Korean co to facilitate Sheikhupura dry port
LAHORE: Korea Railroad Corporation will facilitate the Sheikhupura dry port trust to acquire four locomotives for operating first-ever private sector freight train operators for cost-effective and timely transportation of commercial and industrial cargo.
**In this regard, a Memorandum of Understanding (MoU) was signed between Korea Railroad Corporation and the Lahore Chamber of Commerce and Industry (LCCI) Thursday, to act as facilitator to establish a modern and functioning Dry Port at Sheikhupura. **LCCI President Shahzad Ali Malik signed MoU on behalf of the chamber while Korea Railroad Corporation (KoRail) was represented by Han Kwang Scok, General Manager Overseas Railways Business Department KoRail and Kim Dong IL, CEO, PAKOR Global Private Ltd, LCCI Senior Vice President Sheikh Mohammad Arshad and a large number of Executive Committee Members were also present in the MoU signing ceremony.
The initiative will open new opportunities for private investment in trade related infrastructure considered vital for economic competitiveness in the prevalent global market place.
Speaking on the occasion, the LCCI President Shahzad Ali Malik said that the sole objective of having another dry port is to make the trade and industry competitive by reducing delivery time and cost. He informed the participants that Faisalabad Dry Port has a capacity to handle 33,000 export cargo containers. It can handle as many as 5500 import consignments per annum, having a value of over Rs 80 billion. Same way, the LCCI President said, the Sialkot Dry Port can handle up to 29000 export cargo containers worth over Rs 46 billion. staff report
http://www.dailytimes.com.pk/default.asp?page=2011\03\18\story_18-3-2011_pg5_5
ANALYSIS: A word of cheer: industry looks up —Muhammad Aftab
Is Pakistani industry looking up despite continuing hurdles and hardships? A word of cheer: industry is looking up.The data of industrial output for the first seven months to January of the current fiscal (FY) 2011, indicates a positive turn of business for large scale manufacturing (LSM) industry. This is despite the new hurdle that oil prices are surging in the wake of the North Africa-Middle East turmoil
The output of the LSM sector turned positive to the extent of 1.03 percent in seven months to January 2011 — a far cry from an actual decline of 1.77 percent during the like period of FY 2010, the State Bank of Pakistan (SBP) the central bank, reports. The quantum index number of LSM industries rose to 200.63 points during July-January 2011, compared to 198.59 points in the like period of 2010
**The latest return to LSM growth this year is spearheaded by textiles, autos, chemicals, leather and electronics. **
Pakistani auto output was up 16.8 percent but this industry failed to match its 51.8 percent growth in the same period last year. But demand is rising.
The expanding pharmaceutical industry matched its growth of 5.7 percent this year, which was the same in the like period of last year. The performance of the first six months of FY 2011 — July to December too was poor as the overall LSM output growth was negative. The growth turned positive in January 2011 alone, according to the SBP.
One should listen to the finance boss, Finance Minister Abdul Hafeez Shaikh, when he says, “The government is trying to stabilise the economy and pursue its reforms agenda despite the shocks of this summer’s unprecedented floods and rising oil prices.”
http://www.dailytimes.com.pk/default.asp?page=2011\03\28\story_28-3-2011_pg3_6
anyone with any latest economic news updates??