services, agro-based industry, information technology, textiles etc,” said the prime minister. The Turkish companies which met with the prime minister included Mustafa Koc, Chairman Koc Group, Mr Oguz Carmikli, Vice-Chairman Nurol Group, Mr Hakan Ozman, CEO and Deputy Chairman of GAMA Holding, Mr Nehat Ozdemir, Chairman Limak Holding, Mr
Ibrahim Cecin, Chairman IC Holding, Mr Alp Yalcin Taskent, Chairman of STFA Mr Ahmet Albayrak, Chairman of Albayrak Group, Mr Ahmet Zorlu, Chairman of Zorlu Holdings, Mr Korhan Kurdoglu, President of ATA Holding, Mr Turgay Ciner, Chairman and CEO of Ciner Group, Koc group showed keen interest to invest in electrical appliances manufacturing, dairy development, and bus manufacturing. The finished products could then be exported from Pakistan. Prime Minister Nawaz Sharif said Pakistan would facilitate and encouraged them to have partnership with Pakistan private sector. In his meeting with M/s Limak group, Mr Nawaz Sharif said Turkish companies would be given all possible help for setting up power plants. The company said they had completed pre-requisites for investing in the wind energy, coal fired power plants in Gaddani Power Park and construction of highways on BOT basis. NOROL group said they had explored investment projects of Dasu Hydropower Project, Lahore-Karachi Motorway and coalbased projects and hydropower projects. The prime minister expected that the group would finalise the technical examination of these projects and assured that their investment would be protected.
CORPORATE CORNER Al Ghurair Giga shares joys of achievements with business partners, customers
smartphone shipments in 2013, according to the leading market research and analysts firms International Data Corporation (IDC), Strategy Analytics and Canalys. According to IDC’s Worldwide Quarterly Mobile Phone Tracker, Huawei retained its number three position worldwide in 2013, with the highest year-on-year increase among the leading vendors at 67.5 percent. Huawei captured 4.9 percent market share in 2013with smartphone shipments of 48.8 million units, up from 4 percent in 2012. In the report, global smartphone shipments increased by 38 percent in 2013, with over one billion smartphones sold in 2013. Huawei attained a year-on-year increase of 56.5 percent in Q4 2013 with smartphone shipments of 16.4 million units, up from 10.5 million units in Q4 2012. Huawei shipped 55.5 million mobile phone units in 2013, ranking number five with 3.0 percent global market share. PRESS RELEASE
been recognized by Fast Company as one of world’s most innovative companies, and one of China’s ten leading innovative companies. In its recently published 2014 rankings, which track leadership in innovation, Fast Company highlighted Haier’s “bold approach to innovating” through allowing employees to selforganize. The Fast Company citation recognizes Haier’s creation of a flat management structure, a “management revolution” that puts customer needs at the heart of the product development process. To drive entrepreneurial innovation among employees, Haier encourages staff to track evolving market trends and form autonomous project teams to address emerging opportunities. Haier refers to these self-organizing employee working groups as ZZJYT, a Chinese acronym that means ‘independent operation unit.’ PRESS RELEASE
Nikon annual photo contest and exhibition
NIT announces results for 1HFY14 KARACHI: National Investment Trust Limited (NITL), the first and largest Asset Management Company of Pakistan has declared results for all Funds under its management for the half year ended 31st December 2013. This was stated by Acting Managing Director – NIT, Mr. Manzoor Ahmed in a press release issued by NITL after its Board of Directors approved the half-yearly accounts of all Funds under its management. He further stated that as of 31st December 2013, NIT is managing 5 Funds with net assets under management of around Rs. 87 billion. PRESS RELEASE
ISLAMABAD: A memorable event was arranged by the Al Ghurair Giga Pakistan (Pvt) Ltd, to celebrate its achievements over the previous year and share the joys of success with business partners and valued customers. Main feature of the Annual Dinner was the conferment of Performance Awards to authorized agents of the group in the real estate market of Pakistan. Haji Muhammad Rafiq Giga, (Vice Chairman AGGPPL) expressed his heartiest gratitude to the customers, business partners and the residents of the projects of group for their unrelenting support and confidence for making these initiatives a great success in Pakistan. He attributed these achievements to the marketing efforts of the business partners and staff that played the role of a bridge between the group and its customers and paved the way for these successes. PRESS RELEASE
AEO’s 25th Australian Education Roadshow
Huawei consumer business group ranked third in Global Smartphone Shipments in 2013 LAHORE: The massively anticipated Annual Nikon Photo Contest took place at the Alhamra Art Gallery, Lahore Arts Council and attracted hundreds of photography enthusiasts from the country. The event was graced by the presence of Mr. Hamza Shahbaz Sharif along with top photographers from all over the country. It was a spectacular display of creativity which extended with a number of framed masterpieces on display from photographers who participated from all over the nation. Top 3 position holders were awarded with cash prizes. PRESS RELEASE
LAHORE: Huawei, a leading global information and communications technology (ICT) solutions provider, was ranked third in global
Fast Company names Haier among world’s most innovative companies LAHORE: Haier, the world's leading home appliance provider, has
ISLAMABAD: Australia being a hub of quality education, Provides everything a student dreams of from scenic beauty, wildlife safaris, and passion for sports; to most importantly universities that are ranked among the leading ones in the world. AEO Pakistan; Australian Education Specialists and IELTS Test Centre in Pakistan having a presence across the country, conducts Education Expos Nationwide twice a year providing a perfect opportunity to Pakistani students to seek comprehensive advice about “Studying in Australia”. PRESS RELEASE